Reinsurance News
General Atlantic’s Verivox acquires digital broker unit of Getsafe InsurTech
5th September 2018
Verivox, the co-owned price comparison site of equity firm General Atlantic, has acquired the insurance broking unit of Getsafe, a German InsurTech start-up backed by Munich Re. Integrating Getsafe’s technology will allow over 8 million Verivox customers to manage all of their insurance policies on Getsafe’s web or mobile app, the ... Read the full article
SCOR announces senior life and operational appointments
5th September 2018
SCOR Global Life has appointed Brona Magee to the position of Deputy Chief Executive Officer; replacing Simon Pearson, who is due to retire. She currently serves as Head of Client Solutions at SGL and is a member of its Executive Leadership team. Effective September 5, Magee will be responsible for Global ... Read the full article
Capsicum Re partners with AIR Worldwide on silent cyber risk models
5th September 2018
Specialist reinsurance broker Capsicum Re has announced that it is collaborating with AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, in order to enhance the re/insurance industry’s modelling of silent cyber incidents. As part of the arrangement, Capsicum Re has also adopted AIR’s cyber modelling and analytics platform, ARC, ... Read the full article
Ed expands actuarial team with hires from Argo and AmTrust
5th September 2018
Global reinsurance brokerage, Ed, has hired James Francis from Argo Group and Laura Baird from AmTrust to its actuarial team. Francis brings more than ten years of industry experience to the role, with a focus on capital modelling, reinsurance analytics, as well as expertise in merger and acquisitions (M&A) and Solvency ... Read the full article
Carpenters hires Carol Hopwood as Head of Serious and Catastrophic Injury
5th September 2018
Carpenters Group, a UK legal and insurance services provider, has announced the appointment of Carol Hopwood as Head of Serious and Catastrophic Injury, effective 3 September. Hopwood joins Carpenters Group from Slater and Gordon in Liverpool, where she most recently spent five years as Principal Lawyer and Head of Brain and ... Read the full article
S&P maintains stable reinsurance outlook despite weak market conditions
4th September 2018
S&P Global Ratings has maintained its stable outlook on the global reinsurance sector and on the majority of the reinsurers it rates due to robust capital adequacy and disciplined underwriting, but has warned that the sector continues to face weak business conditions and fundamental challenges. The firm noted that operating conditions ... Read the full article
SCOR denies rumour of PartnerRe talks
4th September 2018
SCOR is under the microscope today, with press rumours now circulating following the initial reveal that mutual insurance group owner Covéa had approached the firm with an acquisition offer, which SCOR turned down. SCOR quickly said that its Board decided to decline the approach from insurance group Covéa as it ... Read the full article
JLT Re appoints Jamie Pocock to lead Cyber Analytics team
4th September 2018
JLT Re, the reinsurance broking arm of global brokerage JLT Group, has promoted Jamie Pocock to Head of Cyber Analytics. Pocock joined the firm in 2010 and has spent the past four years working within JLT Re’s Analytics Actuarial team. “In his new role, Jamie will oversee our various cyber analytical efforts ... Read the full article
Parametric drought insurance product to launch in Senegal
4th September 2018
The Start Network, an international network of Non-Governmental Organisations (NGO), has announced the launch of a new parametric insurance product designed to protect individuals in Senegal affected by drought. The product, due to be introduced for the 2018-2019 agricultural season, will trigger payouts when rainfall levels fall below a certain threshold. ... Read the full article
Reinsurance market continues to “skip along the bottom”, says A.M. Best
4th September 2018
The reinsurance sector continues to "skip along the bottom of the market" with no signs that rates are going to meaningfully improve anytime soon, according to ratings agency A.M. Best. A.M. Best's recent report on the global reinsurance landscape states that optimism over a turn in the market following the large ... Read the full article
Munich Re acquires tech firm relayr in IoT push
4th September 2018
Global reinsurance giant Munich Re has announced that via its subsidiary Hartford Steam Boiler (HSB), it has acquired technology company relayr, of which it will hold 100% of the shares upon completion. relayr is valued at $300 million, and offers industry participants end-to-end solutions in the area of the Internet of ... Read the full article
Strong capital & consolidation drives stable reinsurance sector outlook: Moody’s
4th September 2018
Strong balance sheets and sector-wide consolidation via M&A are among the drivers for improved credit profiles of reinsurers, with Moody’s global outlook remaining stable. Higher interest rates and an increased demand from primary insurers in 2018 have alleviated some of the long standing imbalance between supply and demand whilst improving reinsurers’ ... Read the full article
SCOR finds Covéa offer “fundamentally incompatible” with strategy
4th September 2018
French reinsurer SCOR said that its Board decided to decline the approach from insurance group Covéa as it is "fundamentally incompatible with SCOR's strategy of independence." Earlier today it came to light that SCOR had been approached by French insurance group Covéa, which had offered the reinsurer a "friendly merger" ... Read the full article
PCS launches enhanced Cyber Index service for catastrophic cyber events
4th September 2018
Property Claim Services (PCS), a subsidiary of the data analytics and risk assessment firm Verisk, has announced enhancements to its Global Cyber Index service including coverage for catastrophic cyber events, and industry-wide insured losses of over $250 million. The improved product is now available for existing PCS Global Cyber users, addresses ... Read the full article
Fitch revises global reinsurance sector outlook to stable
4th September 2018
Global ratings agency Fitch has revised its outlook for the global reinsurance sector from negative to stable in response to a new market normal, underlined by more modest returns on capital but less volatility than before. Fitch Ratings says that in recent years there has been a secular shift that has ... Read the full article