Everest Re and RenaissanceRe have become the latest Bermudians to preannounce third quarter loss estimates dominated by the impact of Hurricane Dorian and Typhoon Faxai.
Typhoon Hagibis – the category 4 hurricane that made landfall off Tokyo over the weekend – will be another material reinsurance loss adding to further upward rate pressure at the upcoming January and April renewals, according to Keefe, Bruyette & Woods (KBW).
Underwriters in the London contingency market could face a loss in excess of £10mn ($12.3mn) as a result of the cancellation of two Rugby World Cup group stage matches due to the threat of approaching super typhoon Hagibis, The Insurer understands.
As (re)insurers look set to detail the extent of September’s Typhoon Faxai losses in the forthcoming third quarter results season, the market is bracing itself for a second major Asian reinsurance loss in as many months as “super” typhoon Hagibis heads towards Tokyo.
General Insurance Corporation (GIC) of India has set its sights on Russia and Brazil, as it looks to even out the ratio of domestic to foreign risks in its underwriting portfolio.
RMS has come out with an initial insured loss estimate for Typhoon Faxai of between $5bn (500bn yen) and $9bn (950bn yen).
German giant Allianz and Japanese holding company MS&AD have been named as two of the circa six bidders in the sale process for Aviva’s Singapore and Vietnam units, which are expected to fetch a combined sum between $2bn and $2.5bn.
Price Forbes has bought a minority stake in Sino Insurance and Reinsurance Brokers (Sino), as the Ardonagh-owned firm looks to build out its strategy of supporting regional overseas intermediaries who wholesale business into the London market.
Cat modeler AIR Worldwide has estimated that industry insured losses from Typhoon Faxai will be between Y340bn ($3bn) and Y740bn ($7bn).
Hong Kong-based carrier Peak Re intends to renew its sidecar – Lion Rock Re – and is looking to potentially secure more than its current commitments of $75mn from third party investors, The Insurer can reveal.
AFL Sud America, the recently launched joint venture between AFL Insurance Brokers and Special Division Reinsurance Brokers, is planning to expand its operations with the opening of a Chilean operation in 2019, The Insurer can reveal.
ArgoGlobal Syndicate 1200 is to cease underwriting operations in Asia and plans to pull most of its hull underwriting business globally.
Japanese giant Sompo Holdings has spent over 11.7bn yen ($11.04mn) buying back issued shares over August.
AM Best has noted Asia Capital Re’s conservative capital management approach, strong balance sheet and operating performance as leading to its decision to affirm the ‘A-’ ratings of the Singapore-based reinsurer and its operating subsidiaries.
An event with a greater magnitude than the Great Kanto Earthquake of 1923 – estimated between M7.9 and M8.4 on the Richter scale – could cause total property losses exceeding $3tn, Karen Clark & Company (KCC) has estimated.