Reinsurance News

Re/insurance solutions evolve to cover intangible corporate assets: Swiss Re

16th October 2017

Re/insurance product development and innovation around data and data analytics have expanded the scope of solutions from tangible to intangible assets, to cover a wider range of threats and improve corporate risk management, according to Swiss Re's latest sigma study. Companies are increasingly using novel insurance solutions to protect earnings, reduce ... Read the full article

County Hall Insurance renews reinsurance placement through Lloyd’s

16th October 2017

County Hall Insurance Company, Inc. has completed the renewal of its reinsurance placement via the specialist Lloyd's of London insurance and reinsurance marketplace. County Hall provides liability for trucking exposures across the U.S., which it describes as a "dependable and simple solution for most transportation liability needs." The firm offers primary auto ... Read the full article

LMA shows support for Ogden rate reforms

16th October 2017

The Lloyd's Market Association (LMA) has expressed its support of reforms surrounding the personal injury discount rate in the UK, known as the Ogden rate, in a written letter to the Justice Committee. At the beginning of the year the Ogden rate was cut to -0.75%, a move that took many ... Read the full article

Risk Cooperative gains Lloyd’s coverholder status

16th October 2017

Risk Cooperative, a specialized insurer with a proprietary cyber insurance facility with up to $10 million in stand-alone cyber insurance cover, has gained Lloyd's of London coverholder status. Risk Cooperative brings middle market customers and channel partners fast access to customizable cyber insurance solutions, working with a wide range of insurance ... Read the full article

Willis names Gianmarco Tosti country head of Italy

16th October 2017

International insurance and reinsurance industry broker, Willis Towers Watson, has named Gianmarco Tosti as the firm's new country head of Italy, effective January 1st, 2018. Tosti will based in Milan, and will assume the role as Head of Corporate Risk and Broking for Italy, and replaces Guido de Spirit, who is to ... Read the full article

Hurricane Nate insured losses will not exceed $500 million: RMS

16th October 2017

U.S. insured losses associated with wind and coastal flooding from Hurricane Nate, which struck the U.S. Gulf Coast as a category 1 storm on October 8th, are expected to reach a maximum $500 million, according to RMS estimates. This estimate includes property damage and business interruption from wind and coastal flooding ... Read the full article

Rate increases at 1/1, Q3 losses a capital event for reinsurance sector: S&P

16th October 2017

Third-quarter 2017 catastrophe losses are likely to erode the reinsurance sector's earnings and become a capital event for the space, resulting in rate increases of up to 5% at 1/1, according to rating agency Standard & Poor's (S&P). Global reinsurers have started to release loss estimates for the third-quarter of 2017, ... Read the full article

InsurTech start-ups remain attracted to P&C: Report

16th October 2017

Research from Celent, a research and advisory company with a focus on technology and Guy Carpenter, a reinsurance brokerage, reveals that a third of InsurTech accelerators by line of business members are property & casualty (P&C) focused. The new report, titled "Insurtech Accelerators: A Market Scan," reveals that the number of ... Read the full article

Q3 losses will raise London insurance market prices: Fitch

13th October 2017

Catastrophe losses from recent U.S. hurricanes and Mexican earthquakes will raise London Market insurers' prices on loss-affected lines, and could affect pricing trends within the wider market, according to Fitch Ratings. Fitch said in its latest London market report; "We expect 2017 earnings of London market insurers to be significantly reduced ... Read the full article

GIC Re IPO raises $1.5 billion

13th October 2017

In the country's biggest listing in seven years, the Indian government raised about 98 billion rupees, US$1.5 billion, in GIC Re's Initial Public Offering (IPO) which closed today, Reuters reported. State-run reinsurer General Insurance Corp of India (GIC Re) had aimed to raise up to $1.7 billion in its IPO that ... Read the full article

AXIS Capital announces two senior executive appointments

13th October 2017

AXIS Capital Holdings has announced two senior appointments within the U.S. Programs, Property & Casualty team of its insurance business unit. Tim McGee has been promoted to Senior Vice President, U.S. Programs Underwriting Officer and Franklin Maccotan has been hired as Vice President, U.S. Programmes. Both appointees report to John Tatum, Executive ... Read the full article

Tokio Marine estimates $580mn loss from Harvey, Irma, Maria, and Mexico quakes

13th October 2017

Tokio Marine Holdings, Inc. has announced that it expects estimated pre-tax catastrophe losses, net of reinsurance, from the Mexico earthquakes, and hurricanes Harvey, Irma, and Maria, to total around 65 billion yen (US$580 million). "We would like to express our sincerest sympathies to all who have been affected by the natural ... Read the full article

Lloyd’s pays out $738 million for Harvey, Irma and Maria claims

13th October 2017

The specialist Lloyd's of London insurance and reinsurance marketplace has now paid out $738 million in response to the impacts of Hurricanes Harvey, Irma, and Maria. Lloyd's announced previously that it expects losses from just hurricanes Harvey and Irma to reach $4.5 billion, as it continues to assess the hit ... Read the full article

3,500+ buildings destroyed by California wildfire

13th October 2017

California is being evacuated in a state of emergency as multiple wildfires that started on Sunday continue to spread across eight counties. The wildfires' death toll has risen to 31, making it the deadliest fire to sweep through California since 1933. Catastrophe risk modeller, AIR Worldwide, said the fires have already consumed ... Read the full article

David Higley joins Argo from The Hartford

13th October 2017

Argo Group International Holdings, Ltd. has announced the hiring of David Higley as Head of U.S. property and inland marine, reporting to Ron Vindivich, President, E&S, Colony Specialty. Higley joins from The Hartford, and in his new role will lead the firm's U.S. property unit, which is made up of Alteris ... Read the full article