Reinsurance News
HCI’s TypTap begins first phase of US expansion
6th October 2020
Florida insurtech insurer and subsidiary of HCI Group, TypTap Insurance Company, has launched Phase One of its planned nationwide expansion in the US, which the company first announced in early August. TypTap’s Phase One involves applying to state insurance regulators to write homeowners insurance in 20 states outside of Florida. The ... Read the full article
Guy Carpenter adds Hartshorn as Chief Human Resources Officer
6th October 2020
Reinsurance broker Guy Carpenter has announced the appointment of Melissa Hartshorn as Chief Human Resources Officer. Hartshorn most recently served as interim Chief Human Resources Officer at Guy Carpenter, and prior to this was HR Leader for the company’s Global Operations and Global Strategic Advisory divisions. She joined parent company MMC in ... Read the full article
Cyber competition levelling off, rates on the up: PartnerRe survey
6th October 2020
As the cyber insurance market begins its slow-down in competitive expansion, market participants in a new PartnerRe survey are noting a trend towards higher pricing. A joint venture by PartnerRe and Advisen, the survey took place during the second quarter of 2020 and featured 260 cyber insurance brokers and 190 cyber ... Read the full article
Manchester Underwriting acquires Pinpoint portfolio
6th October 2020
Manchester Underwriting Management Limited (MUM) has acquired the portfolio renewal rights of Pinpoint Underwriting. Pinpoint is led by Scott Ruff, who has worked in the industry for over 35 years, previously with Aviva before establishing Pinpoint. Joining Ruff at MUM will be both Roger Wallace and Brian Kerrigan, effective immediately. Charles Manchester, Chief ... Read the full article
CCRIF launches parametric product for electric utilities
6th October 2020
The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has announced the launch of its newest parametric insurance product, developed for the electric utility sector in the Caribbean. The electric utilities product aims to limit the financial impact of tropical cyclones by providing financial liquidity to electric utility companies ... Read the full article
Palomar braced for $38mn Q3 nat cat hit
6th October 2020
California-based insurance holding company Palomar has estimated between $34 million and $38 million in pretax catastrophe losses for the third quarter of 2020. These estimates are net of reinsurance and include the impacts of hurricanes Hanna, Isaias, Laura and Sally. Palomar’s loss estimates are subject to change due to the complexity of ... Read the full article
Aon partners with Athenium on new claims platform
6th October 2020
Re/insurance broker Aon plc has announced it is collaborating with Athenium Analytics to develop a claims quality platform to enable insurers to identify high-risk claims. The new platform is expected to attain an estimated 4-6% improvement in claims indemnity and expenses, according to Aon analysis. There is an immense pressure which carriers ... Read the full article
Everest Re looks to raise $1bn via debt issue
6th October 2020
Bermuda-based reinsurer, Everest Re Group, Ltd. has announced that its wholly-owned subsidiary, Everest Reinsurance Holdings, Inc., is set to raise $1 billion of additional capital through a debt issue. Everest Re has priced a registered public offering of $1 billion aggregate principal amount of 3.500% Senior Notes due 2050. The company expects ... Read the full article
Insurtech Integrity Life secures $43mn in series B round
6th October 2020
Australian insurtech startup Integrity Life has announced a $43 million series B round of funding, raised before and during the COVID-19 pandemic. The majority of the capital came from institutional funds managed by Schroder Investment Management (Switzerland) AG, with support from existing institutional shareholders Leadenhall Capital Partners and Daido Life, and ... Read the full article
Beirut port explosion economic loss seen at $7.5bn
6th October 2020
The Association of Insurance Companies in Lebanon (ACAL) has put the economic losses from the Beirut port explosion at $7.5 billion, according to Elie Tarabay, President of the ACAL and Vice President of the General Arab Insurance Federation (GAIF). UPDATE: It’s now become clear that the $7.5bn figure has been wrongly ... Read the full article
Swiss Re CorSo partners with Hitachi on digital risk solutions
6th October 2020
Swiss Re Corporate Solutions, the commercial insurance division of reinsurance giant Swiss Re, has announced a new partnership with Hitachi Europe Ltd. to launch an insurance-based offering to help corporations manage digital risks. Hitachi Europe is a subsidiary of the Japanese multinational conglomerate company Hitachi Group, which is well-known for building ... Read the full article
Hamilton to use current climate as growth opportunity
6th October 2020
Global re/insurer, Hamilton Group has confirmed in a recent webinar that they are using the current financial climate as an opportunity to grow, despite the ongoing uncertainty surrounding another year of difficult markets. Reinsurance News recently hosted a webinar partnered with sister company, Artemis and in association with our partners Kroll ... Read the full article
Ascot adds Nick Greggains as CEO of Ethos Specialty
6th October 2020
Ascot Group has announced the addition of Nick Greggains, formerly of Pioneer Underwriters, as the new Chief Executive Officer (CEO) of its wholly owned Managing General Underwriter (MGU), Ethos Specialty. Following its launch in 2017, Ethos has developed eight niche programs across Property, Casualty, and Transaction Liability Insurance. In his new ... Read the full article
AM Best reports mixed credit rating changes over H1
6th October 2020
Analysts at AM Best say credit rating activity was mixed over the first half of 2020 with upgrades mostly outnumbering downgrades. Nevertheless, the rating agency found that the percentage of upgrades for US P&C carriers’ Issuer Credit Ratings through mid-year 2020 were down modestly, to 5.1% of rating actions, compared with ... Read the full article
EC3 Brokers announce award for DIFC Master Health Insurance Scheme
6th October 2020
Reinsurance broker, EC3 Brokers MEA recently announced that Abu Dhabi National Insurance Company has been awarded the DIFC Master Health Insurance Scheme. The scheme is in partnership with the Dubai International Financial Centre Authority (DIFCA) and becomes effective on 1st October.The purpose of it is to provide cost-effective health insurance ... Read the full article
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