Reinsurance News
Davies Group in first US claims deal with Frontier acquisition
13th September 2019
Operations management, consulting and provider of digital solutions, Davies Group, has announced the acquisition of multi-line independent claims adjusting provider, Frontier Adjusters. The deal is Davies Group's fourth acquisition of 2019 and its first U.S. claims deal. The acquisition sees Frontier form the independent adjusting arm of Davies' new US Claims ... Read the full article
TMK reveals leadership shuffle as CEO departs
13th September 2019
Tokio Marine Kiln, part of global insurance group Tokio Marine, has announced a series of senior leadership changes, including the departure of Charles Franks from his role as Chief Executive Officer. Franks, who at the end of 2019 will assume new responsibilities within the group, is to be replaced by Current ... Read the full article
Blue Marble expands UN Food Programme partnership in Africa
13th September 2019
Blue Marble Microinsurance - a consortium of nine companies including Zurich, AIG, Aspen, and Hamilton - has announced a deal with The United Nations World Food Programme that will see it provide weather index insurance solutions for the organisation across Africa. Blue Marble will provide smallholder farmers with an offering that ... Read the full article
RSA combines CRS & GRS units into single commercial division
13th September 2019
RSA UK and International has merged its Commercial Risk Solutions (CRS) and Global Risk Solutions (GRS) businesses to create a single unit focused on commercial lines. As part of the merger, CRS Managing Director Rob Gibbs has been appointed to the role of MD, RSA Commercial Lines with immediate effect. Meanwhile, Tony ... Read the full article
Sompo GRS & WTW launch platform for middle market commercial real estate
13th September 2019
Sompo Global Risk Solutions (GRS), a division of Bermuda domiciled P&C re/insurer Sompo International Holdings Ltd., has entered into a strategic partnership with Willis Towers Watson to develop an integrated insurance platform which targets the middle market commercial real estate sector. The Willis Towers Watson Retail, Office and Industrial (ROI) platform ... Read the full article
Competitive landscape likely to pressure returns for reinsurers: A.M. Best
13th September 2019
Global ratings agency A.M. Best has maintained a stable outlook for the reinsurance sector, but has warned that the competitive nature of the market suggests that returns are likely to fall below the historical mean. After holding a negative outlook for the reinsurance sector for a number of years, stabilised pricing ... Read the full article
Auto insurtech Root raises $350m, hits $3.6bn valuation
13th September 2019
Auto insurtech Root Insurance has raised $350 million in a Series E funding round led by DST Global and Coatue, raising the firm’s total value to $3.65 billion. The funding brings the total amount secured to $523 million, with an additional $100 million in debt financing, and will be leveraged to ... Read the full article
Aspen names Clive Edwards as CEO for UK & managing agency
12th September 2019
Aspen Insurance Holdings Limited has appointed Clive Edwards as Chief Executive Officer (CEO) of Aspen Insurance UK Limited (AIUK) and Aspen Managing Agency Limited (AMAL). He succeeds Mike Cain, who has been appointed to the position of Group Chief Operating Officer (COO). Edwards most recently served as Co-Chief Underwriting Officer of AIUK, ... Read the full article
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
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