Reinsurance News

Industry Blockchain Initiative B3i Gets Ready to Go Live for January Renewals

The industry’s Blockchain Insurance Industry Initiative (B3i) announced a year ago it had developed a reinsurance blockchain prototype for a property excess-of-loss (XOL) contract and asked the industry to help test it. The initial results are in. Months of testing …

GC Genesis, Guy Carpenter’s Insurer-Insurtech Matchmaker, Aims to Prevent Bad Relationships

Insurtech is often touted as the cure that will solve the insurance industry’s inefficient and antiquated processes – from distribution, to underwriting, to claims. While many insurers want to investigate the benefits of insurtech partnerships, most don’t have the first …

ILS Market Could Bear 20% of Hurricanes Harvey, Irma, Marie Loss: A.M. Best

The insurance-linked securities (ILS) market potentially could bear up 20 percent of the insured losses generated by Hurricanes Harvey, Irma and Marie, according to an A.M. Best report. These three hurricanes during a two-month period in 2017 now serve as …

Bermuda Market to Stay Key Reinsurance Hub Despite U.S. Tax Reform: A.M. Best

Bermuda will continue to be a key international hub for reinsurance despite being challenged in recent years, most recently by tax reform in the United States, which fundamentally changed how multinational entities are taxed. How the territory’s market has responded …

SCOR Denies Press Rumors of Talks with PartnerRe

French reinsurer SCOR formally denied press claims that the group has been in merger discussions with PartnerRe or any other company. The SCOR statement, which was issued on Sept. 4, comes on the heels of a revelation on the same …

Enstar to Acquire Maiden Reinsurance North America

An Enstar Group subsidiary has agreed to acquire Maiden Reinsurance North America from a subsidiary of Maiden Holdings. The net consideration payable in the transactions is $307.5 million, subject to certain closing adjustments. Enstar will assume approximately $1.3 billion of …

French Reinsurer SCOR Spurns $9.6B Acquisition Offer from Insurer Covea

French reinsurer SCOR SE spurned an 8.3-billion-euro ($9.6 billion) unsolicited takeover offer from its biggest shareholder, Covea, which said it’s still interested in pursuing a deal. SCOR shares climbed the most in almost a decade. Covea, a French mutual insurer …

TransRe Buys Certain Renewal Rights from Maiden Re; Talks to Sell Maiden Re Advance

TransRe has acquired the exclusive renewal quotation rights to all of Maiden Reinsurance North America’s U.S. treaty customers from their diversified business. TransRe has also hired the U.S. treaty team from Maiden Re. TransRe said it will immediately offer renewal …

A.M. Best: Insurers Equipped to Handle Hurricane Lane Losses

A.M. Best is expecting Hurricane Lane to be considered more of a flood event than a wind event. As a result, the storm that buffeted Hawaii should bring a potential triggering of the National Flood Insurance Program’s reinsurance program into …

Insurers Increasingly Seek Legacy Transfers to Shed Long-Tail Liabilities

Several recent reserve cover deals—including the single-largest reinsurance transaction on record—demonstrate a growing interest on the part of insurers to shed their long-tail liabilities. A sharp uptick in reserve disposals in 2017, bolstered by continued momentum in early 2018, indicate …