Reinsurance News
Liberty Mutual Re adds Guy Carp’s van Oort to lead Northern Europe
2nd September 2019
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, has announced the appointment of Hans van Oort as Head of Northern Europe, a newly-created role. Van Oort joins from Guy Carpenter, where he served as Managing Director of the firm’s Benelux operations. His Cologne-based role, effective September 2, will see ... Read the full article
Swiss Re & Capsicum Re launch holistic cyber reinsurance solution, Decrypt
2nd September 2019
Global reinsurance giant Swiss Re has partnered with specialist reinsurance broker, Capsicum Re, on the launch of a new holistic cyber reinsurance solution, called Decrypt. The new solution offers a single, flexible, end-to-end solution to insurers' cyber risk challenges, including embedded, silent, and affirmative cyber exposures. An announcement on the release explains ... Read the full article
ArgoGlobal’s Lloyd’s Syndicate 1200 to exit Asia
2nd September 2019
Lloyd's of London insurer and member of Argo Group, ArgoGlobal, has announced plans to exit Syndicate 1200 underwriting operations in Asia and the majority of its hull underwriting business within the syndicate. The move comes as part of recent actions undertaken by the firm to improve profitability in the syndicate. In ... Read the full article
Dorian ramps up to 180mph winds, but US outlook improves
2nd September 2019
Hurricane Dorian has ramped up to Category 5, reaching wind speeds of more than 180mph over the weekend, but the outlook for the US has improved significantly, with forecasts now showing that the storm will stay just offshore as it moves up the east coast. Dorian, which had previously been forecast ... Read the full article
Low cat losses & improved pricing boost European reinsurers’ H1 results: Fitch
2nd September 2019
The big four European reinsurers reported solid underwriting performance during the first half of 2019, with results boosted by limited natural catastrophe losses and an improved pricing environment, according to Fitch Ratings. The rating agency pointed to growing momentum for positive premium rate development at the June/July renewals, as well as ... Read the full article
Reinsurer appetite to support insurance sector growth in Bolivia: A.M. Best
2nd September 2019
An expectation of continued, healthy growth, robust solvency ratios and stable appetite from reinsurance companies has seen A.M. Best assign a stable market segment outlook to Bolivia's insurance industry. According to international financial services rating agency, A.M. Best, Bolivia's insurance industry grew by 11% in 2018, on the back of 3.4% ... Read the full article
Destructive winds & storm surge forecast as Dorian reaches Cat 4
30th August 2019
Updated, Sat Aug 31st: The latest update from the National Hurricane Center (NHC) warns of “life threatening storm surge and devastating hurricane-force winds” for parts of the Bahamas and Florida as Dorian continues to build in intensity, now reaching Category 4. Hurricane Dorian has now strengthened to maximum sustained wind speeds ... Read the full article
ABI data shows increase in liability and application fraud
30th August 2019
New data released by the Association of British Insurers (ABI) shows that the number of detected fraudulent insurance applications has increased by 5%, with the average value of detected fraud now in excess of £12,000. In connection with this increase, ABI noted that the Insurance Fraud Bureau (IFB) has seen the ... Read the full article
China’s Ping An to develop nationwide ‘innovation platform’, reports
30th August 2019
Ping An Insurance, China’s largest insurer by market value, has been selected by the country’s Ministry of Science and Technology to build a nationwide innovation platform to help bolster the development of Artificial Intelligence, according to reports from China Daily. The National Open Innovation Platform for Next Generation Artificial Intelligence will ... Read the full article
Market players must think differently following record cat losses: Aon
30th August 2019
While the overall re/insurance market remains resilient despite record losses throughout 2017 and 2018, industry players must adjust to a rapidly hardening market and think differently from the way they have in the last decade, according to a report by Aon. Wildfires, cyclones and severe thunderstorms caused $225 billion in economic ... Read the full article
CCRIF launches web-based platform to monitor natural hazards
30th August 2019
The Caribbean Catastrophe Risk Facility (CCRIF) has launched a new web-based platform through which its members can monitor natural hazards, analyse their intensity, and assess their impact. The platform, which can monitor earthquakes, heavy rainfall and tropical cyclones, also allows members to check whether an active insurance policy with CCRIF is ... Read the full article
Homes with a reconstruction value of $145 billion at risk of Dorian landfall: CoreLogic
30th August 2019
CoreLogic analysis shows that 668,052 single-family and multifamily homes along the east coast of Florida, with a combined reconstruction value (RCV) of $144.6 billion, are at potential risk of storm surge damage from Hurricane Dorian making landfall as a Category 3 storm. Hurricane Dorian continues to track towards a Florida ... Read the full article
CNO Financial hires Karen DeToro as Chief Actuary
30th August 2019
CNO Financial Group, Inc. has recruited Karen DeToro from New York Life as its new Chief Actuary, effective from September 30, 2019. At New York Life, DeToro held a number of executive leadership positions in finance operations, product development, underwriting, strategy, and governance. Her previous roles at the company included Vice President ... Read the full article
Demand for cyber protection rising as clients tackle a top concern: CIAB
30th August 2019
The Council of Insurance Agents & Brokers (CIAB) has revealed that the majority of respondents to a recent survey have reported an increase in demand for cyber insurance, with cyber risk continuing to be a top client concern in the second-quarter of 2019. The CIAB's Commercial Property/Casualty Market Report Q2 2019 ... Read the full article
Sullivan to replace Pelletier as Prudential Financial EVP, Head of US
30th August 2019
US insurance and investment firm Prudential Financial has appointed Andrew Sullivan to succeed Stephen Pelletier as Executive Vice President and Head of US businesses. Pelletier, who is set to retire after 27 years at the firm, is expected to stay on in an advisory capacity until 1 April 2020. Sullivan's appointment is ... Read the full article
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