News

Alternative Risk Transfer

Markel CATCo reserves for hurricane Michael, typhoon Jebi, warns over 2017 loss creep

Markel CATCo Investment Management has implemented a specific loss reserve to cover the 2018 events hurricane Michael and typhoon Jebi and has warned over potential California wildfire losses and a loss creep from 2017 nat cat events.   22 November 2018

Insurance

AM Best downgrades Citadel Reinsurance Company

AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” from “a-” of Bermuda-based Citadel Reinsurance Company.   22 November 2018

Insurance

Gibraltar insurers to lose passporting rights

The UK’s decision to leave the EU creates some uncertainty for Gibraltar-domiciled insurers, AM Best has warned in a report.   22 November 2018

Insurance

SCOR gets green light for new P&C specialty firm

Reinsurer SCOR has received the French supervisory authority's approval for SCOR Europe SE, the new Paris-based P&C specialty insurance company it is creating to ensure business continuity post Brexit.   22 November 2018

Insurance

Commercial insurance rates climb further

Commercial insurance pricing increased for the fourth consecutive quarter in the third quarter of 2018 by more than 1 percent, driven by property and financial and professional lines, according to the most recent Global Insurance Market Index compiled by Marsh.   22 November 2018

Insurance

Aviva takes majority stake in Munich Re-backed insurtech Neos

UK insurer Aviva is acquiring a majority stake in connected home insurer Neos Ventures, a London-based insurtech startup backed by Munich Re.   22 November 2018

Insurance

Re-launching Folgate Insurance assigned B rating by AM Best

AM Best has assigned a Financial Strength Rating (FSR) of B (Fair) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “bb+” to UK-based Folgate Insurance Company. The outlook assigned to these Credit Ratings (ratings) is stable.   22 November 2018

Insurance

Lloyd's COO Khoury-Haq resigns

Shirine Khoury-Haq, chief operating officer (COO) of specialist insurance and reinsurance market Lloyd's of London, is leaving the corporation after five years.   21 November 2018

Insurance

Tokio Marine taps AXIS marine head for London Market unit

Speciality insurer Tokio Marine HCC has hired AXIS Capital's head of marine as part of its growth strategy in the marine insurance market.   21 November 2018

Insurance

JLT Re CEO steps down

Mike Reynolds, CEO of JLT Re has stepped down from his position.   21 November 2018

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