Reinsurance News
Consecutive disaster years cause mortgage delinquency spike: CoreLogic
31st January 2020
Analysts at property information and analytics provider CoreLogic believe that 2019 could bring an increase in mortgage delinquency rates in areas hit by consecutive years of destructive natural disasters. The firm noted that after 2017 Hurricanes Harvey, Irma and Maria, serious delinquency rates on home mortgages tripled in the Houston, Texas, ... Read the full article
R&Q completes portfolio transfer from Swedish captive
30th January 2020
Accredited Insurance (Europe) Limited, a wholly owned subsidiary of Randall & Quilter Investment Holding Ltd. (R&Q), has completed the transfer of business from Lansen Försäkringsaktiebolag (Lansen), a wholly owned subsidiary of SAAB Aktiebolag. R&Q states that the portfolio transfer is designed to enable SAAB to close its captive insurer that it ... Read the full article
Why building your own reinsurance software systems no longer makes sense
30th January 2020
In the heyday of reinsurance 20 years ago people did not ask if they should build or buy their reinsurance software tools, writes Dmitry Mnushkin, President of Treefrog Consulting. The combination of plentiful funds with lack of commercially available products meant that hiring a dozen developers was the sensible move. As a ... Read the full article
Chilean protest damages cause commercial premiums to double
30th January 2020
Last year’s protests in Chile have caused commercial insurance premiums in the region to more than double, according to reports from Reuters. The publication said that damage caused by the protests had resulted in insurance hikes for shops and offices. The Chilean economy is estimated to have taken a $3 billion hit ... Read the full article
W. R. Berkley makes senior executive changes
30th January 2020
W. R. Berkley Corporation has announced the additions of James Gilbert as Executive Vice President - enterprise technology and Nelson Tavares as Executive Vice President with responsibility for the oversight of certain operating units. Since 2018, Gilbert has served as Executive Vice President with responsibility for the oversight of certain operating ... Read the full article
Zurich CEO calls for “fiscal transformation” at Davos
30th January 2020
Speaking at the World Economic Forum annual meeting 2020 in Davos, Zurich CEO Mario Greco has said that a “fiscal transformation” is needed to help the re/insurance industry move forwards. As part of an interview with Bloomberg, Greco argued that the market needs to see “real fiscal changes and structural changes” ... Read the full article
AXIS posts Q4 net loss, reinsurance segment falls to underwriting loss
30th January 2020
Bermudian re/insurer AXIS Capital Holdings Limited has reported a net loss of $10 million for the fourth-quarter of 2019 and a combined ratio of 107.3%, with the firm's reinsurance segment falling to an underwriting loss in both periods. The Q4 net loss compares with a net loss of $198 million in ... Read the full article
Lloyd’s details phased implementation of silent cyber mandate
30th January 2020
Lloyd's of London has revealed updated arrangements for the phased implementation of classes of business that require underwriters to ensure that all policies either affirm or exclude cyber cover. The Lloyd's insurance and reinsurance marketplace announced last year that is to mandate that all policies clearly state whether they will provide ... Read the full article
Guy Carpenter helps Marsh & McLennan to overall revenue growth in Q4
30th January 2020
Guy Carpenter, the reinsurance broking arm of Marsh & McLennan Companies, Inc., has recorded revenue growth of 10% and 5%, on an underlying basis, for the fourth-quarter and full-year 2019, respectively. The reinsurance broker's revenue in the quarter increased to $152 million from the $102 million reported a year earlier. For ... Read the full article
Insurtech investment soared to $6bn in 2019, says WTW
30th January 2020
The insurtech sector received $6.37 billion in investments throughout 2019, with nearly $2 billion of that figure coming from the fourth quarter alone, a Willis Towers Watson report has found. During the year, eight rounds of investment took place which led to the creation of five insurtech start-ups valued at over ... Read the full article
Marsh Commercial to combine broker networks into single business
30th January 2020
Marsh Commercial, a division of Marsh & McLennan Companies, has announced plans to merge its three broker networks into a single proposition, called Marsh Networks. The new entity will be comprised of Marsh ProBroker, Bluefin Network, and Purple Partnership. Once combined, members of all three networks will have deeper and wider ... Read the full article
Arceo.ai adds former Twitter exec Mike Convertino as CSO
30th January 2020
Arceo.ai, a risk analytics provider for the cyber re/insurance market, has announced the appointment of Mike Convertino as Chief Security Officer. Convertino previously served as Chief Information Security Officer at Twitter, leading a team that protected the company's infrastructure and users from hacking and other types of compromises. He was an early ... Read the full article
MS Amlin bolsters specialty leadership with four hires
30th January 2020
Global re/insurer MS Amlin has appointed four senior leaders within its specialty business who will report to co-Chief Underwriting Officers of MS Amlin Underwriting, Mark Clements and Andrew Wright. John Roberts-West has been with MS Amlin since 2015 and will serve as head of property. He is currently product group leader ... Read the full article
Andrew Kudera joins Aspen as EVP, Chief Actuary
30th January 2020
Aspen Insurance, the insurance arm of Bermudian re/insurer Aspen Insurance Holdings, has appointed Andrew Kudera as executive vice president and group Chief Actuary. Kudera joins from Validus having served as executive vice president and group Chief Actuary for the last nine years. He brings 40 years’ experience to Aspen and will succeed ... Read the full article
Suncorp expects reinsurance recoveries as catastrophe losses mount
30th January 2020
Australian insurer Suncorp has revealed that it expects to make recoveries under its reinsurance program after an "unprecedented" start to both the bushfire and storm season in the country. The primary insurer announced in early January that its bushfire losses could hit its reinsurance protection as claims continued to rise. Providing ... Read the full article
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