Reinsurance News

The estimate of insurance and reinsurance industry losses caused by European windstorm Burglind, also known as Eleanor in the UK, has been raised by 6% to EUR 680 million, at the second update from PERILS AG.

Any hopes that meaningful reinsurance rate increases might have been available in 2018, to help re/insurers and ILS players offset the heavy losses suffered in 2017, have been dashed by another broadly flat reinsurance renewal at April 1st, according to broker Willis Re.

While the major catastrophe losses of 2017 took their toll on the results of ILS fund manager Nephila Capital’s Syndicate 2357 vehicle at Lloyd’s of London, driving the syndicate to a loss for the year, the manager is looking to expand on the use of the vehicle and as a result has increased its stamp […]

Brian Boornazian, the Chairman of Bermudian re/insurer Aspen’s reinsurance segment, Aspen Re, and also the Chief Executive Officer of Aspen Re, Americas, has been announced as retiring from the firm as of the end of April.

It’s M&A season in insurance and reinsurance with seemingly nobody being safe from the searching eyes of an investor or acquirer and things are moving apace, with a number of deals on the table and likely more discussions going on behind closed doors.

IncubEx, the product and service development firm that counts its founder and Chairman as insurance and reinsurance entrepreneur and Brit co-founder Neil Eckert, is in the market raising funds and we’re told that one of the target products the firm is working on is catastrophe risk trading.

Prudential Financial and Pension Insurance Corporation (PIC) have joined forces to broaden pension de-risking for smaller pension schemes, by expediting the availability of longevity reinsurance through a flow arrangement, that sees Prudential providing guaranteed capacity to back PIC’s pension risk transfer deals.

The insurance and reinsurance industry loss estimate for Cyclone Debbie has been finalised at AU $1.74 billion by PERILS AG, a 5% on the previous report of the market-wide loss from the storm and now equivalent to roughly US $1.34 billion.

Insurance and reinsurance companies face a conundrum. Driven by their need to modernise, innovate, digitalise and generally shift towards technology driven risk transfer business models, re/insurers are spending increasing amounts of money, causing their expenses and costs to rise as a result.

Insurance and reinsurance industry losses from a storm system that struck the Ontario and Quebec regions of Canada and also affected four states across the border in the U.S. in February look set to rise to at least US $230 million once the full damage is tallied, according to Property Claim Services (PCS).