Reinsurance News
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Market turn evident after “dramatic & different” hurricane season: XL execs
25th October 2017
The dynamics of the global insurance and reinsurance market, combined with the devastating impacts of catastrophe events in the third-quarter, suggests rate improvements are on the horizon, according to XL Group executives Mike McGavick, and Greg Hendrick. Insurer and reinsurer XL Group announced a net operating loss of more than $1 ... Read the full article
S&P affirms Qatar Re parent QIC despite diplomatic situation
27th June 2017
S&P Global has affirmed Qatar's Insurance Company's (QIC) 'A' financial strength rating with a stable outlook, stating that it doesn't expect the current diplomatic situation to have much impact on the firm due to its low levels of exposure with the countries involved. The rating agency said the firm's excellent rating ... Read the full article
Willis Towers Watson and Roost to set up Home Telematics Consortium
2nd June 2017
Insurance and reinsurance broker Willis Towers Watson has entered into an agreement with Roost - innovator in smart home technology - to establish a Home Telematics Consortium with 5-10 U.S. insurance carriers to help connect property insurers to the Internet of Things. The aim of the consortium is to combine household ... Read the full article
Brexit not expected to dramatically impact reinsurance at Hannover Re: CEO, Wallen
10th May 2017
The Chief Executive Officer (CEO) of reinsurer Hannover Re, Ulrich Wallen, said during the firm's annual general meeting (AGM) that it doesn't expect the UK's Brexit vote to dramatically impact its reinsurance operations, reported Reuters. Domiciled in Germany, Hannover Re has a branch in the UK from which it writes property, casualty, ... Read the full article
Munich Re launches telematics app with DriveFactor
12th January 2017
Munich Re continues to display its insurtech ambitions, launching a telematics application on the Apple and Android app stores in recent days, in partnership with CCC owned DriveFactor. Global reinsurance firm Munich Re is increasingly diving into the world of insurance technology (insurtech), as it seeks to understand how tech can ... Read the full article
Insight bolsters NA Distribution team with three senior hires
2nd May 2024
Specialist fixed income investment manager Insight Investment has made three senior hires within its North America Distribution team, naming Ryan McMurdie as Director, Insurance Solutions, Sarah Leffel as Associate Director, Institutional, and Anna Danik as Pensions Channel Lead. As Director, Insurance Solutions, McMurdie will have responsibility for defining and executing Insight’s ... Read the full article
Cytora partners with driver risk platform SambaSafety
2nd May 2024
Digital risk processing platform Cytora has partnered with driver risk management platform SambaSafety, in a move that is anticipated to enable commercial insurance underwriters to gain deeper insights when assessing the business risks associated with driving safety records. From what we understand, the integration of driving intelligence data from SambaSafety directly ... Read the full article
Arch sees Q1 2024 net income hit $1.1bn, CoR improves to 78.8%
30th April 2024
Arch Capital Group has reported Q1 2024 net income available to its common shareholders of $1.1 billion, marking an increase of $395 million compared to the same quarter of 2023. After-tax operating income in Q1 2024 also improved, reaching $933 million, compared to $654 million in the same quarter of the ... Read the full article
Blue Marble and USAID enhance climate resilience for Kenyan coffee farmers
25th April 2024
Blue Marble, a climate insurer, has partnered with the U.S. Agency for International Development (USAID) to introduce an innovative financial solution in Kenya, aimed at enhancing the climate resilience of coffee farmers connected to global supply chains. Supported by a grant from USAID's Climate Finance for Development Accelerator (CFDA) Adaptation Finance ... Read the full article
Latin Re integrates risk management software, appoints reinsurance specialist
24th April 2024
Latin Re, a Brazilian reinsurance broker, has acquired a license for the advanced risk management software RiskExplorer, developed by Ultimate Risk Solutions (URS). This marks a milestone in the sector, establishing Latin Re as the first Brazilian reinsurance broker to directly license RiskExplorer, which is recognized for its sophisticated modeling capability, ... Read the full article
Major cyber catastrophe loss could accelerate market development: Lockton Re
24th April 2024
Lockton Re, the global reinsurance arm of the privately held independent insurance broker, has highlighted how a large cyber catastrophe event could have its benefits by pushing the market to work collaboratively and drive innovation and product development. In a new analysis, "A Kaleidoscope of Possibilities: Preparing for Ivan Wiper," the ... Read the full article
Structured data and automation essential to address escalating global risks: M-Files
24th April 2024
The insurance industry must use structured data and automation to address the issues derived from increasing incidents like extreme weather, economic or geopolitical events and cybercrime, M-Files highlights. In recent times, the world has witnessed a host of occurrences that have rocked global markets, such as wildfires raging across Europe, two ... Read the full article
Munich Re Life US & Clareto unveil new digital solution for life insurance underwriting
23rd April 2024
Munich Re Life US, part of Munich Re Group, and Clareto, a Munich Re company, have unveiled a new digital solution called Automated EHR Summarizer, which is set to ensure efficient and accurate use of Electronic Health Record (EHR) data for automated and programmatic life insurance underwriting According to the announcement, ... Read the full article
Mortality models “creaking” under the strain of disruption in wake of pandemic, says LCP
23rd April 2024
A new report released by Lane Clark & Peacock (LCP) has highlighted significant disruption to mortality trends in the wake of the COVID-19 pandemic and the ongoing pressures on the healthcare system. The firm has addressed the challenge that this disruption presents to traditional actuarial models used by the industry for ... Read the full article
Groupama posts premium income of €17.0bn in 2023, net income stands at €510m
22nd April 2024
French insurer Groupama has posted it's annual results for 2023, which includes a net income of €510 million, and a economic operating income of €627 million, despite an elevated climate-related claims charge (€1.3 billion before reinsurance). At 31 December 2023, the company's combined premium income stood at €17.0 billion, representing a ... Read the full article