Reinsurance News
Munich Re-backed insurtech INSHUR raises further $1.5m
29th August 2019
INSHUR, a 100% digital provider of commercial auto insurance, has raised a further $1.5 million to its Series A funding round from Viola FinTech, part of the Israel-based technology investment group Viola. Backed by global reinsurer Munich Re, INSHUR is a mobile-first provider of commercial auto insurance for private hire ... Read the full article
Cyber, IT security the “soft underbelly” of UK SMEs: Gallagher
29th August 2019
Analysis conducted by global insurance brokerage Gallagher has highlighted the vulnerability of Small and Medium Enterprises across the UK to what it describes as “crisis events”, a category that includes cyber-attacks, extortion, industrial espionage and terrorism. Gallagher says such events are costing UK SMEs billions of pounds a year and that ... Read the full article
South Korean re/insurers brace for new accounting & solvency regimes: AM Best
29th August 2019
South Korean re/insurers are preparing for the implementation for new accounting and solvency rules in 2022, which AM Best believes are likely to take a heavy operational toll on the market. The introduction of the International Financial Reporting Standards 17 (IFRS 17) will fundamentally change the accounting view on the valuation ... Read the full article
Not a “one year and done” rate increase situation: Hendrick, AXA XL CEO
28th August 2019
The insurance and reinsurance market is not looking at a "one year and done" rate increase situation, as a number of factors suggest there could be more to come, according to AXA XL CEO Greg Hendrick. Hendrick believes that while we haven't seen the kind of capital erosion required to turn ... Read the full article
H.W. Kaufman Group’s RB Jones Marine partners with ProSight
28th August 2019
H.W. Kaufman Group has announced the expansion of its subsidiary RB Jones as it partners with ProSight Specialty Insurance to become the exclusive administrator for its Marine Solutions and Excess Energy niches. Under this arrangement, RB Jones Marine will assume underwriting and servicing of the firm's Marine Liability, Marine Excess, brown-water ... Read the full article
California insurers responding to wildfire losses: Moody’s
28th August 2019
Following a second consecutive year of record wildfire losses for property & casualty insurers in 2018, wildfires have emerged as a first-tier US catastrophe peril, according to a new report from Moody's Investors Service. Analysts state that the 2017 and 2018 wildfires, which included six of the ten most destructive wildfires ... Read the full article
Hurricane Dorian landfall in Florida could hurt reinsurers the most: KBW
28th August 2019
Analysts at Keefe, Bruyette & Woods (KBW) believe that Tropical Storm Dorian is likely to impact reinsurers more than primary carriers if it strengthens and makes landfall in Florida. Current forecasts suggest that Dorian could develop into a major hurricane, with Category 3 wind speeds of between 111-129mph, before making landfall ... Read the full article
Insurtech Kin raises $47m to fund carrier in Florida
28th August 2019
Kin Insurance, an insurtech startup focused on matching US homeowners to insurance policies, has raised $47 million in additional funding. Kin plans on using the capital to launch Kin Interinsurance Network, a Florida insurance carrier that is expected to expand and serve other states in the near future. Using a customers’ home ... Read the full article
U.S. life/annuity sector’s total income down slightly in H1 2019: A.M. Best
28th August 2019
Analysis from A.M. Best shows that total income in the U.S. life/annuity industry fell slightly in the first-half of 2019 to $422.4 billion, as a $26 billion decline in other income offset a $24.9 billion increase in premiums and annuity considerations. A.M. Best's analysis is derived from companies' first-half 2019 interim ... Read the full article
Skuld & Concirrus partner on marine loss prevention
28th August 2019
Skuld, the Oslo-based marine insurer, has partnered with insurtech firm Concirrus to deploy its behaviour-based data analytics platform, Quest Marine. By integrating the platform with its business systems, Skuld will be able to identify suspicious loss behaviour, develop risk monitoring insights, and advise its members on ways to reduce risk. Advice will ... Read the full article
Court ruling on Prudential/Rothesay expected to disrupt de-risking plans: Fitch
28th August 2019
A recent UK High Court judgement to block Prudential's proposed £12 billion annuities transfer to Rothesay Life, is a sign that some insurers will likely have to retain business that they hoped to offload, warns Fitch Ratings. The proposed Part VII portfolio transfer from Prudential to Rothesay Life, which followed ... Read the full article
Karen Clark & Co highlights vast loss potential from large Tokyo quake
28th August 2019
Analysis by catastrophe risk modeller Karen Clark & Company (KCC) claims that a large magnitude earthquake event impacting Tokyo could drive overall property losses of more than $3 trillion. Japan's positioning at the juncture of four tectonic plates means it is one of the most seismically active areas of the world. Over ... Read the full article
EU re/insurers push for “level playing field” ahead of ICS adoption
28th August 2019
Two advocacy groups representing EU insurers and reinsurers have called on the European Commission to provide a “global level playing field” ahead of the monitoring period for the Insurance Capital Standard (ICS). Insurance Europe and the Pan European Insurance Forum (PEIF) wrote a joint letter to the Commission’s Vice President, highlighting ... Read the full article
Munich Re’s ERGO Germany implements AI-powered fraud and risk solution
28th August 2019
ERGO Germany, a division of reinsurance giant Munich Re, has completed the implementation of the FRISS solution, an AI-powered fraud and risk solution for the property & casualty (P&C) insurance sector. The implementation enables ERGO Germany with the ability to leverage AI to optimise its portfolio and fasten its claims management ... Read the full article
Liberty Specialty promotes Garside to Head of Bermuda Property
28th August 2019
Liberty Specialty Markets, a division of Liberty Mutual Insurance Group, has announced the promotion of Nicholas Garside to Head of Bermuda Property, effective September 1. Garside, who holds over 15 years’ experience in the insurance space, joined Ironshore Bermuda as Senior Vice President in 2018 prior to its LSM rebrand. Before that, ... Read the full article
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