Reinsurance News
Hiscox launches London market cyber product
30th May 2019
Global re/insurer Hiscox has announced the launch of CyberClear365, a new London Market cyber product. CyberClear365’s cover includes first-party incident costs such as regulatory response, bricking for disabled electronic devices and a reward fund. In the event of a claim, CyberClear365 offers assured mitigation coverage and a percentage excess discount if Hiscox ... Read the full article
Argo Pro launches enhanced product offering Private Company PROtect
30th May 2019
Argo Pro, a member of specialty re/insurer Argo Group, has announced the launch of an enhanced product offering called Private Company PROtect. Private Company PROtect allows policyholders to purchase one or more management liability and professional liability coverage options with separate or shared limits. Each policy can be customised to meet specific ... Read the full article
Swiss Re Corporate Solutions adds Zurich VP Johnston to Canada division
30th May 2019
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re Group, has announced the appointment of Tyler Johnston as Head of Financial & Professional Services and Casualty Canada, effective June 24. Based in Toronto, Johnston will be responsible for growth, strategy and underwriting of the Financial & Professional ... Read the full article
Uber and INSHUR partner to provide digital insurance services
30th May 2019
Ridesharing giant Uber has partnered with INSHUR to provide a range of insurance services to drivers who use the Uber app. INSHUR is a mobile-first provider of commercial auto insurance for private hire drivers, and utilises information about average trips, location and driver ratings in near real-time. The data INSHUR collects ... Read the full article
Moody’s cautions European insurers against pursuing more illiquid assets
30th May 2019
Moody’s expects European insurers to continue allocating more of their investment portfolios to illiquid assets over the next 12-18 months as they seek higher yields. However, the rating agency notes that the outlook for illiquid asset classes is variable, and predicts a deterioration in the credit quality of some illiquid assets, ... Read the full article
AIG’s Talbot restructures with closure of Australia & Lloyd’s China units
30th May 2019
AIG-owned reinsurer, Talbot Underwriting is to close its office in Australia and also its Lloyd's China unit and will now service its renewals through its Singapore and London branches. Talbot has said that it is to combine its regional underwriting capabilities into a single hub domiciled in Singapore, which it states ... Read the full article
Sompo International eyeing significant mid-term growth
29th May 2019
Bermuda-based property and casualty re/insurer Sompo International (SI) has set out a series of financial and structural targets that will see the company's weight within Sompo Holdings increase significantly over the medium term. The SI brand was created following the integration of Bermudian re/insurer Endurance Re, which was acquired for ... Read the full article
EMC to step away from Mutual Re ownership group
29th May 2019
Iowa-based insurer Employers Mutual Casualty is to depart from the ownership group of Mutual Re, a joint reinsurance association writing business through reinsurance intermediaries. EMC’s departure follows its business model shift away from direct business towards the broker market. The move ends a 60-year membership and has prompted Mutual Re to consider ... Read the full article
Tech firm Geospatial Insight launches AI-driven property data product
29th May 2019
Geospatial Insight, a provider of independent research derived from the analysis of satellite, aerial and drone imagery, has announced the launch of its new product PropertyView. The product, available globally, combines artificial intelligence (AI) and scalable cloud computing to extract critical building information from satellite imagery. Customers are given access via a web ... Read the full article
Monument Re completes Alpha Insurance run-off portfolio acquisition
29th May 2019
Bermuda-based reinsurer Monument Re has completed its previously announced acquisition of a run-off portfolio of traditional life and credit life business from Enstar Group Limited subsidiary, Alpha Insurance S.A. Monument Re's European subsidiary, Monument Assurance Belgium NV has now completed the acquisition of Alpha Insurance S.A., following the receipt of regulatory approval from the ... Read the full article
A.M. Best stays negative on Indian non-life market
29th May 2019
A.M. Best has maintained its negative market segment outlook on India’s non-life insurance market, citing a continued reliance on realised and unrealised investments to offset technical losses, short-term regulatory disruption, and underperforming core business lines. The rating agency acknowledged that the non-life insurance industry has been one of the main beneficiaries ... Read the full article
Intellectual property risks a top concern, but coverage lacking: Aon survey
29th May 2019
Intellectual property (IP) risks were identified as a top-10 concern for organisations in a recent survey by Aon, which also found that insurance covers only 16% of the $1.0 billion average potential loss for certain intangible assets. The study surveyed more than 2,300 organisations representing different industries and geographies across the ... Read the full article
Willis Re uses PCS index as trigger for Japan ILW
29th May 2019
Willis Re has become the first reinsurance broker to structure and trade an industry loss warranty (ILW) using Property Claim Services’ (PCS) new Japan index as trigger. PCS expanded its industry loss data aggregation and index reporting services to include non-marine catastrophe losses in Japan in January 2019, following the impacts ... Read the full article
Beazley adds cyber cover to media, tech industry insurance policy
29th May 2019
Specialist insurer Beazley has incorporated cyber coverage into its MediaTech insurance policy as it looks to protect businesses against new and evolving forms of risk. The Beazley MediaTech policy has been streamlined to provide clear and concise wording and seamless protection, says Beazley, combining errors and omissions (E&O) and media liability ... Read the full article
IGI joins GBN Worldwide re/insurance network
29th May 2019
International specialist commercial re/insurer International General Insurance (IGI) has become a member and network partner of GBN Worldwide, a global insurance network of insurers, reinsurers, independent brokers and specialty suppliers. IGI hopes the partnership, which enables the company to place business in over 140 countries, will support and enhance its vision ... Read the full article
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