• Losses from storm Alberto estimated at $50 million: KCC
• Global reinsurer rankings face disruption: S&P Global
• Allianz acquires 8% stake in Africa Re
• Hamilton appoints Brenton Slade SVP of Hamilton Capital Partners

The total insured losses from the KCC model include residential, commercial and industrial property and auto losses.

Storm Alberto, the first named storm of the 2018 hurricane season, first formed as a subtropical storm over the western Caribbean on May 25, moving northeastward near western Cuba.

The report said as Alberto progressed over the Caribbean Sea it was anticipated to transition into either a tropical storm or hurricane.

The storm made landfall on May 28, near Panama City, Florida, with sustained wind speeds of 45 mph.

It said Berkshire Hathaway’s new position – which the $10.2 billion premium it collected from its adverse deal development with AIG – challenged the dominance of the ‘big four’ European reinsurers for the first time in 10 years.

It said more volatility in the ranking could also be caused by the recent AXA and XL Catlin deal, which would be ranked as the seventh-largest global reinsurer in 2017 had it been treated as a combined entity.

The report said that S&P does anticipate the dominance of the world’s biggest reinsurers to continue once the rankings adjust to the new entrants.

This is due to smaller, less diversified, companies being unable to offer the same level of coverage as their larger counterparts.

It said larger companies have a competitive advantage because they can offer highly specialized, structured deals for large primary insurers, and can allocate considerable resources for research and investment.

The company said that the partnership will provide support in areas of reinsurance, business development, sharing of best practices, risk management tools, as well as training and technical support, especially in emerging areas and underserved markets.

Allianz and Africa Re also aim to jointly support insurance penetration in Africa and the economic development of the continent, the company said.

Niran Peiris, Member of the Board of Management of Allianz, said: “Having identified Africa as one of the future growth markets, we continue to invest step-by-step in the continent.”

Corneille Karekezi, Africa Re’s Group Managing Director and Chief Executive Officer, said: “This partnership with Allianz Group, a reliable and strong partner with a global network, particularly in agriculture and the emerging field of cyber insurance, will definitely strengthen Africa Re’s capacity to offer its clients services of higher quality.”

The new business unit will be tasked with the further development of Hamilton’s capital management capabilities.

Mr. Slade joins Hamilton from The Horseshoe Group, where he most recently served as Chief Operating Officer.

He will begin his new role effective June 19 and will report directly to Jonathan Reiss, Group Chief Financial Officer.

Pina Albo, Chief Executive Officer, said: “In today’s evolving market, meeting the needs of our clients presents a host of opportunities for real innovation as far as fully integrated customized solutions are concerned.”

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