Reinsurance News
Lloyd’s rule change bans ‘under the influence’ passholders
10th April 2019
The Lloyd’s of London marketplace has published a bulletin introducing an updated set of rules applicable to passholders accessing the building. Most notably, the bulletin states that a passholder must not enter (or attempt to enter) the premises during working hours under the influence of alcohol or any illegal drug. If a ... Read the full article
Beazley appoints Hodson, Reizenstein as Non-Exec Directors
10th April 2019
Specialty re/insurer Beazley has announced the arrival of Nicola Hodson and John Reizenstein as Non-Executive Directors, effective April 10. Hodson, who is the current Vice President of Field Transformation for Microsoft Global Sales and Marketing, has also been appointed to the audit and risk committee. She was previously Chief Operating Officer ... Read the full article
World Bank eyes updated pandemic risk transfer facility for 2020
10th April 2019
The World Bank Group has reached out to catastrophe risk modelling firms as it prepares to begin development on the next phase of its Pandemic Emergency Financing Facility, PEF 2.0. In response to the high financial, social and economic loss driven by outbreaks of infectious disease, such as the 2014 Ebola ... Read the full article
Chubb names Head of Financial Institutions UK & Ireland, Global Markets
10th April 2019
Chubb has named Jonathan Kennett as the new Head of Financial Institutions for the UK and Ireland and Chubb Global Markets, the firm's London Market wholesale and specialty division. The appointment is effective immediately and sees Kennett report to Matthew Shaw, Division President, Chubb Global Markets and Hilda Toh, Financial Lines ... Read the full article
Technology key in closing emerging Asia’s life, health protection gap: survey
10th April 2019
Increasing rates of cancer, diabetes and cardiovascular diseases constitute emerging Asia’s single most important life & health protection gap, according to a survey conducted by research, communication and business development consultancy firm Dr. Schanz, Alms & Company. The findings - part of the Peak Re-sponsored Emerging Asia Life Insurance Pulse survey - ... Read the full article
Guernsey targeting MGA growth
10th April 2019
Guernsey Finance, the promotional agency for the island’s finance industry, has expressed confidence in its plans to develop the managing general agents sector following a visit from the Managing General Agents’ Association (MGAA). MGAA’s Managing Director Peter Staddon and its founder David Coupe spent a day on the island and met ... Read the full article
Palomar sets sights on $97m-$110m IPO
10th April 2019
Palomar Holdings, a specialty property insurance provider backed by Genstar Capital, has set its sights on raising between $97 million and $110 million for its upcoming initial public offering (IPO) of common stock. The company had initially been targeting $50 million for the IPO, driven by the opportunity to increase its ... Read the full article
Secondary perils the main driver of 2018 insured cat losses: Swiss Re
10th April 2019
Global insured losses from natural catastrophe events in 2018 totalled $76 billion, with more than 60% of the losses coming from secondary perils, according to Swiss Re Institute's latest sigma study. In order to sustainably underwrite catastrophe business, insurers and reinsurers need to focus more on primary and secondary perils, warns ... Read the full article
Everest Insurance appoints Taute to Distribution leadership role
10th April 2019
Everest Insurance, the specialty insurance arm of Bermuda-based reinsurer Everest Re Group, Ltd., has appointed Rick Taute as Vice President (VP), Marketing & Distribution and National Wholesale Distribution Leader for insurance. In his new role, Taute will be based in the insurance division's Boston, Massachusetts office. Most recently, Taute served as Executive ... Read the full article
Global flood events in March result in $8 billion of economic losses: Aon
9th April 2019
Flooding events across the world in the month of March has resulted in economic losses of roughly $8 billion, with approximately half of this coming from events that hit the U.S., according to global insurance and reinsurance broker, Aon. Aon's monthly global catastrophe report highlights numerous flood events, which, combined are ... Read the full article
Significant Brevard County hailstorms to cost HCI Group up to $7m
9th April 2019
A recent hailstorm that impacted several areas of the Brevard County, Florida, is expected to drive a loss of between $4 million and $7 million for HCI Group, Inc. According to the National Weather Service, recent thunderstorms that brought hail to parts of Canaveral Groves, Cocoa, Rockledge, Merritt Island and Satellite Beach, ... Read the full article
Chubb handed permission to set up Myanmar life insurance subsidiary
9th April 2019
Global insurer Chubb has been revealed as one of the five foreign firms handed permission by the government of Myanmar to establish a 100% owned life insurance subsidiary within its borders. Other insurers given the green light include Japan’s Dai-ichi Life Insurance, Manufacturers Life Insurance Company Canada, AIA, and Prudential Hong ... Read the full article
AXA XL releases expanded contractor’s equipment insurance product
9th April 2019
AXA XL, the newly-formed division of French insurance and investment giant AXA, has announced the release of a new contractor’s equipment product in North America. Mike Perrotti, AXA XL’s Inland Marine Practice Leader for North America, explained that the new product is designed to meet the increasingly complex needs of a ... Read the full article
Intact Financial’s Canada operations hit by almost CA$200mn of weather losses
9th April 2019
Intact Financial Corporation has announced that severe winter weather has driven net catastrophe and non-catastrophe weather losses of almost CA$200 million (pre-tax) on its Canadian operations in the first-quarter of 2019. Net of reinsurance, catastrophe losses totalled approximately CA$128 million (pre-tax), which, based on Q1 historical averages, is CA$95 million above ... Read the full article
Higher reconstruction costs suggest increased underinsurance: CoreLogic
9th April 2019
CoreLogic's 2019 Insurance Coverage Adequacy Report highlights elevated reconstruction costs in a number of disaster-prone regions between 2016 and 2018. The report examines potential underinsurance issues in certain parts of the U.S. that are susceptible to natural catastrophe events. According to CoreLogic, its findings further highlight the need for insurers to make ... Read the full article
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