Reinsurance News
SCOR needs more pricing improvements to be sustainable, warn execs
9th September 2019
The property and casualty (P&C) reinsurance market has seen some “useful” price firming in 2019, but further increases will be required to put SCOR back on track for sustainable profitability, according to its management. Speaking at the Reinsurance Rendezvous event in Monte Carlo, Chief Executive Officer (CEO) Denis Kessler said that ... Read the full article
PCS to improve granularity on marine & energy loss estimates
9th September 2019
Property Claim Services (PCS), a division of Verisk that collects and aggregates the re/insurance industry loss data, has announced that it plans to offer greater granularity for estimates reported under its Global Marine and Energy platform. From November 1, 2019, PCS will report industry loss estimates for new qualifying loss events ... Read the full article
Dr. Haoming Zhou joins Starr China P&C Insurance as General Manager, President
9th September 2019
Starr Insurance Companies has announced that Dr. Haoming Zhou has been appointed General Manager and President of its Starr China Property and Casualty Insurance Ltd. subsidiary, effective September 2nd, 2019. Zhou brings over two decades of insurance industry experience to the role, and before Starr, has worked in Singapore, Sydney, Hong ... Read the full article
Guy Carpenter, CyberCube detail results of cyber cat loss study
8th September 2019
A collaborative effort by global reinsurance brokerage Guy Carpenter and CyberCube analytics has examined the potential financial impact a large-scale cyber attack could have on the standalone cyber insurance market as it exists today. By analysing 23 loss scenarios on CyberCube’s modelling platform, it was determined that a widespread data loss ... Read the full article
Munich Re announces new risk analysis services for wildfire & hurricane
8th September 2019
Munich Re has announced two new risk analysis and claims settlement services for wildfire and hurricanes, which aim to accelerate indemnification for policyholders. The reinsurer’s Wildfire Risk Score will support clients in evaluating wildfire risks in North America and in estimating damages following an event. The solution combines loss data from past ... Read the full article
Pioneer appoints HDI’s Sam Bishop as renewable energy underwriter
8th September 2019
Pioneer Underwriters, part of Minova Insurance Holdings, has added Sam Bishop as an Underwriter within its Renewable Energy team. Based in London, Bishop reports to Warren Diogo, Pioneer’s Head of Renewable Energy. Bishop, who joins from HDI Global Specialty SE having served as an underwriting manager responsible for the operational power portfolio, ... Read the full article
Nephila’s Lloyd’s managing agency gets regulatory nod
8th September 2019
Nephila Capital, the world’s largest insurance-linked securities (ILS) investment manager, has received regulatory approval to establish its own Lloyd’s managing agency. Nephila’s Syndicate 2357, which is backed by funds managed by Nephila, has been managed by Asta, a third party syndicate manager at Lloyd’s, since its inception in 2013. Nephila Syndicate Management ... Read the full article
DARAG to acquire Zurich’s German architects & engineers professional indemnity portfolio
8th September 2019
Legacy acquirer DARAG Group Limited has entered into an agreement with Zurich Insurance plc to acquire Zurich's German architects and engineers professional indemnity insurance portfolio. Upon effectiveness of the transfer, which remains subject to relevant regulatory and court approvals, DARAG Deutsche Versicherungs- und Rückversicherungs-AG, the firm's German risk carrier, will assume ... Read the full article
Aon to introduce auction capability for 1/1 renewals
8th September 2019
Global re/insurance brokerage Aon is set to implement an auction capability for the January 1 renewals, as the company looks to leverage new technology in order to speed up the process of pricing negotiations and contract certainty. Aon says the technology, offered as part of its suite of services, enables pricing ... Read the full article
Evolving risk landscape pivotal in shaping future of re/insurance: GC
8th September 2019
A recent report from Guy Carpenter has highlighted how players within the re/insurance industry are increasingly being forced to reassess their views of risk in light of loss accumulation from recent extreme weather events, uncertainty around climate change and higher loss cost trends in a number of long-tail business lines. Despite ... Read the full article
Swiss Re expects further rate increases for loss-affected, underperforming business
8th September 2019
Global reinsurance giant Swiss Re has said that it expects to see further rate increases for both loss-affected and underperforming businesses, while rates elsewhere are expected to remain stable. Throughout 2019 rates in the reinsurance industry have gained momentum, most notably in parts of the U.S. and Japan which experienced heavy ... Read the full article
AM Best to review ratings for Bahamas re/insurers hit by Dorian
8th September 2019
AM Best is to review the credit ratings of the major property/casualty (P&C) and life/health insurance companies operating in the Bahamas following the devastating impact of Hurricane Dorian in the region. The ratings have been placed under review with developing implications in light of the widespread destruction and limited information that ... Read the full article
Prudential set to acquire insurtech Assurance IQ
8th September 2019
US insurance and investment firm Prudential Financial has agreed to acquire Assurance IQ, an insurtech firm that matches buyers with customised insurance solutions. The transaction includes a total upfront consideration of $2.35 billion, plus an additional earnout of up to $1.15 billion in cash and equity, contingent upon Assurance achieving certain ... Read the full article
Hurricane Dorian triggers $11mn CCRIF payout to the Bahamas
8th September 2019
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) will pay the Bahamas almost US $11 million due to the impact of Hurricane Dorian, which hit the region last week as a Category 5 storm. Dorian made landfall in the Bahamas on September 1 and stalled over the Abaco Islands and Grand Bahama ... Read the full article
Markel announces launch of Lodgepine Capital Management in Bermuda
8th September 2019
Markel Corporation has announced its new retrocessional reinsurance ILS fund management unit, Lodgepine Capital Management Limited., together with a reinsurer, Lodgepine Re. Initially, Lodgepine's product offering will be the Lodgepine Fund, a property cat retrocessional investment fund ahead of the 2020 renewals season. "Lodgepine will expand Markel's current range of ILS capabilities ... Read the full article
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