Reinsurance News
Aston Lark adds Andrew Scola as Chief Technology & Operating Officer
7th October 2019
UK insurance broker Aston Lark has announced the appointment of Andrew Scola to its executive leadership team as Group Chief Technology & Operating Officer. Scola took up the newly created position on 1 October. He has over 20 years’ experience as a Management Consultant leading complex change programmes as well as directing ... Read the full article
HDI adds to US engineering lines, construction casualty practices
7th October 2019
The US subsidiary of international industrial lines insurer HDI Global SE has announced a series of appointments within its engineering lines and construction casualty practices. Carisa Winters joins as senior engineering lines underwriter and brings nearly 20 years' experience to the role. She has held various underwriting and management positions in the ... Read the full article
Guy Carpenter names Guerriero Interim Head of International Fac
7th October 2019
Reinsurance broker Guy Carpenter has announced the appointment of Frank Guerriero as Interim Head of International Facultative Operations. Guerriero succeeds Paul Summers who has left the firm to pursue other opportunities. In his new role, he will report to Chief Executive Officer (CEO), International, Guy Carpenter, James Nash. Guerriero has been with ... Read the full article
Global Insurance Accelerator boosts funding for 2020 insurtech cohort
7th October 2019
The Global Insurance Accelerator (GIA), an insurtech-focused business accelerator, has announced changes to its funding structure beginning with the 2020 cohort of start-ups. Notably, the GIA has nearly doubled the seed funding investment granted to successful applicants, boosting it from $40,000 to $75,000 via a post-money Simple Agreement for Future Equity ... Read the full article
One third of UK councils targeted by cyber attacks in 2019, reports Gallagher
4th October 2019
Councils across the UK are facing an unprecedented number of cyber attacks, with one third of local authorities targeted in the first six months of 2019 alone, according to re/insurance broker Gallagher. Of the 202 councils that responded to freedom of information (FOI) requests from Gallagher, 101 also said they had ... Read the full article
Brown & Brown appoints Boyd to tech-focused Senior VP role
4th October 2019
Insurance brokerage Brown & Brown has announced the appointment of Stephen Boyd as Senior Vice President of Technology, innovation and Digital Strategy. Boyd joins from Arrowhead General Insurance Agency, where for nearly ten years he served as President and Chief Operating Officer. This new role will see him work closely with leadership ... Read the full article
New RMS hurricane solution to inform pre-landfall response
4th October 2019
Global risk modelling and analytics firm RMS has announced the release of a new forecasting product to support proactive event response strategies for North Atlantic hurricanes ahead of landfall. Available as part of the RMS HWind Real-Time Analysis Solution suite, RMS HWind will deliver five-day forecast track scenarios, hazard footprints, and ... Read the full article
Reinsurance pricing could be jeopardised by capital influx, reports suggest
4th October 2019
The much-improved pricing environment in the reinsurance sector could be jeopardised if catastrophe losses remain low for the rest of 2019, according to reports from the Financial Times, as an influx of alternative capital capacity returns to the market. The publication noted that reinsurers have benefited from lower level of natural ... Read the full article
Insurance competition not working well for all customers, finds FCA
4th October 2019
UK regulatory body the Financial Conduct Authority (FCA) has published a new report arguing that competition in the home and motor insurance markets is not working well for all consumers. The FCA estimates that around 6 million policyholders pay high prices and are not getting a good deal on their insurance. In ... Read the full article
AIG completes $200mn pension liability deal with Rollins
4th October 2019
American International Group, Inc. (AIG) has completed a transaction with global consumer and commercial services company Rollins for the transfer of $198.3 million of US pension obligations. Rollins distributed the pension obligations through a combination of lump sum payments to participants, payments to the Pension Benefit Guaranty Corporation (PBGC), and the ... Read the full article
African Risk Capacity & SADC partner on disaster risk financing
4th October 2019
The African Risk Capacity (ARC) and the Southern Africa Development Community (SADC) have signed a Memorandum of Understanding (MoU) to strengthen resilience in the region through disaster risk management and financing frameworks. Natural disaster risks in the SADC region include droughts, floods, tropical cyclones, storms, and epidemics. The agreement is intended to ... Read the full article
CAC Specialty forms Financial Sponsors insurance team
4th October 2019
CAC Specialty, the specialty insurance brokerage and investment banking platform recently established by Cobbs Allen, has announced the creation of a dedicated team providing insurance and capital market solutions to the private equity community. The newly-formed Financial Sponsors Group (FSG) will bring together seven interdisciplinary specialties, CAC Specialty explained. These include sponsor ... Read the full article
Munich Re’s HSB develops IoT water damage solution for schools
4th October 2019
The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of reinsurance giant Munich Re, has announced a new customised Internet of Things (IoT) solution for schools. HSB Connected Technologies is designed to monitor buildings and equipment 24/7 to protect against water leaks, freezing pipes, mold, and perishable goods spoilage. The solution’s ... Read the full article
Insurers to cover up to $751m of MGM’s Las Vegas shooting settlement
4th October 2019
American global hospitality and entertainment company MGM Resorts has reached a settlement agreement between $735 million and $800 million to settle liabilities from the 2017 mass shooting in Las Vegas. Additionally, MGM has confirmed that insurers could pay between $735 million and $751 million towards the settlement. Since the attack at an ... Read the full article
HDI Global Specialty bolsters London contingency team
4th October 2019
HDI Global Specialty SE, a joint venture of reinsurance giant Hannover Re and HDI Global SE, has appointed Martin Holness to lead its London contingency team, while Sheena Williams joins as Senior Underwriter. Holness brings over 30 years’ experience and was most recently head of contingency at Amtrust. He will report into ... Read the full article
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