Reinsurance News
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
Guy Carpenter helps Marsh & McLennan to overall revenue growth in Q4
30th January 2020
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, Inc., has recorded revenue growth of 10% and 5%, on an underlying basis, for the fourth-quarter and full-year 2019, respectively. The reinsurance broker's revenue in the quarter increased to $152 million from the $102 million reported a year earlier. For ... Read the full article
Insurtech investment soared to $6bn in 2019, says WTW
30th January 2020
The insurtech sector received $6.37 billion in investments throughout 2019, with nearly $2 billion of that figure coming from the fourth quarter alone, a Willis Towers Watson report has found. During the year, eight rounds of investment took place which led to the creation of five insurtech start-ups valued at over ... Read the full article
Marsh Commercial to combine broker networks into single business
30th January 2020
Marsh Commercial, a division of Marsh & McLennan Companies, has announced plans to merge its three broker networks into a single proposition, called Marsh Networks. The new entity will be comprised of Marsh ProBroker, Bluefin Network, and Purple Partnership. Once combined, members of all three networks will have deeper and wider ... Read the full article
Arceo.ai adds former Twitter exec Mike Convertino as CSO
30th January 2020
Arceo.ai, a risk analytics provider for the cyber re/insurance market, has announced the appointment of Mike Convertino as Chief Security Officer. Convertino previously served as Chief Information Security Officer at Twitter, leading a team that protected the company's infrastructure and users from hacking and other types of compromises. He was an early ... Read the full article
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