Reinsurance News
Hayward quake scenario warns of $170bn damages to San Francisco area
23rd April 2018
Property analytics company CoreLogic has assessed the financial implications of the HayWired earthquake scenario, a study that modelled the impact of a hypothetical magnitude 7.0 earthquake along the Hayward fault, finding that property damage could total US $170 billion – most of which would be uninsured. The Haywired scenario calculated the ... Read the full article
Technology will transform reinsurers’ efficiencies, says RenRe’s O’Donnell
20th April 2018
In the company’s Annual Report, reinsurer RenaissanceRe’s (RenRe) President and Chief Executive Officer (CEO), Kevin J. O’Donnell, has maintained that technologies like artificial intelligence (AI) and big data are key to transforming efficiencies, and will not diminish the value of reinsurers. O’Donnell stressed that RenRe continues to maximise shareholder value by ... Read the full article
BAM utilises capital markets for $100mn of financial guarantee reinsurance
20th April 2018
Build America Mutual (BAM), a mutual bond insurance company, has announced that it will bolster its claims paying resources by issuing US $100 million of bonds to the capital markets via an insurance-linked securities (ILS) arrangement with Bermudian special purpose insurer (SPI), Fidus Re. This collateralized reinsurance arrangement will cover losses ... Read the full article
iXledger partners with online info hub on self-insurance marketplace
20th April 2018
iXledger, a London-based blockchain InsurTech start-up and Gen Re collaborator, has partnered with online information hub Self Insurance Market to develop a marketplace for the growing self-insurance risk management sector. The companies plan to leverage iXledger’s blockchain platform to navigate the complex, data-intensive processes of self-insurance, and to provide the visibility, ... Read the full article
UK motor premiums fall ahead of whiplash & Ogden reforms: Fitch
20th April 2018
Fitch Ratings has reported that UK motor insurance premiums appear to be declining as re/insurers anticipate reforms to curb whiplash claims and revise the Ogden discount rate, which will reduce lump-sum payments for long-term care costs and lost earnings. UK motor premium prices have risen for the last three years, ... Read the full article
Sedgwick announces international and UK executive appointments
20th April 2018
Sedgwick has announced the structure of its new UK leadership team with the appointments of Ian Muress as Chief Executive Officer (CEO), International, Stewart Steel as CEO, UK, and Paul White as Chief Operating Officer (COO), UK. The team will lead Sedgwick’s new combined business operations in the UK, and the ... Read the full article
European reinsurers’ Q1 results expected to normalise: Deutsche Bank
20th April 2018
Deutsche Bank has reported that European reinsurance results for the first quarter of 2018 are expected to return to normal after a challenging 2017, with technical profits anticipated to be up due to the absence of severe natural catastrophe claims. Q1 reports should reflect a solid earnings season, although results have ... Read the full article
Arch obtains $375mn of mortgage reinsurance from capital markets
20th April 2018
Arch Mortgage Insurance Company (Arch MI), a subsidiary of Bermudian insurance and reinsurance group Arch Capital, has secured $374.46 million of indemnity reinsurance from the capital markets through Bellemeade Re 2018-1 Ltd., a special purpose insurer (SPI). The reinsurance protection provides Arch MI with fully collateralised coverage for a portfolio of mortgage ... Read the full article
Credit insurers prosper as tech investment increases: Moody’s
20th April 2018
Moody’s Investors Service has reported that the global credit insurance sector is currently benefitting from a supportive economic environment and new technologically-driven capabilities. Underwriting profitability for the credit sector has been strong since the financial crash, and the average combined ratio of the three leading insurers, Atradius Credito y Caucion S.A., ... Read the full article
Metabiota unveils Pathogen Sentiment Index & agreement with Munich Re, Marsh
20th April 2018
Epidemic risk modeller Metabiota has announced details of its Pathogen Sentiment Index, a tool that enables the estimation of public fear and behavioural change as a result of infectious disease outbreaks, and which is to be used to develop epidemic insurance solutions through an exclusive agreement with reinsurer Munich Re and ... Read the full article
Brockwell Capital completes London team with Graham and Goodair hires
20th April 2018
Brockwell Capital, a recently established UK re/insurance company that covers mergers and acquisitions (M&A) risks, has added senior underwriters Andrew Graham and Alec Goodair to its London team. The addition of Graham and Goodair completes Brockwell's London team, which had previously exclusively consisted of Lee Amerigo and Lana Soroko, who launched ... Read the full article
Lloyd’s CEO Beale and DFID back InsurTech solutions for developing countries
20th April 2018
Penny Mordaunt, Secretary of State for the Department for International Development (DFID), has joined Dame Inga Beale, Chief Executive Officer (CEO) of Lloyd's of London, at a Lloyd's event to discuss how science, innovation, and the City of London can help developing countries recover from natural disasters. Beale and Mordaunt showcased ... Read the full article
Allstate estimates $361mn of pre-tax catastrophe losses in Q1
20th April 2018
Primary insurance giant Allstate has announced estimated pre-tax catastrophe losses for the first-quarter of 2018 of $361 million ($285mn after-tax), with the majority of this occurring in the month of March. The insurer expects catastrophe losses in March alone to reach $222 million pre-tax ($175 million after-tax), which amounts to approximately ... Read the full article
Markel adds new Assistant Marine Underwriter to Singapore office
19th April 2018
Specialist insurer and reinsurer Markel International has expanded the Marine Underwriting team in its Singapore office with the appointment of Wanshi Lin as Assistant Marine Underwriter. Lin will work closely with Marine Underwriter Gustaf Kristiansson to build Markel’s marine hull, liability, and cargo business in the Asia-Pacific region, and will report ... Read the full article
AIG establishes two new insurers ahead of Brexit
19th April 2018
American International Group (AIG) has announced the authorisation of two new insurers in the UK and Luxembourg, and has outlined plans to transfer all business to the new entities ahead of the UK’s departure from the European Union (EU) in March, 2019. AIG’s restructure involves the transfer of AIG Europe Limited’s ... Read the full article
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