Reinsurance News
Growth elusive in 2017, but Beazley makes a win on specialty lines
27th July 2017
Beazley revealed a winning start to the year at the 2017 mid-way point, reporting an overall 6% pre-tax profit increase due to pockets of growth in specialty lines despite market conditions for traditional large-scale risks becoming more competitive. The insurer's pre-tax profits rose by over $8 million to $159 million on gross ... Read the full article
Lower rates & stagnant reinsurance sector hindering broker growth: MarketLine
27th July 2017
The global insurance broking industry grew at a compound annual growth rate (CAGR) of 7% between 2012 and 2016, however, MarketLine warns that despite impressive growth, lower commissions and the stagnant reinsurance industry are contributing to a slowed growth trend for the sector. Data and analysis from research firm, MarketLine, shows that ... Read the full article
U.S. Risk acquires Strategic Insurance Underwriters
27th July 2017
U.S. domiciled property and casualty wholesaler, U.S. Risk Insurance Group, Inc., has acquired specialist trucking managing general agent (MGA) and broker, Strategic Insurance Underwriters. Strategic Insurance is based in Florida, U.S., and has 34 years worth of experience providing tailored insurance solutions to the trucking and transportation sectors. After the acquisition and ... Read the full article
Will brokers role in value chain be disrupted by digital? Inga Beale
27th July 2017
As market middle men the role of brokers has come under fire with re/insurers moving further on down the value chain to access risk directly as their revenue and profitability is squeezed by the softening reinsurance market environment, and with the digital revolution disrupting all industry players, the brokers role in ... Read the full article
Boat Oasis adds Australian modeller COMBUS to global CAT risk platform
27th July 2017
Boat Oasis has expanded its shared services platform with its first catastrophe simulation models for Australia with the addition of the COMBUS model that assesses risk for Australian Bushfire, Severe Convective Storm, Low Pressure System, Tropical Cyclone and Earthquake. "By integrating with Boat Oasis, COMBUS becomes more easily accessible to re/insurance firms ... Read the full article
Chinese insurer Sinosure backs Iran deal to fund railroad construction
27th July 2017
Chinese insurer Sinosure, China Export and Credit Insurance Corporation, will finance $556 million, or one-third of a $2.56 billion contract with Iran, to fund the electrification of a nearly 1,000 km railroad from Tehran to Mashhad, said the Financial Tribune. The remaining two-thirds of the loan will be financed by the ... Read the full article
Aquiline Capital Partners closes InsurTech investment fund at $190 million
27th July 2017
New York private equity investor, Aquiline Capital Partners has today closed its Technology Growth Fund (ATG) with total capital commitments reaching about $190 million. The final ATG figure raised its original $150 million investment fund target by almost one-quarter. The ATG fund targets investment in InsurTech, asset management technology, benefits and retirement, ... Read the full article
SCOR continues global expansion, announces new share buy-back
27th July 2017
French headquartered global reinsurance firm SCOR has reported another set of results which are largely in-line with or beat analyst expectations, while also showing that the firm continues to expand its footprint globally. At a time when many in the reinsurance market have been pulling-back, or contracting their reinsurance underwriting while ... Read the full article
Lords Sub-Committee launches inquiry into EU market access post-Brexit
27th July 2017
The House of Lords EU Financial Affairs Sub-Committee has launched a new inquiry into the financial regulatory and supervisory landscape of a post-Brexit Britain, designed to examine how insurers, reinsurers, and banks could maintain EU market access. The inquiry will look at how regulation and supervision might evolve post-Brexit, in order to ... Read the full article
LMG shows support for London Centre for Global Disaster Protection
26th July 2017
The London Market Group (LMG) has underlined the importance of risk transfer in building a more resilient world against the threats of disaster situations, in a statement that welcomes the establishment of a new London Centre for Global Disaster Protection. UK Prime Minister, Theresa May, announced the creation of a new London ... Read the full article
XL Catlin’s Cyber & Data Protection cover launches in Asia-Pacific
26th July 2017
Global insurer and reinsurer, XL Catlin, has launched its Cyber and Data Protection Insurance policy in the Asia-Pacific, as companies across the region find themselves increasingly vulnerable to more sophisticated cyber threats. The new policy is designed to protect businesses across the Asia-Pacific from business interruption as a result of a network compromise and ... Read the full article
InsurTech to significantly disrupt insurance distribution & impact rates
26th July 2017
Richard Kerr, the Chief Executive Officer (CEO) of U.S. domiciled insurance exchange, MarketScout, has said that for the first time in two decades insurance distribution is to experience significant disruption, which in turn will support lower premiums, all driven by the continued rise of InsurTech. "By utilizing new tech-enabled distribution, underwriters ... Read the full article
More quakes could challenge availability of affordable cover in NZ, warns Munich Re
26th July 2017
More earthquakes in New Zealand could see commercial building owners struggle to find adequate, effective and affordable insurance protection for the risk, warns Munich Re's Scott Hawkins. General Manager, Non-life, Munich Re Australasia, Hawkins, warned of the risks during a speech at a recent building industry conference held in Wellington, New Zealand, according ... Read the full article
Highland Insurance Solutions names James Tran as new Head of Global Agriculture
26th July 2017
Highland Insurance Solutions (HIS) which partners with Tokio Marine Kiln (TMK) has announced the appointment of James Tran to Head of Global Agriculture. Tran will head up the growth and development of HIS' crop reinsurance segment, working closely with TMK's reinsurance underwriters in London and Singapore. Carl Herrmann, HIS Chief Executive Officer, ... Read the full article
Markel to acquire State National for $919 million
26th July 2017
Financial services and insurance group, Markel Corporation has announced that it will acquire fronting and program service insurance specialist, State National Companies, Inc. for approximately $919 million. Under the definitive agreement, which has been unanimously approved by both Markel and State National Boards', Markel will purchase all of the outstanding shares ... Read the full article
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