Reinsurance News

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Lloyd’s Inga Beale warns of climate change impact on re/insurers

26th March 2018

Lloyd's Chief Executive Officer Inga Beale has added her voice to industry experts who warn of climate change having altered the risk landscape after Lloyd's paid out £4.5 billion last year for large claims net of reinsurance. Beale said the re/insurance industry is seeing the impact of climate change, and ... Read the full article

Ascent Underwriting names James Weatherstone as non-executive chairman

23rd March 2018

Ascent Underwriting has announced the appointment of James Weatherstone as non-executive chairman, subject to regulatory approval. Weatherstone joins Ascent from Arch where he was responsible for building the UK & international direct underwriting operations as Chief Executive Officer (CEO) of Arch Insurance London (AICE) and Arch Underwriting at Lloyd’s (AUAL). Prior to ... Read the full article

Monetary Authority of Singapore promotes sustainability and technology in re/insurance

23rd March 2018

In a recent speech at the General Insurance Association of Singapore Annual General Meeting Luncheon, Daniel Wang, Executive Director of the Monetary Authority of Singapore (MAS) suggested that MAS will be working closely with re/insurers to promote sustainability and technological innovation in the industry. According to Wang, MAS will encourage re/insurers ... Read the full article

Why AI is a game changer for reinsurance: Denis Kessler

22nd March 2018

As the Digital Revolution automates physical labour and drives the computerization of cognitive tasks through the rise of Artificial Intelligence (AI), Chairman and Chief Executive Officer (CEO) of SCOR, Denis Kessler, commented in a recent report that AI and data collection will completely alter asymmetries in insurance transactions and refocus ... Read the full article

Pool Re terror cover to expand as UK Gov changes law

22nd March 2018

Pool Re has commended the UK Government on its commitment to amend the 1993 Reinsurance (Acts of Terrorism) Act to allow the company to cover non-damage business interruption losses that result from acts of terrorism. Currently, in the event of a terrorist attack, Pool Re is only able to reimburse businesses ... Read the full article

Munich Re’s digitisation to “enhance core business & push back boundaries”: Joachim Wenning

22nd March 2018

As Munich Re invests in digital transformation, Chairman of Munich Re's Board of Management Joachim Wenning said in his letter to shareholders, the strategy is not to imitate business models of data and internet companies but to enhance core business and push back boundaries by adding digital elements. The reinsurance giant ... Read the full article

Liability insurers’ D&O rates set to decline further in 2018: Fitch

21st March 2018

Property/casualty insurers active in the directors & officers (D&O) liability market could have difficulty maintaining underwriting performance in 2018 as market pricing remains highly competitive, and claims' trends point to challenges ahead, according to Fitch Ratings. As a niche segment in the U.S. insurance market D&O insurance has seen a trend ... Read the full article

Lloyd’s market falls to £2bn pre-tax loss on catastrophes

21st March 2018

The Lloyd's of London insurance and reinsurance market fell to a £2 billion pre-tax aggregated loss across the market in 2017, due to the impact of the major catastrophe loss events. This compares to a pre-tax profit of £2.1 billion achieved in the more benign catastrophe year of 2016. The hurricanes and ... Read the full article

Munich Re looks to reshuffle the value chain

19th March 2018

Global, Germany-based reinsurance giant Munich Re is looking to transform its business model in order to get closer to the client, essentially reshuffling the value chain with the help of technology and digitisation to reduce complexities and boost efficiency. As part of its recent annual 2017 recap and 2018 outlook, Munich ... Read the full article

Everest Insurance launches investment management solution

16th March 2018

Insurer and reinsurer Everest Re Group has released a new investment management product, Everest Elevation® Investment Management Insurance Policy (Elevation IMI), which provides management and professional liability coverage to investment advisers, mutual funds and hedge funds. Charles Higham, Head of Financial Institutions, said the product comes in response to demand for ... Read the full article

Insurance CEOs optimistic on growth, pessimistic on digital skills: PwC survey

16th March 2018

Although industry experts anticipate the 4th Industrial Revolution will bring wide-ranging new opportunities for insurers, most insurance Chief Executive Officers (CEOs) remain concerned over regulation, cyber threats and speed of technological change, according to PwC’s 21st Global CEO survey. The PwC report highlighted that although attracting the right talent will be ... Read the full article

MarketScout launches new Social Support facility

14th March 2018

U.S electronic insurance exchange and MGA incubator MarketScout has announced the launch of a new facility aimed at Social Services providers, called Social Support. Social Support will provide professional liability, general liability, property, cyber and limited auto coverage and will underwrite on behalf of Lloyd’s of London. The facility will provide coverage ... Read the full article

Validus Specialty develops commercial D&O policy

12th March 2018

Validus Specialty Underwriting Services, Inc. has announced that it has added an admitted, private company Commercial Directors and Officers (D&O) policy to its product portfolio, and that, concurrently, Julianne McAdams has joined the company as Senior Underwriter of Commercial Directors and Officers Liability. The new customisable policy will provide broad coverage ... Read the full article

LMA Marine Committee elects new members

9th March 2018

A recent ballot of Lloyd’s managing agents has elected three new members to Lloyd’s Market Association’s (LMA) Marine Committee, in addition to re-electing seven others. The committee will now welcome James McDonald, who serves as Global Head of Marine and Energy at Talbot, Richard Tomlin, who is currently Atrium’s Class Underwriter ... Read the full article

Premium prices rise after 3-year decline: CIAB

5th March 2018

The Council of Insurance Agents & Brokers (CIAB) has reported that average premium rates have risen for the first time in 13 quarters, according to its fourth-quarter Commercial Property/Casualty Market Index Survey. 2017’s third-quarter saw a series of massive catastrophes and cyber events occur, which led to a decrease of 1.3% ... Read the full article