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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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
