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Public-private sector partnerships critical to the UK’s resilience to terror attacks: Pool Re

6th February 2018

Pool Re has launched a new Terrorism Frequency Report, produced by the scheme’s Terrorism Risk and Analysis Centre (TRAC), designed to provide Pool Re Members and stakeholders with a record and analysis of recent terrorist attacks, while underlining the importance of public-private sector partnerships when addressing the risks. Julian Enoizi, Chief Executive ... Read the full article

U.S. and EU regulators to focus on strengthening cooperation

2nd February 2018

In the first of three events designed to strengthen U.S. and EU regulatory cooperation, the National Association of Insurance Commissioners (NAIC) and the European Insurance and Occupational Pensions Authority (EIOPA) discussed bilateral updates to regulatory and market developments. The forum was held prior to the seventh EU-U.S. Insurance Symposium  and hosted by ... Read the full article

BIBA Manifesto calls for action to narrow protection gaps

2nd February 2018

The British Insurance Brokers' Association (BIBA) has released its 2018 Manifesto, Engaging, which calls for improved access to insurance solutions in an effort to narrow the region's protection gap (disparity between economic and insured losses post-event). The protection gap is viewed as one of the insurance and reinsurance industry's biggest challenges ... Read the full article

Guy Carpenter CEO Peter Hearn calls for more transparent cat modeling

31st January 2018

Guy Carpenter's Chief Executive Officer, Peter Hearn, made a case for greater industry-wide adoption of the open source catastrophe model, saying it improves firms' management of risk, adding better products and protection to the marketplace and benefiting the entire re/insurance value chain. “For over 25 years, these models have led us ... Read the full article

Pockets of re/insurance growth remain despite largely flat 1/1 rates: S&P

26th January 2018

Much of the hype around significant pricing gains for reinsurers at the January renewals has faded as demand overall was flat to marginally up, but hope remains for some higher demand from regional insurers focused on Florida and the Caribbean, as well as U.S. mortgage credit risk and other emerging ... Read the full article

Aspen names David Cohen to lead Insurance, as CEO Postlewhite departs

26th January 2018

Aspen Insurance Holdings Limited, the Bermudian insurance and reinsurance group, has named David Cohen, President and Chief Underwriting Officer of Aspen Insurance, to lead the insurance business on a day-to-day basis, as Stephen Postlewhite is departing the firm. With the new responsibility of leading insurance at Aspen, Cohen will now report directly ... Read the full article

Aspen CEO “deeply disappointed” with 2017 performance

26th January 2018

Chris O’Kane, Chief Executive Officer, Aspen Insurance (CEO) said the firm is "deeply disappointed" with its financial performance in 2017 after the firm reported a pre-tax loss estimate of $135 million from California wildfires, net of reinsurance and reinstatement premiums,and a $245 million underwriting loss in Q4. Aspen's Q4 losses from ... Read the full article

Preservation Capital completes Ascent Underwriting acquisition

25th January 2018

Preservation Capital Partners has completed its acquisition of cyber and specialty lines managing general agent (MGA), Ascent Underwriting, having received approval from the Financial Conduct Authority (FCA). Under the transaction, the existing Ascent management team will retain a substantial shareholding in the company, and will continue to manage the business through ... Read the full article

Lloyd’s eyes “terrific” growth prospects in India market

25th January 2018

Speaking to the India Economic Times Lloyd's Chief Executive Officer (CEO) Inga Beale called India "a fantastic opportunity" with "terrific" growth prospects, as Lloyd's looks to expand local syndicates and increase its current $220 million annual India market revenue.  "Whether the growth in insurance line is driven by government action or ... Read the full article

PCS launches Global Terror loss aggregation service

24th January 2018

In response to significant and growing demand from the global insurance and reinsurance market for a third-party view of industry loss estimates for terror events, Property Claim Services (PCS) has launched its latest solution outside of the property catastrophe space, PCS Global Terror. The new loss aggregation service for worldwide terror events ... Read the full article

Ascent Underwriting launches liability cover for healthcare professionals

24th January 2018

Managing general agent Ascent Underwriting has announced the launch of a professional liability product for allied health practitioners and facilities in the U.S. Ascent’s Allied Health product combines comprehensive cyber cover, Regulatory Billings coverage and medical liability insurance for healthcare professionals under a single policy. Gareth Tungatt, Chief Underwriting officer at Ascent, ... Read the full article

Cloud service provider failure could cost $15bn, says Lloyd’s

23rd January 2018

A new report from the Lloyd's of London insurance and reinsurance market in collaboration with catastrophe risk modeller, AIR Worldwide, reveals that businesses in the U.S. could lose as much as $15 billion were a leading cloud service provider to experience a downtime of at least three days. The new report, ... Read the full article

IRDAI to finalise re/insurance regulatory framework by February

22nd January 2018

The revised Insurance Regulatory and Development Authority of India (IRDAI) re/insurance regulatory framework will be revealed by the end of February 2018, after regulators finalise any adjustments based on stakeholders' feedback. Moneycontrol reported that IRDAI Chairman TS Vijayan said regulators are "looking at the stakeholders’ responses." He added "there could be some ... Read the full article

LMA’s Worldwide Property Panel appoints Markel’s Dean Pitts as Chairman

18th January 2018

The Lloyd's Market Association's (LMA) Worldwide Property Panel has named Dean Pitts, Managing Director - Property Open Market at Markel, as its new Chairman, replacing the outgoing Nick Jones of Apollo. The Worldwide Property Panel leads on numerous issues impacting Lloyd's of London managing agents and syndicates, on behalf of the ... Read the full article

Fourth industrial revolution poised to transform re/insurance: Amit Tiwari, Xceedance

18th January 2018

The fourth industrial revolution (4IR) continues to gain traction, resulting in a wave of smart and connected technologies which look set to transform the global insurance and reinsurance industry, according to Amit Tiwari, Chief Technology Officer, Xceedance. In an interview with Reinsurance News, Tiwari discussed re/insurance operations in the era of ... Read the full article