Reinsurance News

Credit Suisse Sells Operational Risk Bonds, Insuring Rogue Trading, Cyber Crime

Credit Suisse Group AG sold 220 million Swiss francs ($222 million) of bonds designed to offload potential losses on events like rogue trading, with some investors sidestepping the issue because of the incalculable risk. The second-largest Swiss lender initially planned …

Swiss Re’s List of Emerging Risks Range from Blockchain Tech to Human Cyborgs

A fragmented Internet, continued experimentation with monetary policy and another round of economic crises in emerging markets top Swiss Re’s latest roundup of emerging risks to watch out for. Beyond those top three, the reinsurance giant covers everything from human-induced …

PartnerRe Reshapes $16B Investment Portfolio Under Elkann/EXOR’s Leadership

PartnerRe exited junk bonds and shifted funds into property as the reinsurer reshaped a $16 billion investment portfolio after being acquired by John Elkann’s EXOR SpA. EXOR’s approach is to focus on holdings that “we know and understand very well,” …

Aegon, Transamerica Owner, Sells $4.4B UK Annuity Portfolio to Legal & General

Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., divested the final 3 billion pounds ($4.4 billion) of annuities from its U.K. portfolio to Legal & General Group Plc. The transaction, which covers 27,000 policyholders, will release another 275 …

Rio Olympics Will Proceed – Despite Zika Epidemic: Munich Re Underwriter

Should the Olympics proceed in Rio de Janeiro in August as planned? With the lighting of the torch set to take place in less than three months, a handful of medical experts are calling for the games to be postponed …

Munich Re’s Q1 Net Income Drops to $489.9M; Annual Profit Target Revised

Munich Re, the world’s second-biggest reinsurer, revised its full-year profit target to include restructuring charges at its primary insurance unit and losses on equity investments that hit first-quarter earnings. The shares fell to the lowest in more than eight months. …

Global Reinsurer Profits Expected to Dip in 2016 as Soft Market Takes Toll: Fitch

Global reinsurance sector profits in 2016 will fall below 2015 levels as soft market rates, low investment income and an over-supply of capital continue to take their toll on the market, according to a new report from Fitch Ratings. Fitch …

Everest Re Appoints Knipper to Head Its Continental Europe Operations

Bermuda-based Everest Re Group Ltd. announced that Stephan Knipper joins the company as managing director Continental Europe (subject to regulatory approval), based in Zurich. Knipper joins Everest with more than 25 years of industry experience, most recently as CEO and …

Greenlight Re Reports Q1 Net Income of $28.7M in 1st Profit Since 2014

Greenlight Capital Re Ltd. posted a quarterly profit for the first time since 2014 on a rebound in the reinsurer’s investment portfolio, which is overseen by hedge fund manager David Einhorn. Net income of $28.7 million in the three months …

Swiss Re Q1 Net Income Down 15% to $1.23B; New Head of Reinsurance Named

Swiss Re AG, the world’s biggest reinsurer, reported lower first-quarter profit as the company bulked up its reserves and pricing in the industry remained under pressure. Net income dropped to $1.23 billion from $1.44 billion a year earlier, the Zurich-based …