reinsurer News

SCOR’s Net Profit in 2018 Rises 13% Despite Spate of Q4 Natural Disasters

French reinsurer SCOR, which was the target of a thwarted acquisition by rival Covea last year, posted a surge in overall 2018 net profits despite making a loss in the fourth quarter caused by a spate of natural disasters. Net …

Munich Re’s India Partner Weighs Selling Health Insurer Stake: Sources

Prathap C. Reddy and his family, founders of India’s Apollo Hospitals Enterprise Ltd., plan to sell their holdings in an insurance venture with Munich Re AG to repay debt, people with knowledge of the matter said. The family is seeking …

Munich Re Reports 56% Drop in Q4 Profit on Spate of Natural Disasters

German reinsurer Munich Re on Wednesday reported a 56 percent decline in fourth quarter net profit after a spate of natural catastrophes but proposed raising its dividend for 2018. Net profit fell to 238 million euros ($271.13 million) from 538 …

Update: SCOR CEO Says Activist Fund Criticisms of Covea Tactics Constitute Slander

French reinsurer SCOR’s Chief Executive Denis Kessler promised on Tuesday to release a strategic plan that would set new targets for the company, in a move to assuage an activist fund that questioned his role in a failed takeover process. …

French Insurer Covea Abandons Hostile Takeover of SCOR

SCOR SE slumped the most in more than a decade in Paris trading [on Tuesday, Jan. 28] after rival Covea abandoned efforts to buy the French reinsurer, ending one of the country’s most acrimonious takeover attempts in recent years. Covea …

Qatar Re CEO Saacke to Step Down with Interim Leader Named

Qatar Re said that CEO and Executive Director Gunther Saacke would be stepping down from both roles in March, at the company’s next board meeting. He’ll stay on for the transition and depart later in 2019, the Bermuda-based reinsurer said. …

Argo Group Renews Harambee Re Sidecar for 2019

Argo Group International Holdings Ltd., the Bermuda-based specialty insurer and reinsurer, announced the renewal of Harambee Re Ltd. as Argo Group’s sidecar reinsurer for 2019. Launched in 2013, the sidecar continues Argo Group’s successful track record of building relationships with …

Neon Sponsors 2nd ILS Transaction via UK Transformer Vehicle NCM Re

Neon announced it successfully has raised third party capital to support its second insurance linked securities (ILS) transaction through its UK-based transformer vehicle, NCM Re. This marks the first reinsurance renewal under the UK’s nascent regulatory regime for alternative capital …

Peak Re Launches Asian Reinsurance Sidecar Deal Using Bermuda Special Purpose Insurer

Peak Reinsurance Co., the Hong Kong-based reinsurer, announced it has launched Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock Re Ltd., to provide collateralized retrocession for part of Peak Re’s global property reinsurance risk portfolio. …

Update: Swiss Re Weighs Investment in Chinese Insurer Anbang, Say Sources

China’s attempts to find new investors for Anbang Insurance Group Co. are gathering pace, as Cerberus Capital Management LP to Swiss Re AG size up the embattled insurer and its overseas operations. Cerberus and Swiss Re are among parties that …