Reinsurance News
ICA puts Australian hailstorm losses at A$320mn, further claims expected
21st January 2020
The Insurance Council of Australia (ICA) has said that insurers have now received more than 29,000 claims as a result of damages caused by recent hailstorms that hit parts of the country, driving estimated insurance industry losses of AUD 320 million (USD 219 million). The ICA has declared a catastrophe for ... Read the full article
Xceedance acquires Activer Solutions
21st January 2020
Re/insurance service provider Xceedance has announced the acquisition of Activer Solutions. Based in Massachusetts, Activer Solutions specialises in insurance operations and technology services for the front, middle, and back office operations of P&C insurers. In the next few months, Activer Solutions will be absorbed into the US operations of Xceedance. Xceedance hopes the ... Read the full article
Reinsurance rate adequacy still needs to improve: Peel Hunt
21st January 2020
Analysts at Peel Hunt have argued that reinsurance rate adequacy still needs to improve, despite some positive momentum at the recent January renewals. The firm said that adequacy has not yet been achieved despite sharp rate increases on loss affected lines, and questioned whether pricing over the remainder of the year ... Read the full article
Social inflation to drive commercial pricing across 2020: Morgan Stanley
21st January 2020
Commercial pricing increases are expected to persist throughout 2020 as carriers continue to combat rising loss cost trends largely attributable to social inflation, according to Morgan Stanley analysis. MS attributes social inflation concerns to several issues including an increasingly litigious environment, the opioid crisis and reviver statutes. Furthermore, while industry commentary regarding ... Read the full article
PartnerRe’s Sforza appointed Hamilton SVP, US property reinsurance head
20th January 2020
Specialty re/insurer Hamilton has appointed Brad Sforza to the role of senior vice president, head of property reinsurance for its new US reinsurance platform. Sforza brings 20 years of industry experience to the role and joins from PartnerRe, having most recently served as vice president, property and multiline treaty. He joins the ... Read the full article
Brown & Brown acquires MGA Texas All Risk
20th January 2020
A subsidiary of insurance brokerage Brown & Brown, Inc., Hull & Company, LLC, has acquired the assets of Texas All Risk, a managing general agent (MGA) for independent retail insurance agencies. Texas All Risk places a broad range of P&C insurance for businesses and individuals in Texas, Louisiana, and also Oklahoma. Once ... Read the full article
Aon’s Helene Madell named CBO for Commercial Risk, Health & Affinity UK
20th January 2020
Global insurance and reinsurance broker Aon has appointed Helene Madell as Chief Broking Officer (CBO) for Commercial Risk Solutions, Health Solutions and Affinity in the UK, effective April 6th, 2020. Madell currently serves as Chief Broking Officer for Commercial Risk Solutions, Health Solutions and Affinity for the broker in the Pacific ... Read the full article
P&C re/insurers seeking alternatives to higher cost debt: AM Best
20th January 2020
US property and casualty (P&C) re/insurance companies are increasingly using low interest rates to extend their debt maturity profiles and replace higher cost debt with lower cost alternatives, according to AM Best. In a recent report, the rating agency observed that P&C re/insurers with outstanding public debt have begun to focus ... Read the full article
Swiss Re CEO urges more climate action from businesses
20th January 2020
Swiss Re CEO Christian Mumenthaler has called on private businesses across the financial sector to come together to create a more viable action plan to address the challenge of climate change. He argued that reducing the effects of climate change is a common goal that should be supported across the global ... Read the full article
Dorian reinsurance inflows to Bahamas exceed $1bn
20th January 2020
More than $1 billion in reinsurance payments are set for flow to the Bahamas, of which residents will receive 50%, according to reports from The Tribune. The publication quoted John Rolle, Governor of the Central Bank of the Bahamas, who disclosed the figure to attendees at the recent Bahamas Business Outlook ... Read the full article
Pool Re Solutions appoints Head of Risk Management
20th January 2020
UK government-backed terrorism reinsurer, Pool Re, has announced the appointment of Chris Medhurst-Cocksworth as Head of Risk Management within Pool Re Solutions. In his new role, Medhurst-Cocksworth will be tasked with leading the risk management services offered by Pool Re Solutions, a recently established specialist unit designed to help UK insurers ... Read the full article
AmTrust Title Insurance appoints Michael Bebon to EVP role
20th January 2020
AmTrust Title Insurance Company, the title insurance subsidiary of P&C re/insurer AmTrust Financial Services, has appointed Michael Bebon as Senior Executive Vice President of Direct Operations. He joins the company after 32 years as a sales executive with Lawyers Title / Commonwealth Land Title. During this career, Bebon has insured over $600 ... Read the full article
The Institutes launches blockchain innovation hub
20th January 2020
The Institutes RiskStream Collaborative, the industry’s largest enterprise-level blockchain consortium, has created a new hub designed to accelerate innovation. 'RiskStream Labs' will serve as a resource for both member and nonmember organisations and will be dedicated to quickly vetting and advancing blockchain initiatives, specifically at the proof-of-concept phase. Headed by RiskStream Collaborative ... Read the full article
HDI partners with Michelin on company fleet safety solution
20th January 2020
HDI Global SE, the industrial insurance arm of the HDI Group, has partnered with French tyre manufacturer Michelin on a solution designed to help prevent and reduce road risk for company vehicle fleets. The solution involves vehicles being equipped with a connected box that allows driving data to be processed and ... Read the full article
Kazakhstani captive transfers incorporation to the AIFC from Bermuda
20th January 2020
For the first time, the Astana Financial Services Authority (AFSA) has licensed a captive insurer to commence the regulated activities of effecting contracts of insurance and carrying on contracts of insurance, it's been revealed. The AFSA has issued the license to Kazakhstan Energy Reinsurance Company Ltd. (KERC), and according to an ... Read the full article
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