Reinsurance News
KPMG releases report on cyber security risks
7th October 2020
KPMG has published a report in collaboration with Lloyd's that highlights the new threats to intellectual property (IP) portfolios posed by a changing risk landscape under COVID-19. The report, called “Safeguarding Intellectual Property to Enhance Corporate Value”, examines the increasing importance of intellectual property as a driver of corporate value, drawing ... Read the full article
Nigeria has potential to develop insurance sector: AM Best
7th October 2020
AM Best has released a report showing how Nigeria’s substantial oil and gas reserves, its young and growing population and its position as Africa’s largest economy, gives it potential to significantly develop its insurance sector. In addition, insurance penetration which included a market gross written premium (GWP) as a percentage of ... Read the full article
Aon announces IP capital market solution, first $100mn deal
6th October 2020
Global re/insurance broker Aon has launched an intellectual property capital market solution designed to help companies protect and maximise the value of its intangible assets. Aon has also revealed that a $100 million deal involving agriculture technology firm Indigo Ag is the first deal to be completed via the new solution. Indigo Ag is ... Read the full article
Enstar looks to begin due diligence on Watford Re proposal
6th October 2020
Enstar Group Limited has asked Watford Re to enter into a non-disclosure agreement to let it begin due diligence on a potential acquisition. Last week, Enstar delivered a letter to the Board of Directors of Watford Re, indicating its desire to acquire all of the company’s outstanding shares. Now, in a ... Read the full article
JBA releases Climate Change Analytics data suite
6th October 2020
Flood risk modeller, JBA Risk Management (JBA) has announced the launch of its new Climate Change Analytics data suit. This new solutions has been developed to help banks, lenders, investors, and the wider global financial sector to understand the potential long-term impacts of climate change and to meet regulatory requirements. The launch ... Read the full article
HCI’s TypTap begins first phase of US expansion
6th October 2020
Florida insurtech insurer and subsidiary of HCI Group, TypTap Insurance Company, has launched Phase One of its planned nationwide expansion in the US, which the company first announced in early August. TypTap’s Phase One involves applying to state insurance regulators to write homeowners insurance in 20 states outside of Florida. The ... Read the full article
Guy Carpenter adds Hartshorn as Chief Human Resources Officer
6th October 2020
Reinsurance broker Guy Carpenter has announced the appointment of Melissa Hartshorn as Chief Human Resources Officer. Hartshorn most recently served as interim Chief Human Resources Officer at Guy Carpenter, and prior to this was HR Leader for the company’s Global Operations and Global Strategic Advisory divisions. She joined parent company MMC in ... Read the full article
Cyber competition levelling off, rates on the up: PartnerRe survey
6th October 2020
As the cyber insurance market begins its slow-down in competitive expansion, market participants in a new PartnerRe survey are noting a trend towards higher pricing. A joint venture by PartnerRe and Advisen, the survey took place during the second quarter of 2020 and featured 260 cyber insurance brokers and 190 cyber ... Read the full article
Manchester Underwriting acquires Pinpoint portfolio
6th October 2020
Manchester Underwriting Management Limited (MUM) has acquired the portfolio renewal rights of Pinpoint Underwriting. Pinpoint is led by Scott Ruff, who has worked in the industry for over 35 years, previously with Aviva before establishing Pinpoint. Joining Ruff at MUM will be both Roger Wallace and Brian Kerrigan, effective immediately. Charles Manchester, Chief ... Read the full article
CCRIF launches parametric product for electric utilities
6th October 2020
The Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC) has announced the launch of its newest parametric insurance product, developed for the electric utility sector in the Caribbean. The electric utilities product aims to limit the financial impact of tropical cyclones by providing financial liquidity to electric utility companies ... Read the full article
Palomar braced for $38mn Q3 nat cat hit
6th October 2020
California-based insurance holding company Palomar has estimated between $34 million and $38 million in pretax catastrophe losses for the third quarter of 2020. These estimates are net of reinsurance and include the impacts of hurricanes Hanna, Isaias, Laura and Sally. Palomar’s loss estimates are subject to change due to the complexity of ... Read the full article
Aon partners with Athenium on new claims platform
6th October 2020
Re/insurance broker Aon plc has announced it is collaborating with Athenium Analytics to develop a claims quality platform to enable insurers to identify high-risk claims. The new platform is expected to attain an estimated 4-6% improvement in claims indemnity and expenses, according to Aon analysis. There is an immense pressure which carriers ... Read the full article
Everest Re looks to raise $1bn via debt issue
6th October 2020
Bermuda-based reinsurer, Everest Re Group, Ltd. has announced that its wholly-owned subsidiary, Everest Reinsurance Holdings, Inc., is set to raise $1 billion of additional capital through a debt issue. Everest Re has priced a registered public offering of $1 billion aggregate principal amount of 3.500% Senior Notes due 2050. The company expects ... Read the full article
Insurtech Integrity Life secures $43mn in series B round
6th October 2020
Australian insurtech startup Integrity Life has announced a $43 million series B round of funding, raised before and during the COVID-19 pandemic. The majority of the capital came from institutional funds managed by Schroder Investment Management (Switzerland) AG, with support from existing institutional shareholders Leadenhall Capital Partners and Daido Life, and ... Read the full article
Beirut port explosion economic loss seen at $7.5bn
6th October 2020
The Association of Insurance Companies in Lebanon (ACAL) has put the economic losses from the Beirut port explosion at $7.5 billion, according to Elie Tarabay, President of the ACAL and Vice President of the General Arab Insurance Federation (GAIF). UPDATE: It’s now become clear that the $7.5bn figure has been wrongly ... Read the full article
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