Reinsurance News

Blockchain will do for re/insurance what the internet did for information: IBM interview

12th October 2017

With the Blockchain Insurance Industry Initiative (B3i) in the market-beta testing phase of its reinsurance blockchain prototype and due to be deployed into production next year, Reinsurancene.ws spoke to IBM's Insurance Industry Global Managing Director, Sandip Patel, about which areas of the re/insurance value chain he expects will see real ... Read the full article

XL estimates $1.5 billion Q3 catastrophe loss

12th October 2017

Insurance and reinsurance firm XL Group, owner of the XL Catlin brand, has estimated that its losses from third-quarter catastrophes including hurricanes Harvey, Irma and Maria, will be around $1.5 billion before tax. XL forecasts $1.33 billion of losses from the hurricanes, Harvey, Irma and Maria, with the addition of other ... Read the full article

Gen Re partners with TrackActive to enhance health solutions for insurance industry

11th October 2017

Global reinsurer Gen Re is to collaborate with digital health provider, TrackActive, to deliver innovative and effective solutions to its life and health customers in the international insurance sector. TrackActive recently completed the Startupbootcamp InsurTech London accelerator programme, and the company has seen impressive take-up of its clinical software in numerous ... Read the full article

Reinsurers to take bulk of Universal’s $350-450m hurricane Irma impact

11th October 2017

Universal Insurance Holdings' Property & Casualty Insurance Company (UPCIC) has revealed estimated gross losses of $350-450 million from Hurricane Irma from across Florida and other Southeastern U.S. states. The insurer's reinsurance programme will cover the majority of losses, with the UPCIC only retaining its first event net pre-tax loss of $35 ... Read the full article

Arch announces series of senior reinsurance executive promotions

11th October 2017

Arch Capital has announced a string of promotions of senior executives within its Worldwide Reinsurance Group management. Arch Reinsurance Company President and Chief Executive Officer in the U.S. Jerome Halgan has been promoted to the role of Chief Executive Officer of Arch Reinsurance in Bermuda. Matt Dragonetti, currently Head of Property at ... Read the full article

Hiscox to increase 2018 syndicate capacity by £450m

11th October 2017

Hiscox has announced plans to increase its capacity by £450 million to a total £1.6 billion for 2018, in anticipation of a widespread market turn triggering improved market conditions, according to its Syndicate 33 business forecast for 2018. This comes as a response to the 2017 period of significant catastrophe activity ... Read the full article

Industry-first platform developed by IBM & MetLife to enhance insurers capabilities

11th October 2017

IBM has partnered with MetLife to develop a new platform for the global insurance industry on the IBM Cloud, designed to improve both the process and economics for product development, as well as enhancing underwriting and benefits delivery. The new, industry-first platform aims to assist insurers expansion into new products and ... Read the full article

Global losses from cyber attacks could reach $6 trillion, warns FBI’s former cyber head

11th October 2017

Annual, global losses from cyber attacks could reach as much as $6 trillion as the world continues to become more interconnected via advanced technology, such as the Internet of Things, according to cyber risk expert and former head of the FBI's cyber unit, James Trainor. Addressing an audience at the 2017 ... Read the full article

CelsiusPro & Aon Benfield extend partnership for weather risk solutions

11th October 2017

Swiss Insurtech firm CelsiusPro and Aon Benfield have renewed their partnership of data analysis and solution design for climate related risks. CelsiusPro specialises in offering parametric insurance solutions and weather derivatives to mitigate the risks of adverse weather and natural disasters, and since 2013 has provided Aon Benfield with risk analysis ... Read the full article

Bermudian re/insurers to fund $25bn+ of Harvey, Irma, and Maria loss: ABIR

11th October 2017

The Bermuda insurance and reinsurance market could payout $25 billion or higher of the estimated $100 billion in aggregate insurance and reinsurance losses from hurricanes Harvey, Irma, and Maria, according to the Association of Bermuda Insurers and Reinsurers (ABIR). Bermuda, a global hub for insurance, and both traditional and alternative reinsurance ... Read the full article

U.S. property cat reinsurance pricing to shift after recent events: Munich Re’s Steve Levy

11th October 2017

Over the last year or so some segments of the U.S. reinsurance market have shown signs of stabilisation in a prolonged softened market, that's underlined by ample capacity and persistent rate declines. And, after the impacts of recent hurricanes in the U.S., Munich Re's Steve Levy expects pricing trends to ... Read the full article

Hiscox names Markham as CEO of London Market business

11th October 2017

Insurance and reinsurance firm Hiscox has named an existing employee, Kate Markham, to the newly created position of CEO of its London Market business. The move, which is subject to regulatory approval, sees Hiscox positioning itself to be ready for market changes and modernisation in the London insurance and reinsurance market. In ... Read the full article

Mutual Reinsurance Bureau selects new President & CEO

11th October 2017

Mutual Reinsurance Bureau's (MRB) Board of Directors has announced that John W. Meyers III will replace Timothy Dorr as the firm's next President and Chief Executive Officer (CEO). Meyers joins the company from Safety National Reinsurance, where he most recently served as Vice President of Treaty Underwriting. He replaces Dorr, who is ... Read the full article

MENA offers reinsurers attractive diversification opportunities

10th October 2017

The Middle East and North Africa (MENA) region remains attractive as a source of re/insurance expansion due to continued liberalisation opening up further market opportunities, as well as the benefits of diversification options, with less natural catastrophe exposures than more established markets, according to A.M. Best. Natural catastrophe events exposure is ... Read the full article

Betterview clients able to assess historical weather data via Understory partnership

10th October 2017

InsurTech drone start-up, Betterview, has announced that it will integrate Understory, Inc.'s historical weather data into its UAV software platform. Insurance and reinsurance companies use Betterview's software and services to analyse data for buildings and properties, via drone technology. By integrating Understory's historical weather data into its UAV software, Betterview's clients will ... Read the full article