Reinsurance News

AIG utilises blockchain for “smart” insurance solution pilot

16th June 2017

Global insurer American International Group (AIG) and Standard Chartered have partnered with International Business Machines Corp (IBM) to create a "smart" insurance solution that utilises blockchain technology to make complicated insurance policies much simpler. AIG and UK-based international bank Standard Chartered have now completed a blockchain pilot, using the open-source Hyperledger Fabric protocol, which was built ... Read the full article

£3.5 billion loss for UK car insurers in 2016 after Ogden rate change: EY

15th June 2017

EY has estimated the overall Odgen rate change cost to insurers and reinsurers at £3.5 billion in 2016, contributing to a predicted motor premium rate increase of 9% this year. Approximately £2.4 billion of losses have been publicly disclosed to date, following the rate change. Tony Sault, UK General Insurance Market Lead at ... Read the full article

Hamilton reveals senior role changes in its Bermuda operations

15th June 2017

Hamilton Insurance Group has announced two senior role changes in its Bermuda operations, with Keith Bernhard taking on the role of Chief Audit Officer, and Wendy Davis Johnson assuming the role of Chief Communications & Culture Officer. The Bermuda-based insurer and reinsurer announced that Bernhard has responsibility for the development and execution of a ... Read the full article

United more likely to call on reinsurance after $20 million losses

15th June 2017

United Insurance Holdings (UPC) has announced second quarter pretax losses of about $20 million, meaning any future losses up to another $30 million will automatically be ceded to reinsurers, as its catastrophe aggregate reinsurance programme retention of $30 million has now been blown. The firm's catastrophe aggregate reinsurance programme provides cover for up ... Read the full article

Re/insurers investment in tech to increase with focus on AI: Moody’s

15th June 2017

The Internet of Things (IoT) and Artificial Intelligence (AI) are becoming focal points for re/insurance investment, after 90% of firms said they'd successfully incorporated technologies to improve digital consumer engagement and Big Data use, according to a Moody's survey of 18 of Europe's biggest re/insurers. "In recent years, many groups have ... Read the full article

Reinsurers in Florida advised caution over AOB epidemic: Hiscox Re

15th June 2017

If the Assignment of Benefits (AOB) epidemic sweeping Florida continues unchecked, insurers with weaker capitalisation could see rating downgrades or be put out of business entirely, while reinsurers' credit risk skyrockets, Bevis Tetlow, Chair of Hiscox Re’s North America business warned. Florida insurers have been struggling to keep their head above ... Read the full article

Swiss Re appoints D’Andrea to Italy CEO, as Coletta takes EMEA run-off role

15th June 2017

Global reinsurance specialist Swiss Re has appointed Daniela Read the full article

Munich Re leads Grenfell Tower reinsurance, fire loss seen at £25m+

15th June 2017

The insurer of the Grenfell Tower apartment building in London's Royal Borough of Kensington and Chelsea, that was the site of a tragic fire this week, has said that the insurance loss is anticipated at over £25 million ($31.8m) and said that Munich Re is its lead provider of reinsurance. The ... Read the full article

Bruce Carnegie-Brown starts as Lloyd’s Chairman today

15th June 2017

Bruce Carnegie-Brown has formally begun his position as the Chairman of the Lloyd's of London specialist insurance and reinsurance market today. Carnegie-Brown takes over from the outgoing John Nelson who has retired from the position. Carnegie-Brown commented on the appointment; “I am very excited to get started. In the months since my ... Read the full article

Cyber growth to drive increased profitability at Munich Re, says J.P. Morgan

15th June 2017

J.P. Morgan has maintained that reinsurance giant Munich Re will beat its conservative full-year 2017 net profit target and also increased its full-year 2018 and 2019 profit estimates for the reinsurer, driven by an expectation of continued cyber growth. The German domiciled reinsurer announced in March a 2017 profit guidance of ... Read the full article

Allianz warns against complacency despite 50% decline in global shipping losses

15th June 2017

Analysis by Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz, reveals that worldwide shipping losses declined by 50% in 2016 over the last ten years. However, with areas of concern appearing to be on the rise and budgets coming under increasing strain, the insurer warns against ... Read the full article

Large UK companies concerned over crisis resilience, finds AJG report

14th June 2017

Research by YouGov that was commissioned by Arthur J. Gallagher reveals that a quarter of large UK companies are concerned about their crisis resilience in response to rising threats, such as cyber attacks and terror events, further highlighting the need for important and adequate risk transfer solutions. According to the research ... Read the full article

AIG could raise as much as $670m from Arch share sale

14th June 2017

Global insurer AIG is set to raise up to $670 million from the sale of shares it holds in Bermuda-based insurance and reinsurance specialists Arch Capital Group Ltd. The secondary share offering has now closed, with the 6,381,410 common shares offered by affiliates of American International Group, Inc. priced at $92.50 ... Read the full article

GIC to launch $1.44 billion IPO in September

14th June 2017

The General Insurance Corporation of India (GIC) is expected to launch its $1.44 billion (Rs 9,000 crore) initial public offering (IPO) from September to October, money control news reported. This represents a 10% company stake sale issue by the Indian government. GIC reported a gross premium for the financial year at Rs 33,585 ... Read the full article

Ed’s German subsidiary, Junge & Co, announces new CEO

14th June 2017

German-based maritime sector-focused insurance broker Junge & Co, a fully owned subsidiary of insurance and reinsurance brokerage Ed Broking Group, has named Olaf Fölsch as its new Chief Executive Officer (CEO). Fölsch replaces Ulfert Paulsen, who has retired after spending more than 28 years with the firm. Previously Managing Director of Junge ... Read the full article

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