Reinsurance News
US cyber premiums up 10% to $2.03bn in 2018: Aon study
17th June 2019
A new study by global re/insurance brokerage Aon indicates that cyber premiums grew to just over $2 billion in 2018, roughly a 10% increase from the prior year. Premiums from package business grew modestly, rising 6% year on year, while standalone cyber premiums grew 14%. Premiums for small commercial-focused cyber insurers ... Read the full article
Salvage underway after Gulf of Oman attacks, but situation still worrisome
17th June 2019
Taiwan's state-owned oil supplier, CPC Corp. has said that it expects last week's attack on oil tanker Front Altair in the Gulf of Oman to drive losses of just NT$ 8 million (USD 253, 968). Chiu Chia-shou, Vice President of CPC Corp., which chartered the Front Altair to deliver naphtha, said ... Read the full article
PERILS acquires Canadian catastrophe data provider CatIQ
17th June 2019
Catastrophe loss data aggregator PERILS has announced that it has acquired Catastrophe Indices & Quantification Inc. (CatIQ), the Toronto-based provider of catastrophe loss and exposure information in Canada. Established in 2014, CatIQ collects data from the majority of the Canadian re/insurance market and provides and independent Industry Exposure & Loss Database ... Read the full article
Willis Re Exec VP Frase departs for key role at TigerRisk
17th June 2019
Reinsurance brokerage, risk and capital strategic advisory firm TigerRisk Partners has announced the appointment of Lindsey Frase as a Partner and Member of its North American Current Client Division. Frase, who will report to Wade Gulbransen, TigerRisk’s Global Head of Reinsurance, served as Treasurer of the Children's Health Guild and is ... Read the full article
Artex announces a number of senior appointments
17th June 2019
Artex Risk Solutions has announced a series of new appointments within its International unit, including the promotion of Scott Cobon to Managing Director of Bermuda. In his new role, Cobon will be responsible for the continued development of the company's growing Bermuda office. He brings more than a decade of experience ... Read the full article
Moody’s Analytics adds new reinsurance capabilities to IFRS 17 solution
17th June 2019
Moody’s Analytics has added new accounting and reinsurance capabilities to its RiskIntegrity IFRS 17 solution to help companies meet the requirements of International Financial Reporting Standard (IFSR) 17. Insurers can now use the RiskIntegrity IFRS 17 solution to capture the measurement of reinsurance contracts held under the new standard, viewing the ... Read the full article
PRA has done all it can to de-risk a no-deal Brexit, says CEO Sam Woods
17th June 2019
The Prudential Regulatory Authority (PRA) has “done as much as it can do to de-risk a no-deal cliff edge”, according to Mr Sam Woods, Deputy Dovernor for Prudential Regulation and Chief Executive Officer (CEO) of the PRA, Bank of England. Speaking at the MMC Rising Professionals’ Global Forum, Woods told ... Read the full article
Singapore announces intellectual property insurance initiative with Antares
17th June 2019
The Intellectual Property Office of Singapore (IPOS), in collaboration with Lloyd’s Asia and Antares Underwriting Asia, has announced a new intellectual property (IP) insurance initiative to support businesses as they enter global markets. The Intellectual Property Insurance Initiative for Innovators (IPIII) aims to provide businesses with insurance coverage for legal expenses ... Read the full article
Portfolio mix, geographic reach to strengthen Austral Re – Terra Brasis Re
17th June 2019
The recently announced merger of the activities of Austral Re and Terra Brasis Re, is expected to result in a competitive new reinsurer, underpinned by a broader product set and improved geographical reach. An investment agreement to merge the two Brazilian reinsurers was announced last week, a union which is ... Read the full article
MS Amlin adds Senior Marine Underwriter to Dubai office
17th June 2019
MS Amlin, the global re/insurance group owned by MS&AD, has announced the appointment of Mary Vogiatzidou as a Senior Marine Underwriter in its Dubai office. In this role, she will be responsible for the continued development and growth of MS Amlin’s marine business across the MENA region, reporting to David Overall, ... Read the full article
AI will help automate bespoke policies: Lloyd’s Trevor Maynard
17th June 2019
Artificial intelligence (AI) will create some “interesting possibilities” in terms of automating how the insurance market delivers bespoke products, according to Trevor Maynard, Head of Innovation at Lloyd’s. Speaking at the MMC Rising Professionals’ Global Forum in London last week, Maynard addressed the “wave of technology” currently sweeping across the market, ... Read the full article
Economic losses from June flooding in south-eastern China hits almost $2bn: Aon
17th June 2019
Severe flooding from heavy rainfall that hit a number of provinces in south-eastern China during the first two weeks of June is expected to result in economic losses of almost $2 billion (CNY13.35 billion), with the majority of this unlikely to be covered by insurance protection. The latest weekly catastrophe report ... Read the full article
Cyber insurance to drive innovation, take industry by storm: Appleby’s Tim Faries
14th June 2019
The structures and products developed to tackle cyber risk over the next five years will take the global re/insurance market by storm and drive forward innovation, according to Tim Faries, Bermuda Managing Partner at global law firm Appleby. In a conversation with Faries at Appleby’s Bermuda offices, he explained how the ... Read the full article
IAG adds George Savvides to Board as Independent Non-Exec Director
14th June 2019
Australian primary insurer Insurance Australia Group Limited (IAG) has announced the appointment of George Savvides as an Independent Non-Executive Director of its Board. It’s hoped that Savvides’ appointment will enable the company to bolster customer satisfaction, business simplification and agility. He joins with extensive executive experience, serving as Chief Executive Officer of ... Read the full article
Athene co-founder Frank Gillis to retire as CEO of life business
14th June 2019
Athene Holding Ltd., one of Bermuda's leading retirement services companies, has announced that company co-founder Frank ‘Chip’ Gillis is to retire at the end of 2019. He will step down from his role as Chief Executive Officer (CEO) of Athene Life Re, but will continue his involvement with Athene as Executive ... Read the full article