Reinsurance News

Reinsurance Sector’s Share of Hurricane, Quake Losses Is $20B-$25B: A.M. Best

Cumulative net catastrophe losses for reinsurance companies from Hurricanes Harvey, Irma and Maria, along with the Mexico earthquakes, are between $20 billion-$25 billion out of an overall industry loss of $90 billion, according to calculations issued by A.M. Best. “We …

Hedge Funds Invest in Reinsurance Stocks on Expected Rate Hikes in 2018

Hedge funds bought reinsurance stocks in the third quarter after prices tumbled on widespread losses after multiple hurricanes in North America, filings showed on Wednesday. Hurricanes in the United States and the Caribbean in August and September are expected to …

MGA Chord Re Launches as Specialty Reinsurer, Writing on Behalf of Neon

Chord Re, a new underwriting vehicle established by Stefan Long, formerly head of Aspen Re London, has launched operations on Nov. 6. Chord Re expects to both structure and lead programs in specialist classes and will initially underwrite on behalf …

Fosun’s Peak Re Authorized as Life & General Reinsurer in Singapore

Peak Reinsurance Co. Ltd., the Hong Kong-based reinsurer, announced that the company has been authorized to write life and general reinsurance business in Singapore, effective Nov. 2, 2017. “Asia is our core region. Peak Re has already built a sizable …

Growing Climate Risks May Be ‘Impossible to Model’ – and Ultimately Uninsurable

After one of the worst Atlantic hurricane seasons in history, the world’s biggest insurers say the industry needs to get its act together if it wants to survive climate change. Insuring against weather natural disasters could reach unaffordable levels for …

Swiss Re Posts $468M 9-Month Loss, Anticipates Re/Insurance Rate Hikes

A rise in insurance premiums, especially in areas affected by recent hurricanes and disasters, will help Swiss Re recover from almost half a billion dollars of losses in the first nine months of this year, it said on Thursday. “We …

Berkshire Likely to Report Big Q3 Claims Costs – and Reduced Insurance ‘Float’

The insurance business has been good to Warren Buffett. For decades, his stable of carriers at Berkshire Hathaway Inc. have provided him billions of dollars to invest. They’ve also turned an underwriting profit every year since 2002. That streak could …

Swiss Re Names Richards as Head Casualty Reinsurance; Parton as Head P/C Business Mgmt.

Swiss Re has appointed Jason Richards as head Casualty Reinsurance. At the same time, Nicola Parton was named head P/C Business Management, and James Shepherd was appointed head of L&H Business Management. Richards will lead the Casualty Reinsurance team, starting …

India’s GIC Re Shares Drop on Market Debut After Raising $1.7B in IPO

State-run General Insurance Corp. of India (GIC Re) slumped as much as 14.5 percent on market debut on Wednesday after raising 111.76 billion rupees ($1.72 billion) in the country’s biggest initial public offering in seven years. Concerns about valuations have …

AXIS Names Swiss Re’s Arora as Reinsurance CEO

AXIS Capital Holdings Ltd. announced that Steve Arora has been named chief executive officer of AXIS Re. Arora joins the company from Swiss Re where he spent 18 years in a variety of senior positions, most recently as head of …