Reinsurance News
Everest Insurance to offer workers’ comp through Dovetail’s online platform
31st January 2020
Everest Insurance, a division of Bermuda-based reinsurer Everest Re Group, has announced that it will offer its workers' compensation solution through Dovetail's online platform. Dovetail is a Victor company and its online platform enables both agents and brokers to quickly purchase insurance policies for their small commercial clients. Currently, the program is ... Read the full article
Aon records 17% organic reinsurance revenue growth in Q4
31st January 2020
Re/insurance brokerage Aon has reported organic revenue growth of 17% for its Reinsurance Solutions segment during the fourth quarter of 2019, driven by double-digit growth cross every major business. Aon said the performance of the segment was highlighted by continued new business generation globally, as well as strong growth in catastrophe ... Read the full article
Pro Global partners with delegated authority expert VIPR
31st January 2020
Re/insurance outsourcing and consulting specialist Pro Global Holding Limited has partnered with delegated authority expert VIPR to develop a solution for bordereaux and coverholder management. The joint-offering will combine VIPR’s Intrali bordereaux management tool with Pro’s Exposure Management Facility (CAI) to help managing agents handle these specialist areas. Intrali will be used ... Read the full article
UK re/insurers prepared for Brexit, but long-term effects uncertain: AM Best
31st January 2020
With the UK set to imminently depart the European Union (EU), AM Best has said UK re/insurers are well prepared from an operational standpoint, but could face some negative consequences in the longer-term. The rating agency noted that extensive preparations have been undertaken across the UK and European markets to ensure ... Read the full article
S&P maintains stable outlook on US health sector
31st January 2020
S&P Global Ratings has maintained its stable outlook on the US health insurance sector for 2020, with limited rating movement expected over the coming year. Analysts noted that about 90% of insurer ratings currently have stable outlooks in this sector, and near term macroeconomic factors and cost trends should help to ... Read the full article
Everest Re pegs Q4 catastrophe losses at $215 million
31st January 2020
Bermuda-based reinsurer Everest Re has said that it expects its fourth-quarter 2019 results will include catastrophe losses, net of reinsurance and reinstatement premiums, of $215 million, mostly driven by the impact of Typhoon Hagibis in Japan. A significant $190 million, or 88% of the reinsurer's Q4 catastrophe losses are attributable to ... Read the full article
BDA adds two insurance industry professionals to its team
31st January 2020
The Bermuda Business Development Agency (BDA) has announced the addition of experienced insurance industry professionals, Jasmine DeSilva and Anastasia Slater, to its team. DeSilva joined the entity last week as Business Development Manager and takes responsibility for driving initiatives across the insurance sector, working closely with key stakeholders and associations. Slater joins ... Read the full article
Consecutive disaster years cause mortgage delinquency spike: CoreLogic
31st January 2020
Analysts at property information and analytics provider CoreLogic believe that 2019 could bring an increase in mortgage delinquency rates in areas hit by consecutive years of destructive natural disasters. The firm noted that after 2017 Hurricanes Harvey, Irma and Maria, serious delinquency rates on home mortgages tripled in the Houston, Texas, ... Read the full article
R&Q completes portfolio transfer from Swedish captive
30th January 2020
Accredited Insurance (Europe) Limited, a wholly owned subsidiary of Randall & Quilter Investment Holding Ltd. (R&Q), has completed the transfer of business from Lansen Försäkringsaktiebolag (Lansen), a wholly owned subsidiary of SAAB Aktiebolag. R&Q states that the portfolio transfer is designed to enable SAAB to close its captive insurer that it ... Read the full article
Why building your own reinsurance software systems no longer makes sense
30th January 2020
In the heyday of reinsurance 20 years ago people did not ask if they should build or buy their reinsurance software tools, writes Dmitry Mnushkin, President of Treefrog Consulting. The combination of plentiful funds with lack of commercially available products meant that hiring a dozen developers was the sensible move. As a ... Read the full article
Chilean protest damages cause commercial premiums to double
30th January 2020
Last year’s protests in Chile have caused commercial insurance premiums in the region to more than double, according to reports from Reuters. The publication said that damage caused by the protests had resulted in insurance hikes for shops and offices. The Chilean economy is estimated to have taken a $3 billion hit ... Read the full article
W. R. Berkley makes senior executive changes
30th January 2020
W. R. Berkley Corporation has announced the additions of James Gilbert as Executive Vice President - enterprise technology and Nelson Tavares as Executive Vice President with responsibility for the oversight of certain operating units. Since 2018, Gilbert has served as Executive Vice President with responsibility for the oversight of certain operating ... Read the full article
Zurich CEO calls for “fiscal transformation” at Davos
30th January 2020
Speaking at the World Economic Forum annual meeting 2020 in Davos, Zurich CEO Mario Greco has said that a “fiscal transformation” is needed to help the re/insurance industry move forwards. As part of an interview with Bloomberg, Greco argued that the market needs to see “real fiscal changes and structural changes” ... Read the full article
AXIS posts Q4 net loss, reinsurance segment falls to underwriting loss
30th January 2020
Bermudian re/insurer AXIS Capital Holdings Limited has reported a net loss of $10 million for the fourth-quarter of 2019 and a combined ratio of 107.3%, with the firm's reinsurance segment falling to an underwriting loss in both periods. The Q4 net loss compares with a net loss of $198 million in ... Read the full article
Lloyd’s details phased implementation of silent cyber mandate
30th January 2020
Lloyd's of London has revealed updated arrangements for the phased implementation of classes of business that require underwriters to ensure that all policies either affirm or exclude cyber cover. The Lloyd's insurance and reinsurance marketplace announced last year that is to mandate that all policies clearly state whether they will provide ... Read the full article
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