Reinsurance News

“Significant damage” from Mexico City earthquake: AIR

21st September 2017

The magnitude 7.1 earthquake that struck Mexico two days ago around 75 miles from the capital city has caused "significant damage" according to catastrophe risk modeller AIR Worldwide. Once losses are tallied the international reinsurance market is expected to take a significant proportion of the claims. It was the second major ... Read the full article

PartnerRe enters into agreement with FinTech RemitRadar

21st September 2017

Reinsurer PartnerRe has entered into a new joint agreement with RemitRadar to develop digital insurance solutions and provide PartnerRe's clients with access to innovative distribution channels. The new partnership aims to utilise the opportunity to adopt RemitRadar's online channels, as well as its social media channels and artificial technology (AI) to ... Read the full article

Liberty Mutual names Greg Cunningham EVP, National Insurance Property

21st September 2017

Liberty Mutual Insurance has announced the appointment of Gregg Cunningham as Executive Vice President (EVP), National Insurance and General Manager, National Insurance Property. Cunningham brings more than 25 years of experience in the commercial insurance space, and will lead the segment of Liberty Mutual Insurance that offers a full-range of property ... Read the full article

Hurricane Irma insured losses could reach $55 billion: RMS

21st September 2017

Hurricane Irma insured losses from wind, storm surge and inland flood damage in the U.S. and the Caribbean have been estimated by RMS to reach between $35 and $55 billion. The total economic losses are set at nearly double the insured losses at an estimated $60 - $95 billion. Uninsured losses from ... Read the full article

Hiscox UK names Robert Hannigan as cyber security advisor

21st September 2017

Specialist insurer Hiscox UK and Ireland has appointed former GCHQ Director Robert Hannigan as Special Advisor on Cyber Security, set to work alongside Hiscox specialist cyber division to provide market intelligence, staff training, and develop cyber products. Robert Hannigan, Special Advisor at Hiscox UK and Ireland said; “The risks that cyber ... Read the full article

Lloyd’s syndicates commended on early Harvey & Irma claims payments

21st September 2017

The Lloyd's Market Association (LMA) has commended syndicates in the Lloyd's of London insurance and reinsurance market for promptly paying claims from hurricanes Harvey and Irma. LMA chief executive David Gittings commented; “The first response of the Lloyd’s community has been, within days of Irma passing, to pay claims. These are ... Read the full article

R&Q completes novation of reinsurance policies from Cayman group captive

21st September 2017

Randall & Quilter Investment Holdings Ltd. (R&Q) recently announced that it has successfully completed the novation of reinsurance policies issued between 2006 and 2011 from a Cayman-based group captive. The firm has said that the policies have been novated into R&Q Quest (SAC) Limited, its owned segregated account company. According to R&Q, the ... Read the full article

Price stabilisation the “worst outcome” for reinsurers in $100bn loss year: RBC

21st September 2017

The fact the majority of the reinsurance market is forecasting broad price stabilisation, with localised pockets of hardening, following the impacts of major hurricanes Harvey and Irma which could take catastrophe losses to $100bn+ this year, analysts at RBC Capital Markets say this is the "worst outcome" possible. Reinsurers are set ... Read the full article

Hannover Re delivers profit warning on recent catastrophes

21st September 2017

German reinsurance giant Hannover Re has issued a profit warning, as it believes that the aggregation of losses from recent natural catastrophe events will take it over its large loss budget for the year and hit profits. "The insurance industry currently finds itself faced with a number of severe natural catastrophe ... Read the full article

CCRIF makes $31m payout to Irma-struck Islands

20th September 2017

Hurricane Irma triggered $U.S. 31.2 million Caribbean Catastrophe Risk Insurance Facility (CCRIF) payouts to Anguilla, Antigua & Barbuda, St. Kitts & Nevis, Turks and the Caicos Islands, and the Bahamas for excess rainfall and tropical cyclone policies. Irma triggered Aggregate Deductible Cover policies, which include cyclone risk, for Anguilla and the ... Read the full article

Ironshore reveals new appointments within Bermuda property unit

20th September 2017

Ironshore Inc. has announced two new appointments within its Bermuda property division, naming Ian Smith Senior Vice President (SVP), Head of Bermuda Property and Shane Rozario, as Chief Operating Officer (COO), Bermuda Property. Smith joined the firm in 2013 as Vice President (VP), Property Underwriter, and previously spent five years with ... Read the full article

JLT Re partners with kWh Analytics to deliver solar energy solution

20th September 2017

JLT Re, the reinsurance arm of global broker JLT, has entered into a new partnership with data repository and risk management provider for the solar industry, kWh Analytics. The new partnership is JLT Re's latest move in the the InsurTech space, and will see the development of a new risk transfer ... Read the full article

Lloyd’s obtains CFC status and names Casablanca representative

20th September 2017

Lloyd’s has appointed Salah El-Kadiri as its first representative in Casablanca, following its receipt of CFC status by the Casablanca Finance City Authority (CFCA). With its CFC status, Lloyd's managing agents have permission to delegate underwriting authority to intermediaries, third party cover-holders, or service companies established in the CFC. El-Kadiri said; “I ... Read the full article

Boat Services appoints Matt Jones & Bert Kerr as consultants

20th September 2017

Boat Services has expanded its catastrophe modelling shared service team with two key appointments of Matt Jones and Bert Kerr, who will work as consultants to oversee the firm's product development. Boat Oasis is the multi-peril cat risk modelling platform, delivered by Boat Services, operating on the Oasis Loss Modelling Framework. The platform ... Read the full article

Progressives auto loss from Harvey lower than analysts expected

20th September 2017

Insurance group The Progressive Corporation has reported its August catastrophe losses, including the impacts of hurricane Harvey, and the company has revealed auto insurance losses from the storm that are lower than analysts had forecast by quite a margin. Progressive has reported total catastrophe losses of $254 million for August, with ... Read the full article