Reinsurance
Consortium acquires Canopius from Sompo for $952m
Canopius has been acquired by a private equity consortium led by Centerbridge Partners and including the private investment firm Gallatin Point Capital for $952m (£736.5m).
This Week in Post: Is there a driver on board this truck?
Living in South London, I’m in an on-off relationship with my broadband connection. My unreliable web access is irritating – although it is probably not as bad as in certain rural areas.
Harvey expected to be major hurricane as it approaches Texas landfall
Inland flooding, hurricane winds, and life-threatening storm surge poses a severe risk from Hurricane Harvey, according to catastrophe modelling firm AIR Worldwide.
Umbria Italy quake loss up 64% to €108m
Estimated insurance industry losses from the earthquake that struck Italy in August last year has been increased by 64% to €108m (£99.4m), according to Perils.
Perils pegs Storm Thomas loss estimated at €249m
Perils has pegged insurance and reinsurance industry losses for Storm Thomas at €249m (£229m).
Global Reinsurers feel the pressure in H1
Global reinsurers continue to feel the pinch of sustained pricing and earning pressure at the half year results, according to Fitch Ratings.
Blog: If Hurricane Andrew II hit Miami today
If a hurricane the strength of Andrew tracked through Miami today, losses would likely exceed $200bn ($155bn), almost twice what the insurance industry is prepared for, warns Karen Clark, co-founder of Karen Clark & Company.
Munich Re launches cyber cover for oil and gas sector
In an industry first, Munich Re has launched insurance cover to help tackle cyber exposures posed to the independent upstream oil and gas sector.
AIR estimates insured losses of $56bn if Hurricane Andrew were to strike again
AIR’s has estimated that if Hurricane Andrew were to recur today, the expected total industry insured losses would be approximately $56 billion (£43.48bn), based on today’s exposures.
Munich Re's P&C profit drops 29% in first half; Ergo returns to profit
Global reinsurer Munich Re had a mixed first half to the year as the firm was hit by the London Grenfell Tower disaster as its primary insurer Ergo returned to profit.
Berkshire Hathaway's underwriting losses continued in Q2
(Re)insurance giant Berkshire Hathaway swung from a $337m (£258m) underwriting profit in the second quarter of 2016 to a $22m loss in Q2 2017.
Swiss Re's first half profit falls 35% as Cyclone Debbie costs reach $360m
Global reinsurance giant Swiss Re saw powerful Cyclone Debbie contribute towards a 35% fall in profit in the first half of 2017 while gross written premiums declined by over $1.5bn (£1.14bn).
Roundtable: Industrialising insurance innovation: Breaking down silos
The scalability of digital innovation is a problem for the insurance industry. What can be done to prepare insurers to create initiatives with the ability to ‘build fast and fail fast’?
THB Group names Botelho as European director
Specialist insurance and reinsurance broker, THB, has appointed Rodrigo Botelho as director of its European division.
Blog: Building on blockchain
Blockchain is gaining popularity among insurers, who will need to figure out how to integrate it with legacy systems, says Michael Clifton, senior vice-president, global insurance strategy and ventures at Cognizant.
Munich Re warns on New Zealand earthquake capacity
A senior member at Munich Re has given a warning on the ability to provide earthquake cover in New Zealand in the future.
Market Moves: August 2017
Some of the movers and shakers in the market this month
Hannover Re completes acquisition of Lloyd's syndicate
German reinsurance giant Hannover Re has completed the acquisition of the UK holding company Argenta Holdings.
Insurtech funding hits $985m, up 248% in Q2
Funding for Insurtech start-ups saw a 248% increase to $985m during the second quarter of 2017, said Willis Re.
Nexus enters US market with Zon Re deal
Specialty managing general agent Nexus Group has acquired US personal accident treaty reinsurance MGA Zon Re.
Reinsurance rates fall in June and July renewals
Reinsurance market pricing has maintained the downward trend seen at the January and April renewals, despite first quarter deterioration for many reinsurers’ results, according to Willis Re.
Analysis: Why cruise lines may find captives attractive
A captive insurance vehicle can be an attractive option for a cruise line, and Bermuda is a premier ‘home port’ for such vehicles.
Reinsurance supply hits new high as capital tops $605bn in Q1
Global reinsurer capital stood at a peak level of $605bn at 31 March 2017, an increase of 2% from the end of 2016, according to Aon Benfield.
Covered agreement given the go ahead from Trump administration
The Trump administration has announced that it will honour the covered agreement, which aims to create uniform rules dealing with insurance and reinsurance transactions between the United States and European Union.