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Marsh & McLennan adds Krause as Southeast Regional CEO
7th February 2020
Marsh & McLennan Agency, the middle market agency of global re/insurance broker Marsh, has announced the appointment of Peter Krause as Southeast Regional Chief Executive Officer. Effective immediately, Krause will report to David Eslick, chairman and CEO of MMA, and oversee MMA’s offices in Georgia , Alabama, Tennessee, Kentucky and Tallahassee. He ... Read the full article
Alliant adds Marianne Chow to property and casualty team
7th February 2020
US specialty insurance broker Alliant Insurance Services has announced the appointment of Marianne Chow as Vice President in its Bay Area property and casualty team. Prior to joining Alliant, Chow was Vice President with a national insurance and consulting firm. She also has experience as a risk manager and as a corporate ... Read the full article
RMS releases first version of the Risk Data Open Standard
7th February 2020
Global catastrophe risk modeller RMS has announced that its modern data schema for the risk modelling community, the Risk Data Open Standard (RDOS), was made publicly available for download on January 31st, 2020. The firm's RDOS was built specifically for the industry and represents the new, open standard for holding all ... Read the full article
Policygenius secures $100 million investment led by KKR
6th February 2020
InsurTech Policygenius, an online marketplace for comparing and purchasing insurance, has announced $100 million in Series D funding led by global investment firm, KKR. Existing major investors in Policygenius, which includes Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the latest ... Read the full article
MultiStrat completes $205m casualty linked security transaction
6th February 2020
Specialty reinsurer MultiStrat has completed a $205 million casualty ILS reinsurance transaction covering prospective and retrospective general liability risks. The coverage was written by a protected cell of Garden Insurance Company of Vermont, MultiStrat’s affiliated entity. MultiStrat’s capital advisory team, MultiStrat Advisors, and its affiliate, the Annapolis Consulting Group, played a key ... Read the full article
Thailand non-life sector to face growing profit pressures: AM Best
5th February 2020
Analysts at AM Best expect the non-life re/insurance industry in Thailand to face growing pressures on profitability due to fierce market competition and the need for improved pricing and operational sophistication. The Thailand non-life segment posted THB 232 billion (US $7.5 billion) in direct premium written (DPW) in 2018, making it ... Read the full article
The Hartford boosts net income by 15% in 2019
4th February 2020
Property and casualty insurer The Hartford has increased its full-year net earnings to $2.064 billion, due to lower catastrophe losses and investment income from the acquisition of Navigators Group. This figure represents a 15% increase on the $1.801 billion achieved in the prior year. Core earnings similarly came out at $2.062 billion, ... Read the full article
Global Risk Partners gets majority investment from Searchlight Capital Partners
3rd February 2020
Private equity and opportunity investor Searchlight Capital Partners has taken a majority stake in independent insurance intermediary Global Risk Partners. The founding partners of Global Risk Partners (GRP), Peter Cullum CBE and David Margrett, as well as founding investor Penta Capital are set to retain minority stakes in the firm. Ares Management ... Read the full article
Seven biggest bulk annuity deals in 2019 dwarfed whole of 2018, Hymans
31st January 2020
Seven of the biggest bulk annuity transactions in 2019 amounted to over £24 billion, exceeding the total amount managed in 2018 across 162 transactions, says actuarial and advisory consultancy firm Hymans Robertson. Furthermore, a record £10 billion of deferred member liabilities were insured during 2019. Hymans says this is a result of ... Read the full article
Pro Global partners with delegated authority expert VIPR
31st January 2020
Re/insurance outsourcing and consulting specialist Pro Global Holding Limited has partnered with delegated authority expert VIPR to develop a solution for bordereaux and coverholder management. The joint-offering will combine VIPR’s Intrali bordereaux management tool with Pro’s Exposure Management Facility (CAI) to help managing agents handle these specialist areas. Intrali will be used ... Read the full article
S&P maintains stable outlook on US health sector
31st January 2020
S&P Global Ratings has maintained its stable outlook on the US health insurance sector for 2020, with limited rating movement expected over the coming year. Analysts noted that about 90% of insurer ratings currently have stable outlooks in this sector, and near term macroeconomic factors and cost trends should help to ... Read the full article
P&C re/insurers slow to implement advanced analytics: WTW
30th January 2020
A recent Willis Towers Watson survey of the US and Canadian property and casualty (P&C) market has revealed that most re/insurers have been implementing advanced analytics at a much slower rate than anticipated. The broker reported that, in general, companies had either been overly ambitious in their goals for using analytics ... Read the full article
WNS launches blockchain-enabled risk syndication solution
30th January 2020
WNS, a provider of Business Process Management services, has launched a blockchain-enabled risk syndication solution. Powered by IBM Hyperledger, WNS VeriChain is designed to address complexities and challenges in the syndicated insurance market. The solution leverages decentralised ledger technology to enable specialty insurers to execute secure transactions in a multi-party ecosystem. It offers ... Read the full article
Pacific Life Re in £10bn longevity swap with Lloyds Banking Group
29th January 2020
Pacific Life Re has announced the completion of a £10 billion longevity swap with Lloyds Banking Group, which it claims is the second largest transaction ever in the UK. The transaction, which covers the longevity risk of pensioner liabilities, is structured as an insurance policy with Scottish Widows Limited acting as ... Read the full article
Analysts warn SCOR could exceed Q4 cat budget, lower FY19E net income
29th January 2020
French reinsurer SCOR's P&C Re segment could exceed its budgeted level for catastrophes in the fourth-quarter of 2019, leading analysts at JP Morgan to revise the firm's expected full-year 2019 net income down by 7%. After Swiss Re, SCOR becomes the second of the big four European reinsurers that JP ... Read the full article