Reinsurance News
Allianz’s Jon Dye takes over from Blanc as Chair of ABI
11th July 2019
Jon Dye, Chief Executive at Allianz Insurance, has been named as the new Chair of the Association of British Insurers’s (ABI). He replaces Amanda Blanc, whose surprise resignation as CEO EMEA at Zurich last week also resulted in her stepping down from her position as ABI Chair. The Association requires that ... Read the full article
Fannie Mae executes two front-end credit risk transfer deals
11th July 2019
U.S. government-sponsored enterprise (GSE), Fannie Mae, has successfully completed two new front-end credit risk transfer deals. Combined, the deals protect up to $14 billion of loans to be acquired by Fannie Mae between May 2019 through April 2020, and transfer up to $455 million of credit risk on the loans. The ... Read the full article
Coinbase & Aon exploring plans to set up captive crypto insurer
11th July 2019
Coinbase, a San Francisco-based digital currency exchange, is exploring plans to set up its own captive insurance company with the help of re/insurance broker Aon, according to reports from coindesk. The company would insure risks related to crypto-currencies, an area Aon took its first steps in earlier this year via the ... Read the full article
Uptake of earthquake insurance falls in New Madrid fault zone
11th July 2019
Earthquake insurance coverage in the highest risk areas of Missouri has dropped to just under 14%, raising questions of the state’s insurance market and its readiness to recover from a high magnitude quake, according to a report from The Missouri Department of Insurance The New Madrid area of Missouri experienced a ... Read the full article
Lloyd’s initiatives receive “widespread backing” from market participants
11th July 2019
The majority of respondents to Lloyd’s of London’s six proposed transformational initiatives are confident the strategy will deliver, according to a statement released today. Lloyd’s had in May announced a new strategy focused on delivering higher quality risk protection for the market’s clients. The aims of this strategy, as spelled out ... Read the full article
Canopius adds Willis Towers Watson’s Jamie Jeffers to Singapore office
11th July 2019
Global specialty re/insurer Canopius has announced that Jamie Jeffers has joined the firm from Willis Towers Watson (WTW) as Underwriter, Credit & Political Risk, Canopius Asia Pacific. Effective September 9th, 2019 Jeffers will support the firm's growth ambitions in the Asia Pacific region by targeting both bank and corporate business. He joins ... Read the full article
Arthur J. Gallagher acquires Stonehenge Insurance
11th July 2019
Global insurance brokerage Arthur J. Gallagher & Co. has acquired Florida-based Stonehenge Insurance Solutions, terms of the transaction were not disclosed. Stonehenge offers commercial insurance products and consulting services to Professional Employer Organizations (PEOs) and staffing clients throughout the US. The company’s leadership team, Jeff Rendel, Troy Reynolds, Chris O'Connor and their ... Read the full article
Most of $2bn June European weather losses insured: Aon
11th July 2019
A series of severe weather outbreaks that swept across Europe in June is expected to have generated over $2 billion in economic losses, most of which will be covered by insurers. The latest catastrophe report from global re/insurance brokerage Aon describes how multiple countries across Central Europe were hit with large ... Read the full article
Fairfax’s RiverStone acquires NY-based loss adjuster Rockville
11th July 2019
RiverStone, the insurance run-off management firm owned by Fairfax, has announced the acquisition of Rockville Risk Management and ER Quinn Company. Rockville is a New York-based, privately-owned third-party administrator and loss adjusting company that provides claim services to insurers and reinsurers. Following the acquisition, Rockville will continue to operate as an independent ... Read the full article
Chang, Evans & Sparro to co-lead Sompo’s Commercial P&C Insurance unit
11th July 2019
Specialty P&C insurer and reinsurer, Sompo International Holdings Ltd. has announced that together, Michael Chang, Graham Evans, and Christopher Sparro will co-lead the firm's Commercial Property and Casualty Insurance (SI Commercial P&C) business. The latest announcement is a continuation of the transformation of Sompo International's Commercial P&C Insurance business, which represents ... Read the full article
Swiss Re suspends ReAssure IPO due to lack of demand
11th July 2019
Swiss Re has announced the suspension of its plans for an initial public offering (IPO) of shares in its UK closed life book consolidator business, ReAssure, which was set to go ahead this month. The reinsurer explained that the suspension was in response to adverse market conditions, such as “heightened ... Read the full article
Lloyd’s extols customer benefit of parametric insurance & smart contracts
11th July 2019
New reports by insurance and reinsurance marketplace Lloyd’s of London has endorsed parametric insurance and smart contracts as a way to help re/insurers offer customers better products and services. Lloyd’s acknowledged that parametric policies offer insurers more scope to design products for risks that could otherwise be uninsurable or underinsured. Parametric policies ... Read the full article
Concirrus collab targets automated fleet risk management
11th July 2019
London-based insurtech Concirrus is partnering with connected camera specialists SureCam and is planning to integrate their technology into its data analytics platform Quest Fleet. It’s hoped the move will provide new insights and enable fleets to automate risk management processes, prioritise driver coaching effectively and optimise First Notification of Loss. This ... Read the full article
Marriott faces £99mn GDPR fine days after record BA penalty
10th July 2019
Marriott International, the multinational hotel chain, is facing a £99.2 million fine for non-compliance with data protection laws following a 2018 cyber attack that exposed personal data on 339 million guest records. The Information Commissioner’s Office (ICO) notified Marriott of its intentions just days after levelling a record £183 ... Read the full article
The Hartford promotes Scott to lead role within northeast division
10th July 2019
Property and Casualty (P&C) insurer the Hartford has named Matt Scott as Head of the northeast division for the firm’s large commercial insurance business. Scott joined in 1997 and has held a number of leadership positions with the company’s Claims organisation. Most recently, he was head of the Hartford’s Claims Solutions organisation ... Read the full article
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