Reinsurance News
Liberty Mutual launches financial risk solutions unit
11th October 2018
U.S primary insurer Liberty Mutual has announced the launch of Financial Risk Solutions, a new unit formed of credit and political risk experts from Liberty Specialty Markets and Ironshore. The new unit, based in London, is led by Peter Sprent, Head of Financial Risk Solutions, LSM. “The creation of Financial Risk Solutions ... Read the full article
CoreLogic puts insured Hurricane Michael losses at up to $4.5bn
11th October 2018
Re/insured losses from Hurricane Michael, which struck the Florida Panhandle coast as a Category 4 storm yesterday, are expected to be in the range of $2 billion to $4.5 billion, according to initial estimates from catastrophe risk modelling firm CoreLogic. CoreLogic’s estimate includes re/insured damages for wind and storm surge, and ... Read the full article
Cat 4 Hurricane Michael makes landfall with 155mph winds
11th October 2018
Hurricane Michael made landfall as a Category 4 storm along the Florida Panhandle coast at 1:25pm ET on Wednesday, battering the states of Florida, Alabama and Georgia with sustained wind speeds of up to 155mph, according to the latest data from the National Hurricane Center (NHC). Michael developed with unprecedented speed ... Read the full article
Allianz Global Corporate and Specialty makes dual broker appointment
11th October 2018
Allianz Global Corporate & Specialty SE, Allianz Group’s specialist carrier for corporate insurance business, has appointed Lee Brewer and Harriet Tiplady as Senior Broker Relationship Manager and Broker Relationship Manager, respectively. Based in London within the Market Management team, the pair will have responsibility for pipeline and relationship management with major ... Read the full article
Travelers partners with Amazon on home insurance solutions
11th October 2018
American insurer Travelers has announced a partnership with Amazon that will see smart home kits, as well as insurance and risk management information, offered to its customers via a digital storefront on the Amazon site. The smart home kits, designed to protect homeowners from some of the most common causes of ... Read the full article
Ascot Underwriting CEO Brooks announced as next Chairman of the LMA
11th October 2018
The Lloyd's Market Association (LMA) has announced that the Chief Executive Officer (CEO) of Ascot Underwriting Ltd., Andrew Brooks, has been named as the next Chairman of the LMA, effective January 1st, 2019. Brooks has been a member of the LMA Board since 2012, and succeeds Neil Maidment, who is to ... Read the full article
Global protection gap exposed by September’s nat cat losses: Aon
11th October 2018
The natural catastrophes that unfolded throughout September are expected to inflict tens of billions in economic losses and, according to a report by Aon, highlight the prevalence of global under-insurance. The report reveals that the U.S endured two tropical cyclone landfalls during the month - Tropical Storm Gordon and the costlier ... Read the full article
Higher reinvestment yields net positive for European re/insurers: J.P. Morgan
10th October 2018
J.P. Morgan has updated its forecasts for European re/insurers to reflect higher reinvestment yields, which it considers to be a net positive despite offsetting factors such as higher inflation, higher claims and higher combined ratios linked to rising interest rates. The firm’s forecasts leave earnings largely unchanged for now, as it ... Read the full article
Hurricane Michael strengthens to Cat 4 with 150 mph winds
10th October 2018
Hurricane Michael has now strengthened to a Category 4 storm with maximum sustained winds of 150 mph and higher gusts, forecast to make landfall in Florida on Wednesday, according to the latest data from the National Hurricane Center (NHC). The storm has strengthened today over the warm Gulf of Mexico waters, ... Read the full article
Prudent use of reinsurance helped Lancashire reduce Q3 losses
10th October 2018
Specialty insurance and reinsurance group Lancashire Holdings Limited recently reported a $30 million net loss within its marine book of business, but analysis from Peel Hunt highlights how the company's prudent use of reinsurance mitigated its exposure to third-quarter loss events. Lancashire announced recently that it expects to record a ... Read the full article
Ascot completes Greyhawk acquisition, launches new U.S unit
10th October 2018
Ascot Group, a Bermuda headquartered insurance and reinsurance firm, has announced the completion of its acquisition of two U.S insurance entities from Greyhawk Insurance, which have been renamed under the brand of its newly launched unit, Ascot Insurance U.S. Ascot also revealed that it has appointed Greg Wolyniec as President and ... Read the full article
Bosch named CUO of Deutsche Rück & reinsurance arm of the Association of German Public Insurers
10th October 2018
The supervisory bodies of Deutsche Rückversicherung AG and the Association of German Public Insurers have announced the appointment of Achim Bosch to the executive board of the two reinsurance companies, taking responsibility for non-life reinsurance operations. Bosch joins from reinsurer General Reinsurance AG in Cologne, and will take up the position as Chief ... Read the full article
Chubb’s third quarter nat cat losses total $450mn
10th October 2018
Global insurance and reinsurance firm Chubb has revealed its preliminary estimates for net losses attributable to natural catastrophes in the third quarter of 2018, which totalled $450 million pre-tax, or $372 million after tax. Chubb said that the losses are attributable to more than 20 separate global weather events, including Hurricane ... Read the full article
RSA’s Risk Solutions business promotes Lee Mooney to UK Regions Director
10th October 2018
The Commercial Risks Solutions business of RSA, one of the largest UK commercial insurers, has promoted Lee Mooney to UK Regions Director. The announcement follows Mooney’s success in leading the company’s CRS Regions North business. “I am delighted to welcome Lee to this new role,” said Rob Gibbs, Managing Director, Commercial Risk ... Read the full article
Hurricane Michael’s speed implies greater reinsurance exposure: Analysts
10th October 2018
With hurricane Michael expected to make landfall in Florida as a Category 4 storm early Wednesday afternoon, Keefe, Bruyette & Woods (KBW) analysts are most concerned about reinsurers owing to the Florida property market's heavy use of reinsurance protection. The storm has strengthened today over the warm Gulf of Mexico waters, ... Read the full article