Reinsurance News
Profitability returns, GWP falls for US P&C reinsurers in Q1: RAA
24th May 2019
Data released by The Reinsurance Association of America (RAA) shows a significant drop in gross written premium (GWP) for the first three months of 2019 to $19.2 billion, compared with $66.7 billion in the final quarter of 2018. The data, collected by RAA from 17 reinsurers globally, also indicates a return ... Read the full article
Generali to sell UK life run-off portfolio to Reinsurance Group of America
24th May 2019
Italian insurer Generali has entered into an agreement with Reinsurance Group of America (RGA) for the sale of the life run-off portfolio of its UK branch. As part of the transaction, Generali has signed a reinsurance contract that will cover all claims payments arising from most of the legacy business, with ... Read the full article
40% chance of a near-normal 2019 Atlantic hurricane season: NOAA
24th May 2019
The NOAA's Climate Prediction Center has produced its latest outlook for the 2019 Atlantic hurricane season, forecasting a 40% chance of a near-normal season. The NOAA's outlook forecasts a 30% chance of an above-normal season and a 30% chance of a below-normal season, which officially runs from June 1st to November ... Read the full article
Lockton names Richard Barraclough as Head of Corporate in Manchester
24th May 2019
Re/insurance broker Lockton has announced the appointment of Richard Barraclough to the position of Head of Corporate at its Manchester office as it looks to grow its presence in the North England. Barraclough joins Lockton from AJ Gallagher in Yorkshire, where he most recently led its Leeds, Sheffield and Wakefield offices ... Read the full article
Florida Governor signs AOB reforms into law
24th May 2019
Florida Governor Ron DeSantis has approved the recently proposed reforms to assignment of benefits (AOB) practices in the state, signing a bill to officially bring them into law. The Florida Legislature passed the reforms in April in an effort to stabilise the recent explosion in AOB litigation and provide policyholders with ... Read the full article
Fractal Industries launches new data-driven MGA
24th May 2019
Fractal Industries Inc. has announced the launch of a new managing general agency (MGA) to provide insureds with a single insurance policy for multiple perils. The MGA uses the Fractal Advanced Insurance Decision Platform (AIDP) to create an underwriting platform that integrates data and analytics, and is inter-operable with broker platforms, ... Read the full article
Nat cats dent underwriting performance of Australian insurers in Q1: APRA
24th May 2019
Statistics on the performance of general insurers in Australia in the first-quarter of 2019, released by the Australian Prudential Regulatory Authority (APRA), shows that claims from natural catastrophe events contributed to a 32.4% decline in the underwriting result. The Quarterly General Insurance Performance Statistics report released by the APRA, shows that ... Read the full article
Everest Re adds Meryl Hartzband to Board of Directors
24th May 2019
Global reinsurer Everest Re Group has appointed Meryl Hartzband to its Board of Directors. A founding partner of Stone Point Capital, Hartzband served as the firm's Chief Investment Officer from 1999 to 2015. Prior to joining Stone Point, she was a Managing Director at J.P. Morgan & Co., specialising in private equity ... Read the full article
Lancashire CFO Elaine Whelan to step down in 2020
24th May 2019
Specialty insurance and reinsurance group Lancashire Holdings has announced that its Group Chief Financial Officer (CFO) Elaine Whelan plans to retire during the course of 2020. She will continue in her role as Group CFO throughout 2019 and the financial year end process, and will step down from this role and ... Read the full article
TRIPRA expiration could weaken global property terrorism market: Marsh
24th May 2019
While the global property terrorism insurance market remains strong and well capitalised, the potential expiration of the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) could create capacity shortfalls, especially for businesses located in high profile cities and employers with significant workers’ compensation accumulations. In a new report, global re/insurance brokerage Marsh ... Read the full article
Swiss Re partners with Tencent’s WeBank to research AI use in reinsurance
24th May 2019
Swiss Re’s Beijing arm has partnered with WeBank, an online lender owned by Chinese investment comglomerate Tencent, to research the potential application of new artificial intelligence (AI) models in reinsurance, according to Shine. The parties signed a Memorandum of Understanding (MoU) to cooperate on federated learning, a new encrypted and distributed ... Read the full article
Need to adapt is testing L&H re/insurers’ reluctance to change, says Hannover Re’s Tony Laudato
23rd May 2019
The historical reluctance of life and health (L&H) re/insurers to change is starting to shift as boards and senior management increasingly understand the necessity of adapting and embracing new technological advances, says Tony Laudato, a Vice President at Hannover Re. “Life insurance companies are very reluctant to change, a lot of ... Read the full article
Allianz (AGCS) strengthens response services for environmental emergencies
23rd May 2019
Allianz’ corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), has expanded the emergency response services it offers as part of its Environmental Impairment Liability (EIL) coverage for pollution or contamination events. It has partnered with GM Consultant and HETI to offer a 24/7 support system, with the aim of limiting ... Read the full article
Ronald Natherson named CEO of Florida insurer Gulfstream
23rd May 2019
Gulfstream Property and Casualty Insurance Company, the Florida-based insurer, has announced the appointment of Ronald E. Natherson as President and Chief Executive Officer (CEO). Natherson joins Gulfstream from Southern Oak Insurance Company, where he most recently served as Chief Operating Officer, based in Ponte Vedra Beach, Florida. He has over two decades ... Read the full article
WTW integrates insurtech vendor Tia Technology into pricing platform
23rd May 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has partnered with insurtech vendor Tia Technology to enhance the offering of its Radar Live price delivery software. WTW intends to integrate the Tia rating engine into Radar Live, allowing users to take full advantage of both systems and providing more frequent ... Read the full article
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