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Brexit

Brexit poses big challenges: AM Best

The rating firm issued a report on the rising issue of protectionism but said that Brexit will cause significant issues for both UK and international firms operating from London.

Thu 2 Nov 2017

Swiss Re: pricing to ‘‘improve’’ following $468mn loss

News

Losses

Swiss Re: pricing to ‘‘improve’’ following $468mn loss

Swiss Re has added to the industry calls that 2018 will require meaningful price increases following a $468mn net loss for the first nine months of the year following its previously announced $3.6bn net loss bill from the third quarter hurricane events and Mexican earthquakes.

Thu 2 Nov 2017

News

Charman launches global agri-re/insurance business

Sompo International has launched an integrated platform to provide global agriculture insurance and reinsurance solutions.

Wed 1 Nov 2017

Ophelia a “relatively significant” event for (re)insurers

News

Losses

Ophelia a “relatively significant” event for (re)insurers

S&P added to reinsurers’ 2017 H2 woes by noting that it expects last month’s storm Ophelia will be a “relatively significant” loss event for the Irish (re)insurance markets. “Although it is very early to assess the insured losses attributable to Storm Ophelia, we believe losses to the insurance and reinsurance market will be relatively significant,” S&P explained.

Wed 1 Nov 2017

News

Fidelis launches new MGA arm Pine Walk Capital

Fidelis, the Bermudian (re)insurer which launched in June 2015 with circa $1.5bn in capital, has announced the ahead-of-time launch of its first MGA on a new dedicated platform.

Wed 1 Nov 2017

TV

Video

Yörn Tatge on the recent major cat events from a modelling perspective

Reinsurance magazine hosted a round table at the 2017 Baden Baden Reinsurance meeting in October, in association with The Russell Group. In this preview Yörn Tatge, SVP and MD, AIR Worldwide (Munich) talks about the recent cat events from a modelling perspective.

Tue 31 Oct 2017

London urged to seize Islamic insurance opportunity

News

Legal/ Regulatory

London urged to seize Islamic insurance opportunity

The London market was encouraged to grasp the opportunities of Islamic insurance by a senior U.K. government minister yesterday (30 October).

Tue 31 Oct 2017

News

New back office deal to save London market £100mn

A new five-year contract which will see bureau services for the London market continue to be outsourced to DXC Technology has been heralded by the London market for its future cost savings.

Tue 31 Oct 2017

Everest Re posts 3Q combined ratio of 164 percent

News

Results

Everest Re posts 3Q combined ratio of 164 percent

The scale of the third quarter loss events was demonstrated with Bermudian carrier Everest Re’s third quarter results yesterday evening (30 October) which included a 163.6 percent combined ratio and the previously announced cat losses of $1.2bn for Harvey, Irma, Maria and the Mexican quake.

Tue 31 Oct 2017

California wildfires spark another cat modellers’ disagreement

News

Losses

California wildfires spark another cat modellers’ disagreement

Late last week, RMS upgraded its forecast for losses emerging from the recent California wildfires which tore through swathes of the state’s wealthy winemaking regions from an initial $3bn-$6bn to $6bn-$8bn.

Mon 30 Oct 2017

CATCo $1.8bn fund raise highlights scale of trapped retro capital

News

Property catastrophe

CATCo $1.8bn fund raise highlights scale of trapped retro capital

Markel CATCo, the leading provider of collateralised pillared retro to cat reinsurers, has announced today (30 October) that it has raised $1.8bn from new and existing investors to repair its funds’ balance sheets after the circa $100bn of third-quarter nat cat events.

Mon 30 Oct 2017

News

Apollo receives Lloyd’s approval for 1.1 SPS launch

Lloyd’s Managing Agency Apollo Syndicate Management Ltd has received “in principle” approval from the Corporation’s Franchise Board to establish a sub-syndicate, SPA 6133, that will write property catastrophe business.

Mon 30 Oct 2017

R&Q confirms commitment to Lloyd’s run-off with ProSight deal

News

Legacy

R&Q confirms commitment to Lloyd’s run-off with ProSight deal

Legacy specialist R&Q has agreed its first Lloyd’s run-off deal in five years with the announcement this morning (30 October) that it has acquired ProSight’s Lloyd’s operations including its managing agency, corporate members and its run-off Syndicate 1110

Mon 30 Oct 2017

News

Toa Re and Barbican receives Lloyd’s SPA

Lloyd’s insurer Barbican has received “in principle” approval from Lloyd’s to commence their Special Purpose Arrangement (SPA) Syndicate 6132 in partnership with Japanese reinsurer Toa Re.

Fri 27 Oct 2017

News

Losses

California fire losses up to $3bn: AIR

The insured costs of the fires which tore through large areas of Northern California earlier this month have been put at between $2bn-$3bn by the catastrophe modelling firm AIR Worldwide.

Fri 27 Oct 2017

MMC CEO: “Hard markets tend to be pretty swift”

News

Casualty Reinsurance

MMC CEO: “Hard markets tend to be pretty swift”

MMC published its third quarter results today (26 October) but beyond the numbers the senior management of the broking powerhouse spent a lot of time tackling analysts’ questions on the state of the (re)insurance markets following the circa $100bn of 3Q cat losses.

Thu 26 Oct 2017