Reinsurance News
Gallagher Bassett acquires PCMS, boosting size & offering in UK
13th December 2018
Multiline claims services provider Gallagher Bassett has acquired Property Claims Management Services Limited (PCMS), boosting its size and offering in the UK. Staffordshire-based PCMS provides property claims management services to insurers and commercial third-party claims administrators. The service delivery team covers the full range of perils including escape of water, fire, flood, ... Read the full article
Ascent Underwriting adds Alex Smith as head of transactional risk
13th December 2018
Cyber and specialty lines managing general agent (MGA), Ascent Underwriting, has announced the appointment of Alex Smith as head of transactional risk, effective February 2019. He joins from Capital Risks where he served as Underwriting Director and was previously an underwriter at AIG within the mergers and acquisition (M&A) insurance group. Smith ... Read the full article
California regulator’s data shows over $9bn insured wildfire loss
13th December 2018
Preliminary claims data from the California Department of Insurance reflects $9.05 billion in actual losses for commercial and residential coverage, personal and commercial vehicles, and agricultural and other coverages from November’s Camp, Woolsey and Hill wildfires. It’s important to underline the preliminary nature of this estimate and that the market is ... Read the full article
LMG exceeds targets for delegated authority platform adoption
13th December 2018
The London Market Group (LMG) has announced that market uptake for its Delegated Authority: Submission, Access and Transformation Solution (DA SATS) has been high, with 100% of managing agents involved in live delegated authority business now signed up for the platform. Additionally, 88 brokers in the coverholder market have also signed ... Read the full article
Allied World to develop multinational policy platform for Fairfax
13th December 2018
Allied World Assurance Company Holdings, GmbH is developing a new multinational platform to allow Fairfax Financial Holdings Limited to collaborate across its group of companies and issue locally admitted insurance policies. The platform, called Fairfax WorldWideSM, will enable the issuance of locally admitted insurance policies using Fairfax subsidiary licensing capabilities and ... Read the full article
Philip Willcock named CEO of AIG Life Limited (UK)
13th December 2018
AIG Life Limited (UK), a division of global insurer and reinsurer American International Group, Inc. (AIG), has announced the appointment of Philip Willcock as its new Chief Executive Officer (CEO), effective March 1st, 2019. Willcock will be based in London, and will report to Adam Winslow, CEO, International, Life & Retirement, AIG Life ... Read the full article
Allstate hit with $670m Camp and Woolsey wildfire losses
13th December 2018
American insurer Allstate has announced pre-tax catastrophe losses for the month of November of $685 million ($541 million, after-tax), of which $670 million ($529 million, after-tax) is attributable to California’s Camp and Woolsey wildfires and reflect the impact of reinsurance recoveries and reinstatement premiums. Allstate has said it has already provided ... Read the full article
Cyber not included in Australia’s terrorism reinsurance pool
13th December 2018
With the Australian Cyber Security Centre considering the current risk of terrorist groups using a cyber-attack to impact Australia’s interests and security as low, the threat has not been included in the country’s terrorism reinsurance pool. The Australian Reinsurance Pool Corporation (ARPC) was set up in 2003 to correct a market ... Read the full article
AkinovA adds Tokio Marine’s Daljitt Barn to Advisory Board
13th December 2018
AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has announced the addition of Daljitt Barn to its Advisory Board. Barn is the Global Head of Cyber Risk for Tokio Marine Group and an industry leader in cyber insurance and cyber risk, combining insurance value-chain expertise with a ... Read the full article
Hamilton’s investments with Two Sigma help generate consistent net income: KBRA
13th December 2018
Kroll Bond Rating Agency (KBRA) has assigned a stable outlook and an insurance financial strength rating (IFSR) of A to Bermudian property and casualty (P&C) reinsurer Hamilton Re, citing the strengths of its investment fund. The company’s TS Hamilton Fund is managed by Two Sigma and has allowed Hamilton Re to ... Read the full article
Threat of disruption driving re/insurer tech investment: Moody’s
12th December 2018
As technology becomes more affordable and accessible, consumers are becoming more demanding and have higher expectations from financial service providers like re/insurance companies, according to Moody’s. This high potential of disruption is in turn propelling re/insurers to invest in tech to remain relevant with consumers and boost profitability, which faces headwinds ... Read the full article
SCOR Global Life appoints leadership for newly combined teams
12th December 2018
SCOR Global Life, a division of the France-headquartered reinsurer, has announced the leadership structure for its newly combined Global Markets and Client Solutions teams. The company revealed that David O’Brien has been promoted to Deputy Head of Global Markets and Head of Client Relationships, while Christopher Smith has become Head of ... Read the full article
UK and U.S finalise re/insurance agreement ahead of Brexit
12th December 2018
The U.S Department of the Treasury and the Office of the U.S Trade Representative have finalised the terms of a bilateral agreement that aims to provide regulatory certainty for UK and U.S re/insurance markets ahead of Brexit. The new U.S-UK Covered Agreement will uphold the terms of the U.S-EU Covered Agreement, ... Read the full article
LSM secures licence for post-Brexit Luxembourg business
12th December 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has secured a licence for its European insurance company, Liberty Mutual Insurance Europe SE (LMIE), to operate from Luxembourg. While LSM intends to maintain its UK presence, the company says this new licence means it will be able to continue conducting ... Read the full article
U.S commercial insurance prices continue to rise over Q3, finds WTW
12th December 2018
Commercial insurance prices in the U.S increased by 2% over the third quarter of 2018, according to re/insurance broker Willis Towers Watson’s (WTW) Commercial Lines Insurance Pricing Survey (CLIPS). The survey established that prices rose materially in commercial auto, commercial property and excess/umbrella liability for a second consecutive quarter. Price changes ... Read the full article