Reinsurance News
Sompo GRS launches replacement value protection insurance
9th March 2020
Bermuda-based P&C re/insurer Sompo International has announced that its Global Risk Solutions division has entered a strategic partnership with Fisher Harris Shapiro to offer specialised protection against covered property perils to US commercial real estate and financial institutions. Sompo GRS Replacement Value Protection helps protect lenders/owners in commercial real estate financings ... Read the full article
Premium renewal rates stay on upward trend in February: IVANS
9th March 2020
The February results of the IVANS Index, a division of Applied Systems, show that nearly all lines of business experienced an increase in average premium renewal rate year-over-year. Compared with the previous month, Commercial Auto and Commercial Property lines saw the greatest average rate increases, while Umbrella had the most significant ... Read the full article
CyberCube secures more funding, adds Board observers
9th March 2020
Cyber risk analytics firm CyberCube has secured additional funding from venture capitalist MTech Capital and individuals from Stone Point Capital. These additional investments bring the cumulative amount raised in CyberCube’s previously announced Series B funding round to $40 million. In connection with this investment, CyberCube is appointing additional observers to its ... Read the full article
Beazley opens cyber product to brokers of SMEs via online platform
9th March 2020
Specialist insurer Beazley has announced that its cyber product, Beazley Breach Response (BBR), will be available to brokers of small and medium-sized business through the myBeazley platform in the US. Beazley says this will reduce the time required to obtain a bindable BBR quote by allowing brokers to access accounts, update ... Read the full article
AXA Singapore appoints Julien Callard MD, retail and health
9th March 2020
AXA Insurance Singapore, part of AXA Group, has appointed Julien Callard as managing director, retail and health. Effective immediately, Callard will lead the Retail and Health strategic business unit, with responsibility for driving growth of AXA’s retail business and health business as well as the respective distribution functions. This includes developing a ... Read the full article
AM Best warns of growing claims as coronavirus spreads in US
6th March 2020
Rating agency AM Best has warned of a potential rise in claims for US health insurers due to the growing number of coronavirus cases and deaths being reported across the country. More than 100,000 cases of coronavirus have now been confirmed globally, and an estimated 3,412 people are thought to have ... Read the full article
Who’s exposed to Tennessee tornado damage?
6th March 2020
Financial analysis firm Demotech has compiled a list of re/insurers who are likely to face the most exposure from the recent outbreak of tornadoes that impacted Tennessee on March 3rd. The tornadoes, which caused major damage in the state capital of Nashville, caused at least two dozen deaths and are expected ... Read the full article
Florida House votes to limit rising attorney fees
6th March 2020
The Florida House of Representatives has passed legislation aimed at limiting exorbitant attorney fees on property insurance lawsuits. It’s hoped this will stop the rising trend of contractors soliciting the transfer of rights from insureds and subsequently inflated repair costs, all while using the legal system to their advantage. For several years ... Read the full article
North America & UK deal activity down in Q4: GlobalData
6th March 2020
Re/insurance industry deal activity was down by 8.7% and 6.5% in North America and the UK, respectively, during the fourth quarter of 2019, according to data and analytics firm GlobalData. A total of 157 deals worth $13.13bn were announced for North America Q4 2019, the firm found, versus a four-quarter average ... Read the full article
Aon expecting sizeable industry losses from deadly US tornadoes
6th March 2020
A spate of powerful tornadoes in Tennessee, as well as further instances of hail and non-tornadic wind damage across several other US states, is expected by Aon to inflict economic damage well into the hundreds of millions of dollars, with most of that insured. Powerful and deadly tornadoes tracked across central ... Read the full article
APRA spotlights reinsurance adequacy after $5bn disaster season
6th March 2020
The Australian Prudential Regulation Authority (APRA) has been focused on the adequacy of insurers’ reinsurance arrangements following a summer of extreme weather events that are projected to cause industry losses of around AU $5 billion (US $3.35 billion). Addressing the Senate Economics Legislation Committee today, APRA Chairman Wayne Byres explained that ... Read the full article
HCI Group posts $6.4mn Q4 net income
6th March 2020
Florida-based insurtech HCI Group has posted a $6.4 million net income for the fourth quarter, up from an $8.5 million net loss in the prior year quarter. Net income for the full year totaled $26.6 million, compared with $17.7 million in 2018. HCI says this increase for the full year was primarily ... Read the full article
Iprism adds Paul Constable as commercial underwriter
6th March 2020
Specialist commercial, property and high net worth MGA iprism has appointed Paul Constable as commercial underwriter. Constable joins from Victor UK having served as a development underwriter for the commercial sector. “Paul’s appointment is part of our 2020 growth strategy in certain core sectors, Commercial being one of those key targets,” said ... Read the full article
Risk Strategies adds captive manager following Atlas Group purchase
6th March 2020
US insurance broker and risk management firm Risk Strategies has acquired captive specialist Atlas Insurance Management. The acquisition is a result of Risk Strategies’ purchase of Atlas Group and its affiliated entities. In addition to managing captive insurance entities, Atlas Insurance Management forms and operates a number of its own insurers. In particular, ... Read the full article
Typhoons & riots push Sirius to heavy Q4 loss
6th March 2020
Sirius International Insurance Group has reported a net loss of $150.3 million for the fourth quarter of 2019 and a net loss of $45.6 million for the full year, caused by Typhoon Hagibis and the Chilean riots in Q4, as well as Typhoon Faxai and Hurricane Dorian earlier in the ... Read the full article
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