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International Reinsurance News

  • Swiss Re Opens Regional HQ In Singapore
    Swiss Re has announced plans to further strengthen its commitment to Asia by establishing a dedicated regional legal entity in Singapore for its Reinsurance business unit. This legal entity will, at the same time, become Swiss Re's regional headquarters for its network of reinsurance operations in Asia. The company, Swiss Re Asia, will be wholly-owned by its Zurich-based global parent, Swiss Re Ltd, and will share Swiss Re's group credit rating. The Asian operations will remain strongly capitalised in line with regulatory requirements and its local business will continue to be supported by the financial resources of the Swiss Re…
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    Written on Wednesday, 19 April 2017 05:28 in iPMI Magazine Reinsurance News
  • Arch Reinsurance Ltd. Announces Formation of Arch Underwriters (Gulf) Limited
    Arch Reinsurance Ltd. , Bermuda (Arch Re), is pleased to announce the formation of Arch Underwriters (Gulf) Limited (AUGL) to be based in the Dubai International Financial Center (DIFC), UAE, subject to final approval from the Dubai Financial Services Authority (DFSA). AUGL will have underwriting authority for Arch Re, which holds a financial strength rating of ‘A+’ from Standard & Poor’s. AUGL will supplement Arch Re’s existing operating entity in the DIFC, Gulf Reinsurance Limited (Gulf Re). Arch Re completed the acquisition of Gulf Re in May 2015 from its joint venture partner, the Gulf Investment Corporation (GIC). As part…
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    Written on Tuesday, 28 February 2017 06:26 in iPMI Magazine Reinsurance News
  • Swiss Re Receives Branch License To Offer Reinsurance In India
    iPMI Magazine Reinsurance News: Swiss Re has received the approval from the Insurance Regulatory and Development Authority of India (IRDAI) to open a branch in Mumbai. With the composite branch license, Swiss Re will be able to operate in India and offer both non-life and life and health reinsurance solutions directly to clients and brokers in the country. As the Indian insurance sector is poised for strong growth with an average annual growth rate of 8 percent from 2017 to 20251, Swiss Re is among the first five foreign reinsurance companies to obtain a license to sell reinsurance in India.…
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    Written on Friday, 10 February 2017 08:11 in iPMI Magazine Reinsurance News
  • Aetna Announces Transaction With Vitality Re VIII
    iPMI Magazine Reinsurance News. Aetna has announced that it has entered into a four-year reinsurance arrangement with Vitality Re VIII Limited as part of its long-term capital management strategy. The arrangement allows Aetna to reduce its required capital and provides $200 million of collateralized excess of loss reinsurance coverage on a portion of Aetna’s group commercial health insurance business.1 Vitality Re VIII is a newly formed insurance company which issued health insurance-linked notes in a private offering in connection with this transaction. “Today’s transaction marks the successful completion of our eighth such reinsurance arrangement,” said Aetna’s Treasurer David Buda. “This…
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    Written on Monday, 30 January 2017 08:46 in iPMI Magazine Reinsurance News
  • Lloyd's To Open India Branch In Advance Of April Reinsurance Renewals
    Lloyd's, the specialist insurance and reinsurance market, announced plans to open a reinsurance branch in India, in time for the April major reinsurance renewals, following final regulatory (R3) approval from the Insurance Regulatory Development Authority of India (IRDAI). Lloyd’s Chairman John Nelson said, “This is a watershed moment in Lloyd’s international strategy. We have now cemented our access to the world’s largest, fast-growth economies, those most in need of the specialist insurance to protect their expanding asset base. “Lloyd’s will bring expertise and specialist capacity to India’s insurance market and work in partnership with local insurance businesses to develop innovative…
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    Written on Monday, 23 January 2017 08:42 in iPMI Magazine Reinsurance News
  • Majority of Life Insurance Brokers, Carriers and Vendors Anticipate Innovation Will Streamline and Speed the Issuance of Life Insurance Policies
    More than half (55 percent) of life insurance brokers, carriers, and vendors expect technology innovation will speed the issuance of life insurance policies while reducing administrative tasks and paperwork typically associated with the application and approval process, according to a recent survey conducted by Munich Re, US (Life), a leading reinsurer. Streamlining the process of obtaining and assessing policy applications is a key issue in the life insurance industry. Brokers were asked to rate the importance of nine topics to improve this process. While all of topics rated as important (average rating ranging between 3.84 to 4.02 on a five…
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    Written on Wednesday, 07 December 2016 13:46 in iPMI Magazine Reinsurance News
  • Lloyd’s Application To Establish Onshore Reinsurance Branch In India Approved
    Lloyd’s market is now in a position to set up a branch in India in 2017. Lloyd’s has been in discussions with the Insurance Regulatory and Development Authority of India (IRDAI) since it filed its application for a reinsurance branch based in Mumbai earlier this year, following the IRDAI’s publication of the regulations governing the Lloyd’s market in March 2016. As part of its on-shore plans, Lloyd’s appointed Shankar Garigiparthy as its new Country Manager for India in April 2016. Shankar joined Arun Agarwal, General Representative for Lloyd’s in India since 2011 and together they have been leading the development…
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    Written on Thursday, 10 November 2016 08:42 in iPMI Magazine Reinsurance News
  • Citigroup Transfers Coinsurance Agreement With Primerica To Swiss Re
    Citigroup has announced that a subsidiary of Swiss Re Life & Health America Inc. (“Swiss Re”), replaced Prime Reinsurance Company, Inc. (“Prime Re”) as Primerica Life Insurance Company’s reinsurer on a coinsurance agreement covering a block of term life insurance policies that were in force on December 18, 2009. The transaction closed today and resulted in a reduction of approximately $2.5 billion of assets from Citi Holdings’ balance sheet. Prime Re, a subsidiary of Citigroup Inc., is reported by Citigroup as a part of Citi Holdings, which consists of businesses and portfolios of assets that Citigroup has determined are not…
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    Written on Friday, 01 April 2016 08:59 in iPMI Magazine Reinsurance News
  • Demand For Reinsurance Finally Picking Up
    Reinsurance rates have fallen for the fourth consecutive year at the April 1, 2016 renewals, according to the latest 1st View Reinsurance Renewals report from Willis Re. However, amidst a gloomy picture of sustained pricing pressure, encouraging signs for reinsurers are starting to show. Firstly, although insurers continue to seek improvements in pricing and terms and conditions from their reinsurance partners, overall, price reductions at April 1, 2016 were marginally less than those attained 12 months earlier. Any broadening of terms and conditions also remained largely stable. A number of factors, such as increased limits purchased and some modest losses,…
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    Written on Friday, 01 April 2016 08:43 in iPMI Magazine Reinsurance News
  • Buoyant ILS Market Hits $70 Billion As Re/Insurer Interest And Investor Confidence Continues To Grow
    Non-life insurance-linked securities (ILS) capital hit new heights in 2015 as re/insurer interest and investor confidence continued to grow, broadening their horizons to include new products and perils, according to the latest ILS market update from Willis Capital Markets & Advisory. Total non-life ILS capital reached $70 billion at year-end 2015 as net new capital continued to enter the market. This exceeded the record $65 billion level at year-end 2014. ILS products such as sidecars, industry loss warranties and collateralized reinsurance showed considerable growth during the year. 2015 also saw the continuation of the gradual move towards a broader array…
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    Written on Tuesday, 19 January 2016 18:34 in iPMI Magazine Reinsurance News
  • UnipolSai And Willis Confirm Completion Of Industry-First Catastrophe Bond, Azzurro Re
    UnipolSai Assicurazioni S.p.A. together with Willis Capital Markets & Advisory have confirmed the completion of the re/insurance industry’s first indemnity-trigger catastrophe bond primarily for Italian earthquake risk, Azzurro Re I Limited (“Azzurro Re”). Sponsored by UnipolSai, Azzurro Re was structured and placed by WCMA in collaboration with Willis Group’s reinsurance division, Willis Re. It provides UnipolSai, one of the largest buyers of Italian earthquake cover, with €200 million of fully collateralized protection against earthquake risk and ensuing perils in Italy and neighbouring countries for three-and-a half years. The structure features an indemnity trigger on a per occurrence basis and mirrors…
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    Written on Friday, 14 August 2015 08:09 in iPMI Magazine Reinsurance News
  • Swiss Re To Offer New Digital Platform For Insurers To Sell Protection Products Online
    Swiss Re has partnered with Backbase to develop a new digital platform for selling and servicing life and health products online. The solution includes Swiss Re's know-how and Backbase's technical and customer experience expertise. The new platform will broaden Swiss Re's client capabilities in the life and health insurance market, which already includes Swiss Re's market-leading automated underwriting system, Magnum; an insurance carrier iptiQ; and proposition development capabilities. The digital platform will be available to Swiss Re's European insurance partners, and will enable online delivery of simple protections products, such as critical illness or term-life products. "It has long been…
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    Written on Thursday, 16 July 2015 06:44 in iPMI Magazine Reinsurance News
  • RGA Announces Second Dutch Longevity Transaction With Delta Lloyd
    Reinsurance Group of America, Incorporated have announced the completion of a new agreement whereby RGA will provide additional longevity risk protection and capital benefit on reserves of approximately €12 billion to Delta Lloyd Levensverzekering N.V., the Dutch life insurance arm of the Delta Lloyd Group (“Delta Lloyd”). The transaction, with a duration of eight years, is a liability replication derivative based on the Dutch population mortality results. “This marks RGA’s second transaction with Delta Lloyd to mitigate a portion of Delta Lloyd’s longevity risk,” said Paul Sauvé, Senior Vice President, Global Financial Solutions, EMEA, RGA. “We see considerable interest in…
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    Written on Monday, 29 June 2015 05:48 in iPMI Magazine Reinsurance News
  • European Reinsurers Post Strong Performances but Growth Limited
    The major European reinsurers have posted very strong full-year results for 2014 and continue to be well capitalised, with underwriting results that have been profitable owing to the absence of sizeable natural catastrophes and ongoing reserve releases. The reinsurers also show a continued focus on capital management, resulting in share buy-backs and increased dividend payments, as well as repurchasing and replacing existing hybrid debt. In a new Best’s Special Report, titled, "European Reinsurers Post Strong Performances but Growth Limited," A.M. Best analyses the full-year financials for Lloyd’s and the four largest European reinsurers – Munich Re, Swiss Re, Hannover Re…
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    Written on Thursday, 02 April 2015 07:24 in iPMI Magazine Reinsurance News
  • ACE and BlackRock Announce Launch of ABR Re
    ACE Limited (NYSE: ACE) and BlackRock, Inc. (NYSE:BLK) today announced the launch of ABR Reinsurance Ltd., an innovative, independent reinsurance company. Through unique long-term arrangements, ACE Group will be the sole source of reinsurance risks ceded to ABR Re, and BlackRock will be ABR Re’s exclusive investment management service provider. ABR Re will underwrite a portion of a broad selection of reinsurance treaties that ACE places with the traditional reinsurance market and will invest its assets in a diversified and dynamic alternative investment portfolio managed by BlackRock, the world’s largest investment manager. ABR Reinsurance Capital Holdings Ltd., ABR Re’s parent…
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    Written on Wednesday, 01 April 2015 07:29 in iPMI Magazine Reinsurance News
  • Global Reinsurer Capital Continues To Build To USD575 Billion
    Aon Benfield has launched the latest edition of its Aon Benfield Aggregate (ABA) report, which analyses the financial results of 31 major reinsurers in 2014. Aon Benfield estimates that global reinsurer capital rose by 6% to USD575 billion in 2014, including a 28% increase in alternative capital to USD64 billion. The firm's latest study found that capital reported by the ABA companies rose by 2% to USD346 billion. Net income of USD38.5 billion was offset by dividends and share buybacks of USD22.3 billion. Further key findings relating to the 29 publicly-listed holding companies in the ABA* include: Gross property and…
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    Written on Tuesday, 31 March 2015 06:24 in iPMI Magazine Reinsurance News
  • Insurance-Linked Securities Set Issuance Record Amid New Highs In Collateralized Reinsurance Capital
    Aon Benfield Securities, the investment banking division of global reinsurance intermediary and capital advisor Aon Benfield, today announces that a new record for annual insurance-linked securities issuance has been set with the pricing of the latest offering from Nakama Re Ltd. When Nakama Re Ltd. Series 2014-2 priced on December 12, the total property catastrophe bond issuance for 2014 stood at USD8.03bn. It is worth noting that this figure excludes almost USD500mn in new issuance through private ILS structures. The previous record for annual property catastrophe bond issuance was set in 2007 when USD7.86bn of property catastrophe bonds were brought…
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    Written on Monday, 15 December 2014 18:47 in iPMI Magazine Reinsurance News
  • Global Reinsurer Capital Reaches New Peak Of USD570 Billion At June 30, 2014
    Aon Benfield launches the latest edition of its Aon Benfield Aggregate (ABA) report, which analyzes the financial results of the world's leading reinsurers in the first half of 2014. Aon Benfield Analytics estimates that global reinsurer capital reached a record level of USD570 billion at June 30, 2014, an increase of 6% (USD30 billion) relative to December 31, 2013. This calculation is a broad measure of capital available for insurers to trade risk with and includes both traditional and non-traditional forms of reinsurance capital. The firm's latest study found that capital reported by the ABA group of 31 leading reinsurers…
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    Written on Wednesday, 10 September 2014 09:58 in iPMI Magazine Reinsurance News
  • AXA France And Hannover Re Announce The Conclusion Of The First Longevity Swap On The French Market
    The reinsurance treaty covers more than 22,000 insured with associated pension liabilities which represent nearly EUR 750 million. “AXA France innovates by securing a significant part of commitments associated with longevity through reinsurance. We are the first insurer in France to transfer such liabilities”, Nicolas Moreau, CEO of AXA France, emphasised. “I am pleased that with our latest block transaction we have been able to demonstrate that our expertise in reinsurance products for the longevity risk also extends to the French market”, Ulrich Wallin, CEO of Hannover Re, commented. AXA Retirement Savings Company specialises in the development of long-term savings…
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    Written on Thursday, 28 August 2014 08:01 in iPMI Magazine Reinsurance News
  • Excess Capital Supply Continues to Chase Muted Demand In Reinsurance Market
    Reinsurance sector is seeing significant rate reductions as the excess capital supply in the market continues to chase muted demand, according to the 1st View Renewals Report from Willis Re. Continued benign loss activity throughout the first half of 2014 has compounded the softening market. Inflows from capital markets have continued to add to the excess supply of capital, although much of the competition has also been driven by the traditional reinsurance markets. Continuing the trends seen at reinsurance renewal points in January and in April, buyers are reaping the savings offered by the market and are not generally seeking…
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    Written on Tuesday, 01 July 2014 00:00 in iPMI Magazine Reinsurance News
  • Swiss Re's Admin Re® Enters Into Transaction With HSBC
    Swiss Re has entered into an agreement to acquire through its Admin Re® business unit over 400,000 individual and group pension and related annuity policies as well as GBP 4.2 billion in unit-linked assets from HSBC Life (UK) Ltd. The transaction demonstrates Swiss Re's commitment to delivering tailored solutions to clients and strengthening Admin Re®'s market presence. John R. Dacey, Chairman of Admin Re® and member of the Swiss Re Group Executive Committee, says, "This transaction is an attractive opportunity for Admin Re® and confirms our commitment to execute on the strategy to grow the Admin Re® business in the…
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    Written on Tuesday, 17 June 2014 00:00 in iPMI Magazine Reinsurance News
  • Willis Brokers $55 Million Reinsurance Capacity For First African Catastrophe Insurance Pool
    Willis Group Holdings plc (NYSE:WSH), the global risk adviser, insurance and reinsurance broker, has secured US $55 million of index-based reinsurance capacity from the international weather risk markets for Africa's first ever catastrophe insurance pool, Africa Risk Capacity Insurance Company Ltd (ARC Ltd). ARC Ltd, a Bermuda based mutual insurance company, has been set up to issue insurance policies against drought to an initial group of five African countries: Kenya, Mauritania, Mozambique, Niger and Senegal. It will allow member countries to respond quickly to a developing crisis, and rely less on uncertain international aid in times of drought. Teams from…
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    Written on Thursday, 15 May 2014 10:50 in iPMI Magazine Reinsurance News
  • Global Reinsurer Capital Hits A New High Of USD540 Billion
    Aon Benfield, today launches the latest edition of its Aon Benfield Aggregate (ABA) report, which analyses the financial results of the world’s leading reinsurers in 2013. Aon Benfield Analytics estimates that global reinsurer capital totaled USD540 billion at December 31, 2013, an increase of 7% (USD35 billion) over the year. This calculation is a broad measure of capital available for insurers to trade risk with and includes both traditional and alternative forms of reinsurance capital. The firm's latest study found that capital reported by the ABA group of 31 leading reinsurers increased by 6% (USD20 billion) to USD337 billion, driven…
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    Written on Friday, 11 April 2014 09:15 in iPMI Magazine Reinsurance News
  • Reinsurance Pricing Continued To Fall Almost Across The Board, 1 April 2014 Renewals
    That's according to the 1st View renewals report from Willis Re, the reinsurance division of risk advisor, insurance and reinsurance broker Willis Group Holdings plc (NYSE:WSH). Trends observed during the 1 January 2014 renewals continued and showed clear signs of acceleration. Positive 2013 results for traditional reinsurers and a seemingly unabated supply of capital from third party investors have added further to the oversupply of reinsurance capacity chasing muted demand. John Cavanagh, CEO of Willis Re, commented, "The 1 April renewals have seen a softening of rates across nearly all classes and geographies which, in turn, has allowed buyers to…
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    Written on Wednesday, 02 April 2014 08:28 in iPMI Magazine Reinsurance News
  • Swiss Re Supports Aviva In The Largest Longevity Transaction
    Swiss Re extends its longevity reinsurance expertise to Aviva as part of the largest such transaction completed to date. The transaction means that the Aviva Staff Pension Scheme has insurance protection to cover its financial commitments if its retired members live longer than expected. Thierry Léger, Global Head of Life & Health Products at Swiss Re says, "We are delighted to be supporting Aviva with this transaction. It is a landmark deal for the longevity market because it proves that longevity reinsurance solutions can serve the needs of our largest insurance clients. We know that life expectancy is growing –…
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    Written on Friday, 07 March 2014 07:32 in iPMI Magazine Reinsurance News