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Risk Strategies promotes Hoffman, Smith to EVP of healthcare practice
28th January 2020
US insurance broker and risk management firm Risk Strategies has promoted Tracy Hoffman and Matthew Smith to executive vice president of its National Health Care Practice. Both Hoffman and Smith previously served as senior vice president within the organisation. In addition to her current responsibilities, Hoffman will work alongside managing director Riggs ... Read the full article
Finance is a “critical lever” to climate transformation: Swiss Re’s Mumenthaler
28th January 2020
Swiss Re CEO Christian Mumenthaler has argued that finance – and reinsurance in particular – is a “critical lever” to achieving the kind of global transformation necessary to mitigate the impacts of climate change. Writing in an article for the World Economic Forum (WEF), Mumenthaler expressed concern about the lack of ... Read the full article
Aston Lark acquires Exeter-based broker, Isca Barum
28th January 2020
Aston Lark, a Goldman Sachs-backed chartered insurance broker, has acquired Exeter, UK-based independent brokerage, Isca Barum Insurance Brokers. The acquisition of Isca Barum, a broker offering a full suite of insurance services to corporate and private clients across the UK, is Aston Lark's first acquisition of the year. The firm has a ... Read the full article
CRe Nigeria shares delisted as restructure moves forwards
28th January 2020
Pan-African reinsurer Continental Reinsurance (CRe Nigeria) has taken a step forward in its ongoing restructuring efforts with the delisting of its shares from The Nigerian Stock Exchange. This will now prevent trading in the company’s shares beyond the effective date of the scheme of arrangement, at which point the firm’s investment ... Read the full article
Bermuda re/insurers set for improved pricing trends in 2020: Fitch
27th January 2020
Bermuda re/insurers are likely to see continued price firming in 2020, with surplus growth and modest gains in underwriting profits driven by organic growth opportunities and solid capital levels, according to Fitch Ratings. The rating agency noted that the market’s financial performance has recently been supported by higher unrealised investment gains ... Read the full article
Climate threats dominate long term risk landscape: report
24th January 2020
Severe threats to the climate dominate the long-term risks identified in the latest Global Risks Report by the World Economic Forum (WEF), with economic confrontations and domestic political polarisations ranking among the shorter-term risks for 2020. The report, which was produced in partnership with Marsh & McLennan and Zurich Insurance Group, ... Read the full article
CFC acquires London-based insurtech ThreatInformer
24th January 2020
Specialist insurer CFC has announced the acquisition of London-based insurtech ThreatInformer. ThreatInformer leverages big data and machine learning tools to help insurers better understand their customers’ exposures. The insurtech compiles readily-available information about their risk profile from a variety of external sources. CFC hopes to streamline and improve its underwriting process and uncover ... Read the full article
Korean Re Switzerland grows portfolio by over 50% at first renewal
23rd January 2020
Korean Re Switzerland, the Zurich-based subsidiary of Asian reinsurer Korean Re, has announced the successful completion of its first reinsurance renewal on the 1st of January, 2020. The Seoul-based reinsurer established its European subsidiary as part of a push to expand in the region. The new entity was licensed to ... Read the full article
Aerial imagery specialist Vexcel partners with Verisk’s Geomni
23rd January 2020
Vexcel Imaging, a specialist in aerial imagery data, cameras, and photogrammetry software, has agreed to acquire the imagery sourcing group from Verisk’s Geomni business. The deal will combine Geomni’s imagery surveying and content-related teams and assets into Vexcel, and will also see Verisk become a minority owner in Vexcel, with full ... Read the full article
Reserve release boosts RLI to $16.5m Q4 underwriting income
23rd January 2020
US property and casualty (P&C) insurer RLI has beniftted from a $16.2 million reserve release in the fourth quarter of 2019. This reserve release largely accounts for RLI’s reported Q4 underwriting income of $16.5 million, a $2.8 million increase from the previous quarter. RLI posted a 92.4 combined ratio, compared to a ... Read the full article
Travelers net income rises but underlying combined ratio weakens in Q4
23rd January 2020
Travelers has reported a 41% rise in net income to $873 million for the fourth-quarter of 2019 while its underlying combined ratio weakened slightly to 92.1%, when compared with the same period in 2018. The insurer's net income jumped significantly in Q4 from the $621 million reported a year earlier, while ... Read the full article
UK non-life insurers well positioned despite a challenging 2019: A.M. Best
23rd January 2020
Market conditions for UK non-life insurers remained challenging in 2019 as intense competition, claims inflation, and a volatile property sector pressured underwriting earnings, according to A.M. Best. Throughout 2019, says A.M. Best, competition across the UK non-life insurance sector was intense, driven in part by depressed premium rates in the property ... Read the full article
BMS names StarStone’s Jani Kohonen senior vice president
22nd January 2020
Independent re/insurance broker BMS Group has announced the appointment of Jani Kohonen as senior vice president and Atlanta branch manager. Effective January 29, Kohonen will report to BMS Re US president and Chief Executive Officer Pete Chandler. He brings over 15 years’ experience to the role and joins from StarStone Insurance having ... Read the full article
Kin targets Florida homeowners with new flood solution
22nd January 2020
Catastrophe-focused insurance technology firm, Kin Insurance, now offers flood coverage for Florida homeowners through its Florida home insurance carrier, the Kin Interinsurance Network. In an announcement, Kin Insurance states that the flood protection is an insurance endorsement and can be tailor made to Florida homeowners in areas deemed low-risk, moderate-risk, or ... Read the full article
Improved capital position prompts Covea ratings upgrade
22nd January 2020
S&P Global Ratings has upgraded its ratings for France-based insurer Covea Group, citing further improvements in the company’s capital adequacy and its leading competitive position within the regional P&C market. The rating agency raised Covea’s long-term insurer financial strength and issuer credit ratings from ‘A+’ to ‘AA-‘ and kept the group’s ... Read the full article