Reinsurance News
Chaucer hires Jaime Taylor as class underwriter
16th April 2021
Specialty re/insurance group Chaucer has appointed Jaime Taylor as class underwriter. Taylor joins from Talbot Risk Services and will work in Chaucer’s Political Risks and Credit team, bringing just under 20 years of experience in the insurance industry. She spent six years at Talbot Risk Services, part of AIG, where she served ... Read the full article
Core Specialty to combine with Lancer
16th April 2021
Specialty property and casualty (P&C) insurers Core Specialty and Lancer Insurance Group have announced plans to combine their companies in a stock and cash deal. The transaction, which is to be structured as a merger, will see Lancer operate as a separately managed Division of Core Specialty, retaining the Lancer brand ... Read the full article
Insurers need to increase reinsurance process efficiency: Sequel
16th April 2021
Analysts at Sequel have argued that insurers need to rethink their “highly inefficient approach” to reinsurance buying, alongside the release of the latest version of the Sequel Re system. Sequel, a Verisk business, argues that investing in an end-to-end reinsurance system is now the logical way to manage reinsurance programs efficiently ... Read the full article
Auto insurers lead US P&C impairments: AM Best
16th April 2021
Analysts at AM Best identified seven insurance company impairments in the US property and casualty (P&C) industry, which was six fewer than in the previous year. The rating agency noted that five of the impairments involved auto insurers, with the remaining two a workers’ compensation insurer with business written primarily in ... Read the full article
Willis Towers Watson launches Radar Workbench software
16th April 2021
Re/insurance broker Willis Towers Watson (WTW) has launched Radar Workbench, new software technology designed to support the decision-making of frontline underwriters. The product works by harnessing a range of internal and external data assets to deliver contextual analysis with the aim of improving pricing and claims reserving accuracy. With Radar Workbench, WTW ... Read the full article
Beazley partners with Ardonagh for cross class follow capacity solution
16th April 2021
Ardonagh Specialty, the holding company and growth platform for The Ardonagh Group's portfolio of specialist, reinsurance and wholesale broking brands, has partnered with Beazley for a cross class follow capacity solution that will exclusively benefit Price Forbes clients across multiple classes. The arrangement will see the Beazley Smart Tracker follow pre-approved ... Read the full article
The Hanover announces Q1 catastrophe losses of $133m
16th April 2021
The Hanover Insurance Group, Inc. expects to incur catastrophe losses of approximately $133 million, pre-tax ($105m after-tax), for the first-quarter of 2021, primarily as a result of the impacts of Winter storms Uri and Viola. For the carrier, the largest impact from the severe weather was in Texas, where it estimates ... Read the full article
COVID-19 claims costs tailing off sharply for US insurers, says Berenberg
16th April 2021
Initial results from US insurers suggest that COVID-19 claims costs are tailing off sharply rate rises in commercial lines, as well as in reinsurance, represent a very sharp and unrecognised margin improvement. Berenberg analysts sees this as a compound benefit to earnings growth, as it means that the earnings shortfall from ... Read the full article
SCOR achieves overall rate increase of 4.3% at April 1 reinsurance renewals
16th April 2021
French insurer and reinsurer SCOR has reported a strong April renewals season, during which the firm grew its premiums by more than 14%, with an overall increase in pricing of 4.3%. The reinsurer says that it benefitted from the continued improvements in pricing and terms & conditions already seen at the ... Read the full article
Zurich looks to cut property claims settlement times with new AI solution
16th April 2021
Global insurer Zurich says it is able to cut property claims settlement times to under 24 hours with a new AI solution created in collaboration with Sprout.ai. Sprout.ai is a London-based claims automation platform that last year secured $2.5 million in a second seed funding round. The solution is described as ... Read the full article
Bindable partners with Swiss Re’s iptiQ
16th April 2021
Insurance technology firm Bindable has entered into a strategic partnership with Swiss Re’s iptiQ, a digital life and health insurance platform. The new strategic relationship includes a minority investment by iptiQ in Bindable and will help insurance carriers and agents expand their distribution channels across the US. The partnership extend to brands, ... Read the full article
Resilience hires Eduard Alpin as Chief Actuary
16th April 2021
Resilience Cyber Insurance Solutions has appointed Eduard Alpin as Chief Actuary. Alpin most recently served as the Director of Cyber Solutions at Verisk Analytics, a data analytics and risk assessment firm. At Verisk he led the ISO Cyber Rating Plan development and launched the Cyber Data Exchange, a first-of-its-kind global data-sharing platform. Over ... Read the full article
Industry ‘responded very well’ to severe U.S. winter weather event: Fulton, Xactware
15th April 2021
In a recent video interview for our sister publication Artemis a discussion took place between Xactware President Mike Fulton and PCS Head Tom Johansmeyer on the recent US winter storm and Texas freeze loss event. The severe winter weather and deep freeze event that affected a significant proportion of ... Read the full article
Lloyd’s Lab announces its sixth cohort additions
15th April 2021
Lloyd’s of London has announced the next eleven InsurTech start-ups to join the sixth cohort of the Lloyd’s Lab innovation accelerator programme. The program will be focused on creating simpler products for customers, including building solutions related to climate risks. This follows Lloyd’s commitments to reducing complexity and enhancing coverage clarity outlined ... Read the full article
Analysts predict “underwhelming” quarter for Swiss Re
15th April 2021
Analysts at Deutsche Bank are predicting that Swiss Re will deliver “another set of underwhelming numbers” for the first quarter of 2021, following an active period for catastrophe losses, with Barclays estimating a loss of $368 million. Assuming an industry loss of $15 billion for the winter weather that affected Texas, ... Read the full article
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