Reinsurance News
US stop-loss premiums surge to $18.6bn in 2018, reports AM Best
2nd September 2019
Net premiums earned in the US stop-loss insurance market more than doubled over the last five years, with premiums surging up to $18.6 billion in 2018, according to AM Best. Premiums were up from $9.2 billion in 2013, reflecting a shift toward self-insured health plans since the implementation of the Affordable ... Read the full article
Lloyd’s broker MNK Re launches Residual Value Insurance Centre of Excellence
2nd September 2019
Specialist Lloyd's of London brokerage, MNK Re Limited, has launched a new dedicated Residual Value Insurance (RVI) Centre of Excellence. MNK Re has a specialist focus on Financial Risks, Casualty, Terrorism, Cyber risks and Marine liabilities, with clients in more than 50 countries across the world. It's been announced that Robert Prince ... Read the full article
Former Swiss Re exec Takashi Goda named Senior Advisor for Japan, PERILS
2nd September 2019
Catastrophe loss data aggregator PERILS has announced the appointment of Takashi Goda as Senior Advisor for Japan, based in Tokyo. In his new role, Goda will work closely with the PERILS team and the local insurance industry, tasked with supporting the expansion of PERILS' services into the Japanese market. Goda brings extensive ... Read the full article
London may lose £61bn of re/insurance business due to Brexit, reports suggest
2nd September 2019
London may lose as much as £61 billion of insurance business as a result of the UK’s decision to leave the European Union (EU), according to reports from Bloomberg. The publication noted that huge amounts of business are being shifted over to rival financial centres on the continent, which will continue ... Read the full article
Gero Michel joins Aon’s Reinsurance Solutions unit to lead UK & EMEA Analytics
2nd September 2019
Gero Michel has joined Aon from Chaucer to lead the re/insurance broker's UK & EMEA Analytics for its Reinsurance Solutions division. In his new role he will report to Eric Paire, Head of Capital Advisory, International, Aon's Reinsurance Solutions business. He will be responsible for devising and driving analytics innovation and strategy ... Read the full article
Liberty Mutual Re adds Guy Carp’s van Oort to lead Northern Europe
2nd September 2019
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, has announced the appointment of Hans van Oort as Head of Northern Europe, a newly-created role. Van Oort joins from Guy Carpenter, where he served as Managing Director of the firm’s Benelux operations. His Cologne-based role, effective September 2, will see ... Read the full article
Swiss Re & Capsicum Re launch holistic cyber reinsurance solution, Decrypt
2nd September 2019
Global reinsurance giant Swiss Re has partnered with specialist reinsurance broker, Capsicum Re, on the launch of a new holistic cyber reinsurance solution, called Decrypt. The new solution offers a single, flexible, end-to-end solution to insurers' cyber risk challenges, including embedded, silent, and affirmative cyber exposures. An announcement on the release explains ... Read the full article
ArgoGlobal’s Lloyd’s Syndicate 1200 to exit Asia
2nd September 2019
Lloyd's of London insurer and member of Argo Group, ArgoGlobal, has announced plans to exit Syndicate 1200 underwriting operations in Asia and the majority of its hull underwriting business within the syndicate. The move comes as part of recent actions undertaken by the firm to improve profitability in the syndicate. In ... Read the full article
Dorian ramps up to 180mph winds, but US outlook improves
2nd September 2019
Hurricane Dorian has ramped up to Category 5, reaching wind speeds of more than 180mph over the weekend, but the outlook for the US has improved significantly, with forecasts now showing that the storm will stay just offshore as it moves up the east coast. Dorian, which had previously been forecast ... Read the full article
Low cat losses & improved pricing boost European reinsurers’ H1 results: Fitch
2nd September 2019
The big four European reinsurers reported solid underwriting performance during the first half of 2019, with results boosted by limited natural catastrophe losses and an improved pricing environment, according to Fitch Ratings. The rating agency pointed to growing momentum for positive premium rate development at the June/July renewals, as well as ... Read the full article
Reinsurer appetite to support insurance sector growth in Bolivia: A.M. Best
2nd September 2019
An expectation of continued, healthy growth, robust solvency ratios and stable appetite from reinsurance companies has seen A.M. Best assign a stable market segment outlook to Bolivia's insurance industry. According to international financial services rating agency, A.M. Best, Bolivia's insurance industry grew by 11% in 2018, on the back of 3.4% ... Read the full article
Destructive winds & storm surge forecast as Dorian reaches Cat 4
30th August 2019
Updated, Sat Aug 31st: The latest update from the National Hurricane Center (NHC) warns of “life threatening storm surge and devastating hurricane-force winds” for parts of the Bahamas and Florida as Dorian continues to build in intensity, now reaching Category 4. Hurricane Dorian has now strengthened to maximum sustained wind speeds ... Read the full article
ABI data shows increase in liability and application fraud
30th August 2019
New data released by the Association of British Insurers (ABI) shows that the number of detected fraudulent insurance applications has increased by 5%, with the average value of detected fraud now in excess of £12,000. In connection with this increase, ABI noted that the Insurance Fraud Bureau (IFB) has seen the ... Read the full article
China’s Ping An to develop nationwide ‘innovation platform’, reports
30th August 2019
Ping An Insurance, China’s largest insurer by market value, has been selected by the country’s Ministry of Science and Technology to build a nationwide innovation platform to help bolster the development of Artificial Intelligence, according to reports from China Daily. The National Open Innovation Platform for Next Generation Artificial Intelligence will ... Read the full article
Market players must think differently following record cat losses: Aon
30th August 2019
While the overall re/insurance market remains resilient despite record losses throughout 2017 and 2018, industry players must adjust to a rapidly hardening market and think differently from the way they have in the last decade, according to a report by Aon. Wildfires, cyclones and severe thunderstorms caused $225 billion in economic ... Read the full article
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