Reinsurance News
Insurance Europe welcomes revised financial supervision system
16th April 2019
The European Parliament has voted to adopt an agreement reached between the European Union (EU) institutions regarding the review of the European system of financial supervision. The move was welcomed by Insurance Europe, the European insurance and reinsurance federation, who said the decision would uphold the authority of national supervisors. “Insurance Europe ... Read the full article
AkinovA adds co-founder of Securis to Advisory Board
16th April 2019
AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has announced the addition of Rob Procter to its Advisory Board. Procter is a co-founder of Securis Investment Partners, an independent insurance-linked securities (ILS) manager, and has served as CEO and Chief Investment Officer at the company. Prior to Securis, ... Read the full article
Property data startup Insurdata secures $3m in seed funding
16th April 2019
Insurdata, an InsurTech startup specialising in the augmentation of peril-specific exposure and risk data, has secured $3 million in seed funding from a group of investors led by Anthemis and Menlo Ventures. Insurdata was launched in 2017 to address the lack of property-specific data available to the re/insurance market. By providing access ... Read the full article
Reserve releases to augment U.S P&C underwriting profits: KBW
16th April 2019
Analysts at Keefe, Bruyette & Woods (KBW) are anticipating that 2019/2020 underwriting results for the U.S property and casualty (P&C) re/insurance sector will be augmented by higher than expected reserve releases. KBW estimates that the U.S P&C industry’s overall year-end 2018 statutory loss and defence and cost containment reserves were overstated ... Read the full article
Shepherd Compello B.V. opens in the Netherlands to ensure post-Brexit continuity
16th April 2019
Shepherd Compello, a specialist insurance brokerage, has announced the opening of Shepherd Compello B.V., in Assen, the Netherlands, to support the company's growth ambitions across Europe. Shepherd Compello B.V. is the broker's new international company, which received a licence to trade as an Insurance Agency from the Netherlands AFM on January ... Read the full article
Generali turns to blockchain for enhanced employee benefits offering
16th April 2019
Professional services firm Accenture and Generali Employee Benefits (GEB) have announced a blockchain-powered solution aimed at enabling participants in the reinsurance process for captive or pooling services to access the same data and reduce processing errors via smart contracts and automated reconciliation. The solution is expected to streamline GEB’s employee benefit ... Read the full article
HDI Global SE promotes Williams to Head of Underwriting UK, Corporate Risk
16th April 2019
Primary commercial specialist HDI Global SE has promoted Paul Williams to Head of Underwriting UK, Corporate Risk. Williams has been promoted to this Manchester, England-based position from his previous role as Head of UK Corporate, North and Scotland, following the retirement of Kevin Armstrong. He will be responsible for the continuing growth ... Read the full article
Everest Insurance Ireland to open UK branch
16th April 2019
Everest Insurance Ireland, dac (EIID), a part of the Everest Insurance International platform, has announced the opening of a new branch office in the UK. EIID was established in 2017 and is led by Chief Executive Officer (CEO) Linda Ryan, who manages the strategy and operational development of the company. Ryan previously ... Read the full article
Aon advises Bank of America Merrill Lynch UK Pension Plan on £400mn buy-in
16th April 2019
Global insurance and reinsurance broker Aon has been named as the adviser for the Trustees of the Bank of America Merrill Lynch UK Pension Plan's recent £400 million (US$523mn) buy-in transaction with Scottish Widows. The buy-in covers all 915 pensioner members in the bank's largest pension scheme, and is the latest ... Read the full article
Proxy advisors weigh in on CIAM proposals for SCOR & Kessler
16th April 2019
Proxy advisory firms Glass Lewis and ISS have voiced their support for recommendations to oppose the level of compensation of SCOR CEO Denis Kessler at the next annual general meeting (AGM), although they were split on further proposals to separate the functions of Chairman and CEO. Last month, investment management ... Read the full article
Etihad cuts reinsurance deal with SACE to support Italian businesses in UAE
16th April 2019
Etihad Credit Insurance (ECI), the United Arab Emirates (UAE) Federal credit insurance company, and SACE SIMEST, the Italian export credit company (CDP Group), have signed a reinsurance agreement to support Italian businesses operating in the UAE. Under the agreement, ECI will support SACE BT, SACE SIMEST’s company specialised in short term ... Read the full article
DAC Beachcroft adds new Belfast office with McKinty and Wright deal
16th April 2019
International law firm DAC Beachcroft has announced that it plans to launch a new office in Belfast, Northern Ireland through the acquisition of the insurance business of McKinty and Wright. The deal is expected to complete in early July 2019 and will see up to 17 fee earners, including six partners, ... Read the full article
National nat cat scheme improves the resilience of french non-life sector, says A.M. Best
16th April 2019
The resilience of France's non-life insurance sector to recent adverse weather events is mostly a result of the country's natural catastrophe scheme, says A.M. Best. Global financial services ratings agency, A.M. Best has maintained its stable outlook on the french non-life insurance sector, supported by stable but challenging market conditions, the ... Read the full article
Number of compromised business emails rise 133%: Beazley cyber report
15th April 2019
Business email compromises (BEC) made up 24% of the total number of cyber related incidents reported to Beazley Breach Response (BBR) Services in 2018, up from 13% in 2017, according to a report by the specialist re/insurer. BEC are social engineering attacks in which a cybercriminal uses compromised email credentials or ... Read the full article
Everest Insurance expands medical management claims solutions
15th April 2019
Everest Insurance, a division of Bermuda-based reinsurer Everest Re, has announced two new medical management solutions for workers’ compensation policyholders. Everest joined together with Company Nurse to offer the Everest Nurse Triage program, which gives injured employees immediate access to licensed RNs who specialise in workplace injuries. The program aims to streamline ... Read the full article
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