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Summit Re partners with xG Health Solutions on comprehensive health assessment

30th August 2017

Managing general underwriter and reinsurance advisory firm, Summit Reinsurance Services (Summit Re), has partnered with xG Health Solutions, Inc. to enable more detailed population health assessment for its clients. The recently announced strategic collaboration will enable Summit Re clients to obtain "a comprehensive population health assessment designed to optimize clinical and value-based ... Read the full article

U.S. stop-loss insurance market more than doubles after ACA

30th August 2017

Life and health insurers' net premiums for stop-loss have more than doubled in the last six years, jumping from $6.7 billion in 2011 to $14.3 billion in 2016 as employers shift towards taking on more health care risks after the introduction of the Patient Protection and Affordable Care Act (ACA), ... Read the full article

Reinsurers well-placed for long-term reinsurtech success: S&P

30th August 2017

Reinsurers have been expanding their product range and reach with reinsurtech investments and developments, and are using technology as an interface to pass on risks to the capital markets - factors which show the industry is choosing to embrace and flow with the changes instead of buck the tide of ... Read the full article

PICC Reinsurance gets capital injection from owners People’s Insurance & PICC

30th August 2017

Chinese reinsurance firm PICC Reinsurance Company limited is getting a capital injection from its two owners, People’s Insurance Company (Group) of China Limited and its subsidiary PICC Property and Casualty (P&C) Company Limited. The pair are contributing a combined RMB 2 billion (approx $303.4m) to increase the share capital of PICC ... Read the full article

Harvey impact on reinsurance pricing to be regionally limited

30th August 2017

Impact on reinsurance pricing from hurricane Harvey is likely to be limited to the regions and policies directly affected by the storm as the heaviest losses are expected to be felt by property & casualty re/insurers with a strong regional focus, according to S&P. Experts had previously predicted that reinsurance pricing ... Read the full article

Fidelis hires Burford (ex-Novae) as Chairman Specialised Risks

30th August 2017

Specialty insurance and reinsurance provider Fidelis Insurance has announced the hiring of Ian Burford, previously at Novae, to join its London underwriting team as Chairman of Specialised Risks as from September 4th. Burford has more than 30 years of experience in the London insurance and reinsurance market, most recently as Underwriting ... Read the full article

98% of UK and Irish insurers sufficiently capitalised for Solvency II

30th August 2017

Advisory firm LCP surveyed insurers' complicity with Solvency II from across the UK and Ireland and found 98% have sufficient capital to cover Solvency Capital Requirement (SCR) but nearly a quarter failed to accurately fill out their Quantitative Reporting Templates (QRT). Cat Drummond, LCP Partner and author of the report, advised firms ... Read the full article

Harvey hit re/insurers unlikely to be rewarded with rate increases: Credit Suisse

30th August 2017

Hurricane Harvey, in isolation, was not "the catastrophe" the reinsurance industry has been waiting for to reverse the softening of market pricing, according to analysts at Credit Suisse. Joining other analysts and observers, the Credit Suisse team of Ryan Tunis and Crystal Lu are sceptical of the ability of hurricane Harvey ... Read the full article

Aon launches flood replacement cover for Harvey hit organisations

30th August 2017

Insurance and reinsurance broking giant Aon has launched a flood insurance replacement product for those organisations that have been hit by flooding related to hurricane Harvey and have impaired or exhausted their coverage limits on property policies. Aon Risk Solutions, Aon plc's global risk management business, has created a flood limit ... Read the full article

Regional P&C insurers face heavy Harvey blow: Moody’s

29th August 2017

The devastating Texas floods triggered by hurricane Harvey are set to worsen into early September, triggering heavy losses for property & casualty re/insurers with primary insurers with a regional focus feeling the heaviest impact due to their geographical density, according to Moody's recent Credit Outlook. Moody’s named State Farm Mutual Automobile Insurance, The ... Read the full article

Gen Re partners with iXledger on blockchain for life & health insurance

29th August 2017

iXledger and Gen Re have announced a partnership to use blockchain and other technologies to develop life and health insurance cover products. Ross Campbell, Chief Underwriter, Life/Health Research & Development, Gen Re, said; "We are very pleased to have established this strategic collaboration with iXledger to create transformative solutions that better ... Read the full article

Troy Fornof joins Western World as Underwriting & Marketing VP

29th August 2017

Troy Fornof is set to join reinsurer Validus Holdings' primary arm Western World Insurance as Underwriting and Marketing Vice President of Contract Division from August 28th. Fornof will work closely with Tim Hochkeppel, Gary Tiepelman and Rosemary D’Aco to oversee the continued expansion of the firm’s Contract Binding Authority business, working from ... Read the full article

AXIS’ increased offer for Novae accepted by shareholders

29th August 2017

The revised and increased offer made by global specialty insurance and reinsurance firm AXIS Capital Holdings Limited to acquire Lloyd’s of London focused diversified specialty re/insurer Novae Group plc has been accepted by shareholders, the company reported today. Novae Group held a General Meeting earlier today in London and approximately 99.97 ... Read the full article

Harvey could slash European reinsurers’ net income by 1/3

29th August 2017

Hurricane Harvey could slash European reinsurers’ net income by nearly one third with insured losses reaching up to $10-20 billion, or more given the extent of flood damage, analysts predict this could stabilise but not significantly impact the soft market pricing cycle. European reinsurers could see a net loss of 27% ... Read the full article

Continued liberalisation of Brazilian market will expand reinsurance lines: Capsicum Re

29th August 2017

Brazil's insurance industry regulator, Superintendencia de Seguros Privados (Susep), is expected to increase permitted foreign reinsurer market share in stages over the next three years, meaning certain business lines are expected to grow, but challenges and uncertainty remain in the country, according to Capsicum Re. Widespread economic and political uncertainty in ... Read the full article

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