Reinsurance News
Hamilton puts Acappella syndicate into run-off
18th November 2019
Bermuda-based reinsurer Hamilton Insurance Group has announced that it is placing Acappella Syndicate 2014 into run-off with immediate effect. Group CEO Pina Albo explained that the third-party capital-supported Lloyd's syndicate was not expected to produce an adequte return on capital. Hamilton took on the syndicate as part of its recent acquisition ... Read the full article
Hiscox pulls out of casualty reinsurance
18th November 2019
Global specialist re/insurer Hiscox has announced its intention to cease writing casualty reinsurance business, due to “ongoing, challenging market conditions.” Concerns over issues such as pricing and reserving mean that the company no longer considers this business to be sustainable. Instead, its reinsurance division, Hiscox Re & ILS, will continue to focus ... Read the full article
Sunshine Coast hailstorm declared catastrophe, losses to be above $40mn: ICA
18th November 2019
The Insurance Council of Australia (ICA) has declared a catastrophe following severe hailstorms that hit the Sunshine Coast yesterday, causing extensive damage across south-eastern Queensland. Severe thunderstorm activity South of Rockhampton combined with numerous significant storm cells on Sunday November 17th, resulting in large to giant hail hitting parts of Brisbane ... Read the full article
Plum Underwriting moves to consolidate claims operations
18th November 2019
Specialist home insurance managing general agent Plum Underwriting has consolidated its various outsourced claims operations in order to create a more streamlined process providing the company with greater control on the delivery of claims across its portfolio. As a result of this move to single dedicated claims service, its panel of ... Read the full article
Sirius confirms Meyer Frucher as Non-Exec Chairman of the Board
18th November 2019
The Board of Directors of global insurer and reinsurer, Sirius International Insurance Group, Ltd., has confirmed the appointment of Meyer Frucher as Non-Executive Chairman of the Board. Back in February 2019, during the announcement that Kernan Oberting was to succeed Allan Waters as Chief Executive Officer (CEO) of Sirius Group, ... Read the full article
Donegal targets simplified structure, consolidates insurance subsidiaries
18th November 2019
U.S primary holding company Donegal Group Inc. has revealed that in an effort to simplify its organisational structure and lower administrative costs, it's planning to consolidate a number of its wholly-owned subsidiaries, effective December 1st, 2019. Specifically, Donegal Group has announced that its Iowa-based property and casualty (P&C) insurer, Le Mars ... Read the full article
Re/insurers face “structural shift” as customer demand evolves: WITR report
18th November 2019
The re/insurance industry is facing a “structural shift” in which effective collaboration with insurtech firms will be essential to meet changing customer expectations, according to the World Insurtech Report 2019 (WITR). The report, published by Capgemini and Efma, outlined the potential for a new insurance ecosystem with an open marketplace, based ... Read the full article
Allianz receives approval for Chinese holding company
15th November 2019
Germany-based insurance giant Allianz is to commence the operation of China's first fully foreign-owned insurance holding company, after receiving approval from the China Banking and Insurance Regulatory Commission (CBIRC). Based in Shanghai, Allianz (China) Insurance Holding Company will support the growth ambitions in the country by enhancing the insurer's strategic and ... Read the full article
Ransomware losses driving cyber rates up: Willis Towers Watson
15th November 2019
Primary and excess cyber renewals are now averaging premium increases in the 5-10% range, driven by an explosion of ransomware losses during the second half of 2019, according to re/insurance broker Willis Towers Watson (WTW). Analysts noted that the uptick in losses has been prompting carriers to re-evaluate their positions in ... Read the full article
Allianz AGCS adds Williams as global head of financial lines
15th November 2019
Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s specialist carrier for corporate insurance business, has appointed Shanil Williams as global head of financial lines, effective November 15. Williams, who joined AGCS in 2016 as global head of commercial for New Zealand, succeeds Bernard Poncin, who is set to leave the ... Read the full article
LMA cyber clauses provide clarity for property and marine
15th November 2019
The Lloyd’s Market Association (LMA), an organisation set up to represent the interests of the Lloyd's community, has published a number of new clauses for the property and marine markets that aim to provide clarity for cyber coverage under first-party property damage policies. The publication comes as part of a push ... Read the full article
Moody’s revises US mortgage insurance sector outlook to stable
15th November 2019
Financial services ratings agency Moody's has revised its outlook for the U.S. mortgage insurance sector to stable from positive, in light of moderated macroeconomic conditions through an extended economic cycle. Moderating macroeconomic conditions are expected as a result of slowing economic growth and forecasts for higher unemployment in the U.S., says ... Read the full article
Smaller businesses disproportionately hit by cyber incidents: Arceo.ai
15th November 2019
Small and medium-size enterprises are “disproportionately burdened” by cyber incidents and face higher sharply higher costs compared with larger organisations, according to Arceo.ai, a risk analytics provider for the cyber re/insurance market. Analysis using Advisen Cyber Data Set found that the financial loss per incidents for SMEs was nearly 70 times ... Read the full article
Everest Re’s new CEO Andrade wants to capitalise on market conditions
15th November 2019
Speaking to analysts this week, incoming CEO elect of insurance and reinsurance group Everest Re Juan Andrade has explained that he sees a “rare” opportunity for growth across the business and is determined to capitalise on it. Encouragingly for the company, the opportunities being seen right now are across both its ... Read the full article
EPIC Insurance Brokers wraps up Prime Risk deal
15th November 2019
EPIC Insurance Brokers and Consultants, a retail property and casualty broker and employee benefits consultant, has closed its purchase of Atlanta-headquartered Prime Risk. The deal was first announced in October and will see Prime Risk Partners operate as Prime Risk Partners – an EPIC Company. The firm’s operating leadership and insurance professionals ... Read the full article
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