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Reinsurance News

Sompo to utilise Slice platform to deploy digital insurance products

15th August 2019

Sompo Holdings Asia, part of the Japanese insurance and reinsurance company, has entered into a proof-of-value contract with cloud-based insurtech Slice Labs in a move designed to bring on-demand insurance to the Asia Pacific region. As per the agreement, Sompo is to license the Slice Insurance Cloud Services (ICS) platform to ... Read the full article

Australian reinsurance, binder broker Wickshire gets Lloyd’s approval

15th August 2019

Sydney, Australia-based Reinsurance and Binder Broker, Wickshire Pty Ltd., has announced that it has been approved as a Lloyd's of London Broker. The approval means that Wickshire is the only Australian domiciled business to hold this status, and provides the firm's clients will direct access to the entire London Lloyd's marketplace. Wickshire, ... Read the full article

WTW’s Todd Jones to succeed Johnston as CEO of QBE North America

15th August 2019

Australian and global primary insurance and reinsurance group QBE is to appoint Todd Jones as Chief Executive Officer, North America. Jones succeeds Russ Johnston, who has made the decision to depart the company after three years in the role. “I want to thank Russ for his valuable contribution to QBE over the ... Read the full article

AIR expecting $854m insured losses from Typhoon Lekima

15th August 2019

AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, expects insured losses from Typhoon Lekima, which made landfall in Taizhou, Zhejiang, China, early on August 10, to exceed CNY 6 billion (USD 854 million). AIR’s modelled loss estimate only includes insured physical damage to onshore property (residential, industrial, commercial, and ... Read the full article

Swiss Re estimates insured nat cat losses of $15bn in H1 2019

15th August 2019

Global reinsurance giant Swiss Re has estimated that natural catastrophe events in the first-half of 2019 resulted in insured losses of $15 billion, down from the $21 billion recorded in the first-half of 2018. Overall, insured losses from catastrophes amounted to $19 billion in H1 2019, with $15 billion, or 79% ... Read the full article

QBE 29% profit jump driven by lower attritional claims experience

15th August 2019

QBE Insurance Group Limited (QBE) has reported a 29% rise in net after-tax profit for the first-half of 2019 to $463 million, driven by a significant improvement in attritional claims experience across all divisions. Supporting the improved attritional claims experience in the period, QBE's net investment return increased to almost 7% ... Read the full article

Arch Insurance to acquire tech-focused MGU Ventus

15th August 2019

The North American operations of Arch Insurance is set to acquire technology and analytics-focused managing general underwriter, Ventus Risk Management. Ventus was founded in 2016 and specialises in providing coastal commercial property insurance solutions to small and mid-sized enterprises. Arch Insurance North America plans to integrate Ventus into its platform, enabling third-party ... Read the full article

Everest Insurance bolsters Excess Casualty team

15th August 2019

Everest Insurance has bolstered its Excess Casualty team with the appointments of Rey Haliti as a Director and Auberson Eustache as a Manager. Haliti spent over 5 years at Chubb as an Assistant Vice President, Excess Casualty. He previously worked at AIG as a Senior Underwriter and began his career as a ... Read the full article

L&G in bulk annuity transaction with Hitachi Data Systems

15th August 2019

Legal & General has revealed the completion of a bulk annuity transaction with the Hitachi Data Systems Retirement Benefits Plan in the first half of 2019. The transaction covered around 120 members and was the third to be completed between the two, following buy-ins in 2012 and 2013. This latest transaction provides ... Read the full article

AIG hires Richard Olsen from Munich Re as Chief Actuary, General Insurance

15th August 2019

Insurance giant America International Group (AIG) has announced the hiring of a new Chief Actuary for its General Insurance division, appointing Richard Olsen who the firm has hired from Munich Re. Olsen takes on the role immediately and will be based in New York. He will report to Mark Lyons, Executive ... Read the full article

Further rate increases needed at Lloyd’s, say analysts

14th August 2019

Despite ongoing rate increases in traditional Lloyd's market classes there remains pressure to continue to improve the underwriting performance, suggesting rates will need to improve further, according to analysts at Peel Hunt. A reduction of market capacity and the impacts of the 'Decile 10' review at the specialist Lloyd's of London ... Read the full article

FedNat’s $51m Maison Insurance acquisition gets regulatory nod

14th August 2019

Florida-based FedNat Holding Company has received regulatory approval from the Florida Officer of Insurance Regulation and the Louisiana Department of Insurance to move forward with its acquisition of the homeowners insurance operations of 1347 Property Insurance Holdings. The previously-announced transaction is expected to close as soon as practicable following November ... Read the full article

Regulator applies additional capital requirement to Allianz Australia

14th August 2019

After conducting a self-assessment in 2018, Allianz Australia, a division of global re/insurer Allianz, has had an additional $250 million capital requirement imposed by the Australian Prudential Regulation Authority (APRA). Allianz was one of 36 banks, insurers and superannuation companies that the APRA asked to conduct a self-assessment in 2018, which ... Read the full article

AXA XL’s Gino Smith joins AXIS Re as Head of Property, EMEA LatAm

14th August 2019

Gino Smith has joined AXIS Re, the reinsurance arm of Bermuda's AXIS Capital Holdings Limited, as Head of Property for EMEA LatAm, effective November 2019. In his new role he will be based in Zurich and will report to President of EMEA LatAm, Andy Hottinger. Smith will take oversight of the reinsurer's ... Read the full article

NotPetya insured loss could creep 30%+ as tail develops: Johansmeyer, PCS

14th August 2019

The insurance and reinsurance industry loss from the NotPetya cyber-attack has the potential to increase by over 30% as the ongoing development of the event brings the tail into focus, according to Tom Johansmeyer, Co-Head of Property Claim Services (PCS). The NotPetya attack was the first designated cyber catastrophe event under ... Read the full article

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