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Aggressive action needed to tackle cyber risk as a property issue: Lockton

25th August 2017

Events like the recent WannaCry ransomware attack show just how far-reaching a cyber attack can be, and cyber's ability to impact property insurance lines is expanding and needs to be addressed, according to Lockton's property risk cyber expert in New York, Jared Wosleger. "Just one cyber event can cause multiple losses in ... Read the full article

AXIS increases Novae offer by 2%

25th August 2017

Global specialty insurance and reinsurance firm AXIS Capital Holdings Limited has increased its acquisition offer for the shares of Lloyd’s of London focused diversified specialty re/insurer Novae Group plc by 2%, valuing the firm at £477.6 million (US $612m at today's FX rates). The "full and final" offer of 715 pence per ... Read the full article

Arch partners to reduce mortgage insurance friction for customers

24th August 2017

International insurance and reinsurance group Arch Capital Group Ltd. is partnering with a technology platform for mortgage loans to bring its mortgage insurance offering to potential customers more simply. Arch Mortgage Insurance Company has partnered with provider of a multichannel loan origination system OpenClose, in an integration that will bring Arch's ... Read the full article

Ironshore to offer cyber claims response for any business line

24th August 2017

Specialty property and casualty insurer and part of the Liberty Mutual group Ironshore has announced the formation of a computer emergency response team to better manage cyber claims across all of its business lines. In a clear indication that cyber risks are inherent in a multitude of insurance and reinsurance lines, ... Read the full article

Legislative assistance needed to address Florida’s AOB crisis: Citizens CEO, Gilway

24th August 2017

The Chief Executive Officer (CEO) of Citizens Property Insurance Corporation, Barry Gilway, recently called for legislative reform to address the growing assignment of benefits (AOB) crisis in Florida, warning of rising homeowners premiums. Addressing the Florida Office of Insurance Regulation (FLOIR), Gilway called for assistance from legislative partners to ensure Citizens was ... Read the full article

SCOR opens non-life reinsurance office in Kenya

24th August 2017

French reinsurance firm SCOR is opening a new SCOR Global P&C SE representative office focusing on non-life reinsurance in Nairobi, Kenya. Following up on an initial approval granted in April 2016, the Insurance Regulatory Authority of Kenya (IRA) has now confirmed that it approves the opening of a SCOR Global P&C ... Read the full article

AXIS Capital targets insurtech in Plug and Play accelerator partnership

24th August 2017

Bermuda headquartered global insurance and reinsurance firm AXIS Capital Holdings Limited has announced a partnership with Silicon Valley start-up accelerator Plug and Play as it targets a deeper involvement in helping to develop InsurTech start-ups. By participating in Plug and Play’s InsurTech platform, AXIS will get to work alongside leading digital ... Read the full article

Pacific Life completes $35mn pension buy-in deal with American Water Works

24th August 2017

Pacific Life Insurance Company has completed a $35 million Pacific Secured pension Buy-In transaction with American Water Works Association (AWWA), the company has announced. According to a statement from the company, as of the transaction date this will be the sixth buy-in transaction completed by Pacific Life, and the ninth reported industry-wide. Kevin ... Read the full article

Peel Hunt warns of modest hurricane losses as Harvey approaches Texas

24th August 2017

As Tropical storm Harvey continues to track towards the state of Texas, analysts at Peel Hunt have warned that despite the benign catastrophe experience witnessed in 2017, so far, a series of modest hurricane losses could push some Lloyd's players to a loss as the soft market persists. According to the National ... Read the full article

JLT Re hires Poome from Willis Re to be new Thailand MD

24th August 2017

Global reinsurance broker JLT Re has hired a new managing director for its Thailand operations from rival Willis Re, appointing Khun Parkpoome Nivatvongs (Poome) to the role. The hiring and appointment of Poome expands the JLT Re Asia Pacific management team. Poome will report to Kenny Moyes CEO of Asia, JLT ... Read the full article

Russia’s national reinsurer approved to enter Egyptian specialty market

24th August 2017

The Russian National Reinsurance Company (RNRC) has received approval from the Egyptian market watchdog to operate as a foreign reinsurance company in the local specialty market. The approval means that RNRC is now included in the Egyptian local official register of the foreign reinsurers, and the entry is a continuation of ... Read the full article

JLT Re promotes Dranchak to Head of Strategic Advisory for the Americas

24th August 2017

Global reinsurance broker and advisory JLT Re has promoted Nick Dranchak to Head of Strategic Advisory for the Americas, a role that will seem him lead delivery of strategic advisory services across the U.S., Canada and throughout Central and South America. Dranchak joined JLT Re’s Strategic Advisory team in 2014 and ... Read the full article

Mitsui Sumitomo to acquire Fairfax’s 98% First Capital interest

24th August 2017

Fairfax and Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, have entered into an agreement to pursue a strategic partnership which will include establishing reinsurance relationships and Mitsui's acquisition of Fairfax's 97.7% interest in First Capital Insurance Limited of Singapore. Under the agreement the firms announced plans to collaborate in ... Read the full article

U.S. reinsurers’ combined ratio edges closer to 100% in H1 2017, loss ratio rises

24th August 2017

Analysis on the performance of 18 reinsurance companies during the first-half of 2017, by the Reinsurance Association of America (RAA), highlights further deterioration of combined ratios and rising loss ratios. The group of 18 U.S.-based property/casualty reinsurers recorded a combined ratio of 97.1% in the first-half of 2017, compared with 94.8% ... Read the full article

Cyber insurance rates decline on capacity increase

24th August 2017

Cyber insurance rates and prices in the United States declined for the second consecutive quarter in Q2 2017, as the increasing availability of capacity targeting cyber liability underwriting influences the market. According to the latest quarterly look at global insurance rates by broker Marsh, the cyber risk underwriting segment has just ... Read the full article

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