reinsurance News

Rain-hit Cricket World Cup May Cost Insurers Millions

LONDON — Lost revenues from a record number of rain-hit cricket World Cup games in England and Wales may result in insurance claims of a few million pounds for each abandoned fixture, insurance sources say. Broadcasters, organisers, venues, advertising sponsors …

AIG May Be More Exposed to Storm Losses After Reinsurer Acquisition

American International Group Inc.’s Brian Duperreault spent his first year as chief executive officer on a rebuilding effort, and his biggest acquisition is the one that can magnify the insurance giant’s exposure to losses from catastrophes like Hurricane Michael. AIG …

Costlier Disasters Push U.S. to Buy Reinsurance

The federal government, seeking to protect itself from the growing cost of natural disasters, is borrowing a technique from the private sector and buying reinsurance. The Federal Emergency Management Agency, which started purchasing reinsurance last year for the National Flood …

Catastrophes Prompt Investor Interest in Reinsurance

The $500 billion reinsurance industry is experiencing a flurry of deal talks. One reason: Companies are finally for sale as a rash of natural disasters has depressed valuations and a influx of competitors has made it harder to raise rates. …

NFIP Buys $1M in Private Reinsurance, Plans More in 2017

The federal government has contracted with private reinsurers to improve the National Flood Insurance Program‘s claims paying ability and reduce the need for the NFIP to borrow from the U.S. Treasury to cover future claims. The Federal Emergency Management Agency …

Business News

PDA Extends Appraisal Services to Financial Sector Property Damage Appraisers (PDA) is spreading the word about one of its core business practices that many may not know about – financial services. PDA’s appraisal services are ideal for banks, credit unions …

AIG CEO Frees Up Capital With Swiss Re Risk-Share Deal

American International Group Inc., the insurer stung by losses on higher-than-expected claims costs, said Swiss Re AG has agreed to take on some of the company’s risks tied to casualty policies. The two-year reinsurance deal will help AIG be more …

Hamilton USA CEO Resigns; Deutsch Will Serve as Interim Head

Hamilton USA CEO Conan Ward has resigned less then two years after taking on the job to develop Bermuda-based parent company Hamilton Insurance Group’s U.S. operations. Hamilton Insurance Group issued a short statement noting that Ward – a former reinsurance …

Global Warming has Reinsurers Calling for Action at Climate Change Summit

Politicians must act to cap global warming when they meet at a United Nations summit at the end of the year as the financial and humanitarian consequences of natural catastrophes become ever clearer, reinsurers meeting at an industry conference said. …

Munich Re Finds Deaths From Global Disasters Rise in 2015

The death toll from natural disasters such as earthquakes, storms and heatwaves rose sharply worldwide in the first six months of 2015, the world’s largest reinsurance company Munich Re said on Tuesday. However, the economic cost of such events dropped …