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Allianz expands African footprint with Ensure Insurance acquisition

4th September 2017

Global insurer Allianz has announced a new binding agreement to acquire 98% of Nigerian domiciled insurance firm, Ensure Insurance Plc., from its main shareholder, Greenoaks Global Holdings Ltd. Ensure Insurance provides life and non-life insurance services and during 2016 produced gross written premiums (GWP) of €11 million ($13.1mn). Nigeria has the largest ... Read the full article

Reinsurance prices, claims inflation to push up UK non-life premiums: Fitch

4th September 2017

Premiums for UK non-life insurance products could be set to rise on the back of rising claims inflation and higher reinsurance costs, according to rating agency Fitch. Fitch said that it expects UK non-life insurers will increase motor premiums even further to offset rising claims costs and also higher reinsurance costs ... Read the full article

1347 Property Insurance expects Harvey impact of below $5mn, net of reinsurance

4th September 2017

Property and casualty insurance holding company, 1347 Property Insurance Holdings, Inc., has announced that it expects pre-tax losses from hurricane Harvey, net of reinsurance, to come in below $5 million. Based on its own analysis, the company has announced that it expects the overall losses to exceed the $5 million per ... Read the full article

Hallmark Financial Services expects $3 million Harvey loss

4th September 2017

Hallmark Financial Services has announced its expected impact from hurricane Harvey, stating it will retain a loss of $3 million, with the rest to be paid for by reinsurers under its corporate catastrophe reinsurance programme which covers most of the firm's exposed lines of business. The firm said it would be ... Read the full article

Harvey could take $60 billion off Houston’s GDP output in a year: Report

1st September 2017

According to the Centre for Risk Studies at the Cambridge Judge Business School, the city of Houston, Texas could lose as much as $60 billion of its gross domestic product (GDP) output over the next year, as a result of hurricane Harvey. At $60 billion, the loss of economic output could ... Read the full article

JLT announces acquisition of Belgibo

1st September 2017

JLT has acquired Belgium specialty broker Belgibo from EXMAR Group, as it grows its Europe presence and complements its existing Benelux operations. Belgibo is an Antwerp based specialist broker with strengths in marine, credit and political risks, aviation, cargo, employee benefits, logistics, construction and professional services. 66 Belgibo employees will join JLT ... Read the full article

Ghana Re announces new board members

1st September 2017

Ghana's state-owned reinsurer, Ghana Re, has sworn in new board members as Ghana's Ministry of Finance re-establishes the board as part of a drive to narrow the economy's investment gap with national savings. Board members now include The Board Chairman, George Otoo, and George Mensah, Francis Sapara Grant, Marian Mensah, Jennifer Owusu, and ... Read the full article

Insurtech Lemonade expands reinsurance program, now has $325m of cover

1st September 2017

Insurtech start-up insurer Lemonade, one of the most high-profile companies to come out of the insurance technology wave, has recently completed an expansion to its reinsurance program, which sees the firm with a huge $325 million of capacity backing it. Lemonade is utilising reinsurance capital as one of its backers, it ... Read the full article

Japanese insurers to raise quake premiums in some regions by up to 50%

1st September 2017

Japanese insurance firms are reassessing earthquake risks by region, which is expected to result in premiums rising by as much as 50% in some areas, according to reports. Japan's earthquake risks is well documented and in response to the country's vulnerability to earthquake events, insurers in the region are expected to raise ... Read the full article

Hurricane Harvey could surpass Katrina losses: KBRA

1st September 2017

Rating agency KBRA said hurricane Harvey could surpass Katrina losses, as extensive flood damage devastates Houston and commercial and business interruption losses tally up over time, although the event is not expected to materially impact P&C insurers in the region. While Hurricane Katrina caused the National Flood Insurance Program (NFIP) to payout ... Read the full article

Alison Martin joins Zurich from Swiss Re as Group Chief Risk Officer

1st September 2017

Zurich Insurance has named Alison Martin as new Group Chief Risk Officer to succeed Cecilia Reyes, she will join the group on October 1st and commence her new role with effect from January 2018. Martin will work closely with Reyes as Group Chief Risk Officer-Designate, before assuming the Group Chief Risk ... Read the full article

Harvey a $15.4bn insured loss (ex NFIP), over $12bn inland flooding: KCC

1st September 2017

Excluding any National Flood Insurance Program (NFIP) claims, Karen Clark & Company (KCC) has estimated the total insurance and reinsurance industry loss from hurricane Harvey to be at around $15.4 billion. Broken down, KCC estimates inland flooding to drive the majority of the insured loss, accounting for $12.4 billion of the ... Read the full article

Texas insurers to withstand Harvey losses: A.M. Best

1st September 2017

Despite a challenging opening six months of the year, combined with the impact of hurricane Harvey for Texas insurance companies, A.M. Best expects firms to withstand losses from the storm. The global rating agency has said that it expects Texas insurers to be able to withstand the loss impact from hurricane ... Read the full article

Lancashire makes three senior promotions

1st September 2017

Lancashire Holdings Limited, an international provider of specialty insurance and reinsurance solutions, has announced three internal senior promotions. This includes the promotion of James Irvine to Deputy Chief Underwriting Officer (CUO) for Lancashire Insurance Company Limited (LICL) in Bermuda, effective September 1st, 2017. Irvine joined the firm in 2010 and is currently ... Read the full article

Hurricane Harvey insured loss could be as high as $40 billion (inc NFIP), warns Morgan Stanley

1st September 2017

Morgan Stanley has estimated that the insurance industry loss from hurricane Harvey will be between $15 billion and $40 billion, with the majority coming from flooding to homes and businesses. Overall, economic loss estimations for the event have varied, with Moody's estimating a $108 billion cost and catastrophe risk modeller, ... Read the full article

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