Reinsurance News

MetLife, Inc., one of the largest life and annuities insurance groups in the world, has announced that it completed two more UK based longevity reinsurance transactions with pensions insurance specialist Rothesay Life, covering $5 billion of risk.

Catastrophe risk modeller AIR Worldwide has warned that recent winter storm Uri and associated severe winter weather could result in an insurance and reinsurance industry loss that is “well in excess” of $10 billion.

Insurance and reinsurance broking group BMS has announced the hire of David Cameron, a former advisor to RenaissanceRe, as an Executive Vice President, continuing the build-out of its U.S. Property Treaty division.

Global reinsurance player Munich Re had some positive words for the insurance-linked securities (ILS) market, suggesting that alternative capital sources in reinsurance are presenting “disciplined” competition at this time.

Palomar Insurance Holdings, the speciality California-headquartered insurer that provides largely catastrophe exposed property products, has said that it expects its reinsurance program to respond to the losses it will face from winter storm Uri’s impacts in Texas.

Global insurance and reinsurance group AXA has reduced its exposure to peak U.S. natural catastrophe events at the January 2021 renewals, lowering its retention for major hurricanes and earthquakes by one-third and its aggregate tower retention as well.

Property and casualty insurers in the United States are facing record levels of first-quarter catastrophe losses due to the severe winter weather associated with winter storm Uri, rating agency Fitch has said.

AXA XL, the commercial property & casualty insurance and reinsurance arm of the AXA Group, saw a significant increase in prices at the January 2021 reinsurance renewals, compared to price increases a year earlier.

Global reinsurance giant Munich Re is bullish about the upcoming April and mid-year renewal seasons in 2021, forecasting a positive market environment and growth opportunities as it reported its 2020 results this morning.

Aon’s Reinsurance Solutions division has announced two key hires in its Capital Management units in Bermuda and London, with Marcus Foley of Aspen joining to lead its Bermuda Capital Management team and Tim Radford from ILS specialist Securis Investment Partners joining the London Capital Management unit.