Reinsurance News
Cat models do not account for complex hurricane risks: JLT Re
12th July 2018
Whilst catastrophe models have historically proved accurate for conventional hurricane risks, they have not adequately accounted for events where losses extend beyond wind into areas that are not modelled or well understood, according to a new report by reinsurance broker JLT Re. The report, which examined the precision of modelled market ... Read the full article
Digitalisation will ‘redefine’ insurance claims handling: PwC
12th July 2018
Technology and digitalisation will 'redefine' the insurance claims handling process, and must be better integrated if companies are to harness their benefits and avoid becoming obsolete, according to a new report by PwC. The report urged re/insurers to focus on the opportunities of digitalisation, which will likely remove human involvement from much ... Read the full article
RT Specialty appoints Jonathan Legge as SVP for ProExec division
12th July 2018
R-T Specialty, a subsidiary of Ryan Specialty Group, has appointed Jonathan Legge as a Senior Vice President (SVP) of its RT ProExec division, which provides professional and executive liability services to the company’s retail clients. He brings more than 25 years’ industry experience to his new role, which will see him ... Read the full article
Insured U.S weather losses totalled $3bn in June: Impact Forecasting
12th July 2018
The severe weather events that affected the eastern two-thirds of the U.S over June 2018 are estimated to have caused around US $4 billion of combined economic damage, $3 billion of which is expected to be covered by re/insurers, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s monthly Global ... Read the full article
Ironshore launches U.S middle market energy equipment facility
12th July 2018
Ironshore Insurance Services LLC has formed an energy equipment facility offering property and inland marine insurance coverage for on-shore middle market classes of business in the U.S. Ironshore’s Syndicated Risk Services (SRS) will underwrite the middle market sector risk on behalf of four Lloyd’s of London subscribing partners. SRS will provide up ... Read the full article
U.S. commercial lines increase by 2.5% in Q2: MarketScout
12th July 2018
Analysis by MarketScout reveals that year-on-year, commercial U.S. property and casualty (P&C) rates increased by an average of 2.5% in the second-quarter of 2018, which is above the 2% recorded in the first-quarter of this year. According to MarketScout's Q2 2018 U.S. commercial P&C market barometer and analysis from Keefe, Bruyette ... Read the full article
Troutman Sanders appoints seasoned litigation and re/insurance team
12th July 2018
International law firm Troutman Sanders has appointed a season litigation, insurance and reinsurance team to its offices in Washington D.C, New York and Orange County. Notably, the partners have represented clients in all major insurance segments - life, health and property-casualty - and all lines of business including insurance, reinsurance, captives, ... Read the full article
California homes in at-risk wildfire areas may become uninsurable: Report
11th July 2018
Reconstruction efforts are underway in California following the devastating October 2017 wildfires, but many commentators and re/insurance experts have begun to question the prudency of rebuilding and re/insuring homes in these hazardous areas, according to a report by the Columbia Law School. Approximately 250 wildfires sparked in Northern California on the ... Read the full article
Flood Re sets 2039 goal for affordable risk-reflective pricing
11th July 2018
Flood Re, the UK's flood reinsurance facility, has outlined the changes it believes are necessary to achieve affordable risk-reflective pricing by 2039. The second transition plan, titled ‘Flood Re, Our Vision: Preparing for a future of affordable flood insurance’, covers 12 areas and includes limiting the risks of flooding, reducing the ... Read the full article
Price Forbes & Bishopsgate launch combined specialist energy group
11th July 2018
Price Forbes & Partners Ltd and Bishopsgate Insurance Brokers Ltd, two firms within the Ardonagh Group, have announced that they have merged their energy businesses into a combined specialist energy group. The newly consolidated group will be led by Gordon Newman, Chairman of Bishopsgate, who will coordinate production activity across both ... Read the full article
AFL enters partnership with U.S InsurTech start-up OnRisk
11th July 2018
AFL Insurance Brokers has entered into a strategic partnership with OnRisk, a U.S-based InsurTech start-up, to advance new technology for structuring and placing high value property & casualty (P&C) risk. The partnership will see AFL become an early adopter of the OnRisk structuring platform, which facilitates the placement process for risk ... Read the full article
Mixed mid-year pricing results for Florida property cat reinsurers: Willis Re
11th July 2018
Property catastrophe pricing has been mixed for reinsurers in Florida at mid-year renewals, as increased demand for some companies following 2017’s catastrophes was offset by further non-traditional capital entering the market, according to reinsurance broker Willis Re. Willis Re’s 1st View Report observed that companies that performed well in Hurricane Irma ... Read the full article
JLT Re partners with CyberCube
11th July 2018
Reinsurance broker JLT Re has partnered with cyber risk analytics firm CyberCube in a move it says will “provide new and unique insights to help clients face the challenges of cyber risk.” The combination of JLT Re’s existing cyber and enterprise modelling tools with CyberCube is expected to enhance the reinsurance broker's offerings ... Read the full article
Horseshoe appoints new SVP, Advisory Services & Head of London Office
11th July 2018
The Bermuda-headquartered Horseshoe Group has announced the appointment of Jean-Bernard Crozet as Senior Vice President - Advisory Services and Head of London Office. The new role will involve working with Horseshoe’s fund services group on valuation and transparency reporting. Crozet joins from MS Amlin where he served as London Head of Underwriting ... Read the full article
Overall losses from disasters in H1 2018 lowest in over a decade: Munich Re
11th July 2018
A report by Munich Re has revealed fewer severe natural disasters across the first-half of 2018 saw overall losses fall to its lowest level since 2005, with insured losses down from 2017, while stressing that the later months may yet prove costly. The $33 billion total losses were roughly half those of ... Read the full article
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