Reinsurance News
W.R. Berkley appoints Daniel Spragg as President of professional liability unit
18th June 2019
Re/insurance holding company W. R. Berkley Corporation has announced the appointment of Daniel R. Spragg as President of Berkley Select, the company’s professional liability insurance unit. Spragg has over 30 years’ experience in the specialty insurance and consulting industries, and joins Berkley Select after almost 12 years at A&M Insurance & ... Read the full article
Fractal Industries’ AIDP to host Oasis LMF catastrophe models
18th June 2019
Insurance and reinsurance industry players that utilise Fractal Industries, Inc.'s Fractal Advanced Insurance Decision Platform (Fractal AIDP) will now be able to both access and operate open source catastrophe modelling tool, Oasis Loss Modelling Framework (Oasis LMF). Fractal Industries is a provider of intelligent decision platforms and has been selected by ... Read the full article
Munich Re backs French satellite imagery home insurer, Luko
18th June 2019
Global reinsurance giant Munich Re has partnered with French InsurTech Luko on the launch of its artificial intelligence (AI) driven satellite imagery home insurance. Luko describes itself as France's first neo insurance, and since the AI powered InsurTech launched roughly one year ago, it's already attracted 10,000 customers in France and, ... Read the full article
AXA XL appoints three leaders within UK Client & Country Management unit
18th June 2019
AXA XL has announced the appointment of three new leaders within its UK Client & Country Management division, all of which will report to Paul Greensmith, Chief Executive Officer (CEO) of UK Legal Entities. Louise Piper and Harpreet Sanghera are existing employees of the firm, and have been appointed Head of ... Read the full article
U.S. commercial insurance lines well placed for further improvement: Fitch
18th June 2019
U.S. commercial insurance lines stand a good chance of improving further in 2019 on the back of 5% sector growth in 2018, so long as unusually large catastrophe losses are avoided and pricing trends remain favourable, says Fitch Ratings. A new report by international financial services ratings agency, Fitch Ratings, states ... Read the full article
France declares state of natural disaster as major hail storm hits agriculture
18th June 2019
French authorities have declared a state of natural disaster following a destructive hail storm that ravaged crops in the Auvergne-Rhône-Alps region, a major centre of agriculture for the country. Strong winds and hailstones up to 7cm wide lashed south-east France over the weekend, causing many farmers in the area to lose ... Read the full article
Legacy IT systems, inefficient processes a detriment to insurers digitalisation efforts: Report
18th June 2019
A report from MarkLogic Corporation, which is based on research undertaken by Research in Insurance, claims that inefficient processes and complex legacy IT systems are a hindrance to the insurance industry's digital transformation efforts. Ultimately, the report finds a disparity between what insurance companies want to do and what they can ... Read the full article
Gallagher acquires Australian consulting firm P2 Group
18th June 2019
Global insurance brokerage Arthur J. Gallagher & Co. has announced the acquisition of specialist consulting firm, P2 Group. The Hawthorn, Victoria-based P2 Group assists employers proactively manage occupational health, while at the same time lowering the risk of worker injuries and WorkCover claims. According to an announcement on the deal, P2 Group ... Read the full article
Lloyd’s CEO Neal says marketplace is taking steps to address autonomous vehicles: Bloomberg
18th June 2019
The Chief Executive Officer (CEO) of Lloyd's of London, John Neal, has revealed that the specialist insurance and reinsurance marketplace is in discussions with automakers about new and different types of insurance protection in response to the rise of driverless cars, reports Bloomberg. In a recent interview and in light of ... Read the full article
Hiscox releases free-to-use Cyber Exposure Calculator tool
18th June 2019
Global specialist insurer Hiscox has announced the launch of its Cyber Exposure Calculator, an online tool designed to help companies estimate the potential financial impact of a cyber attack. The calculator, which is free to use, provides a number of insights into the types of cyber attacks a business may face. Results ... Read the full article
LIIBA adds heads of Price Forbes & Lonmar Global Risks to Board
18th June 2019
The London and International Insurance Brokers’ Association (LIIBA) has announced the appointments of James Masterton and David Pexton to its Board of Directors, effective immediately. Masterton is currently Chief Executive Officer (CEO) of Price Forbes and Partners, part of the Ardonagh Group of companies, while Pexton is CEO of Lonmar Global ... Read the full article
JLT’s Marcel Chad joins BGC to lead new aviation brokerage
18th June 2019
BGC Insurance Group (BGCI), a division of global brokerage and financial technology firm BGC Partners, is set to launch a specialist global aviation and aerospace re/insurance brokerage overseen by Marcel Chad as President. The new brokerage will be built to provide the market with an independent alternative operating at global scale. The ... Read the full article
Rate rises now largely factored into reinsurance shares, say analysts
18th June 2019
Analysts at Peel Hunt believe rate increases are already largely factored into reinsurance share prices, and suggest market participants trim their sector exposures in light of the U.S. hurricane season. In 2019, a flattish January European renewals season was followed by modest price firming in April in Japan, on the back ... Read the full article
WTW adds EY’s Sutcliffe to insurance consulting, tech UK life business
18th June 2019
Global re/insurance brokerage Willis Towers Watson has appointed Gareth Sutcliffe to its insurance consulting and technology (ICT) UK Life business as Head of the Insurance Investment Solutions Group (IISG). Sutcliffe, who joins from professional services firm EY having most recently served as Head of its UK Investment Advisory team, holds over ... Read the full article
Climate action needed to limit fallout for life re/insurers: Swiss Re
17th June 2019
Unless further action is taken, the effects of climate change are likely to have “significant consequences” for life and health re/insurers, who will have to deal with increase risks from heatwaves, floods, droughts, fires and vector-borne diseases. This is according to a new report from Swiss Re, which linked climate change ... Read the full article
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