Reinsurance News
Marine underwriting sector characterised by uncertainty, says IUMI
18th September 2019
Analysis made by the International Union of Marine Insurance indicates that marine underwriting premiums for 2018 were recorded at $28.9 billion, representing a 1% rise from 2017. With significant challenges facing the market, the IUMI believes this modest increase is not significant enough to herald an upturn in the fortunes of ... Read the full article
Lloyd’s reports £2.3bn H1 profit, but underwriting contribution minimal
18th September 2019
The Lloyd's of London insurance and reinsurance marketplace reported a £2.3 billion profit before tax for the first-half of 2019, but the investment return drove all of that as underwriting again failed to deliver and actually declined in the period. CEO John Neal cited an improving underwriting outlook, as attritional losses ... Read the full article
Trust Re announces formation of new Executive Committee
17th September 2019
Bahrain domiciled reinsurer, Trust Re has announced the formation of its new Executive Committee, which is part of the firm's strategic commitment to drive growth and value for both clients and shareholders. Regional reinsurer Trust Re's Executive Committee is to be led by Group Chief Executive Officer (CEO), Talal Al Zain. The ... Read the full article
Jebi sized loss in Japan to hit re/insurers at least once every 20 years, says KCC
17th September 2019
Catastrophe risk modeller Karen Clark & Company (KCC) has revealed that according to its new high resolution Japan Typhoon Reference Model, insurers and reinsurers can expect losses of a similar magnitude to Typhoon Jebi at least once every 20 years, on average. KCC's model shows that re/insurers can anticipate insured losses ... Read the full article
BMS reorganises US reinsurance actuarial, analytics team
17th September 2019
Specialist insurance and reinsurance broker, BMS Group, has revealed some management changes within its US reinsurance actuarial and analytics team. The independent specialist re/insurance brokerage has announced that as part of the reorganisation, Chief Actuary, Dave Spiegler is to retire at the end of 2019 after a long career. Following his ... Read the full article
Gen Re’s Paul Houska joins Holborn as SVP, Kansas City branch
17th September 2019
U.S. domiciled reinsurance broker, Holborn Corporation has announced the addition of Paul Houska as a Senior Vice President (SVP) in its Kansas City office, effective immediately. Houska brings more than 30 years of reinsurance industry experience to the role, and will take on responsibility for the enhancement of the reinsurance broker's ... Read the full article
Re/insurers appeal for extension to “vital” terrorism insurance act
17th September 2019
A coalition of insurers and reinsurers have penned a letter to members of the US Congress, urging them to pass a long-term reauthorisation of the Terrorism Risk Insurance Act (TRIA), which is currently set to expire at the end of 2020. The appeal described the act as a “vital public-private risk ... Read the full article
A slow return to a more normal ILS environment: Willis Re Securities
17th September 2019
Data and analysis from Willis Re Securities, a division of re/insurance broker Willis Towers Watson (WTW), reveals that non-life insurance-linked securities (ILS) issuance fell in the second-quarter of 2019. At just under $1.7 billion, non-life ILS capacity issued in the quarter came from 11 catastrophe bond transactions, and fell from the ... Read the full article
Lloyd’s to launch Miami office
17th September 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has announced a number of changes to its setup in the Latin America (LatAm) region, which includes the establishment of an office in Miami to support and grow LatAm and Caribbean markets. In an email to the LatAm market, Director General, Daniel ... Read the full article
AXIS Insurance Chief Claims Officer to retire, successor announced
17th September 2019
AXIS Insurance, the insurance business segment of AXIS Capital, has announced that its Chief Claims Officer David Hayward will be retiring in March 2020 after 17 years at the company. After the six month transition period he will be succeeded by current head of North American Claims Michael Baumel, who has ... Read the full article
Insurdata recruits Head of Client Success from Allianz
17th September 2019
Insurdata, an insurtech firm specialising in peril-specific exposure and risk data, has announced the appointment of Rosina Smith to the newly created role of Head of Client Success. Smith joins Insurdata from Allianz, where she most recently served as Acting Head of Commercial Lines Pricing in the UK. She spent seven years ... Read the full article
AXA XL develops digital hot wallet insurance
17th September 2019
AXA XL, the property and casualty and Specialty Risk division of AXA, has designed a bespoke contractual liability insurance coverage tailored for a digital "hot" wallet product offered by Hoyos Integrity Corporation, a company specialising in biometrically secured products and applications. A hot wallet refers to a cryptocurrency wallet that is ... Read the full article
Concirrus announces new cargo data analytics solution
17th September 2019
London-based insurtech firm Concirrus has announced the launch of its new cargo data analytics solution, called Quest Marine Cargo. The solution, which will be available from the first quarter of 2020, will fully integrate with Concirrus’ existing suite of hull and P&I capabilities, allowing customers to manage their marine portfolio under ... Read the full article
JLT staff exits are “not a crisis,” says MMC’s Dan Glaser
17th September 2019
The series of staff defections at Jardine Lloyd Thompson (JLT) following its acquisition by Marsh & McLennan (MMC) earlier this year is “not a crisis,” company CEO Dan Glaser has told the Financial Times (FT). Speaking in an interview with the publication, Glaser said that voluntary employee turnover at JLT since ... Read the full article
Ed names Simon Stovell Divisional Director, Risk Solutions
17th September 2019
Global reinsurance broker Ed has appointed Faraday's Simon Stovell as Divisional Director of its Risk Solutions team, effective immediately. In his new role, Stovell will report to Stephen Louden, Managing Director of Ed's Risk Solutions division. Joining from Faraday, where since 2014 he held the position of Senior Binder Underwriter, Stovell brings ... Read the full article
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