Reinsurance News
Travel insurtech Blink launches parametric solutions platform
7th February 2020
Travel insurtech Blink has announced the launch of a platform designed to offer a range of parametric insurance solutions. Blink Parametric’s platform-based solutions span the travel, climate, energy and IoT sectors. Blink Travel offers customers a real-time insurance service with real-time compensation options for issues like flight delays or cancellation. Blink Climate is ... Read the full article
RMS releases first version of the Risk Data Open Standard
7th February 2020
Global catastrophe risk modeller RMS has announced that its modern data schema for the risk modelling community, the Risk Data Open Standard (RDOS), was made publicly available for download on January 31st, 2020. The firm's RDOS was built specifically for the industry and represents the new, open standard for holding all ... Read the full article
RenRe could pull back in Florida if rates stay low, says CEO
7th February 2020
RenaissanceRe could further reduce its exposure to Florida domestic companies if rate increases do not meet the companies return hurdles this year, according to its President and CEO, Kevin O’Donnell. Speaking in an earnings call alongside the release of RenRe’s Q4 and 2019 results, O’Donnell warned of “substantial structural issues” ... Read the full article
Argo reaches agreement to sell Trident Public Risk Solutions to Paragon
7th February 2020
Argo Group International Holdings, Ltd. has announced that Paragon Insurance Holdings, LLC is to acquire its Trident Public Risk Solutions brand and underwriting platform. It's expected that the deal will complete in the coming months, and insurer and reinsurer Argo expects to report a pre-tax gain of around $37 million related ... Read the full article
Higginbotham names energy & marine practice leader
7th February 2020
Texas-based insurance brokerage Higginbotham has appointed Ted Dimitry to lead its energy and marine practice, based in Houston. He will be tasked with serving upstream, midstream and downstream oil and gas companies in the region. Dimitry has 23 years’ experience as a commercial property & casualty broker specialising in the oil and ... Read the full article
Insurance to be ‘major product’ of Tesla, suggests Elon Musk
6th February 2020
Elon Musk, the Chief Executive Officer of US electric vehicle manufacturer Tesla, believes insurance is going to become a major product of the company over time, and has laid down plans to offer a ride-hailing app with its own driver cover in the near future. “The amount of money that people ... Read the full article
Beazley profits jump off investments, rates rise 6%
6th February 2020
Specialist insurer Beazley has posted a pre-tax profit for 2019 of $267.7 million, up from $76.4 million in 2018, and reported a 6% rate increase. Beazley’s pre-tax profit jump was bolstered by a strong investment return of $263.7 million, up from $41.1 million in 2018. The firm’s combined ratio of 100% - ... Read the full article
Aon adds senior hires to EMEA M&A and Transaction Solutions practice
6th February 2020
Re/insurance broker Aon has expanded its EMEA M&A and Transaction Solutions practice with the addition of several senior appointments. Firstly, Adrian Lamasz has been appointed as Head of Regional M&A and Mid-Market, UK to lead mid-market Private Equity and Corporate M&A across the UK regional market. He joins from Marsh JLT, where ... Read the full article
Munich Re names Swiss Re CorSo’s Nieto as Client Executive, South America
6th February 2020
Global reinsurance giant Munich Re has appointed Rodrigo Nieto, formerly of Swiss Re Corporate Solutions, as Client Executive South America (non-life, excluding Brazil), effective February 3rd, 2020. In his new role, Nieto will be based in Bogotá, Colombia, and takes responsibility for Munich Re's non-life initiatives in South America. His appointment reflects ... Read the full article
Hannover Re’s parent Talanx announces record results in 2019
6th February 2020
Talanx, the parent company of German reinsurer Hannover Re, has announced record results of €923 million (roughly USD 1 billion) in 2019, driven in part by an extremely strong performance within its reinsurance segment. Based on preliminary unaudited consolidated figures, the Talanx's earnings jumped by approximately 30% from the €703 million ... Read the full article
Many lines still lack price adequacy, but increases will persist: AXIS CEO
6th February 2020
Reinsurance price momentum continued at the January 1st, 2020 renewals but even with the strong rate response in certain classes, many lines are still not at attractive levels, according to Albert Benchimol, the President and Chief Executive Officer (CEO) of Bermuda-based re/insurer, AXIS Capital Holdings Limited. After consecutive heavy catastrophe loss ... Read the full article
Munich Re’s HSB warns crypto adoption can raise SME cyber risk
6th February 2020
HSB, part of reinsurance giant Munich Re, has underlined the risks of cryptocurrency after a survey found at least one-third of US small and medium-sized businesses accept it as a payment method. The survey, conducted in conjunction with Zogby Analytics, found that 36% of SMEs accepted cryptocurrency, while 59% of those ... Read the full article
WTW reports 6% overall growth for 2019
6th February 2020
Global insurance and reinsurance broker Willis Towers Watson has reported 6% overall growth for 2019, with revenue standing at $9.04 billion. Organic revenue growth was reported at 6% for the quarter and 5% for the full year. Also for the fourth quarter, WTW’s Investment, Risk & Reinsurance segment posted revenue of $314 ... Read the full article
Policygenius secures $100 million investment led by KKR
6th February 2020
InsurTech Policygenius, an online marketplace for comparing and purchasing insurance, has announced $100 million in Series D funding led by global investment firm, KKR. Existing major investors in Policygenius, which includes Norwest Venture Partners, Revolution Ventures, Susa Ventures, AXA Venture Partners, MassMutual Ventures and Transamerica Ventures, also participated in the latest ... Read the full article
MultiStrat completes $205m casualty linked security transaction
6th February 2020
Specialty reinsurer MultiStrat has completed a $205 million casualty ILS reinsurance transaction covering prospective and retrospective general liability risks. The coverage was written by a protected cell of Garden Insurance Company of Vermont, MultiStrat’s affiliated entity. MultiStrat’s capital advisory team, MultiStrat Advisors, and its affiliate, the Annapolis Consulting Group, played a key ... Read the full article