Reinsurance News
Oligopoly of big three reinsurance brokers to largely persist: KBW
23rd September 2019
The big three broking houses in reinsurance, Aon, Guy Carpenter and Willis Re, continue to hold a significant advantage over smaller players, which leads analysts at Keefe, Bruyette & Woods (KBW) to say that their oligopoly is safe for now. Reinsurance brokers continue to earn a higher margin and return from ... Read the full article
PG&E confirms $11bn settlement with California wildfire re/insurers
23rd September 2019
PG&E Corporation and Pacific Gas and Electric Company (PG&E) has confirmed an $11 billion agreement to resolve all insurance subrogation claims arising from the 2017 Northern California wildfires and the 2018 Camp Fire. The agreement was reached with entities representing around 85% of insurance subrogation claims, which were based on payments ... Read the full article
Ascent-Cove rebrands to Optio, adds Ian Beaton as Non-Exec Director
23rd September 2019
Cyber and specialty lines managing general agent Ascent Underwriting and US construction-focused MGA Cove Programs are to be rebranded under the single name Optio. The rebrand aligns with a move to larger premises later this month as Optio looks to build a tech-focused business and set new standards in the insurance ... Read the full article
Surplus lines market doubles premium growth rate in 2018: AM Best
23rd September 2019
The surplus lines market nearly doubled its pace of premium growth in 2018, according to AM Best, with momentum supported by a healthy US economy and new investments in operating platforms. Analysts noted that the specialty insurance segment grew by 11.2% last years, notably up from an increase of just under ... Read the full article
Berkshire (BHSI) expands into Spain, names country manager
23rd September 2019
Berkshire Hathaway Specialty Insurance Company (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced that it has expanded into Spain with the formation of a new office in Madrid. The company plans to initially underwrite property, casualty, financial lines, construction and engineering insurance in Spain, with an eye to later ... Read the full article
Travelers’ transfer of EU business to Dublin unit approved
23rd September 2019
Travelers Insurance Company, part of US primary insurer Travelers, has received approval from the High Court of England and Wales to transfer all relevant in-force policies and historic liabilities written out of its Irish, French, German and Netherlands branches to its newly established subsidiary, Travelers Insurance DAC. Read the full article
DARAG adds Zurich’s Andrew Hill as COO
23rd September 2019
Legacy acquirer DARAG Group Limited has announced the appointment of Andrew Hill as Chief Operating Officer, effective October 15. Hill joins from Zurich Legacy Solutions where since 2017 he has served as Head of Restructuring for North America. Prior to that, he worked in KPMG’s Financial Sector Transaction Services team in London, ... Read the full article
UN partnership sees IDF members pledge $5bn of capacity to climate resilience
23rd September 2019
As part of a new collaboration with the UN Development Programme (UNDP), members of the Insurance Development Forum (IDF) have committed to offer up to US $5 billion of risk capacity to support climate resilience in developing countries. The initiative hopes to increase insurance protection in climate-exposed countries in lines with ... Read the full article
Swiss Re Corporate Solutions appoints new Head of Italy
23rd September 2019
Reinsurance giant Swiss Re's commercial insurance arm, Swiss Re Corporate Solutions, has announced that appointment of Francesco Semprini as Head Italy, effective November 1st, 2019. In his new role, Semprini will be based in Milan and will be responsible for managing the strategy, development, and performance of the firm's business in ... Read the full article
Business leaders not prioritising cyber risk management, reports Marsh
23rd September 2019
Business leaders are not spending adequate time addressing cyber risk management, according to a new report by re/insurance broker Marsh, even as cyber risk increasingly ranks among the top concerns for most organisations. Marsh found that a majority of board members and senior executives responsible for their company’s cyber risk management ... Read the full article
Carpe Data launches new commercial dataset for P&C insurers
23rd September 2019
Emerging and alternative data provider Carpe Data has released a new commercial dataset for property and casualty insurers. Carpe Data says the new platform provides P&C insurers access to a range of use cases that can be applied across the entire policy lifecycle via more accurate classification categories, an array of ... Read the full article
Cyber re/insurance is unsustainable on its current path: Arceo’s Ben Beeson
20th September 2019
The cyber insurance and reinsurance market is likely to be unsustainable if it continues on its current path, but better use of data and more informed regulation may offer a solution. This is according to Ben Beeson, Founding Member and Head of Insurance at Arceo, a risk analytics provider for the ... Read the full article
Typhoon Faxai could drive domestic market loss of $2.8bn, says GIAJ
20th September 2019
Typhoon Faxai could result in a loss of JPY 300 billion (USD 2.8 billion) for the domestic insurance market in Japan, according to the General Insurance Association of Japan (GIAJ). At this level, losses would be roughly in line with 2018’s Typhoon Trami, GIAJ’s Chairman, Yasuzo Kanasugi, said at a press ... Read the full article
Juan Carlos Realphe appointed CEO of Zurich Colombia
20th September 2019
The Colombian arm of global insurer Zurich has announced the appointment of Juan Carlos Realphe as Chief Executive Officer, effective October 15. Realphe succeeds Victoria Bejarano, who is expected to remain as Chairman of the Board of Directors and continue playing a role in developing the business. Claudia Dill, CEO for Latin ... Read the full article
Acrisure partners with Tulco on AI-powered brokerage platform
20th September 2019
US insurance broker Acrisure has partnered with investment company Tulco Holdings to launch Altway Insurance, a direct-to-consumer brokerage platform that is fully supported by artificial intelligence (AI). Altway also plans to work closely with Google Cloud AI to support the automation of client-facing operations, marketing, sales and product-distribution channels. This integrated AI ... Read the full article
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