Reinsurance News
Brit eyes high-tech claims service with aerial imaging partnership
26th June 2019
Global specialty re/insurer Brit has announced a partnership with the Geospatial Intelligence Centre (GIC), a not-for-profit initiative of the National Insurance Crime Bureau (NICB). After a catastrophe, GIC aircraft have special access to affected areas within hours to capture high-resolution images and assess property damage. The GIC will provide Brit with access ... Read the full article
Russell Group launches data solution for quantifying corporate risk
26th June 2019
Risk management company Russell Group has introduced a new scoring system designed to reflect the resilience and sustainability of an organisation’s business model at a given time, as well as provide insight and foresight to help decision making. 'The Russell Score' will give every organisation a score based on a variety ... Read the full article
Arthur J. Gallagher to acquire minority stake in Renomia
26th June 2019
Global insurance brokerage Arthur J. Gallagher & Co. is to acquire a minority stake in Prague-based Renomia, the largest independent broker based in the Central and Eastern European (CEE) region. Primarily serving commercial clients, Renomia has grown rapidly and now has full-scale broking operations in Czech Republic, Slovakia, Romania, Hungary, Serbia, ... Read the full article
Swiss Re becomes supporting member of the ICMIF
26th June 2019
Reinsurance giant Swiss Re has become a supporting member of the International Cooperative and Mutual Insurance Federation (ICMIF), an umbrella body for the global cooperative and mutual insurance industry. Under the new partnership, Swiss Re will offer ICMIF members with the opportunity to leverage their knowledge, expertise and support in order ... Read the full article
Straight-through processing key to tackling “out-of-control” expense ratios: ACORD event panelists
26th June 2019
Panelists at a recent event held by ACORD, the international standard-setting body for the re/insurance industry, expressed a belief that straight-through processing is the only viable long-term solution to tackling the re/insurance industry’s ongoing challenge with out-of-control expense ratios. The event, entitled Global Reinsurance and Large Commercial (GRLC) Framework – Empowering ... Read the full article
Insurtech Tensorflight closes $2m funding round
26th June 2019
Insurtech startup Tensorflight has closed a $2 million round of funding as the company looks to scale its computer vision risk assessment service for commercial property insurers. The round was led by ff Venture Capital, Hudson Structured Capital Management, Nephila, Hemi Ventures, and other investors. Tensorflight uses geospatial imagery, building records, and ... Read the full article
Positive momentum suggests a shift towards more desired risk-adjusted pricing: S&P
25th June 2019
S&P Global Ratings maintains that it would not characterise the reinsurance market as a hard one, but more of a firm one as improved rate momentum in both April and June signals a shift towards more desired risk-adjusted pricing. 2019 renewals have been fairly promising, with reinsurance rate movement throughout the ... Read the full article
Jill Eaton appointed as CEO of captive reinsurer NLC Mutual
25th June 2019
The National League of Cities Mutual Insurance Company (NLC Mutual), a member-owned captive reinsurance company, has announced the appointment of Jill Eaton as its President and Chief Executive Officer (CEO). Eaton, who has more than 25 years’ experience in re/insurance and strategic partnership, will step into the role once current President ... Read the full article
Lloyd’s launches product innovation facility to tackle complex risks
25th June 2019
Insurance and reinsurance marketplace Lloyd’s of London has launched a new initiative to speed up re/insurance product development for complex and non-standard risks, called The Product Innovation Facility. The solution was led by senior underwriters Tokio Marine Kiln, Beazley, MS Amlin, Talbot, Liberty Specialty Markets, Hiscox, Ascot, Chubb, Chaucer, Brit, Antares ... Read the full article
Zurich commits to UN climate pledge, plans to lower fossil fuel exposure
25th June 2019
Zurich Insurance Group has committed to setting new climate targets in line with the framework of the UN Global Compact Business Ambition Pledge, which aims to limit the rise in global temperatures to 1.5°C. As part of its commitment, Zurich will expand its existing thermal coal policy by engaging with clients ... Read the full article
RMS’ North Atlantic hurricane models approved by Florida Commission
25th June 2019
Catastrophe risk modelling and analytics firm RMS has announced that the Florida Commission on Hurricane Loss Projection Methodology (FCHLPM) has approved its Version 18.1 North Atlantic Hurricane Models for use on residential rate filings with the Florida Office of Insurance Regulation (FOIR). The certification was received on June 13th, 2019 and ... Read the full article
AIR Worldwide updates flood models for Central Europe & UK
25th June 2019
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has released an update to its inland flood model for Central Europe and coastal flood model for Great Britain. The domain of the inland flood model for Central Europe has been expanded to include the country of Poland. This model features rainfall-runoff ... Read the full article
American Overseas Group to commute portion of AGM reinsurance portfolio
25th June 2019
American Overseas Group, the Bermuda-based property & casualty holding company, has announced that it plans to commute a portion of the financial guaranty reinsurance business it assumed from Assured Guaranty Municipal Corporation (AGM). AGM, a provider of financial guaranty insurance, entered into a Commutation, Reassumption and Release Agreement with American Overseas’ ... Read the full article
Innovation key as demand for insurance shifts, says Lloyd’s
25th June 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has underlined the importance of innovation in a rapidly evolving risk transfer landscape, underpinned by a global shift to intangible assets and a growing insurance gap. Global commercial insurance penetration sits at below 1%, and with Lloyd's estimating a global insurance gap ... Read the full article
Oxbridge Re successfully renews reinsurance contracts at June 1
25th June 2019
Cayman Islands based reinsurer Oxbridge Re has reported that it successfully placed its reinsurance contracts for the treaty year June 1, 2019 to May 31, 2020. Oxbridge Re Holdings Limited, a provider of reinsurance to property and casualty the U.S Gulf Coast, renewed the contracts via its wholly-owned subsidiary, Oxbridge Reinsurance ... Read the full article
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