Reinsurance News
P&C rate increases climb to 4% in third quarter: MarketScout
9th October 2019
US property and casualty (P&C) insurers continued to see rate increases in almost every industry and line of coverage during the third quarter of 2019, according to analysts at MarketScout. The composite rate increase in Q3 was 4%, climbing from 3% in the previous quarter. By line of coverage, auto underwriters increased ... Read the full article
Aon sets up global wholesale reinsurance committee
9th October 2019
Aon’s Reinsurance Solutions business has announced the establishment of its new Global Wholesale Committee, based in London. The committee will be tasked with enhancing client services and supporting Aon’s relationships within London and the broader wholesale reinsurance market. Bill Fearnley-Whittingstall, Head of the Americas Division in London for Aon’s Reinsurance Solutions business, ... Read the full article
Need for pricing discipline growing across Asia Pacific P&C sector
9th October 2019
Pricing discipline is becoming increasingly important for property and casualty (P&C) insurers operating across the Asia Pacific region in light of intense competition and robust premium growth, according to industry specialists. Speaking at a seminar organised by Saudi Re in Kuala Lumpur, Malaysia recently, insurance and reinsurance industry experts from across ... Read the full article
Agam Capital sets up joint life venture with investment firm Värde Partners
9th October 2019
Agam Capital, a New Jersey-based insurance solutions provider, has announced plans to form a joint life and retirement venture with alternative investment firm Värde Partners. The parties said they have entered an agreement to pursue the acquisition, reinsurance and management of life and retirement businesses globally. The venture will price and manage ... Read the full article
Ethos adds Brett Wilson as VP of Risk, Actuarial
9th October 2019
Ethos, a life insurtech backed by Munich Re and Assurity Life, has expanded its executive team with the appointment of Brett Wilson as its first Vice President of Risk & Actuarial. Wilson brings nearly two decades’ experience to the role and joins from Old Mutual’s Latin American division, where he served ... Read the full article
Talanx partners with intelligent automation firm WorkFusion
9th October 2019
Talanx Group, the parent of reinsurance giant Hannover Re, has entered into a strategic partnership with New York-based intelligent automation and robotic process automation software firm, WorkFusion. It’s hoped the agreement will accelerate end-to-end digitisation of core business processes, starting with HDI Germany. “We are thrilled to partner with Talanx Group and ... Read the full article
Brokerslink bolsters European operations with new steering team
9th October 2019
Independent broker network Brokerslink has established a European steering team to support its operations in the region. The steering team will be tasked with supporting the global expansion of the Brokerslink network and strengthening communications between European brokers. It will also help to develop niche products and new services with Brokerslink’s partner ... Read the full article
CFC targets improved incident response capabilities with acquisition
9th October 2019
London headquartered specialist insurer, CFC, has expanded its in-house cyber incident response capabilities with the acquisition of Texas-domiciled incident response provider, Solis Security. CFC's large in-house cyber claims and incident response team has handled almost 1,500 cyber claims this year alone. Now, with the addition of Solis Security, CFC has deepened ... Read the full article
Marsh collaborates with Zurich NA on pet insurance program
9th October 2019
Global re/insurance brokerage Marsh has announced the launch of a new pet insurance program for cats and dogs in the US, to be underwritten by Zurich North America. The program, called TrustedPals, is backed by Marsh’s Bluestream platform and will offer insurance with flexible co-payments, limits and deductibles. A self-service feature driven ... Read the full article
James River to cut short policies for Uber subsidiary Rasier
9th October 2019
James River Group Holdings, the Bermuda-based insurance holdings company, has announced the early cancellation of all insurance policies issued to its largest customer, Rasier LLC, and its affiliates. Founded in 2013, Rasier is a wholly owned subsidiary of Uber Technologies, the popular ridesharing company. The cancellation will be effective from December 31, ... Read the full article
Push for low cost networks could result in catastrophic supply chain risk: Report
9th October 2019
Some businesses might well be ignoring or failing to see concentrations of risk in their supply chain amid a desire for low cost networks, according to a new report from Airmic, in collaboration with AIR Worldwide, Gallagher, HDI, Lloyd's of London, and Sedgwick. The report, Complex Supply Chains in a Complex ... Read the full article
FCA measures could hit UK motor & home insurers’ profits: Fitch
9th October 2019
New measures proposed by the Financial Conduct Authority (FCA) following a report on competition in the UK motor and home insurance markets could impact profits in 2020, according to analysts at Fitch Ratings. Last week, the UK regulator raised concerns that competition was not working well for all consumers, estimating ... Read the full article
BMS secures investment from major financial institutions
8th October 2019
UK headquartered brokerage BMS Group has announced the completion of its equity investment from British Columbia Investment Management Corporation (BCI) and Preservation Capital Partners (PCP). First announced back in June 2019, the investment valued BMS at £500 million (US $636 million). Following the investment, management and staff of BMS will maintain ... Read the full article
Risk Strategies’ Mina named CEO as Christian takes on Executive Chairman role
8th October 2019
U.S. domiciled insurance broker and risk management firm, Risk Strategies, has revealed that its President, John Mina has been appointed Chief Executive Officer (CEO). Mina succeeds Risk Strategies founder and long-term CEO, Michael Christian, who is moving into the Executive Chairman role. Mina joined the company in April of 2017 from re/insurance ... Read the full article
Gov’s contribution to insured losses under TRIA would decline over time, says report
8th October 2019
If the September 11th, 2001 attacks on the World Trade Centre were to happen today, the implementation of the Terrorism Risk Insurance Act (TRIA) would see the government's net payout fall below zero, according to the Insurance Information Institute (Triple-I). Analysis by Triple-I, which leverages data and analysis from the Reinsurance ... Read the full article
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