Reinsurance News
Hannover Re backs parametric disaster fund for developing markets
9th December 2019
Hannover Re has committed $50 million of capacity to a new risk transfer fund for natural disasters, developed in partnership with the German government and Global Parametrics, a provider of parametric protection in developing markets. The NDF Deutschland has also secured initial commitments of €25 million from the German Federal Ministry ... Read the full article
Political risk levels and losses on the rise, shows WTW survey
9th December 2019
Political risk levels increased in 2019 when compared with the previous year, while the number of companies that have experienced political risk losses has also increased, according to a survey of 41 major corporations by insurance and reinsurance broker, Willis Towers Watson (WTW). The results of the survey show that 61% ... Read the full article
Liberty Mutual taps big data via new insurtech partnership
9th December 2019
Liberty Mutual’s National Insurance operation has announced that it plans to harness big data capabilities via a new partnership with Intellect SEEC, the insurance software division of fintech firm Intellect Design Arena. Through this relationship, Liberty Mutual underwriters and risk managers will gain automated access to thousands of third-party data sources, ... Read the full article
Flooding & storms to drive multi-billion-dollar losses in Europe: Aon
6th December 2019
The flooding and inland storms that impacted parts of western and southern Europe in November are likely to drive multi-billion-dollar economic losses, according to re/insurance broker Aon. The economic impact in Italy alone is expected to near $2 billion, Aon said in its Global Catastrophe Recap report for the month, with ... Read the full article
The Philippine Government targets reinsurance for $20bn of state asset risks
6th December 2019
The government of the Philippines is seeking reinsurance protection for a new National Indemnity Insurance Program, designed to provide PhP 1 trillion (roughly USD 19.6 billion) of cover for certain assets in 25 provinces in the Eastern Seaboard. According to an announcement, a memorandum of understanding (MoU) between the Philippines government ... Read the full article
The Hanover announces $250mn buyback & dividend, using Chaucer proceeds
6th December 2019
The Hanover Insurance Group has entered into an accelerated share repurchase (ASR) to buy back $150 million of its common stock, in addition to declaring a $100 million special dividend. The announcement completes the deployment of the $850 million of capital that the company generated through the sale of Chaucer, ... Read the full article
Swiss Re to adopt IFRS for financial statements from 2024
6th December 2019
Global reinsurance giant Swiss Re has revealed that it will adopt International Financial Reporting Standards (IFRS) for its consolidated financial statements from January 1st, 2024. Currently, explains Swiss Re Group, the consolidated financial statements of Swiss Re Ltd, Swiss Reinsurance Company Ltd and Swiss Re Corporate Solutions Ltd are prepared in ... Read the full article
Gallagher appoints Dave Partington as CEO of Canada operations
6th December 2019
Re/insurance broker Gallagher has announced the appointment of Dave Partington as Chief Executive Officer (CEO) of its Canadian retail property and casualty (P&C) brokerage operations. In this capacity, he will lead the strategy and culture for continued growth in the country. Partington joined Gallagher in 2012, initially leading the regional offices of ... Read the full article
California imposes non-renewal moratorium after wildfire crisis
6th December 2019
California has issued a mandatory one-year moratorium on insurance companies non-renewing policyholders in a bid to provide temporary relief to residents hit by recent wildfires. Insurance Commissioner Ricardo Lara believes the moratorium will help at least 800,000 homes in wildfire disaster areas in Northern and Southern California, while helping to stabilise ... Read the full article
Carlos Rivera named CEO of Marsh’s LatAm Fac division
6th December 2019
Carpenter Marsh Fac, Marsh and Guy Carpenter's Latin American facultative reinsurance intermediary, has announced the appointment of Carlos Rivera as Chief Executive Officer (CEO), based in Bogota, Colombia. In his new role, Rivera will report to Dean Klisura, President, Global Placement and Advisory Services, Marsh and Ricardo Brockmann, CEO of Marsh ... Read the full article
Airmic calls for more integrated approach to people risk
6th December 2019
Airmic, the UK risk management association, has recommended that insurers and reinsurers should take a more integrated approach to people-related risks, by working more closely with human resource teams and benefits managers. In a new report – published in association with Arthur D. Little, Willis Towers Watson and Zurich – Airmic ... Read the full article
U.S. life/annuity sector expands holdings of structured notes: A.M. Best
6th December 2019
A recent report by A.M. Best reveals that over a three-year period (2015-2018), the U.S. life/annuity industry grew its holdings in structured notes by one-third, with book adjusted/carrying value hitting $16 billion. According to A.M. Best, the number of structured notes held by life/annuity insurers jumped from 817 to 1,011 during ... Read the full article
Lloyd’s issues behaviour warning ahead of Xmas parties
6th December 2019
Staff at insurance and reinsurance marketplace Lloyd’s of London have been warned to behave appropriately ahead of the Christmas party season, according to reports from Financial News. Lloyd’s Chief Executive John Neal told the publication that emails had been sent out to staff and member companies reminding them of the marketplace’s ... Read the full article
Average premium renewal rates up in November for most lines: IVANS
6th December 2019
The November results of the IVANS Index, a division of Applied Systems, shows that year-over-year, all lines of business, with the exception of Workers' Compensation, experienced an increase in average premium renewal rate. Month-over-month, November experienced varying premium renewal rate change across most Commercial Lines products, with rises seen in General ... Read the full article
Beazley to offer BioSecure life sciences policy for small businesses
6th December 2019
Specialist insurer Beazley has announced the launch of a new life sciences policy designed for small businesses, called BioSecure. The proposition offers insurance protection against a range of exposures in the pharma, biotech and medical device sectors. Beazley believes the product will build on its experience in underwriting life sciences risks and ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
