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Reinsurance News

Storm Imelda losses will reach into hundreds of millions: Aon

20th September 2019

Tropical Storm Imelda, which caused devastating flooding after making landfall in Texas earlier this week, is expected to cause hundreds of millions of dollars of total economic losses, if not more, according to re/insurance broker Aon. Imelda brought wind speeds of 40 mph and more than 40 inches of rain to ... Read the full article

Mumenthaler lays out key growth opportunities for Swiss Re

18th September 2019

Christian Mumenthaler, Chief Executive Officer (CEO) at Swiss Re, has identified what he sees as key growth opportunities for Swiss Re and the wider reinsurance market, as well as some potential challenges. Speaking in an interview with Reinsurance News, Mumenthaler noted that insurers have been buying more reinsurance following the catastrophe ... Read the full article

Cyber re/insurance is unsustainable on its current path: Arceo’s Ben Beeson

20th September 2019

The cyber insurance and reinsurance market is likely to be unsustainable if it continues on its current path, but better use of data and more informed regulation may offer a solution. This is according to Ben Beeson, Founding Member and Head of Insurance at Arceo, a risk analytics provider for the ... Read the full article

Typhoon Faxai could drive domestic market loss of $2.8bn, says GIAJ

20th September 2019

Typhoon Faxai could result in a loss of JPY 300 billion (USD 2.8 billion) for the domestic insurance market in Japan, according to the General Insurance Association of Japan (GIAJ). At this level, losses would be roughly in line with 2018’s Typhoon Trami, GIAJ’s Chairman, Yasuzo Kanasugi, said at a press ... Read the full article

Juan Carlos Realphe appointed CEO of Zurich Columbia

20th September 2019

The Colombian arm of global insurer Zurich has announced the appointment of Juan Carlos Realphe as Chief Executive Officer, effective October 15. Realphe succeeds Victoria Bejarano, who is expected to remain as Chairman of the Board of Directors and continue playing a role in developing the business. Claudia Dill, CEO for Latin ... Read the full article

Acrisure partners with Tulco on AI-powered brokerage platform

20th September 2019

US insurance broker Acrisure has partnered with investment company Tulco Holdings to launch Altway Insurance, a direct-to-consumer brokerage platform that is fully supported by artificial intelligence (AI). Altway also plans to work closely with Google Cloud AI to support the automation of client-facing operations, marketing, sales and product-distribution channels. This integrated AI ... Read the full article

Net income up three-fold for US P&C mutual insurers: AM Best

20th September 2019

Property and casualty (P&C) mutual insurers in the US more than tripled their net income in 2018, owing to lower catastrophe losses and increased investment income, according to AM Best. The rating agency also found that rated mutuals’ net premiums written (NPW) continued to grow at a moderate pace of 4.2% ... Read the full article

Risk Strategies adds Brad Gabbard as SVP of healthcare practice

20th September 2019

US insurance brokerage Risk Strategies has appointed Brad Gabbard as Senior Vice President of its national healthcare practice. Gabbard most recently served as an executive vice president and health care practice leader Willis Towers Watson. Before that, he spent nine years at Aon Risk Services. “Risk Strategies’ health care practice is committed to ... Read the full article

Lloyd’s performance improvements not yet sufficient, says KBW

20th September 2019

Analysts at Keefe, Bruyette & Woods (KBW) have contended that the Lloyd’s of London results for the first half of 2019 show necessary but insufficient improvements in the performance of the insurance and reinsurance marketplace. Lloyd’s released its H1 results earlier this week, reporting a £2.3 billion profit before tax, ... Read the full article

Cyber risk quantifier Cytegic launches insurance unit

20th September 2019

Cyber risk quantifier Cytegic has launched its own insurance unit in a move it says will help support the industry in better understanding and mitigating cyber risk. Heading the unit will be cyber risk and insurtech expert Steven Schwartz, who joins Cytegic as Vice President of Strategy & Insurance. He is a ... Read the full article

Brokerslink adds three European firms to network

20th September 2019

Independent broker network Brokerslink has expanded its European operations with the addition of three regional firms. Bordeaux-based maritime brokerage Filhet-Allard Maritime, Latvian retail brokerage Colemont FKB and Draudimo Bités, a Lithuanian outfit specialising in transport and logistics, all join as part of Brokerslink’s global network. “Europe is an important region for us, ... Read the full article

Spanish floods to drive industry loss upwards of €287mn, says Aon

20th September 2019

The major flooding that occurred in southeast and central Spain last week is likely to drive an insurance and reinsurance industry loss in excess of €287 million (US $318 million), according to analysts at Aon. The broker also estimated that insured losses would represent only a fraction of the total economic ... Read the full article

Re/insurers’ increasing use of structured solutions to persist: S&P

20th September 2019

Analysts at S&P Global Ratings expect global insurers and reinsurers to increasingly leverage structured solutions to mitigate exposure to legacy business and prune unprofitable non-core products. The global re/insurance market remains competitive and challenging, and as a result, it's expected that companies will continue to strive for improved risk-adjusted returns by ... Read the full article

Markel names Brenton Slade President Of Lodgepine Capital

20th September 2019

Re/insurance holding company Markel Corporation has announced the appointment of Brenton Slade as President of its new retrocessional reinsurance ILS fund management unit, Lodgepine Capital Management Limited. Slade joins from Hamilton Capital Partners, where he served as a Senior Vice President. Before that he was Chief Operating Officer for the Horseshoe ... Read the full article

Nephila looks to reduce Lloyd’s costs with finance platform from Phinsys

19th September 2019

Nephila Syndicate Management Ltd (NSML) has selected the suite of finance and accounting products from software provider Phinsys to help streamline its financial processes and automate statutory, regulatory and management reporting. Nephila Syndicate 2357 is set to migrate from third party management to its own independent managing agency in October, and ... Read the full article

Generali US launches specialty insurance division

19th September 2019

The US branch of Italian insurance giant Generali has announced the launch of a new specialty insurance division that will focus on providing warranty services and solutions. The new division will provide both insurance and obligor services for warranty programs worldwide and partner with consumer retailers and dealers, third party administrators, ... Read the full article

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