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$1bn+ economic damage from this week’s US severe weather, largely insured

24th May 2019

The extensive outbreak of severe storms that hit the central and eastern parts of the U.S. from May 16th - May 23rd, is expected to result in economic losses of at least $1 billion, according to analysis from Impact Forecasting, the catastrophe risk modelling arm of insurance and reinsurance broker ... Read the full article

40% chance of a near-normal 2019 Atlantic hurricane season: NOAA

24th May 2019

The NOAA's Climate Prediction Center has produced its latest outlook for the 2019 Atlantic hurricane season, forecasting a 40% chance of a near-normal season. The NOAA's outlook forecasts a 30% chance of an above-normal season and a 30% chance of a below-normal season, which officially runs from June 1st to November ... Read the full article

US P&C sector’s underwriting income up 24% in Q1: A.M. Best

24th May 2019

The U.S. property and casualty (P&C) sector's net underwriting income for the opening three months of 2019 improved by 24% from the same period in 2018, as premium growth, lower underwriting expenses and reduced policyholder dividends offset an increase in losses and loss adjustment expenses (LAE). This is according to international ... Read the full article

Philippines’ PCIC could be converted into a reinsurer

24th May 2019

The Philippines' Department of Finance (DOF) is reportedly looking to change the charter of the Philippine Crop Insurance Corp. (PCIC) so that it can operate as a reinsurer or be privatised, in an effort to create a more balanced, competitive marketplace. Industry reports note that DOF Undersecretary and Chief Economist, Gil Beltran, told ... Read the full article

AmWINS adds Lead Underwriter for Property Specialty at Unicorn Underwriting

24th May 2019

Global specialty insurance provider AmWINS has announced the appointment of Matt Edwards as Lead Underwriter for Property Specialty in its London-based MGA Unicorn Underwriting. He will lead a fourth division of Unicorn, Unicorn Property Specialty, and will focus on writing property insurance for small to medium size businesses and high value ... Read the full article

Profitability returns, GWP falls for US P&C reinsurers in Q1: RAA

24th May 2019

Data released by The Reinsurance Association of America (RAA) shows a significant drop in gross written premium (GWP) for the first three months of 2019 to $19.2 billion, compared with $66.7 billion in the final quarter of 2018. The data, collected by RAA from 17 reinsurers globally, also indicates a return ... Read the full article

Generali to sell UK life run-off portfolio to Reinsurance Group of America

24th May 2019

Italian insurer Generali has entered into an agreement with Reinsurance Group of America (RGA) for the sale of the life run-off portfolio of its UK branch. As part of the transaction, Generali has signed a reinsurance contract that will cover all claims payments arising from most of the legacy business, with ... Read the full article

Lockton names Richard Barraclough as Head of Corporate in Manchester

24th May 2019

Re/insurance broker Lockton has announced the appointment of Richard Barraclough to the position of Head of Corporate at its Manchester office as it looks to grow its presence in the North England. Barraclough joins Lockton from AJ Gallagher in Yorkshire, where he most recently led its Leeds, Sheffield and Wakefield offices ... Read the full article

Florida Governor signs AOB reforms into law

24th May 2019

Florida Governor Ron DeSantis has approved the recently proposed reforms to assignment of benefits (AOB) practices in the state, signing a bill to officially bring them into law. The Florida Legislature passed the reforms in April in an effort to stabilise the recent explosion in AOB litigation and provide policyholders with ... Read the full article

Fractal Industries launches new data-driven MGA

24th May 2019

Fractal Industries Inc. has announced the launch of a new managing general agency (MGA) to provide insureds with a single insurance policy for multiple perils. The MGA uses the Fractal Advanced Insurance Decision Platform (AIDP) to create an underwriting platform that integrates data and analytics, and is inter-operable with broker platforms, ... Read the full article

Nat cats dent underwriting performance of Australian insurers in Q1: APRA

24th May 2019

Statistics on the performance of general insurers in Australia in the first-quarter of 2019, released by the Australian Prudential Regulatory Authority (APRA), shows that claims from natural catastrophe events contributed to a 32.4% decline in the underwriting result. The Quarterly General Insurance Performance Statistics report released by the APRA, shows that ... Read the full article

Everest Re adds Meryl Hartzband to Board of Directors

24th May 2019

Global reinsurer Everest Re Group has appointed Meryl Hartzband to its Board of Directors. A founding partner of Stone Point Capital, Hartzband served as the firm's Chief Investment Officer from 1999 to 2015. Prior to joining Stone Point, she was a Managing Director at J.P. Morgan & Co., specialising in private equity ... Read the full article

Lancashire CFO Elaine Whelan to step down in 2020

24th May 2019

Specialty insurance and reinsurance group Lancashire Holdings has announced that its Group Chief Financial Officer (CFO) Elaine Whelan plans to retire during the course of 2020. She will continue in her role as Group CFO throughout 2019 and the financial year end process, and will step down from this role and ... Read the full article

TRIPRA expiration could weaken global property terrorism market: Marsh

24th May 2019

While the global property terrorism insurance market remains strong and well capitalised, the potential expiration of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) could create capacity shortfalls, especially for businesses located in high profile cities and employers with significant workers’ compensation accumulations. In a new report, global re/insurance brokerage Marsh ... Read the full article

Swiss Re partners with Tencent’s WeBank to research AI use in reinsurance

24th May 2019

Swiss Re’s Beijing arm has partnered with WeBank, an online lender owned by Chinese investment comglomerate Tencent, to research the potential application of new artificial intelligence (AI) models in reinsurance, according to Shine. The parties signed a Memorandum of Understanding (MoU) to cooperate on federated learning, a new encrypted and distributed ... Read the full article

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