Reinsurance News
British Airways hit with record £183mn GDPR fine for data breach
8th July 2019
British Airways is facing a record fine of £183 million following a "sophisticated, malicious" cyber attack last year that compromised the personal details of around 500,000 customers. The Information Commissioner’s Office (ICO) imposed the penalty for non-compliance with new General Data Protection Regulation (GDPR) rules, although some had expected a more lenient ... Read the full article
Neil McConachie exits Third Point Re board
8th July 2019
Neil McConachie, a prominent reinsurance executive who previously helped to found Fidelis, has resigned from the board of hedge fund-backed Third Point Re. According to a United States Stock Exchange Commission filing Third Point Re's board received the resignation of McConachie on 1 July 2019. The effective date of the resignation ... Read the full article
Palomar says California quake losses well below reinsurance threshold
8th July 2019
Specialty property insurance company, Palomar Holdings, Inc., has revealed that it faces some exposure to the earthquakes in California last week, but said that losses would be well below the threshold needed to trigger its reinsurance program. Kern County in southern California was struck by a magnitude 6.4 earthquake on ... Read the full article
Flood Re lays out new flood resilience proposals for UK homes
8th July 2019
Government-backed reinsurance scheme Flood Re has announced a series of proposals designed to increase the flood resilience of UK homes. Flood Re hopes to work with insurers on “building back better homes” after a flood event and would permit the payment of claims to include an additional amount for certain repairs ... Read the full article
Liberty Specialty Markets makes two senior promotions in Bermuda
8th July 2019
Liberty Specialty Markets, a division of Liberty Mutual Insurance Group, has announced two senior promotions within its Bermuda operation. Steven Beadle has been named Chief Financial Officer, while Chen Foley becomes Head of Bermuda Claims. Both promotions take place with immediate effect and follow last year’s integration of the company’s Ironshore ... Read the full article
Brit recruits Cyber & Technology practice VPs from AIG, NAS
8th July 2019
Global specialty re/insurer Brit Ltd has announced the appointments of James Patterson as Vice President, Cyber & Technology and Ryan Mimmo as Vice President, Cyber & Technology for Brit Global Specialty USA (BGSU). In these roles, Jim and Ryan will be responsible for underwriting and supporting the continued growth of BGSU’s ... Read the full article
Cali quake losses expected to be insignificant, damage less than initially feared
8th July 2019
Analysts at Credit Suisse expect the insurance industry loss from the recent earthquakes that struck Southern California to be less than $500 million, with emergency officials reportedly stating that the damage is less considerable than initially feared. The Ridgecrest City area of the state was hit by a magnitude 6.4 quake ... Read the full article
Pool Re secures £40m NDBI retro cover
8th July 2019
UK government-backed terrorism reinsurer Pool Re has successfully placed a retrocession program covering non-damage business interruption (NDBI) losses, effective July 5th. This previously-announced move is a response to the increase of risk shouldered by Pool Re following parliamentary approval in February enabling the organisation to cover NDBI losses incurred ... Read the full article
Blanc’s departure from Zurich due to clash with CEO, says FT
8th July 2019
Zurich Insurance executive Amanda Blanc, who stepped down as CEO EMEA last week, reportedly left the company due to a “personality clash” with CEO Mario Greco, according to sources at the Financial Times. The insurer announced on July 3 that Blanc would be resigning after less than nine months in ... Read the full article
Lloyd’s eyes improved insurance contracts for customers
8th July 2019
Lloyd’s has announced the launch of Contract Confidence, a tool which leverages advanced search techniques to scan contracts and check for errors and discrepancies. For example, the tool is able to run checks against 1,400 open market rules and highlight where the contract has failed or may fail a check. It also ... Read the full article
PwC UK announces leadership changes to core business divisions
8th July 2019
PwC UK has announced the appointment of new leaders for some of its core business divisions, including Tax, Deals, Audit, and Risk Assurance. Marissa Thomas will take on the leadership of the Tax practice after two years leading Deals, with Ken Walsh succeeding Thomas as head of the Deals business. Hemione Hudson, ... Read the full article
Re/insurance pricing increases could hold for two years: Peel Hunt
5th July 2019
Underwriters are confident that re/insurance pricing increases will be sustainable regardless of the outcome of the 2019 hurricane season and should hold for two years, according to Peel Hunt. The firm observed that underwriters generally appear to be pleased with how the rate cycle is evolving, given the absence of knee-jerk ... Read the full article
Markel adds Keith Paul to Dubai team as Senior Underwriter
5th July 2019
Specialist insurer Markel International has appointed Keith Paul as a Senior Underwriter in its Dubai-based trade credit and political risk team. Paul, who brings over a decade of underwriting experience across political risk, surety, trade credit and financial lines, joins from Coface Australia. He previously worked as directors and officers liability underwriter ... Read the full article
Korean Re’s Swiss branch obtains strength rating of A from S&P
5th July 2019
Korean Reinsurance Company (Korean Re), the Seoul-based reinsurer, has announced that its recently established branch in Switzerland has obtained long-term issuer credit and financial strength ratings of ‘A’ from S&P Global Ratings. The Zurich-based subsidiary, called Korean Reinsurance Switzerland AG, was licenced to start reinsurance business from June 1, 2019. Korean ... Read the full article
DFID & Global Parametrics to support Red Cross volcano cat bond
5th July 2019
The UK Government’s Department for International Development (DFID) and Global Parametrics have agreed in principal to support the world’s first pure-volcano catastrophe bond, launched by the Danish Red Cross. Global Parametrics, a parametric and index-based risk transfer startup backed by the UK and German governments, advised the DFID’s Natural Disaster Fund ... Read the full article
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