Reinsurance News
Liberty Mutual partners with Ford on connected vehicle insurance
2nd March 2020
Liberty Mutual Insurance has partnered with Ford to offer potential insurance discounts for customers driving Ford connected vehicles. This new agreement is part of Liberty Mutual's broader Mobility initiative, and will enable the evaluation of a customer's driving behaviour through FordPass Connect, thereby eliminating the need for a plug-in device. "Liberty is ... Read the full article
Michael Davern joins Fidelis Underwriting as a Senior Underwriter
2nd March 2020
Bermuda domiciled insurance and reinsurance firm, Fidelis Insurance Holdings Limited, has announced the appointment of Michael Davern as a Senior Underwriter for Fidelis Underwriting Limited. In his new role, Davern will lead the growth of the company's direct and facultative writings based in the London office, while at the same time ... Read the full article
Latest estimates put Australian hailstorm losses at AU $805mn
2nd March 2020
The latest estimates from the Insurance Council of Australia (ICA) put re/insurance industry losses from the recent January hailstorm events in the region of AU $805 million (US $527 million). Losses are related to a series of destructive hailstorms that struck parts of Victoria, Australian Capital Territory (ACT), Queensland, and New ... Read the full article
MS Amlin promotes Stuart Wood to Head of Casualty for Specialty unit
2nd March 2020
Global insurer and reinsurer MS Amlin has announced the promotion of Stuart Wood to Head of Casualty, reporting to Mark Clements and Andrew Wright, co-Chief Underwriting Officers (CUOs) of MS Amlin Underwriting Ltd. Wood brings more than two decades of experience to the role and has been with MS Amlin for ... Read the full article
Venture Underwriters announces association with SCOR
2nd March 2020
Venture Underwriters, a division of Allstar Financial Group, has announced a new association with SCOR's US surplus lines company to underwrite and distribute general liability-related business. It’s hoped the association with General Security Indemnity Company of Arizona will allow Venture's brokerage clients the ability to offer their insureds optional financial strength. General ... Read the full article
EIG Re pressed for more info regarding licence request
2nd March 2020
Bulgarian reinsurance company EIG Re, a subsidiary of Euroins Insurance Group (EIG), has been asked to provide additional documents and information regarding its request for a license to offer new types of insurance policies. This marks the second time the Financial Supervision Commission (FSC) has pressed EIG Re for more information ... Read the full article
Swiss Re highlights Japan’s $1bn Public-Private Partnership opportunity
2nd March 2020
Swiss Re analysis suggests the adoption of Public-Private Partnership (PPP) schemes in Japan’s public assets represents a near $1 billion annual insurance opportunity and would ease the burden on public coffers. Analysts note how PPP adoption in this area would ease pressure on already-stretched public finances, bring private-sector driven efficiencies, and ... Read the full article
Accident & disaster recovery startup Tractable raises $25mn in Series C
2nd March 2020
Tractable, a technology firm developing AI for accident and disaster recovery, has raised $25 million in its Series C investment round. The round nearly doubles the total amount raised by Tractable and is expected to help the firm accelerate its expansion into new markets from the nine countries in which it ... Read the full article
Hiscox reports decline in profit for 2019 amid elevated losses
2nd March 2020
Hiscox has announced a decline in profit to $53.1 million for the year ended December 31st 2019, while the firm's combined ratio weakened to 105.7% in the period on the back of elevated catastrophe losses. The insurer and reinsurer's profit fell from the $135.6 million posted a year earlier, and includes ... Read the full article
Aon / WTW combination is possible but unlikely: KBW
28th February 2020
Analysts at Keefe, Bruyette & Woods (KBW) have said that a potential business combination between re/insurance brokers Aon and Willis Towers Watson (WTW) is “unlikely but not impossible.” Speculation about a possible merger deal between the two broking giants was sparked last week after WTW confirmed that it was exploring “strategic ... Read the full article
Verisk, SCOR partnership targets automated life insurance underwriting
28th February 2020
Data analytics firm Verisk is partnering with SCOR on an automated life insurance underwriting platform. The new platform leverages artificial intelligence to help life insurers process electronic health records faster. It’s hoped this will reduce the time needed to obtain an attending physician statement and enable accelerated underwriting. “Electronic medical records have the ... Read the full article
Ping An image-reading system to help diagnose coronavirus
28th February 2020
Ping An Insurance (Group) Company of China, Ltd. has launched a smart image-reading system to help doctors more efficiently and accurately diagnose cases of coronavirus (COVID-19). Developed by Ping An Smart Healthcare, part of subsidiary Ping An Smart City, the system aims to leverage artificial intelligence (AI) to help control the ... Read the full article
Protective Insurance sees decline in GWP amid underwriting actions
28th February 2020
Protective Insurance Corporation has reported net income of $3.8 million for the fourth-quarter of 2019, while efforts to improve underwriting profitability resulted in a slight decline in gross written premiums (GWP). Net income of $3.8 million represents a significant improvement on the $24.6 million net loss reported for the same period ... Read the full article
Jonathan Levy to succeed Rathgeber as Watford CEO
28th February 2020
Bermuda domiciled insurance and reinsurance company Watford Holdings Ltd. has announced that Jonathan Levy will succeed John Rathgeber as its Chief Executive Officer (CEO), following Rathgeber’s retirement on March 31, 2020. Going forward, Rathgeber will remain a member of Watford’s board of directors and serve as a senior advisor to the ... Read the full article
Third Point Re swings to profit off investment gains
28th February 2020
Hedge fund-backed reinsurer Third Point Re has posted a net income of $29.7 million for the fourth quarter of 2019, compared to a $298 million loss in the prior year quarter. This swing was boosted by healthy investment returns of 2.4% for the quarter (compared to a 11.4% loss the previous ... Read the full article
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