Reinsurance News

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Nearly a third of U.S. businesses experienced a data breach: Survey

13th December 2017

According to a recent survey for The Hartford Steam Boiler Inspection and Insurance Company (HSB), a division of global reinsurer Munich Re, 29% of U.S. businesses experienced a data breach in the previous year. The survey was conducted by Zogby Analytics for HSB, as part of a continuing effort by HSB ... Read the full article

Defective product risk among biggest perils to business: Allianz

11th December 2017

Tougher regulation, global supply chains, materials from fewer suppliers and consumer awareness are contributing to a rise in recalls making defective product risk an increasing peril for companies, according to Allianz Global Corporate & Specialty (AGCS) report. While the average cost of significant recall is $12 million, "ripple effect" events can ... Read the full article

Declan Durkan named Commercial & Placement Director of THB UK Risk Solutions

7th December 2017

Specialist re/insurer THB has named Declan Durkan as commercial and placement director of THB UK Risk Solutions, the combined fleet and commercial operation of THB in the UK. Durken will take up his new role on 2 January 2018, reporting to Darren Nightingale, CEO of THB UK Risk Solutions. Nightingale commented on the ... Read the full article

Hiscox Re hires Megan McConnell as Director of Underwriting

5th December 2017

Megan McConnell, who as we reported yesterday is departing the Paraline group, is to emerge in a new reinsurance role as Director of Underwriting at Hiscox Re in London. McConnell had worked for International Catastrophe Insurance Managers, LLC (ICAT) since 2005, but it was announced yesterday that she is leaving ... Read the full article

AGCS expands in China & Indonesia

22nd November 2017

Allianz Global Corporate & Specialty (AGCS), a division of global insurer and reinsurer Allianz, has expanded its presence in China and Indonesia as it looks to take advantage of opportunities from growing regional insurance markets. AGCS has announced that it's started operations in Beijing, China, as a division of Allianz China's ... Read the full article

Brand strength to drive re/insurance M&As in digital age: Willis Towers Watson

16th November 2017

Brand strength is expected to be the strongest driver of M&A deals over the next three years, reflecting the re/insurance industry’s transition to digital sales, which require a strong, recognizable brand, according to a survey by Willis Towers Watson and Mergermarket. The survey shows the most powerful motivation for undertaking an ... Read the full article

Chord Re launches as reinsurance focused MGA with Neon capacity

14th November 2017

Chord Re, a new managing general agency (MGA) underwriting start-up, has been launched by Stefan Long, formerly Head of Aspen Re London, and will begin underwriting with the backing of Neon's syndicate capacity. Chord Re has been set up as a joint-venture between its management team, Neon Underwriting Limited and insurance ... Read the full article

Sompo International hires two casualty reinsurance underwriters

13th November 2017

Sompo International, the Bermuda headquartered specialty insurance and reinsurance firm formerly named Endurance, has announced the addition of two newly hired senior casualty reinsurance underwriters. Alison Wood and Lorene Phillips have both joined the Sompo International Global Casualty Reinsurance team in the role of Senior Vice President, International Casualty Underwriter. The ... Read the full article

Social engineering attacks on the rise but hacking & malware still dominate: Beazley

2nd November 2017

Social engineering attacks are on the rise across numerous industries as cyber attackers increasingly look to deceive in order to scam, according to London re/insurer Beazley's Q3 2017 Breach Insights report. The most prevalent cause of data breach during the first nine months of 2017 remains hacking and malware, which amounted ... Read the full article

Fidelis’ Radius MGA launches, begins operations from November 1st 2017

1st November 2017

Fidelis Insurance has launched its first managing general agent (MGA), Radius, and has announced that it will be led by Rob Ashton, who joins from reinsurer Hiscox Re. It was announced in July, 2017 that the specialist MGA would begin writing business from January 1st, 2018, but this has now ... Read the full article

Swiss Re Corporate Solutions adds Head of Casualty, NA, to Summerville’s role

31st October 2017

Swiss Re Corporate Solutions, the large primary commercial insurance arm of global reinsurer Swiss Re, has announced the appointment of Jeff Summerville as Head of Casualty, Financial & Professional Services, North America, effective immediately. Summerville has effectively managed Swiss Re Corporate Solution's Financial & Professional Lines businesses in North America since 2014, and ... Read the full article

Restoration costs of ransomware attacks triples since 2016

31st October 2017

Ransomware has become the new plague to run rampant through the cyber world, rising to the fifth most common malware type and causing the costs of restoring computer systems from such attacks to triple since 2016. Consequently, Head of BDO International Cybersecurity, Gregory Garrett, warned re/insurers to urgently assess their cyber ... Read the full article

Firms’ intangible assets still vastly unprotected: Aon & Ponemon Institute

26th October 2017

Many enterprises lag behind the protocols for doing business in the tech-era; firms recognise the growing value of intangible assets but continue to disproportionately spend four times more budget on insurance for Property, Plant and Equipment (PP&E) risks, according to a report by Aon and the Ponemon Institute. As historical tangible ... Read the full article

Dr. Pierre Wiart to lead RMS’ new Sydney office

25th October 2017

Global catastrophe risk modelling firm, RMS, has opened a new office in Sydney, Australia, and named re/insurance and insurance-linked securities (ILS) specialist, Dr. Pierre Wiart, as Managing Director of the new operation. The new office strengthens the firm's client support across the Asia-Pacific, and supports expansion in the Australian and New ... Read the full article

Emerging ransomware attack ‘Bad Rabbit’ hits Europe

25th October 2017

An emerging ransomware attack, Bad Rabbit, has infected systems across Russia and Ukraine and is spreading across the globe - even as firms are still recovering from recent widespread disruption caused by the devastating WannaCry and Petya cyber attacks. Bad Rabbit encrypts computers' contents and asks for a payment of 0.05 ... Read the full article