Reinsurance News

Aegon to Sell $8.5B of U.K. Annuity Portfolio to Rothesay Life, to Free Up Capital

Aegon NV, the Dutch owner of U.S. insurer Transamerica Corp., agreed to sell two-thirds of its U.K. annuity portfolio to Rothesay Life Ltd., helping to boost capital buffers under new regulations. Aegon will initially reinsure 6 billion pounds ($8.5 billion) …

Catastrophe Reinsurance Prices Will Continue to Drop This Year: Swiss Re

Reinsurance prices will continue to fall this year as competition for customers from hedge funds and other sources of alternative capital send premiums to their lowest in four years, according to Swiss Re AG. “Price reductions have slowed down but …

Alternative Capital Up 12%, Traditional Reinsurance Drops 4% in 2015: Aon Report

Alternative capital continues to make its presence felt in the reinsurance market, increasing by 12 percent during 2015 to $72 billion, while traditional capital decreased by 4 percent to $493 billion, according to a report published by Aon Benfield. Capital …

Aon Benfield Launches Global Reinsurer Trading Platform with Real-Time Data

Aon Benfield, the reinsurance intermediary and capital adviser of Aon plc, will launch on April 11 a global reinsurer trading platform called ABConnect Placements. Available for use with the July 1 renewals, ABConnect Placements will provide a more integrated, streamlined …

April Renewals Saw More Price Cuts, but Reinsurance Demand Rises: Willis Re

While the April 1 renewals saw a continuation of the softening market, there are encouraging signs that price cuts are slowing and reinsurance demand is rising, according to a Willis Re report. For the fourth consecutive year, reinsurance buyers have …

Lloyd’s Seeks to Open Reinsurance Branch in Mumbai, India

Lloyd’s announced it intends to file an application to open a reinsurance branch in Mumbai, following the publication of regulations governing the Lloyd’s market earlier this week by the Insurance Regulatory and Development Authority of India (IRDAI). An onshore branch …

Kenya Re Expects to Sell More Political Risk Cover in 2017, Boosting Earnings

Kenya Reinsurance Corp., the country’s only publicly traded reinsurer, expects increased political risk linked to presidential elections in the East African nation next year to boost earnings, Chief Executive Officer Jadiah Mwarania said. Kenya is scheduled to hold the vote …

Everest Re Names Former Zurich Exec, Kerner, to Lead Strategy & Risk Mgmt.

Everest Re Group Ltd. hired Michael Kerner, who previously led Zurich Insurance Group AG’s general-insurance unit, to head the strategy and risk-management team as the Bermuda-based reinsurer reshapes management. Kerner will be an executive vice president, Everest Re said Wednesday …

Re/Insurers Must Respond to Evolving Terrorist Risk with Relevant Products: JLT

The re/insurance industry is failing to respond to the growing global terrorist threat with products that meet the needs of their clients, according to a report published by JLT Re and JLT Specialty Ltd. Indeed, evidence that insurance has absorbed …

PartnerRe Appoints EXOR’s Elkann as Chairman; Clarke Named CEO

EXOR SpA Chief Executive Officer John Elkann was named chairman of PartnerRe, the reinsurer that his investing firm acquired for [$6.9 billion on March 18, 2016 in its largest takeover]. PartnerRe President Emmanuel Clarke was named CEO of the reinsurer, …