Reinsurance News
Allianz Benelux, Monument Re agree book portfolio transaction
18th August 2020
The Belgium arm of global insurer Allianz, and Monument Re, have agreed to transfer a closed book of classical life retail insurances together with 4.500 mortgage loans to Monument Assurance Belgium (MAB). The transaction, which will transfer the related operations within 18 months after regulatory approvals, includes a portfolio of 95.000 ... Read the full article
Enstar enters recapitalization agreement ahead of StarStone deal
18th August 2020
Bermuda based insurance, reinsurance and run-off specialist Enstar Group has entered into a recapitalization agreement ahead of its previously announced exchange transaction involving Atrium & StarStone US. Last week, Enstar announced that it plans to grow its interest in StarStone US by exchanging a part of its holding in Northshore ... Read the full article
Blue Capital Re sees Irma loss creep trigger aggregate ILW
18th August 2020
Blue Capital Reinsurance Holdings Ltd., a Bermuda-based holding company currently winding up its operations, has announced the notification of an aggregate catastrophe loss related to 2017's hurricane Irma. The collateralised reinsurer, which is owned by Sompo International Holdings, Ltd., has been in the process of being run-off and its shares liquidated ... Read the full article
Face masks mandatory as Lloyd’s details reopening strategy
18th August 2020
As the specialist re/insurance marketplace Lloyd’s of London moves closer to the re-opening of its Underwriting Room on September 1, it has announced a series of safety measures that will see face coverings mandatory in all public areas of the building. In a statement released today Lloyd’s CEO John Neal highlighted ... Read the full article
Sompo, Marsh & McLennan launch new solution for commercial real estate owners
18th August 2020
Bermuda-based specialty P&C reinsurer Sompo International has partnered with Marsh & McLennan Agency and its Global Risk Solutions unit on the launch of a new customisable insurance solution designed for commercial real estate owners. The MMA Select Commercial Insurance Program has been created to deliver industry-specific underwriting, claims, and risk control expertise ... Read the full article
Concirrus launches new submissions module for marine underwriting
18th August 2020
Insurtech company, Concirrus has announced the launch of a new submission module designed to help marine underwriters accelerate the digital assessment of new business. It is the latest in a series of releases by the firm aimed at providing a complete solution for digital insurance and algorithmic powered syndicates. Concirrus’ Product Director, ... Read the full article
Chubb is “leaning into” reinsurance firming: CEO Greenberg
17th August 2020
Global re/insurer Chubb is "leaning into" the reinsurance business opportunity as rates firm, according to its CEO Evan Greenberg. In the current hardening market environment global players like Chubb are upsizing on their reinsurance underwriting portfolios to capitalise on improved and more risk-adequate rates. Speaking during his firms second-quarter earnings call recently, ... Read the full article
AXA eyeing $177mn sale of Greek business to Generali: reports
17th August 2020
AXA is reportedly considering the sale of its Greek operations to Itay’s Generali after an estimated value of $177 million was placed on the unit by parties from both companies. Bloomberg, citing people familiar with the matter, describe the move as an opportunity to relinquish business lines deemed surplus to requirements. Representatives ... Read the full article
Beirut port explosion claims hit $425mn
17th August 2020
Insurance claims resulting from the Beirut port explosion on August 4, believed to have been caused by 2,750 metric tons of unsafely stored ammonium nitrate, has officially reached $425 million. Following a meeting between Lebanon's President Michel Aoun, Minister of Economy Raoul Nehme and an extensive delegation from the insurance sector, ... Read the full article
AXIS Re hires underwriters from Hiscox & Guy Carpenter in Bermuda
17th August 2020
AXIS Re, the reinsurance underwriting arm of the global AXIS Capital Holdings re/insurance group, has added two new hires in Bermuda, coming from Hiscox and Guy Carpenter. AXIS Re has announced today the hires of two underwriters in Sue Ringold and Bill Orendorf. Effective immediately, Ringold joins AXIS Re as a Senior ... Read the full article
HDI Global SE launches Aviation IQ platform in Australia
17th August 2020
Specialty insurer HDI Global Specialty SE has announced the launch of Aviation IQ, a new insurance platform which delivers general aviation policies to brokers in minutes. The new platform has been developed in collaboration with Precision Autonomy, and delivers end-to-end digital automation of general aviation policies. To begin, the new platform is ... Read the full article
Governments should “overhaul” risk management after virus failures: Denis Kessler
17th August 2020
SCOR’s Chief Executive Officer (CEO), Denis Kessler, has suggested that governments should “overhaul” their risk management policies after failing to respond effectively to the outbreak of the coronavirus. Speaking in an interview with l’Express magazine, Kessler said that the pandemic and the way it has been managed have revealed a steady ... Read the full article
PERILS raises storm Victoria (Dennis) industry loss to €344mn
17th August 2020
Catastrophe loss data aggregator, PERILS AG, has updated its insured property market loss estimate for extratropical cyclone Victoria (Dennis) by more than 20% to €344 million. The storm impacted the British Isles and north-western Europe from 15th to 17th February, 2020 and occurred just six days after extratropical cyclone Sabine. PERILS ... Read the full article
Jupiter announces launch of ClimateScore Global
17th August 2020
Jupiter, a provider of predictive data and analytics for climate risk and resilience, has announced the launch of a climate risk analytics tool called ClimateScore Global. ClimateScore Global predicts future physical risk from flooding, extreme heat, high wind, drought, wildfire, hail, and earthquake. Its scope and granularity is designed to project how ... Read the full article
Marsh adds Scott Leney as Risk Management Leader for Asia, Pacific regions
17th August 2020
Insurance broker and risk adviser Marsh has announced the appointment of Scott Leney as Risk Management (RMP) Leader for both its Asia and Pacific regions. Leney will oversee Marsh’s regional Risk Management teams as they build on existing capabilities and develop strategic solutions that will enable Marsh’s largest clients to navigate ... Read the full article
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