Reinsurance News
Labuan leads captive market in Asia, with six new formations in 2018
31st May 2019
Labuan IBFC remained the leading jurisdiction in Asia for captive formations in 2018, with six new formations over the year bringing its total number of captives to 48. Farah Jaafar-Crossby, CEO of Labuan IBFC Inc., noted that the jurisdiction’s captive market growth outpaced other Asian hubs such as Singapore and Hong ... Read the full article
Munich Re views cyber as an opportunity for “sustainable new business”: Jurgen Reinhart
30th May 2019
Munich Re wants to help the re/insurance industry approach the cyber challenge as an opportunity for “sustainable new business,” rather than as an insurmountable obstacle to be overcome. This is according to Jurgen Reinhart, Munich Re’s Chief Underwriter for Cyber, who told Reinsurance News that the company was “ready to accept ... Read the full article
Moody’s goes stable on Sura Re as Colombian outlook improves
30th May 2019
Moody’s Investors Service has upgraded the outlook of Sura Re from negative to stable, and affirmed the company’s Baa3 global scale insurance financial strength (IFS) ratings. The decision comes after Moody’s recent revision of Columbia’s local-currency and foreign-currency Baa2 sovereign bond ratings, which it changed from negative to stable on 23 ... Read the full article
7.3m homes along US Gulf, Atlantic coasts at risk to storm surge: CoreLogic
30th May 2019
A report released today by global catastrophe risk modeller CoreLogic has identified more than 7.3 million single and multi-family homes along the Gulf and Atlantic Coasts with the potential for storm surge damage. The total estimated reconstruction cost value (RCV) - calculated using the combined cost of construction materials as well ... Read the full article
Dunleavy named CUO of Aspen Re as Issavi joins Ryan Specialty
30th May 2019
Emil Issavi, previously the President, Chief Underwriting Officer (CUO) and Managing Director of the Americas, Aspen Reinsurance, is leaving the firm to join Ryan Specialty Group (RSG) and its subsidiaries RSG Underwriting Managers, LLC and Ryan Re Underwriting Managers, LLC as Senior Executive. The announcement from Aspen Insurance Holdings and RSG ... Read the full article
Loss creep on casualty lines hardening rates across all sectors: AmWINS
30th May 2019
The continued deterioration of loss development on casualty lines has driven market hardening to a greater degree than was originally projected, according to analysts at specialty insurer AmWINS. The group’s State of the Market report for Q2 2019 noted that firming has spread out from segments such as New York construction, ... Read the full article
A.M. Best expects minimal insured losses from Peru earthquake
30th May 2019
The recent magnitude 8.0 earthquake that struck Peru and parts of Ecuador last week is expected to have only a minimal impact on the domestic insurance markets in the region, according to A.M. Best. In Peru, the event reportedly caused damage to housing infrastructure and schools, as well as disruptions in ... Read the full article
Amazon could target P&C insurance as a broker: CB Insights
30th May 2019
Analysts at CB Insights have suggested that Amazon could enter the insurance space as a broker on the property and casualty (P&C) side, using its size as an e-commerce retailer and its huge member base to become a major distributor in the U.S. Amazon has already shown some interest in building ... Read the full article
Grinnell Mutual utilises Kespry’s drone tech for property roof inspections
30th May 2019
Grinnell Mutual Reinsurance Company, the Iowa-based property & casualty (P&C) re/insurer, has announced that it is using a drone-based aerial intelligence platform from Kespry for residential and commercial property roof inspections. By utilising the platform, Grinnell Mutual hopes to significantly reduce inspection time, expedite claims processes, reduce loss adjustment expenses, and ... Read the full article
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
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