Reinsurance News
Agriculture reinsurer AAIC gains authorisation in Argentina & Colombia
12th September 2019
American Agriculture Insurance Company (AAIC), a provider of agriculture re/insurance, has announced that it is now authorised to reinsurance risks based in Argentina and Colombia through the broker marketplace. AAIC has been named as an Admitted Foreign Reinsurer in Argentina and an Approved Reinsurer in Colombia, where it is listed with ... Read the full article
Innovative data & tech enhances mutual value creation for Swiss Re: Eric Schuh
12th September 2019
The use of advanced technology and leading data-analytics supports Swiss Re’s innovation efforts as the global reinsurer keeps clients’ needs at the heart of everything it does, according to Eric Schuh, Global Head of P&C Solutions, Swiss Re. Being one of the largest reinsurers on the planet, Swiss Re has an ... Read the full article
Howden & RKH brokerages to be merged by Hyperion
12th September 2019
Hyperion Insurance Group, the global independently owned insurance and reinsurance broking and underwriting organisation, is merging its two broker arms Howden and RKH. Hyperion said that aligning the two broking operations under a single management will "deliver seamless access to the Group’s talent for clients" by bringing together Howden’s international retail ... Read the full article
Ironshore Environmental app enables real-time event alerts, reporting
12th September 2019
The environmental re/insurance unit of Bermuda-domiciled holding company Ironshore has announced the introduction of IronResponse, a smartphone app that enables real-time access to claims professionals following an environmental incident. The app includes tools such as incident history, assistance with required regulatory reporting and communication with Ironshore’s panel of environmental consultants and ... Read the full article
PERILS continues to see growth opportunities a decade after launch
12th September 2019
PERILS, the catastrophe loss data aggregator, recently celebrated its 10-year anniversary and has said that during this time, use in risk transfer exceeded initial expectations while it continues to see growth potential. PERILS launched in 2009 as an independent body to provide market-wide exposure and event loss data for European windstorm ... Read the full article
Enstar subsidiary to acquire certain run-off portfolios from Munich Re subsidiaries
12th September 2019
A subsidiary of Enstar Group Limited has signed an agreement with subsidiaries of reinsurance giant Munich Re to acquire certain portfolios from their Australian branches of Great Lakes Insurance and HSB Engineering Insurance. An announcement on the deal notes that it primarily consists of long tail insurance business. In the transaction, which ... Read the full article
AIR Worldwide estimates insured average annual cat losses at $92bn
12th September 2019
Catastrophe modelling firm AIR Worldwide has estimated that the global modelled insured average annual loss (AAL) from catastrophes worldwide is about US $92 billion. The firm released the figure as part of its 2019 Global Modeled Catastrophe Report, which detailed key loss metrics from AIR’s global industry exceedance probability curve (EP) ... Read the full article
Luis Prato named CUO for AXA XL’s UK entities
12th September 2019
AXA XL has appointed Luis Prato as its new Chief Underwriting Officer (CUO) for all UK legal entities, a long-standing employee who had been with the re/insurer since its Catlin days. The UK entities of AXA XL include Catlin Underwriting Agencies Ltd (CUAL) and XL Catlin Insurance Company UK Limited (XLCICL). ... Read the full article
MyLotto24’s Blerina Essen joins RISQ’s hedging and reinsurance team
12th September 2019
RISQ, which provides liquidity, pricing and risk management to the gaming industry, has announced the addition of Blerina Essen to its hedging and reinsurance team as a risk and strategy consultant. Essen is the Managing Director of MyLotto24, a lottery company which is owned by Zeal Group and which is active ... Read the full article
Reinsurance disruption highest in years, says Flandro at Roundtable
12th September 2019
At the Reinsurance News Executive Roundtable in Monte Carlo, David Flandro, Managing Director of Analytics at Hyperion X, said that a combination of things is driving acute disruption in the reinsurance sector. “I can tell you that in all seriousness, I think the reinsurance market is going through its most acute ... Read the full article
AXA XL, insurtech Neptune Flood strike underwriting partnership
12th September 2019
Global re/insurer AXA XL has partnered with Neptune Flood, an all-digital flood platform that leverages data analytics to provide agents and direct buyers the ability to rapidly quote and bind a policy. It’s hoped the underwriting partnership will expand Neptune’s flood insurance capacity to homeowners throughout the US. Chris Bressette, Senior Vice ... Read the full article
Global reinsurance sector needs global corrections, says AXIS Re CEO, Arora
11th September 2019
Overall, current rate increases are not sustainable and the reinsurance market needs to correct itself on a global basis, says Steve Arora, Chief Executive Officer (CEO) of AXIS Re. Speaking with Reinsurance News at the annual meeting of the reinsurance industry in Monte Carlo, Arora, CEO of the reinsurance arm of ... Read the full article
AM Best upgrades IGI’s rating to ‘A’ from ‘A-‘
11th September 2019
International financial services rating agency, A.M. Best, has upgraded the financial strength and credit rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to "a" from "a-" of International General Insurance Co Ltd., (IGICL) (Bermuda) and International General Insurance Company (UK) Limited. According to A.M. Best, the ... Read the full article
Suncorp appoints Steve Johnston as Group CEO
11th September 2019
Australian primary insurer Suncorp Group has announced the appointment of Steve Johnston as Group Chief Executive Officer (CEO), effective immediately. He succeeds Michael Cameron, whose departure was announced back in May 2019. He held the role for nearly four years. Johnston has been serving as acting CEO of Suncorp since that ... Read the full article
L&G announces £35m buyout of US law firm’s UK pension scheme
11th September 2019
Legal and General Assurance Society Limited has agreed a £35 million buyout for Edwards Wildman Palmer LLP’s UK pension scheme. The scheme was an existing Legal & General client through its partnership with Legal & General Investment Management’s fiduciary management team. L&G says it is one of the first schemes to have ... Read the full article
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