Reinsurance News
Zurich boosts underwriting & claims capability in Australia & New Zealand
20th January 2020
Global insurer Zurich has announced three new leadership appointments within its General Insurance operation in Australia and New Zealand, as it looks to strengthen its underwriting and claims capability. In underwriting, Zurich has named Alex Morgan, currently the Head of Specialty for Commercial Insurance for Zurich's Asia Pacific region, as Head ... Read the full article
Severe hailstorms hit Australia, as bushfire losses climb
20th January 2020
Storms have brought severe hailstorms and heavy downpours to parts of south-east Australia, causing major damage in areas already ravaged by the ongoing bushfire crisis. The rains and resultant flooding have helped to ease bushfire conditions in some regions, but authorities have warned that the danger is “far from over.” Insured losses ... Read the full article
DARAG announces conclusion of loss portfolio transfer
20th January 2020
Legacy acquirer DARAG has concluded a loss portfolio transfer between DARAG Insurance Guernsey Limited and a multi-national Insurer with subject reserves in excess of $100 million. DIGL is providing economic and operational finality for the counter-party’s US General Liability book of business. TigerRisk served as advisors to both parties in concluding the ... Read the full article
Rate increase story to improve through 2020, says JMP Securities
20th January 2020
The relatively "unexciting" January 1st renewal season is a reflection of the mix of accounts and contracts up for renewal, and, as the reinsurance market moves through 2020, the rate increase story will improve, according to analysts at JMP Securities. Overall, analysts highlight a relatively flat property catastrophe reinsurance market at ... Read the full article
Liberty GTS launches contingent legal risk product
20th January 2020
Liberty Global Transaction Solutions (GTS), part of Liberty Mutual Insurance, has announced the launch of a new contingent legal risk insurance product within its transactional risk portfolio. As part of the launch Aude Bonnemaison has been appointed as Liberty GTS’ first underwriter dedicated to the contingent legal risk product. She will report ... Read the full article
FM Global appoints Alonso as SVP, division manager of AFM
20th January 2020
Commercial property insurer FM Global has appointed Gerry L. Alonso as senior vice president, division manager of AFM. AFM specialises in insuring middle market clients and recently announced the appointment of James Galloway as an Executive Vice President tasked with overseeing the firm’s international operations. Alonso currently serves as FM Global’s ... Read the full article
S&P optimistic about continued rate increases in 2020
17th January 2020
Analysts at S&P Global Ratings are “optimistic” about the continuation of re/insurance rate increases into 2020, following what they regard as an inflection point in 2019 for premium pricing. After a prolonger period of pricing remaining too low in many product lines, rates began to pick up momentum in 2018, before ... Read the full article
Chris Castaldo appointed QBE North America CFO
17th January 2020
The North American division of global insurer QBE has appointed Chris Castaldo to the role of Chief Financial Officer, effective March 2020. Based in New York, he will also serve as a member of the QBE North America executive committee and report to Todd Jones, Chief Executive Officer, QBE North America. Castaldo ... Read the full article
KBW pegs Q4 global catastrophe losses at $19.2bn
17th January 2020
Analysts at KBW have estimated that global catastrophe losses in the fourth quarter of 2019 amounted to $19.2 billion. Losses stemmed mostly from Typhoon Hagibis, US storms, Chilean and Hong Kong riots, and Australian wildfires. KBW is anticipating rising insured loss estimates for the Australian wildfires in particular, as claimants increasingly begin ... Read the full article
Marsh adds Aon’s Quintal as managing director in FI practice
17th January 2020
Global re/insurance brokerage Marsh has appointed Jacqueline Quintal as a managing director in its US financial institutions practice. Quintal brings 15 years’ insurance experience to Marsh and joins from Aon, having most recently served as financial institutions industry leader. Based in New York, she will deliver industry-leading transactional and risk advisory solutions ... Read the full article
Risk Strategies acquisition targets student health services
17th January 2020
US insurance broker and risk management firm Risk Strategies has announced the acquisition of Academic HealthPlans, Inc. (AHP), a firm that creates and administers health insurance plans that colleges and universities make available to its students. The acquisition will significantly expand Risk Strategies’ standing as a broker of student health insurance ... Read the full article
AXA-backed insurtech Sayata Labs adds King Flynn from Beazley
17th January 2020
Sayata Labs, an insurtech start-up focused on cyber risk assessment for insurers and SMBs, has appointed King Flynn as head of insurance. Flynn joins the Sayata executive team and will report to Chief Executive Officer, Asaf Lifshitz. As head of insurance, he will lead the company's growth and distribution strategy to deliver ... Read the full article
US P&C insurers record 15% jump in underwriting gains in 9M 2019: Verisk
17th January 2020
Analysis by Verisk reveals that during the first nine months of 2019, the private U.S. property and casualty (P&C) insurance industry recorded underwriting gains of $5.4 billion, up 15% on the $4.7 billion recorded a year earlier. The jump in underwriting gains is mostly a result of growth in premiums and ... Read the full article
Marsh & McLennan Agency acquires Atlanta broker Ironwood
17th January 2020
Marsh & McLennan Agency LLC (MMA), the middle market agency of global re/insurance broker Marsh, has announced the acquisition of Ironwood Insurance Services, LLC. Based in Atlanta, Georgia, Ironwood provides commercial property and casualty insurance, employee benefits, and private clients solutions to mid-sized businesses and individuals through the US. The firm is ... Read the full article
Berkshire Hathaway unit looks to AI with CLARA analytics deal
17th January 2020
Berkshire Hathaway Homestate Companies has selected CLARA analytics, a provider of artificial intelligence technology in the commercial insurance space, as it looks to advance its workers’ compensation claims operations. BHHC will integrate the full suite of CLARA products, including CLARA providers, CLARA litigation and CLARA claims as well as its popular ... Read the full article
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