Reinsurance News
Collateralised reinsurance still dominant despite cat setbacks: AM Best
7th October 2019
The collateralised reinsurance market remains the fastest-growing segment of the insurance-linked securities (ILS) industry despite significant investor losses from 2017 and 2018 catastrophe events, according to a new AM Best report. At year-end 2018, AM Best says market capitalisation of the collateralised reinsurance market was approximately $56 billion out of an ... Read the full article
CRC Group enhances Risk Evaluation Database platform
7th October 2019
US wholesale broker CRC Group has released new functionality for its Risk Evaluation Database (REDY) platform. REDY.Search will combine the knowledge of individual CRC brokers and underwriting with the company’s exposure and loss information to identify market and programs with the highest likelihood to write an account. It will deliver recommendations based ... Read the full article
Declining profitability a concern for African reinsurers, says report
7th October 2019
The continued rise in protectionism remains the top concern for African reinsurers, while declining rates and rising claims add further pressure on the profitability of the African reinsurance markets, reports Dr. Schanz, Alms & Company in the 4th Africa Reinsurance Pulse. The latest edition of the Africa Reinsurance Pulse was published ... Read the full article
Liberty Mutual Re expands footprint in Continental Europe
7th October 2019
Liberty Mutual Reinsurance has announced a series of changes to the structure of its financial risks reinsurance team following the acquisition of Nationale Borg Reinsurance (NB Re) from AmTrust earlier this year. First announced in April, the agreement saw LM Insurance Group acquire four AmTrust businesses: AmTrust Surety; AmTrust Insurance ... Read the full article
E&S premium growth up 15% as underwriting weakens: Fitch
7th October 2019
Direct written premiums in the US excess and surplus (E&S) lines market grew at a rate of 15% during the first half of 2019, a rate nearly double the overall property and casualty (P&C) market’s growth, according to analysts at Fitch Ratings. This compares with 2018, when premium growth of 11% ... Read the full article
Terrorism Risk Act uncertainty driving reinsurance demand, says RAA President
7th October 2019
Uncertainty over the reauthorisation of the Terrorism Risk Insurance Act (TRIA) in the US is increasing the demand for terrorism reinsurance coverage, according to Frank Nutter, President of the Reinsurance Association of America (RAA). Speaking at the US Treasury's Advisory Committee on Risk-Sharing Mechanisms (ACRSM), Nutter observed that the reinsurance market ... Read the full article
Tokio Marine Kiln appoints newly created Head of Intellectual Property
7th October 2019
Tokio Marine Kiln's Aoife Woulfe has been appointed to the newly created position of Head of Intellectual Property (IP), reporting to Head of Enterprise Risk, Laila Khudairi. In her new role, Woulfe will have a focus on developing innovative IP products and wordings, designed to accelerate the expansion of Tokio Marine ... Read the full article
Munich Re invests $250mn in Next Insurance start-up
7th October 2019
Reinsurance giant Munich Re has invested $250 million in Next Insurance, an online insurance platform designed for small to medium sized businesses. The German reinsurer was the sole investor in Next Insurance’s Series C funding round, which valued the small-business insurance start-up at more than $1 billion. Based in Palo, Alto, California, ... Read the full article
Nephila Climate implements new hedging structure for renewable energy
7th October 2019
Nephila Climate, the weather, climate and ESG-driven specialty division of Nephila Holdings Ltd., has announced an addition to its suite of hedging structures for renewable energy. The firm plans to use a Proxy Generation Power Purchase Agreement (pgPPA) for the 180MW Heart of Texas (HTX) wind farm located in McCulloch County, ... Read the full article
Aston Lark adds Andrew Scola as Chief Technology & Operating Officer
7th October 2019
UK insurance broker Aston Lark has announced the appointment of Andrew Scola to its executive leadership team as Group Chief Technology & Operating Officer. Scola took up the newly created position on 1 October. He has over 20 years’ experience as a Management Consultant leading complex change programmes as well as directing ... Read the full article
HDI adds to US engineering lines, construction casualty practices
7th October 2019
The US subsidiary of international industrial lines insurer HDI Global SE has announced a series of appointments within its engineering lines and construction casualty practices. Carisa Winters joins as senior engineering lines underwriter and brings nearly 20 years' experience to the role. She has held various underwriting and management positions in the ... Read the full article
Guy Carpenter names Guerriero Interim Head of International Fac
7th October 2019
Reinsurance broker Guy Carpenter has announced the appointment of Frank Guerriero as Interim Head of International Facultative Operations. Guerriero succeeds Paul Summers who has left the firm to pursue other opportunities. In his new role, he will report to Chief Executive Officer (CEO), International, Guy Carpenter, James Nash. Guerriero has been with ... Read the full article
Global Insurance Accelerator boosts funding for 2020 insurtech cohort
7th October 2019
The Global Insurance Accelerator (GIA), an insurtech-focused business accelerator, has announced changes to its funding structure beginning with the 2020 cohort of start-ups. Notably, the GIA has nearly doubled the seed funding investment granted to successful applicants, boosting it from $40,000 to $75,000 via a post-money Simple Agreement for Future Equity ... Read the full article
One third of UK councils targeted by cyber attacks in 2019, reports Gallagher
4th October 2019
Councils across the UK are facing an unprecedented number of cyber attacks, with one third of local authorities targeted in the first six months of 2019 alone, according to re/insurance broker Gallagher. Of the 202 councils that responded to freedom of information (FOI) requests from Gallagher, 101 also said they had ... Read the full article
Brown & Brown appoints Boyd to tech-focused Senior VP role
4th October 2019
Insurance brokerage Brown & Brown has announced the appointment of Stephen Boyd as Senior Vice President of Technology, innovation and Digital Strategy. Boyd joins from Arrowhead General Insurance Agency, where for nearly ten years he served as President and Chief Operating Officer. This new role will see him work closely with leadership ... Read the full article
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