Insurance
Suncorp’s aggregate retention eroded as Australian cat losses escalate
Australian primary insurance giant Suncorp revealed an estimated $348 million to $408 million of catastrophe losses for the first four months of its financial year, significantly eroding the deductible under its aggregate catastrophe reinsurance program even before the main catastrophe season in Australia begins. Typically, the main catastrophe loss activity portion of the year runs…
Read MoreBeazley to use reinsurance to manage 2021 mid-teens growth target
Beazley, the Lloyd’s market focused specialist insurance and reinsurance underwriter, has had its business plan approved for 2021 by Lloyd’s and is targeting mid-teens growth. The company is planning to grow across much of its book, including more volatile lines of business, but noted today that it will user reinsurance to help in managing that…
Read MoreSCOR’s cat claims come in under budget, with retro program assistance
France headquartered global reinsurance company SCOR has reported its Q3 results today and revealed that, despite the high frequency of natural catastrophe claims in the United States, the reinsurers nat cat ratio stands under budget. SCOR has reported slower premium growth than its competitors this year, reporting gross premiums up 2.3% at constant exchange rates…
Read MoreFASB delays and eases insurance accounting standard
The Financial Accounting Standards Board is postponing the effective date of its long-duration insurance accounting standard for a year and making it easier to adopt it early for the companies that want to begin using it sooner. Original Article Posted at : https://www.accountingtoday.com/news/fasb-delays-and-eases-insurance-accounting-standard
Read MoreEckert & Carvey to raise $1.1bn for listed reinsurer Conduit Re
Neil Eckert of Brit and IFEX fame and Trevor Carvey formerly of Markel have teamed up to launch a $1.1 billion London Stock Exchange listed IPO fund raising for Conduit Holdings, a new reinsurance entity likely to go by the name of Conduit Re. Conduit Holdings has published its intention to float on the London…
Read MoreProspectus 2021 – last chance to register for our upcoming conference
There is just one week to go until Prospectus 2021 – the new annual reinsurance and insurance-linked securities (ILS) conference brought to you by Artemis in collaboration with sister title Reinsurance News. Prospectus 2021 , held in association with our kind headline sponsor Kroll Bond Rating Agency (KBRA), is a conference focused on issues that…
Read MoreLloyd’s expects ILS iSPV to be ready for use by year-end
The Lloyd’s insurance and reinsurance market hopes to have a new access point for third-party and alternative capital providers, including insurance-linked securities (ILS) investors, ready for the end of the year. In announcing the next phase of its market modernisation and reform plans, the Blueprint Two, Lloyd’s revealed that it hopes to have a multi-arrangement…
Read MoreRSA exhausts aggregate reinsurance retention
RSA Group, the UK based general insurance company, said today that it has exhausted the retention under its aggregate reinsurance program, meaning that any major catastrophe loss events in Q4 will fall to its reinsurance panel. At the same time, the company also reported that its reserves for Covid-19 claims from the pandemic, which it…
Read MoreSidecars & retro won’t pick up many COVID losses from Munich Re: CFO
Munich Re does not expect its collateralised reinsurance sidecar vehicles or its retrocession program to pick up much of its losses from the COVID-19 pandemic, according to the reinsurers CFO. Speaking during a media call this morning, Christoph Jurecka, CFO of Munich Re said that Munich Re continues to focus on being a gross underwriter…
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