Reinsurance News
Chubb names Jeremiah Konz as Reinsurance Officer for overseas insurance
18th September 2018
Global property and casualty insurer Chubb has appointed Jeremiah Konz as Executive Vice President, Reinsurance Officer for Chubb Overseas General, the company’s international general insurance business in over 50 countries and territories. Konz currently serves as Senior Vice President, Ceded Reinsurance for Chubb’s North American operation, having joined Chubb in 2012, ... Read the full article
Engineering insurance rates continue downward trend: IMIA
18th September 2018
Engineering insurance rates are continuing their downward trend across all classes of business following the costliest hurricane season ever and a series of large construction claims, according to the International Association of Engineering Insurers’ (IMIA) Index 2018. The Index, which compares the movement of rates from a base point in 2010, ... Read the full article
Munich Re partnership lays down Hyperloop safety & certification guidelines
18th September 2018
German reinsurance giant Munich Re has partnered with certification and inspection company TÜV SÜD and Hyperloop Transportation Technologies on the first set of Hyperloop core safety requirements and certification guidelines as well as the first insurance framework for HyperloopTT worldwide systems. Hyerpool TT is an American research company aiming to develop ... Read the full article
Marsh & Mclennan acquires JLT for $5.6 billion
18th September 2018
Major mergers & acquisitions news breaking this morning, as it has been announced that broking and advisory giant Marsh & McLennan Companies, Inc. (MMC) is to acquire Jardine Lloyd Thompson Group plc for $5.6 billion. The acquisition sees another of the mid-sized global insurance and reinsurance brokers going to a new ... Read the full article
$15bn Florence losses could support P&C pricing, says Morgan Stanley
17th September 2018
Morgan Stanley has released an insured loss estimate of between $5 billion and $15 billion for damages relating to Hurricane Florence, which made landfall in North Carolina on Thursday night, and has suggested that losses could support property and casualty (P&C) re/insurance pricing. Florence was downgraded from a Category 4 to ... Read the full article
Ethos Specialty names Rory Cline as CEO
17th September 2018
Ethos Specialty Insurance Services, part of Ascot Group’s Managing General Underwriter platform, has appointed Rory Cline as its President and Chief Executive Officer. Cline has served as Chief Underwriting Officer since joining Ethos Specialty at its inception in 2017, before which he served as President of Ascot Specialty U.S, a position ... Read the full article
KCC releases $2.5bn insured loss estimate for Hurricane Florence
17th September 2018
Insured losses resulting from Hurricane Florence, which has battered North and South Carolina with strong winds and intense rainfall since making landfall on Thursday night, are expected to total just $2.5 billion, according catastrophe modeller Karen Clark & Co. (KCC). KCC’s estimate, which is based on the firm’s high-resolution U.S Hurricane ... Read the full article
Thomas Miller to acquire Zeller Associates insurance operations
17th September 2018
Thomas Miller, an international insurance services provider, has announced that it has agreed to purchase the Managing General Agency and Insurance Services operations of specialist insurance services group Zeller Associates. Zeller Associates mainly provides risk related and insurance services for shipping, trade and transport, but also focuses on other specialist areas ... Read the full article
Florence losses will be comfortably absorbed by P&C sector: Moody’s
17th September 2018
Insured losses resulting from Hurricane Florence may dampen third-quarter earnings but will generally be comfortably absorbed by the property and casualty (P&C) re/insurance sector, with no foreseeable impact on the overall pricing environment, according to Moody’s. Hurricane Florence made landfall as a Category 1 storm in North Carolina on Thursday night, ... Read the full article
HDI bolsters underwriting team with appointment of RSA’s Tanya Patel
17th September 2018
Primary commercial specialists HDI Global SE has announced the appointment of Tanya Patel to the role of Underwriter. Patel will be responsible for underwriting a range life science risks including pharmaceuticals, medical products and devices, chemicals and clinical trials. She joins from RSA where, following participation on the insurer’s underwriting graduate scheme, ... Read the full article
Sedgwick integrates Cunningham Lindsey marine division
17th September 2018
Sedgwick has expanded its global marine practice through the integration of both Sedgwick and Cunningham Lindsey’s marine divisions, following the completion of its acquisition of Cunningham Lindsey in April 2018. Sedgwick said that the integration would continue to strengthen the claims services and solutions of its marine practice, which currently ... Read the full article
BMS expands Energy division with four new hires
17th September 2018
Specialist insurance and reinsurance broker BMS Group Limited (BMS) has expanded its Energy division with the appointment of four new team members, who will join in January 2019 and report to James Chicken, Managing Director of Energy. Lynsey Green joins BMS from JLT, where she focused on North American Energy clients. ... Read the full article
Hurricane Florence floods Carolinas with record rainfall
17th September 2018
Hurricane Florence has brought record-breaking levels of rainfall to the Carolinas since making landfall on Thursday night, with analysts at catastrophe modelling firm Risk Management Solutions (RMS) estimating that some areas may experience rainfall exceeding a 1,000-year return period. Florence continued to batter the North and South Carolina coasts over the ... Read the full article
Japan’s Insured loss from Typhoon Jebi as high as $5.5bn, estimates RMS
17th September 2018
Typhoon Jebi, which hit Japan earlier this month, is expected to inflict between $3 billion and $5.5 billion (¥340 to ¥620 billion) in insured losses, according to the latest estimate from catastrophe risk modeller RMS. Approximately 80% of the loss is said to have come from the Kansai region, where Jebi ... Read the full article
Verisk to offer aerial catastrophe imagery via Geomni
17th September 2018
Data analytics provider Verisk has announced that it plans to offer its customers free access to high-resolution aerial imagery following major loss events via Geomni, a Verisk business with a database of address- and location-based property analytics. Geomni will provide online access to before-and-after imagery of structures and properties inside a ... Read the full article