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Re/insurance clients need comprehensive risk management solutions: Munich Re

23rd October 2017

The recent hard-hitting natural catastrophes have emphasised the need for re/insurers to take a global view of risk management and offer clients more comprehensive solutions for risk mitigation and assessment, said Munich Re executives at the 2017 Baden-Baden industry conference. Hermann Pohlchristoph, member of Munich Re’s Board of Management, said; “the ... Read the full article

U.S. captive market thrives despite market pressure: A.M. Best

23rd October 2017

With the number of captives growing by 4.4% last year, the U.S. captive market enjoys an unparalleled position in the re/insurance value chain - disconnected from the competition and operating challenges felt by the rest of the sector it boasts strong financial positions and stable ratings, according to A.M. Bests’ U.S. captives ... Read the full article

WEF & re/insurers work to close emerging risks protection gap

19th October 2017

In a new World Economic Forum-led initiative, re/insurers, tech firms, and government representatives will collaborate to develop strategies for the management of emerging risks from fourth industrial revolution innovations. Innovations such as drones and driverless cars have the potential to unleash a new set of uninsured risk on societies in the ... Read the full article

Re/insurance solutions evolve to cover intangible corporate assets: Swiss Re

16th October 2017

Re/insurance product development and innovation around data and data analytics have expanded the scope of solutions from tangible to intangible assets, to cover a wider range of threats and improve corporate risk management, according to Swiss Re's latest sigma study. Companies are increasingly using novel insurance solutions to protect earnings, reduce ... Read the full article

Risk Cooperative gains Lloyd’s coverholder status

16th October 2017

Risk Cooperative, a specialized insurer with a proprietary cyber insurance facility with up to $10 million in stand-alone cyber insurance cover, has gained Lloyd's of London coverholder status. Risk Cooperative brings middle market customers and channel partners fast access to customizable cyber insurance solutions, working with a wide range of insurance ... Read the full article

Guidewire Software to acquire P&C insurance software provider Cyence

12th October 2017

Software provider to Property and Casualty (P&C) insurers, Guidewire Software, has entered into an agreement to acquire Cyence, a software provider that uses data science and risk analytics to expand P&C insurers' underwriting capabilities to include previously uninsured risks. Cyence offers a data listening and risk analytics solution that combines curation ... Read the full article

Beazley Dublin-based branch underwrites first policies

10th October 2017

Beazley has underwritten its first policies through its Dublin-based insurer, which was authorised by the Central Bank of Ireland in July, and established to offer contingency to the European markets in response to Brexit. Some of the policies written by Beazley Insurance are for European banks, which Beazley says are ... Read the full article

Tech firm Fractal Industries adds reinsurance expertise

6th October 2017

Technology firm Fractal Industries, which specialises in cyber security, artificial intelligence, machine learning, and data analytics, has added a team of reinsurance sector experts as it targets the vertical. Fractal provides clients an AI-driven decision-making platform, helping them to solve complex, real-world problems at scale. Thew firm has expanded beyond the ... Read the full article

GIC Re aims to raise $1.7 billion in its initial IPO

4th October 2017

State-run reinsurer General Insurance Corp of India (GIC Re) is aiming to raise up to $1.7 billion in its initial public offering, that is set to run from October 11-13th, according to a public notice, Reuters reported. The upcoming IPO will see the Indian government sell 107.5 million shares of GIC ... Read the full article

Dr. Mitchell-Wallace to leave SCOR for Lloyd’s Head of Risk Aggregation role

26th September 2017

The specialist Lloyd's of London insurance and reinsurance marketplace has named Dr. Kirsten Mitchell-Wallace as its new Head of Risk Aggregation, reporting to Jon Hancock, Director of Performance Management. Dr. Mitchell-Wallace will join Lloyd's from global insurer and reinsurer SCOR, where she is currently EMEA Regional Head for Catastrophe Management, based ... Read the full article

Total WannaCry losses pegged at $4 billion

25th September 2017

Ransomware attacks have reached a new peak this year, with WannaCry causing estimated global financial and economic losses of up to $4 billion and infecting 300,00 machines around the world, according to Trend Micro's security and threats report. 2017s WannaCry and Petya attacks show that cybercriminals are upping their game ... Read the full article

Uncertainty remains but London expected to be global re/insurance hub post-Brexit: A.M. Best

19th September 2017

Widespread uncertainty remains, but despite the UK's vote to leave the European Union (EU), global ratings agency A.M. Best expects London to maintain its status as one of the world's leading insurance and reinsurance hubs. In response to the UK's Brexit vote, a number of insurers and reinsurers have announced plans ... Read the full article

Pen Underwriting promotes Tom Downey to Chief Underwriting Officer

15th September 2017

Pen Underwriting, a multi-territory managing general agent (MGA), has promoted Tom Downey to Chief Underwriting Officer (CUO), with effect from 1 October 2017. Downey, who has been on Pen Underwriting’s executive team as Managing Director of Specialty since 2014, will now assume responsibility for underwriting, capacity management, pricing, analytics, risk & ... Read the full article

Re/insurance market must rise to the cargo challenge: Inga Beale, Lloyd’s CEO

15th September 2017

Inga Beale, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, has called for the re/insurance industry to step up to the challenges facing the cargo insurance industry, or risk losing out to new competitors. Research from Lloyd's underlines the decreasing profitability of the cargo ... Read the full article

Beazley increases social engineering cover to match growing demand

14th September 2017

Beazley has expanded its social engineering cover for the U.S. to match the growing market demand for protection from impersonation scams and other attacks that have been on the increase in recent years. The new policy for social engineering cover provides up to $5,000,000 in excess of underlying cover of at ... Read the full article