Reinsurance News
Business leaders not prioritising cyber risk management, reports Marsh
23rd September 2019
Business leaders are not spending adequate time addressing cyber risk management, according to a new report by re/insurance broker Marsh, even as cyber risk increasingly ranks among the top concerns for most organisations. Marsh found that a majority of board members and senior executives responsible for their company’s cyber risk management ... Read the full article
Carpe Data launches new commercial dataset for P&C insurers
23rd September 2019
Emerging and alternative data provider Carpe Data has released a new commercial dataset for property and casualty insurers. Carpe Data says the new platform provides P&C insurers access to a range of use cases that can be applied across the entire policy lifecycle via more accurate classification categories, an array of ... Read the full article
Cyber re/insurance is unsustainable on its current path: Arceo’s Ben Beeson
20th September 2019
The cyber insurance and reinsurance market is likely to be unsustainable if it continues on its current path, but better use of data and more informed regulation may offer a solution. This is according to Ben Beeson, Founding Member and Head of Insurance at Arceo, a risk analytics provider for the ... Read the full article
Typhoon Faxai could drive domestic market loss of $2.8bn, says GIAJ
20th September 2019
Typhoon Faxai could result in a loss of JPY 300 billion (USD 2.8 billion) for the domestic insurance market in Japan, according to the General Insurance Association of Japan (GIAJ). At this level, losses would be roughly in line with 2018’s Typhoon Trami, GIAJ’s Chairman, Yasuzo Kanasugi, said at a press ... Read the full article
Juan Carlos Realphe appointed CEO of Zurich Colombia
20th September 2019
The Colombian arm of global insurer Zurich has announced the appointment of Juan Carlos Realphe as Chief Executive Officer, effective October 15. Realphe succeeds Victoria Bejarano, who is expected to remain as Chairman of the Board of Directors and continue playing a role in developing the business. Claudia Dill, CEO for Latin ... Read the full article
Acrisure partners with Tulco on AI-powered brokerage platform
20th September 2019
US insurance broker Acrisure has partnered with investment company Tulco Holdings to launch Altway Insurance, a direct-to-consumer brokerage platform that is fully supported by artificial intelligence (AI). Altway also plans to work closely with Google Cloud AI to support the automation of client-facing operations, marketing, sales and product-distribution channels. This integrated AI ... Read the full article
Net income up three-fold for US P&C mutual insurers: AM Best
20th September 2019
Property and casualty (P&C) mutual insurers in the US more than tripled their net income in 2018, owing to lower catastrophe losses and increased investment income, according to AM Best. The rating agency also found that rated mutuals’ net premiums written (NPW) continued to grow at a moderate pace of 4.2% ... Read the full article
Risk Strategies adds Brad Gabbard as SVP of healthcare practice
20th September 2019
US insurance brokerage Risk Strategies has appointed Brad Gabbard as Senior Vice President of its national healthcare practice. Gabbard most recently served as an executive vice president and health care practice leader Willis Towers Watson. Before that, he spent nine years at Aon Risk Services. “Risk Strategies’ health care practice is committed to ... Read the full article
Lloyd’s performance improvements not yet sufficient, says KBW
20th September 2019
Analysts at Keefe, Bruyette & Woods (KBW) have contended that the Lloyd’s of London results for the first half of 2019 show necessary but insufficient improvements in the performance of the insurance and reinsurance marketplace. Lloyd’s released its H1 results earlier this week, reporting a £2.3 billion profit before tax, ... Read the full article
Storm Imelda losses will reach into hundreds of millions: Aon
20th September 2019
Tropical Storm Imelda, which caused devastating flooding after making landfall in Texas earlier this week, is expected to cause hundreds of millions of dollars of total economic losses, if not more, according to re/insurance broker Aon. Imelda brought wind speeds of 40 mph and more than 40 inches of rain to ... Read the full article
Cyber risk quantifier Cytegic launches insurance unit
20th September 2019
Cyber risk quantifier Cytegic has launched its own insurance unit in a move it says will help support the industry in better understanding and mitigating cyber risk. Heading the unit will be cyber risk and insurtech expert Steven Schwartz, who joins Cytegic as Vice President of Strategy & Insurance. He is a ... Read the full article
Brokerslink adds three European firms to network
20th September 2019
Independent broker network Brokerslink has expanded its European operations with the addition of three regional firms. Bordeaux-based maritime brokerage Filhet-Allard Maritime, Latvian retail brokerage Colemont FKB and Draudimo Bités, a Lithuanian outfit specialising in transport and logistics, all join as part of Brokerslink’s global network. “Europe is an important region for us, ... Read the full article
Spanish floods to drive industry loss upwards of €287mn, says Aon
20th September 2019
The major flooding that occurred in southeast and central Spain last week is likely to drive an insurance and reinsurance industry loss in excess of €287 million (US $318 million), according to analysts at Aon. The broker also estimated that insured losses would represent only a fraction of the total economic ... Read the full article
Re/insurers’ increasing use of structured solutions to persist: S&P
20th September 2019
Analysts at S&P Global Ratings expect global insurers and reinsurers to increasingly leverage structured solutions to mitigate exposure to legacy business and prune unprofitable non-core products. The global re/insurance market remains competitive and challenging, and as a result, it's expected that companies will continue to strive for improved risk-adjusted returns by ... Read the full article
Markel names Brenton Slade President Of Lodgepine Capital
20th September 2019
Re/insurance holding company Markel Corporation has announced the appointment of Brenton Slade as President of its new retrocessional reinsurance ILS fund management unit, Lodgepine Capital Management Limited. Slade joins from Hamilton Capital Partners, where he served as a Senior Vice President. Before that he was Chief Operating Officer for the Horseshoe ... Read the full article
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