Reinsurance News

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Lloyd’s agencies back alternative capital expansion: LMA survey

16th August 2018

An overwhelming majority of Lloyd’s managing agents support the continued use of alternative capital in the re/insurance market and believe that insurance-linked securities (ILS) transactions will expand beyond natural catastrophe risks, according to a survey by the Lloyd’s Market Association (LMA). The LMA’s poll of senior executives from 25 managing agencies ... Read the full article

Aspen ceases underwriting certain lines at Lloyd’s, cost a factor

13th August 2018

Aspen Insurance Holdings is to stop underwriting international professional indemnity (PI), marine hull, and aviation insurance at Lloyd's of London, with the cost of doing business at the specialist insurance and reinsurance marketplace being a factor. Speaking during the insurer and reinsurer's second-quarter 2018 earnings call, Chief Executive Officer (CEO), Chris ... Read the full article

Surplus lines premium continues to grow across U.S, reports SLTX

9th August 2018

Excess and surplus lines (E&S) premium has continued to increase steadily across the U.S, with the 15 national managing service offices recording growth of 9.4% at mid-year 2018, according to the Surplus Lines Stamping Office of Texas (SLTX), a non-profit data analysis firm. Total premium for the first half of 2018 ... Read the full article

BIBA partners with Tokio Marine Kiln on new drone insurance scheme

7th August 2018

The British Insurance Brokers’ Association (BIBA) has partnered with specialist and corporate insurer Tokio Marine Kiln (TMK) to launch a new drone insurance scheme. The Lloyd’s-backed scheme offers coverage for companies operating drones for either commercial or business purposes and is available via a digital platform that enables brokers to quote ... Read the full article

Email data breaches continue to escalate in Q2: Beazley

6th August 2018

The number of attacks targeting business email accounts continued to increase through the second quarter of 2018, particularly for organisations using Microsoft’s Office 365, according to specialist insurer Beazley. Beazley said that email compromises accounted for roughly 23% of incidents reported to its Beazley Breach Response (BBR) Services team during Q2 ... Read the full article

Liberty Specialty expands political violence coverage

3rd August 2018

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the launch of its expanded political violence coverage that now includes a range of new risks. Now included under one policy wording are loss of attractions, denial of access, third party liability, employees liability, cyber, and bodily injury as a ... Read the full article

Sciemus renamed as Occam, as CEO Welsh departs

26th July 2018

Specialty Lloyd’s of London managing general agent (MGA) Sciemus is to be renamed Occam Underwriting, with current Chief Executive Officer (CEO) Rick Welsh leaving his position after 3 years at the firm. Lance Gibbins, who has been Chairman and co-CEO since 2016, will succeed Welsh as CEO following his resignation from the ... Read the full article

CoreLogic partners with Esri to expand geospatial content offering

20th July 2018

CoreLogic, a global property information, analytics and solutions provider, has partnered with spatial analytics company Esri to expand the availability of its geospatial content using Esri’s online ArcGIS Marketplace. The online marketplace will allow users to more easily integrate CoreLogic’s content into their workflow, by providing access to more than 200 ... Read the full article

President of Travelers calls for auto industry involvement on automation

17th July 2018

The Executive Vice President and President of Personal Insurance at American insurer Travelers, Michael Klein, has highlighted the important role the insurance industry must play in the development of policies surrounding autonomous vehicles. “With the increasing adoption of semi-autonomous vehicles and the potential for fully autonomous vehicles, several policy-related questions and ... Read the full article

Alternative capital market still reliant on property catastrophe risk: Johansmeyer, PCS

12th July 2018

The issuance of catastrophe bond and insurance-linked securities (ILS) transactions during the first-half of 2018 remained strong, and there's an opportunity for the alternative reinsurance capital market to enter new regions and lines of business, ultimately transitioning away from its reliance on property catastrophe risks. Catastrophe loss data aggregator, PCS, highlights ... Read the full article

AFL enters partnership with U.S InsurTech start-up OnRisk

11th July 2018

AFL Insurance Brokers has entered into a strategic partnership with OnRisk, a U.S-based InsurTech start-up, to advance new technology for structuring and placing high value property & casualty (P&C) risk. The partnership will see AFL become an early adopter of the OnRisk structuring platform, which facilitates the placement process for risk ... Read the full article

Endeavour names Howden’s Karen Allen as CEO designate following SSL merger

10th July 2018

Lloyd’s broker and delegated authority specialist Endeavour Insurance Services has named Karen Allen as Chief Executive Officer (CEO) designate, who will join the business in October, 2018, following Endeavour’s recently announced merger deal with SSL Insurance Group. Allen will also take up the position of Group Managing Director, and will ... Read the full article

Aon and Chubb partner on new terrorism and political violence policy

10th July 2018

Re/insurance broker Aon plc has collaborated with Chubb Limited and Lloyd’s to develop a new stand-alone terrorism and political violence solution, called Platinum, which addresses the demands of an increasingly regulated market. Platinum has been designed for multinational clients looking to fulfil local regulatory requirements in all territories they operate in, ... Read the full article

Reinsurance increasingly used for earnings protection and volatility reduction: Willis

9th July 2018

According to a survey by global insurance and reinsurance broker, Willis Towers Watson, insurers are increasingly leveraging reinsurance for earnings protection and volatility reduction. Driven by pressure from investors, the survey indicates that insurers are becoming less tolerant of missed earnings targets. Subsequently, they are moving to more sophisticated metrics, such ... Read the full article

Tax reforms to restore underwriting profitability in U.S. P&C industry: S&P

6th July 2018

Federal tax reform has emerged as a key variable in revenue growth and profitability as the U.S Property & Casualty market looks set to return to underwriting profitability for the first time since 2015, according to S&P Global Market Intelligence. A recent report by S&P identified various factors that were supporting ... Read the full article