Reinsurance News

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Re/insurance pricing increases could hold for two years: Peel Hunt

5th July 2019

Underwriters are confident that re/insurance pricing increases will be sustainable regardless of the outcome of the 2019 hurricane season and should hold for two years, according to Peel Hunt. The firm observed that underwriters generally appear to be pleased with how the rate cycle is evolving, given the absence of knee-jerk ... Read the full article

Beazley adds Derek Dow to healthcare liability team in Canada

28th June 2019

Specialist re/insurer Beazley has announced the appointment of Derek Dow as an underwriter in its Vancouver, Canada office. Dow will be tasked with supporting the growth of Beazley’s healthcare liability book, underwriting large risk life sciences and miscellaneous medical malpractice. He arrives from HUB International where he spent the previous six years, ... Read the full article

Swiss Re becomes supporting member of the ICMIF

26th June 2019

Reinsurance giant Swiss Re has become a supporting member of the International Cooperative and Mutual Insurance Federation (ICMIF), an umbrella body for the global cooperative and mutual insurance industry. Under the new partnership, Swiss Re will offer ICMIF members with the opportunity to leverage their knowledge, expertise and support in order ... Read the full article

Innovation key as demand for insurance shifts, says Lloyd’s

25th June 2019

The specialist Lloyd's of London insurance and reinsurance marketplace has underlined the importance of innovation in a rapidly evolving risk transfer landscape, underpinned by a global shift to intangible assets and a growing insurance gap. Global commercial insurance penetration sits at below 1%, and with Lloyd's estimating a global insurance gap ... Read the full article

Email outage could cause multi-billion dollar insured losses

24th June 2019

Analysis by predictive cyber risk modelling firm, Kovrr highlights the potential for significant insurance and reinsurance industry losses as a result of an email service outage in the UK. According to statistics, some 290 billion emails are sent every day across the world by around 3.9 billion users. While the numbers ... Read the full article

Beazley appoints specialty treaty underwriter to product solutions team

24th June 2019

Specialist re/insurer Beazley has announced the appointment of Desiree Khoury as a specialty treaty underwriter within the Beazley Product solutions team, based in Los Angeles. Beazley Product Solutions designs customised specialist insurance cover backed by treaty reinsurance to support insurers and their policyholders. Khoury joins the division from NAS Insurance, where her ... Read the full article

Marsh names CEO & Client Director of UK Real Estate Practice

19th June 2019

Global re/insurance broker Marsh has announced the appointments of Tim Scoble as Chief Executive Officer (CEO) of its UK Real Estate Practice, and Mark Lumley as Client Director. Part of Marsh JLT Specialty, the UK Real Estate Practice provides insurance and risk advisory services to real estate owners, operators, managers, and ... Read the full article

The risk transfer industry has never been so important: Dan Glaser, Marsh

13th June 2019

The President and Chief Executive Officer (CEO) of Marsh & McLennan (MMC), Dan Glaser, believes that the risk transfer industry has never been so important or relevant. Addressing delegates at the opening of the MMC Rising Professionals Forum 2019 in London, Glaser stressed that there is no better time to be ... Read the full article

Pool Re seeking up to £50m NDBI retro cover

12th June 2019

UK government-backed terrorism reinsurer Pool Re is looking to secure a retrocession placement for July 1 of between £40 million and £50 million. This is in response to an increase of risk shouldered by Pool Re following parliamentary approval in February that enabled it to cover non-damage business interruption (NDBI) ... Read the full article

European insurers adjust to changing operating landscape: Moody’s

12th June 2019

Macro trends and technological advances continue to alter the operating landscape for European insurance companies, driving the transformation of business models, increased digitalisation and market consolidation, highlights financial services ratings agency, Moody's. Following its annual European insurance summit, held in London towards the end of May, Moody's has underlined a number ... Read the full article

Urgent need to modernise is the greatest threat to global insurers: PwC

11th June 2019

A poll of more than 900 insurance industry experts reveals that the very urgent need for business and technology modernisation is the greatest threat to the global insurance sector. A survey and accompanying report from The Centre for the Study ... Read the full article

Shipping losses at record low, but incident frequency remains high: Allianz (AGCS)

7th June 2019

Large shipping losses are currently at their lowest level this century, according to a report by Allianz Global Corporate & Specialty SE (AGCS), although the overall number of reported incidents shows little decline. In 2018, AGCS recorded 46 total losses of vessels around the shipping world, down from 98 in the ... Read the full article

Risk modeller Kovrr adds Lloyd’s of London’s David Clouston to Advisory Board

4th June 2019

Israel-headquartered cyber risk modeller Kovrr has added David Clouston to its Advisory Board. Clouston previously served as interim Head of Catastrophe Risk at Lloyd’s of London and currently advises multiple global firms on exposure management processes and cyber strategy. His previous roles have included underwriter, broker, reinsurance buyer, IT systems, and run-off ... Read the full article

Intellectual property risks a top concern, but coverage lacking: Aon survey

29th May 2019

Intellectual property (IP) risks were identified as a top-10 concern for organisations in a recent survey by Aon, which also found that insurance covers only 16% of the $1.0 billion average potential loss for certain intangible assets. The study surveyed more than 2,300 organisations representing different industries and geographies across the ... Read the full article

RenRe’s Isikoff joins AXIS Capital as Chief Information Security Officer

28th May 2019

Kelly Isikoff has joined AXIS Capital Holdings from RenaissanceRe as the firm's new Chief Information Security Officer (CISO), reporting to Global Chief Information Officer (CIO), Keith Schlosser. Based in the firm's New York office, Isikoff will take responsibility for the oversight of AXIS Capital's enterprise-wide information security strategies, as well as collaborating with ... Read the full article