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Eutelsat says 5 West B satellite market loss could be $106m

17th January 2020

Satellite operator Eutelsat has provided an update on its stricken EUTELSAT 5 West B geostationary satellite, saying that it expects a roughly 55% loss of capacity or function, which could equate to a roughly $106 million claim under a launch-plus-one-year insurance policy. We were first to report last October that ... Read the full article

Cyber tops Allianz’ 2020 risk survey

17th January 2020

For the first time ever, Cyber incidents ranked as the most important business risk globally in the ninth Allianz Risk Barometer 2020. Cyber risk was selected by 39% of respondents, overtaking Business interruption, which was chosen by 37%. Awareness of the cyber threat has grown rapidly in recent years, driven by companies ... Read the full article

S&P optimistic about continued rate increases in 2020

17th January 2020

Analysts at S&P Global Ratings are “optimistic” about the continuation of re/insurance rate increases into 2020, following what they regard as an inflection point in 2019 for premium pricing. After a prolonger period of pricing remaining too low in many product lines, rates began to pick up momentum in 2018, before ... Read the full article

Chris Castaldo appointed QBE North America CFO

17th January 2020

The North American division of global insurer QBE has appointed Chris Castaldo to the role of Chief Financial Officer, effective March 2020. Based in New York, he will also serve as a member of the QBE North America executive committee and report to Todd Jones, Chief Executive Officer, QBE North America. Castaldo ... Read the full article

KBW pegs Q4 global catastrophe losses at $19.2bn

17th January 2020

Analysts at KBW have estimated that global catastrophe losses in the fourth quarter of 2019 amounted to $19.2 billion. Losses stemmed mostly from Typhoon Hagibis, US storms, Chilean and Hong Kong riots, and Australian wildfires. KBW is anticipating rising insured loss estimates for the Australian wildfires in particular, as claimants increasingly begin ... Read the full article

Marsh adds Aon’s Quintal as managing director in FI practice

17th January 2020

Global re/insurance brokerage Marsh has appointed Jacqueline Quintal as a managing director in its US financial institutions practice. Quintal brings 15 years’ insurance experience to Marsh and joins from Aon, having most recently served as financial institutions industry leader. Based in New York, she will deliver industry-leading transactional and risk advisory solutions ... Read the full article

Risk Strategies acquisition targets student health services

17th January 2020

US insurance broker and risk management firm Risk Strategies has announced the acquisition of Academic HealthPlans, Inc. (AHP), a firm that creates and administers health insurance plans that colleges and universities make available to its students. The acquisition will significantly expand Risk Strategies’ standing as a broker of student health insurance ... Read the full article

AXA-backed insurtech Sayata Labs adds King Flynn from Beazley

17th January 2020

Sayata Labs, an insurtech start-up focused on cyber risk assessment for insurers and SMBs, has appointed King Flynn as head of insurance. Flynn joins the Sayata executive team and will report to Chief Executive Officer, Asaf Lifshitz. As head of insurance, he will lead the company's growth and distribution strategy to deliver ... Read the full article

US P&C insurers record 15% jump in underwriting gains in 9M 2019: Verisk

17th January 2020

Analysis by Verisk reveals that during the first nine months of 2019, the private U.S. property and casualty (P&C) insurance industry recorded underwriting gains of $5.4 billion, up 15% on the $4.7 billion recorded a year earlier. The jump in underwriting gains is mostly a result of growth in premiums and ... Read the full article

Marsh & McLennan Agency acquires Atlanta broker Ironwood

17th January 2020

Marsh & McLennan Agency LLC (MMA), the middle market agency of global re/insurance broker Marsh, has announced the acquisition of Ironwood Insurance Services, LLC. Based in Atlanta, Georgia, Ironwood provides commercial property and casualty insurance, employee benefits, and private clients solutions to mid-sized businesses and individuals through the US. The firm is ... Read the full article

Berkshire Hathaway unit looks to AI with CLARA analytics deal

17th January 2020

Berkshire Hathaway Homestate Companies has selected CLARA analytics, a provider of artificial intelligence technology in the commercial insurance space, as it looks to advance its workers’ compensation claims operations. BHHC will integrate the full suite of CLARA products, including CLARA providers, CLARA litigation and CLARA claims as well as its popular ... Read the full article

Casualty market pressures see capacity tighten at 1/1: Guy Carpenter

17th January 2020

Casualty reinsurance capacity tightened at the recent January renewals against a backdrop of heightened litigation costs, more generous jury verdicts, and shifting attitudes in the US, according to Guy Carpenter. Analysts noted that many reinsurers were forced to adopt more cautious underwriting positions at 1/1 due to higher loss cost trends, ... Read the full article

Argenta adds Vibe underwriter team to Syndicate 2121

17th January 2020

Argenta Lloyd’s Syndicate 2121 has appointed a team of underwriters to help develop a book of casualty business. Argenta Holdings Limited, a wholly owned subsidiary of Hannover Re, is an underwriting and insurance services group operating in the Lloyd’s Market. Bradley Knight will lead the 15-member team and is supported by class ... Read the full article

NCCI recruits Chief Actuary from Liberty Mutual

17th January 2020

The National Council on Compensation Insurance (NCCI) has announced the appointment of Donna Glenn as its new Chief Actuary, effective February 3, 2020. Glenn joins NCCI from Liberty Mutual Insurance in Boston, where she led casualty product and underwriting for Liberty’s national insurance business segment. In this role, she was also responsible ... Read the full article

California fires push Mercury General’s 2019 cat losses to $53mn

17th January 2020

Mercury General Corporation, a Los Angeles-based multi-line insurer, has disclosed that it incurred $53 million ($52 million net of tax) of catastrophe losses in 2019. More than two thirds of these losses were incurred in the fourth quarter of the year alone, and primarily resulted from the wildfires in California and ... Read the full article

Galloway takes oversight of FM Global’s international operations & AFM

17th January 2020

Large commercial property insurer, FM Global, has announced the hiring of James Galloway as an Executive Vice President (EVP), tasked with overseeing the firm's international operations and AFM, a unit which provides commercial property cover for the middle market. Galloway succeeds Chris Johnson, who is set to leave the company after ... Read the full article

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