Reinsurance News
Berkshire Hathaway GUARD to launch new Commercial Package product
27th February 2019
Berkshire Hathaway GUARD Insurance Companies, a U.S subsidiary of Warren Buffett’s global insurance and reinsurance company, is adding a Commercial Package product that will include coverages for Property, General Liability, Umbrella, and Employment-Related Practices Liability Insurance (EPLI). GUARD Chief Executive Officer (CEO) Sy Foguel explained that the company is planning for ... Read the full article
Beazley, Marsh launch cyber & breach solution for US manufacturers
27th February 2019
Specialist insurer Beazley and global broker Marsh have collaborated on the launch of a new tailored cyber insurance and breach response solution for U.S. manufacturers. Together, Beazley and Marsh have created Manufacturer's First Response, a Marsh and Beazley Breach Response (BBR) initiative that provides the following coverages tailored specifically to address ... Read the full article
Munich Re to utilise CyberCube’s risk modelling, analytics platform
27th February 2019
Global reinsurer Munich Re has selected CyberCube’s analytics platform to help quantify, model and control cyber accumulation risk. Munich Re’s Chief Underwriter Stefan Golling states that leveraging the capabilities of CyberCube will help the company’s underwriting and risk modelling teams in better quantifying cyber risk and understanding potential cyber accumulation scenarios. An ... Read the full article
SCOR Global Life makes senior promotions across Global Markets & Finance teams
27th February 2019
SCOR Global Life, a division of the France-headquartered reinsurer, has announced a series of senior appointments across its Global Markets and Finance and R&D teams. Within the Global Markets team, these include the promotions of Miguel Alferieff to Executive Head of Client Relationships and Roy Chappell to Executive Head of Proposition. Alferieff ... Read the full article
PCS to reveal market share data capture rates for $1bn+ U.S cats
27th February 2019
Property Claim Services (PCS), a division of Verisk that collects and aggregates the insurance industry loss data widely used by reinsurers, is for the first time to reveal market share capture rates for U.S catastrophe’s with insured losses of at least $1 billion. This decision to increase the transparency of estimates ... Read the full article
Ascent targets silent cyber with backing of Munich Re
27th February 2019
Specialist managing general agent, Ascent Underwriting has added physical damage cover to its CyberPro product, with additional capacity being provided by reinsurance giant Munich Re. CyberPro forms part of Ascent's professional and non-tangible risks portfolio, and with the backing of Munich Re, now covers physical and property damage plus debris removal ... Read the full article
ACE Insurance Brokers to launch DIFC-based reinsurance operation
27th February 2019
Gulf Cooperation Council (GCC) privately-owned insurance broker, ACE Insurance Brokers, is to establish a dedicated reinsurance operation in Dubai, based in the Dubai International Financial Centre (DIFC). The new business will join the broker's region-wide network, which is comprised of 16 offices across eight countries. From DIFC, ACE's reinsurance industry experts will ... Read the full article
Singapore targets ILS with issuance of first catastrophe bond
27th February 2019
For the first time in the history of the catastrophe bond market, a transaction has been issued out of Singapore, underlining the potential of the insurance-linked securities (ILS) market in the region. The deal, Orchard ILS Pte Ltd, is sponsored by Insurance Australia Group (IAG) as part of its 2019 catastrophe ... Read the full article
Rate increases at April renewals to vary widely by product & client: JMP
27th February 2019
JMP Securities is anticipating significant reinsurance pricing increases at the upcoming April 1 renewals, with increases varying by as much as 5-30% depending on product and client. After meeting with re/insurers in Japan ahead of the renewals, analysts at JMP expect average rate increases to push into the double digits, but ... Read the full article
DXC Technology adds ex-LMA CEO Gittings to board of XIS
27th February 2019
DXC Technology, an independent end-to-end IT services company, has announced the appointment of David Gittings as non-executive director of Ins-sure Services (XIS), effective immediately. Gittings served previously as the Chief Executive Officer of the London Market Association (LMA). In his independent role at XIS, DXC says he will be an advocate for ... Read the full article
Brexit-driven RWN poses no immediate threat to UK insurer ratings: Fitch
27th February 2019
According to global financial services rating agency, Fitch Ratings, the Rating Watch Negative (RWN) assigned on the UK, in light of Brexit, does not suggest any immediate threat to UK insurers' ratings. The ratings agency states that, in itself, a one-notch sovereign downgrade would not result in insurer downgrades, adding that ... Read the full article
RSA appoints Charlotte Jones to CFO role
27th February 2019
Multinational insurance group RSA has announced the appointment of Charlotte Jones as Chief Financial Officer, a position vacated by the current UK & International Chief Executive Officer Scott Egan earlier this month. Jones, who currently serves as a non-Executive Director of RSA and is a member of the Group audit and ... Read the full article
CIS re/insurers struggling to withstand volatile market conditions: A.M. Best
27th February 2019
Insurers and reinsurers in the Commonwealth of Independent States (CIS) are struggling to remain profitable in the face of significant geopolitical instability and regulatory changes, according to a report by A.M. Best. The rating agency noted that, whilst the overall economy for the CIS improved in 2018 compared to prior years, ... Read the full article
Zurich acquires U.S insurtech firm Sea Pine Technologies
26th February 2019
Zurich North America has acquired 100% ownership of Sea Pine Technologies, a U.S insurtech firm that specialises in developing digital applications for the marketing of vehicle protection products. The insurer said the move would enable it to further expand its automotive Finance & Insurance (F&I) products and services for auto dealers ... Read the full article
Industry veteran Lizabeth Zlatkus joins AXIS Board of Directors
26th February 2019
Bermuda-based insurance and reinsurance firm, AXIS Capital Holdings Limited has added insurance industry veteran Lizabeth Zlatkus to its Board of Directors, effective March 15th 2019. In her new role, Zlatkus will serve as a member of AXIS' Audit and Finance Committees. The addition of Zlatkus takes the total number of AXIS ... Read the full article