Reinsurance News
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XL Catlin to offer first on-demand cyber insurance product
25th July 2018
XL Catlin has partnered with cloud-based Insurtech firm Slice Labs to create what it claims to be the first ever on-demand cyber insurance product for small and medium-sized businesses. The subscription and usage-based product will be built on the Slice Insurance Cloud Services platform and is to include services designed to ... Read the full article
Brit hires Stephen Quinton as senior Kidnap and Ransom Underwriter
24th July 2018
Brit Ltd, the global specialty re/insurer, has appointed Stephen Quinton as Class Underwriter for Kidnap and Ransom (K&R), effective 3rd September 2018. Quinton joins Brit from Travelers Syndicate Management, where, as Head of Accident & Special Risks for Travelers Syndicate 5000, he managed a team writing a diverse portfolio that included marine ... Read the full article
AIG completes Validus acquisition
18th July 2018
American International Group, Inc. (AIG) has announced the closing of its $5.56 billion acquisition of Validus Holdings, Ltd. following the receipt of regulatory approvals and approval of Validus shareholders. The deal was first announced on January 22nd, 2018, and sees AIG gain some attractive and diversified franchises, including reinsurer Validus Re, insurance-linked ... Read the full article
Markel appoints Chubb’s Robert Cox as President and COO, Insurance
13th July 2018
Markel Corporation has appointed Robert Cox, former Chief Operating Officer (COO) at Chubb, to the newly created position of President and COO, Insurance Operations. Cox will be tasked with overseeing all of Markel’s insurance divisions, including Markel Assurance, Markel Specialty, and Markel International , as well as Sales and Marketing. Additionally, Markel ... Read the full article
Marsh names Kevin Richards as Global Head of Cyber Risk Consulting
10th July 2018
Global insurance and reinsurance broker Marsh has appointed Kevin Richards to the newly-created position of Global Head of Cyber Risk Consulting. Richards will be tasked with leading the strategic development and delivery of Marsh’s cyber risk consulting business worldwide, and will work closely with the company's regional and local cyber risk ... Read the full article
ACORD, Aon, and Beazley release new Cyber Data Breach Standard
9th July 2018
ACORD, the insurance and reinsurance industry data standards body, has collaborated with Aon and Beazley on the development of the ACORD Cyber Data Breach Standard, a new standard that aims to increase operational efficiency across the global re/insurance value chain. According to a 2017 ACORD survey, nearly 60% of re/insurers consider ... Read the full article
RiskBlock Alliance moving to same distributed ledger platform as B3i
6th July 2018
The RiskBlock Alliance, a blockchain consortium for the risk management and re/insurance industry, has selected R3's Corda platform to build its first set of use cases, reports CoinDesk. The news follows a recent announcement from the Blockchain Insurance Industry Initiative (B3i) that it has switched away from Hyperledger Fabric’s blockchain to Corda, ... Read the full article
Generali sells German life insurance unit to Viridium Group
5th July 2018
Italian insurance giant Generali Group has announced the sale of its German life insurance unit Generali Leben to consolidation platform Viridium Group in a deal valued at up to €1 billion, with total estimated cash-in up to approximately €1.9 billion. The announcement follows reports last year of Generali looking to offload ... Read the full article
Solvency II beneficial but detering long-term business, survey shows
5th July 2018
A Europe-wide survey of insurers has indicated that the European Union’s Solvency II regulatory regime brings benefits but ultimately deters long-term business. Andreas Brandstetter, Insurance Europe president, Chief Executive Officer (CEO) and chairman of UNIQA Insurance Group, said, "The European Commission’s 2020 review of Solvency II must address the regulation’s overly ... Read the full article
Leading re/insurers in effort to protect World Heritage Sites
3rd July 2018
The UN Environment’s Principles for Sustainable Insurance Initiative - the largest collaborative initiative between the United Nations and the insurance industry - has partnered with WWF and the UNESCO World Heritage Centre in a move aimed at protecting World Heritage Sites. The statement covers the re/insurance industry’s risk management, insurance and ... Read the full article
Reinsurers must innovate to overcome pricing challenges: Hiscox’s McConnell
3rd July 2018
Reinsurers must respond to the challenges of the current pricing environment by innovatively adapting their portfolios and exposures, their use of technology, and their relationships with clients, according to Megan McConnell, Director of Underwriting, London at Hiscox. McConnell noted that reinsurance rates have not increased to the extent that was anticipated ... Read the full article
SCOR backs solution aimed at improving drought resilience in Ethiopia
26th June 2018
French insurer and reinsurer SCOR has announced that it supports a recently launched insurance solution that leverages technology to improve drought resilience in Ethiopia, called the Satellite Index Insurance for Pastoralists in Ethiopia (SIIPE). The project, which was started by the World Food Programme (WFP) and facilitated by re/insurance broker Willis Towers Watson, ... Read the full article
Parametric re/insurance potential in commercial risks highlighted
21st June 2018
A new report from Airmic in collaboration with reinsurance giant Swiss Re's commercial insurance arm and insurance and reinsurance brokerage Marsh, highlights the potential for parametric re/insurance solutions to become more mainstream in the commercial space. Parametric insurance remains more common place in the alternative reinsurance, or insurance-linked securities (ILS) sector, ... Read the full article
Commercial insurance industry must adapt to secure longevity: Airmic CEO Ludlow
21st June 2018
The commercial insurance industry’s longevity relies on its adaptability to emerging challenges unique to the fourth industrial revolution, according to Airmic Chief Executive Officer (CEO), John Ludlow. Speaking at Airmic’s annual conference in Liverpool, Ludlow pointed out that rapidly changing business models and the rise of cyber-technology is creating new risk ... Read the full article
Abu Dhabi Investment Authority to acquire 21.4% stake in PIC parent
19th June 2018
The Abu Dhabi Investment Authority (ADIA) has entered an agreement to acquire up to 21.4% of the shares of Pension Insurance Corporation Group, the parent company of Pension Insurance Corporation (PIC), from funds advised by private investment firm J.C. Flowers & Co. PIC is a specialist insurer and provider of bulk ... Read the full article