Reinsurance News
Nexus aims to become largest specialty MGA in Asia
25th October 2019
Specialty managing general agent (MGA) Nexus Group has announced that it plans to become the largest specialty MGA in Asia, as part of its new vision for the region. “We have an ambitious goal of becoming the largest speciality MGA in Asia and achieving US$50 million in gross written premiums by ... Read the full article
Improved reinsurance market conditions may fade, warns Fitch
25th October 2019
Analysts at Fitch Ratings have warned Bermudian reinsurers that improved reinsurance market conditions and the subsequent positive influence on underwriting results may not last. After a more meaningful shift in pricing at the latest renewals season following disappointing rate movements through 2018 and into early 2019, on the back of consecutive ... Read the full article
Brokerslink adds Middle East regional manager
25th October 2019
Independent broker network Brokerslink has announced the appointment of Osama Abu Ghazaleh as Middle East regional manager, as the firm looks to increase its focus on the region. Both the Middle East and African regions were previously represented by Tiago Mora, until Brokerslink Chairman José Manuel Fonseca announced that the two ... Read the full article
No area of Australia should become uninsurable, says ICA
25th October 2019
No area of Australia should be uninsurable, the Insurance Council of Australia (ICA) has argued, provided governments invest appropriately in permanent mitigation and resilience measures. The ICA rejected the notion that climate change will ultimately prevent some Australians from being able to secure adequate coverage. With extreme weather events such as cyclones, ... Read the full article
Strong P&C result helps to lift Ping An profits in Q3
24th October 2019
Ping An Insurance (Group) of Company of China, Ltd. has continued to see strong growth in the third quarter of 2019, with net profit up 63.2% to RMB 129,567 million (USD 18.3 billion). The result was helped by the strong performance of Ping An’s property and casualty (P&C) segment, which achieved ... Read the full article
Jonathan Poole joins Chubb as Head of Middle Market for UK & Ireland
24th October 2019
Global insurer and reinsurer Chubb has announced that Jonathan Poole is to join the company as Head of Middle Market for the UK and Ireland, effective January 6, 2020. He will arrive from Tokio Marine, where he currently serves as Head of Operations for Tokio Marine Kiln Insurance (TMKI), which was ... Read the full article
Verisk eyes improved cyber insights with launch of Cyber Data Exchange
24th October 2019
Data analytics provider Verisk has announced the creation and launch of its Cyber Data Exchange, designed to help insurers and reinsurers tackle some of the challenges surrounding cyber insurance. The Cyber Data Exchange operates as an analytics solution that aggregates cyber insurance data in order to help re/insurers obtain more comprehensive ... Read the full article
Beazley’s Crispin Hodges joins Canopius as Head of Trade Political Risk
24th October 2019
Global specialty insurer and reinsurer Canopius has announced the appointment of Crispin Hodges as Head of Trade Political Risk, based in London. Effective October 28th, 2019 Hodges will report to Bernie de Haldevang, Head of Credit, Political & Crisis at Canopius. The firm states that Trade Political Risk is a newly created ... Read the full article
Aon’s Reinsurance Solutions adds co-leaders of UK & Ireland and Specialty Casualty
24th October 2019
Aon's Reinsurance Solutions segment has announced the appointment of Dean Jenner and Richard Evans as co-leaders of its UK & Ireland and Specialty Casualty business. Both Jenner and Evans will report to Peter Stubbings, Reinsurance Solutions' Chief Executive Officer (CEO) of Global ReSpecialty, and will work with a leadership group of ... Read the full article
Dorian drives $46mn of cat losses for Assurant in Q3
24th October 2019
US specialty insurance group Assurant has announced that it expects to record approximately USD 46 million pre-tax (USD 36 million after-tax) of catastrophe losses for the third-quarter of 2019, mainly driven by the impacts of Hurricane Dorian. Assurant states that the majority of its Q3 catastrophe hit is expected in its ... Read the full article
State Farm & Berkshire maintain status as top US P&C insurers
24th October 2019
State Farm and Berkshire Hathaway Specialty Insurance maintained their spots as the largest and second-largest U.S. Property and Casualty (P&C) writers in 2018, respectively, while Chubb INA Group entered the top ten. This is according to the Reinsurance News directory of the Top 100 U.S. P&C ... Read the full article
Hiscox illustrates threat of rising sea levels with FloodPlus AR app
24th October 2019
Specialist insurer Hiscox has developed a new app designed to illustrate the potential threat of global sea level rises. FloodPlus AR utilises Augmented Reality to demonstrate the impact a 2.4 meter sea level rise - an increase predicted by certain climate experts - would have on the Hudson County area of ... Read the full article
Eutelsat 100% covered if satellite facing solar array incident is lost
24th October 2019
Satellite operator Eutelsat is facing an incident and potential malfunction related to a solar array on a recently launched satellite, for which it has told us it is fully covered by insurance, with no retention, should a loss occur. The EUTELSAT 5 West B geostationary satellite was only launched on October ... Read the full article
Aviva completes £1.7bn buy-in deal with staff pension scheme
24th October 2019
Aviva Life & Pensions UK has announced the completion of a £1.7 billion buy-in with the Aviva Staff Pension Scheme, securing the defined benefit pension liabilities of around 5,800 members. The deal, which affects 4,300 deferred and 1,500 current pension members, follows a £5 billion longevity swap in 2014 The swap passed ... Read the full article
Ransomware cyber attacks on the rise, warns Chubb
24th October 2019
On the back of a significant increase from 2017 to 2018, the volume of ransomware cyber attacks in the first-half of 2019 has already outpaced the total number of claims witnessed in the whole of 2018, according to global insurer and reinsurer Chubb. The significant increase witnessed in the first-half of ... Read the full article
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