Reinsurance News
Beazley partners with HewardMills, expands cyber risk services
22nd January 2020
Specialist insurer Beazley is partnering with Data Protection Officer (DPO) HewardMills, as it expands the cyber risk management services provided to policyholders. Beazley’s new suite of services includes pre-breach and risk management services selected and managed by a dedicated in-house Beazley Breach Response (BBR) Services team. “Working closely with the Beazley team ... Read the full article
Bermuda enhances legislative framework as ISAC Act comes into effect
22nd January 2020
A new piece of legislation has been introduced in Bermuda, the Incorporated Segregated Accounts Companies Act 2019 (ISAC Act), that allows corporate group structures to operate multiple businesses under one umbrella. The ISAC Act came into effect on January 15th, 2020 as a standalone piece of legislation and a companion statute ... Read the full article
Hyperion & JLT reach confidential settlement
22nd January 2020
A statement from international insurance broking groups Hyperion and JLT announced today that the pair have reached a settlement following a legal process which centred on the hiring of 47 staff from JLT Specialty to Hyperion. JLT started legal proceedings in the summer of last year after the broker accused Hyperion ... Read the full article
Aon estimates insured nat cat losses at $71bn in 2019
22nd January 2020
Global re/insurance broker Aon has released its catastrophe loss estimate for 2019, putting overall economic losses at £232 billion, of which the insurance industry is thought to have covered $71 billion. Analysts based this figure on 409 recorded catastrophe events in 2019, and noted that the economic loss was 20% lower ... Read the full article
LMG appoints Liberty Specialty CEO Matthew Moore as chair
22nd January 2020
The London Market Group has announced the appointment of Matthew Moore, Chief Executive Officer of Liberty Specialty Markets, as its new chair. Effective May 1, Moore will succeed Beazley Chief Executive Officer Andrew Horton after two years in the role. “The past few years have seen real shifts in both the external ... Read the full article
Insured losses from Australian hailstorms now at AUD 407mn
22nd January 2020
The Insurance Council of Australia (ICA) has revealed that in just one day, the insurance industry losses from the recent severe convective storms and large hail events in parts of Australia has increased by 27% to AUD 407 million (USD 280 million). The latest figure is from more than 41,000 insurance ... Read the full article
Aviva Chairman Adrian Montague to retire in 2020
22nd January 2020
UK insurer Aviva has announced that its Chairman, Sir Adrian Montague, is set to retire from his position later this year after five years in the role. Montague informed the Board of Aviva that he would depart the company once a successor had been appointed. He has served as Chairman since April ... Read the full article
Former Zurich exec Jane Hayes joins LMA as underwriting director
22nd January 2020
The Lloyd’s Market Association has appointed Jane Hayes as underwriting director, effective February 3. Hayes joins from Zurich having most recently served as Chief Underwriting Officer, Europe, Middle East and Africa. She is expected to play a key role in working with the Corporation of Lloyd’s, LMA’s members and the market in ... Read the full article
Re/insurance broker Protecdiv launches in Philadelphia
22nd January 2020
A new, Philadelphia-based specialty property and casualty (P&C) insurance and reinsurance brokerage has been launched, called Protecdiv. The new re/insurance broker is led by experienced insurance industry professionals Kael Coleman as Founder and Chief Executive Officer (CEO) and Paul Little, as Chief Operating Officer (COO). According to an announcement on the launch, ... Read the full article
Lloyd’s Chairman wants more access to Indian market
22nd January 2020
Bruce Carnegie-Brown, Chairman at insurance and reinsurance marketplace Lloyd’s of London, has said that he wants more syndicates to be able to access the Indian market, according to reports from CNBC. The Lloyd’s Chairman criticised the Indian government for its delay in opening up the country’s re/insurance sector to overseas companies, ... Read the full article
Improved capital position prompts Covea ratings upgrade
22nd January 2020
S&P Global Ratings has upgraded its ratings for France-based insurer Covea Group, citing further improvements in the company’s capital adequacy and its leading competitive position within the regional P&C market. The rating agency raised Covea’s long-term insurer financial strength and issuer credit ratings from ‘A+’ to ‘AA-‘ and kept the group’s ... Read the full article
Report warns of potential “tipping point” for shipping insurance costs in 2020
22nd January 2020
2020 might well be the tipping point for shipping industry insurance costs, while market trends suggest that Clubs need to increase premiums, according to the latest report by international P&I insurance broker, P.L. Ferrari, a wholly owned subsidiary of re/insurance broker Lockton. Over the last two years, global shipping industry insurance ... Read the full article
Casualty/specialty a more compelling pricing story at 1/1, says S&P
21st January 2020
Analysts at S&P Global Ratings have said that sentiment was both stronger and more broad-based in casualty/specialty lines than in the property arena at the January 1st reinsurance renewals. In U.S. non-proportional business, rate increases were substantial and ceding commissions on this business were down by as much as 3% in ... Read the full article
Hyperion posts 11% organic growth in 2019
21st January 2020
Hyperion Insurance Group Limited has reported revenue of £725 million (USD 943 million) for the year ended 30th September, 2019, and 11% organic growth. The company has noted that it closed the financial year with strong performances across all business segments, which helped it record an 11% jump in revenue when ... Read the full article
Zurich’s Greco calls for effective price on carbon, at Davos 2020
21st January 2020
Mario Greco, the Chief Executive Officer (CEO) of Zurich Insurance Group, has called for tax changes designed to ensure carbon is effectively priced across the world. Addressing an audience at the World Economic Forum's (WEF) annual meeting held in Davos, Switzerland, Greco discussed the impacts of digital disruption and the changing ... Read the full article
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