Reinsurance News
MAPFRE’s earnings rise by more than 15% in 2019
12th February 2020
Insurer and reinsurer MAPFRE's fiscal year 2019 financial results reveal a solid year for the company with earnings up by over 15% to €609 million, while premiums grew by more than 2% to €23.04 billion. As well as earnings growth, MAPFRE's revenues increased by more than 7% in 2019 to €28.5 ... Read the full article
AXA UK trials machine learning for motor claims
12th February 2020
AXA UK, a division of the French insurance firm, has said that its claim handlers are currently piloting a machine-learning tool that will help make faster and more accurate decisions regarding motor claims. Repair or Replace Intelligence (RoRI) captures data from phone conversations and uses machine-learning tools to assess the costs ... Read the full article
IAG reports lower 1H20 profit as catastrophe losses hit its reinsurance
12th February 2020
Australian insurer IAG has revealed that it's increased its full year 2020 net perils expectation to AUD 850 million after 1H20 natural catastrophe losses exceeded its allowance by around AUD 100 million, leading to significant reinsurance recoveries. The firm has released its results for the half year ended December 31st, 2019 ... Read the full article
AXA XL’s Allied Specialty & McGowan launch joint venture
12th February 2020
A subsidiary of AXA XL, Allied Specialty Insurance, Inc., has entered into a new joint venture with The McGowan Companies to launch a new firm dedicated to the insurance needs of the Amusement and Entertainment industries. The new entity from AXA XL, which is the property and casualty and specialty risk ... Read the full article
RLI Transportation partners with IoT firm to enhance loss control resources
12th February 2020
RLI Transportation, a division of specialty insurer RLI Corp., has partnered with an Industrial Internet of Things (IoT) firm, Samsara, to provide relevant customers with enhanced loss control resources. Samsara, which boasts a growing suite of solutions, is a provider of sensors and software designed to manage vehicle fleets and industrial ... Read the full article
Tokio Marine deploys Metromile’s AI tech across auto book
12th February 2020
Japanese insurer Tokio Marine Group has deployed artificial intelligence (AI) powered technology from Metromile across its $13 billion auto insurance book in a move that it hopes will significantly improve customer claims. Using Metromile’s digital first notice of loss product, Metromile REPORT, Tokio Marine hopes to simplify the claims process by ... Read the full article
HDI Global Specialty promotes Kangasniemi to Head of Airline
12th February 2020
HDI Global Specialty SE, the collaborative specialty insurance venture between HDI Global and Hannover Re, has promoted Frida Kangasniemi to the role of Head of Airline. Kangasniemi, who was previously Head of General Aviation at the company, will replace Thomas Broms who retired at the end of last year. She has 16 ... Read the full article
Tokio Marine Kiln recruits Special Risks underwriter from Barbican
12th February 2020
Tokio Marine Kiln, part of global insurance group Tokio Marine, has announced the appointment of Charlotte Pritchard as an underwriter within its Special Risks team. Pritchard joins the company from Barbican Insurance Group, where she has worked since 2017 as an underwriter specialising in malicious acts including terrorism and political violence. She ... Read the full article
Insurtech firm Sapiens acquires sum.cumo
12th February 2020
Sapiens International Corporation, a global provider of software solutions for the re/insurance industry, has announced the completion of its acquisition of sum.cumo. sum.cumo is a German-based technology provider that offers digital solutions mainly to the insurance sector. The acquisition is expected to enable Sapiens to expand its footprint by offering its complete ... Read the full article
R&Q’s Accredited partners with Inperio on UK solicitor’s PI
12th February 2020
Accredited Insurance (Europe) Limited (AEIL), the European subsidiary of specialist non-life re/insurance investor Randall & Quilter Investment Holdings, has partnered with specialist MGA Inperio (London) Limited on professional indemnity (PI) cover for UK solicitors. Together, Accredited and Inperio plan to launch the first PI policy focused on freelance UK solicitors regulated ... Read the full article
Fidelis raises $300mn of equity capital for growth
11th February 2020
Bermuda domiciled insurance and reinsurance firm, Fidelis Insurance Holdings Limited, has secured around $300 million of equity capital from existing stakeholders and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). As the re/insurer welcomes ADIA as a new investor to the firm, Fidelis states that the proceeds from ... Read the full article
Coronavirus a “wakeup call for insurers”, says Aon’s Dutkiewicz
11th February 2020
Colin Dutkiewicz, Head of Life at Aon’s Reinsurance Solutions business, has said that the ongoing coronavirus outbreak should serve as a “wakeup call for insurers” to further analyse their exposure to epidemics and pandemics. With analysts now suggesting that the coronavirus could represent a significant risk for re/insurers across the globe, ... Read the full article
FloodFlash pays claims one day after storm Ciara
11th February 2020
InsurTech FloodFlash, a startup which provides sensor-based parametric flood insurance to ensure rapid payouts, has revealed that it paid claims related to storm Ciara just one day after flooding. Storm Ciara (also known as European windstorm Sabine) struck Europe over the weekend, with impacts widespread due to the size of the ... Read the full article
SCOR’s Channel Syndicate completes RITC transaction with RiverStone
11th February 2020
The Channel Syndicate at Lloyd’s of London, which is part of global re/insurer SCOR’s Specialty Insurance platform, has completed its reinsurance to close (RITC) transaction with legacy specialist, RiverStone. Effective January 1st, 2020 the transaction covers the 2017 and prior years of account of Syndicate 2015. First announced in November of ... Read the full article
Disaster losses eat into Suncorp’s reinsurance program
11th February 2020
Australian insurer Suncorp has said that natural catastrophe losses from bushfires and storms have used up around half the protection available in its aggregate reinsurance program. The company expects to have only around half of its AU $300 million (US $200 million) natural hazard aggregate protection (NHAP) reinsurance coverage left, after ... Read the full article
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