Reinsurance News
AM Best revises Doha Insurance outlook to negative, reinsurance initiatives a factor
21st June 2019
A.M. Best has revised the outlooks from stable to negative of Doha Insurance Group Q.P.S.C., reflecting the continued deterioration of its underwriting performance, combined with concerns around its underwriting risk management practices. At the same time, A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer ... Read the full article
AIR Worldwide updates earthquake risk model for New Zealand
21st June 2019
AIR Worldwide, the catastrophe risk modelling firm owned by Verisk, has announced the release of its updated Earthquake Model for New Zealand, which incorporates the latest scientific research from the 2010-11 Canterbury and 2016 Kaikoura quakes. The model also factors in research from other earthquakes around the world, and captures the ... Read the full article
Australia opts to leave cyber cover out of Terrorism Insurance Act
21st June 2019
Australia has decided to leave out protection for cyber incidents from its Terrorism Insurance Act following a review into the $13.4 billion scheme, according to reports from itnews. Managed by the Treasury’s Australian Reinsurance Pool Corporation (ARPC), the Terrorism Insurance Act provides cover for losses involving commercial property, business interruption losses, ... Read the full article
Hamilton Re enters catastrophe bond market with $60mn US multi-peril deal
20th June 2019
The reinsurance arm of Bermudian firm Hamilton Insurance Group, Hamilton Re, has announced that via its Hamilton Capital Partners unit, it has sponsored its very first catastrophe bond transaction, a $60 million Easton 2019-1 deal. Hamilton Re has sponsored its first cat bond through the issuance of the Series 2019-1 Principal ... Read the full article
Oasis LMF launches global collaborative risk modelling project, The Wave
20th June 2019
The Oasis Loss Modelling Framework (Oasis LMF) announced the official launch of global collaborative risk modelling effort, The Wave at its London conference held earlier this week. The Wave is an international project that was created in response to an increase of support for open source, cost-effective technology, which, Oasis LMF ... Read the full article
Third Point Re invests in driver-focused insurtech Noblr
20th June 2019
Hedge fund-backed reinsurer Third Point Re has entered into a partnership with insurtech firm Noblr through a combination of a minority equity investment and reinsurance. Noblr offers an insurance producted designed to reward drivers for making smart decisions, leveraging telematics data, actuarial insight, and product design to offer feedback and real-time ... Read the full article
Arch promotes Fearon to EVP, Credit Risk Transfer and Services, Global Mortgage Group
20th June 2019
Seamus Fearon, previously Chief Actuary of Arch Capital Group Ltd.'s Global Mortgage Group, has been promoted to Executive Vice President (EVP), Credit Risk Transfer and Services, Global Mortgage Group. This newly created role has been established to build on the firm's growing participation in credit risk transfer programs, while at the ... Read the full article
Liberty Mutual Re announces Marine & Energy hire from AXA ART
20th June 2019
Liberty Mutual Reinsurance, the reinsurance unit of Liberty Specialty Markets, has announced the appointment of Jens Voges as Senior Underwriter and Product Leader for Marine & Energy within its London Market Risk (LMR) team. Voges joins Liberty Mutual Re from AXA ART Insurance, where he has served as Senior Reinsurance Specialist ... Read the full article
Beazley confident of growth as rate momentum accelerates, say analysts
20th June 2019
Specialist insurer Beazley continues to experience improved rate momentum in 2019 with rates now up by 4% year-to-date, which analysts partly attribute to heightened claims activity across property lines and also some casualty classes of business. During a Beazley analyst seminar, the specialist insurance company revealed accelerated, positive rate momentum in ... Read the full article
“Little evidence” that reinsurance will respond to silent cyber events: GC’s Siobhan O’Brien
20th June 2019
There continues to be “little evidence” that reinsurance programs will respond as planned to a silent cyber event, despite recent regulatory efforts that have aimed to quantify exposure. This is according to Siobhan O’Brien, Head of the Cyber Center of Excellence for International and Global Specialties at Guy Carpenter, who outlined ... Read the full article
Etienne Bouas-Laurent to succeed Gérald Harlin as AXA CFO
20th June 2019
Global re/insurer AXA has announced that Etienne Bouas-Laurent will become its new Group Chief Financial Officer (CFO), taking over from Gérald Harlin who is due to retire at the end of the year. Harlin will step down on January 1, 2020 after 29 years with AXA, including 9 years as CFO. Bouas-Laurent, ... Read the full article
PERILS raises Sydney hailstorm property loss to AUD 766mn
20th June 2019
Catastrophe loss data aggregator PERILS has announced a revised property loss estimate of AUD 766 million (USD 530 million) for the December 2018 Sydney hailstorms. At AUD 766 million, the third insured property loss estimate from PERILS for the event is up 21% on the AUD 633 million (USD 438 million) ... Read the full article
Marsh names Brian Hanuschak as President of Victor North America Global
20th June 2019
Global re/insurance broker Marsh has appointed Brian Hanuschak as President of North America for Victor Insurance Holdings, its managing general underwriting (MGU) business. The announcement follows the appointment of Christopher Schaper as CEO of AIG’s new reinsurance operations, who previously served as CEO of Victor Insurance Holdings. Hanuschak has led Victor ... Read the full article
Tokio Marine Kiln’s UK insurer to be placed into run-off
20th June 2019
It's been announced that Tokio Marine Kiln Insurance (TMKI), the UK insurance operation of Tokio Marine Kiln, as well as portfolios of UK property, liability, marine, and engineering risks currently underwritten through TMKI, will be placed into run-off. Effective July 1st, 2019 TMKI will stop accepting new business, with the exception ... Read the full article
Lloyd’s forms Global & London advisory committees to support new strategy
20th June 2019
Lloyd's of London has established Global and London advisory committees to help it deliver its new strategy for the future. The committees' members are comprised of insurance and reinsurance industry experts and veterans. The prominent industry figures have joined the committees to help the specialist insurance and reinsurance marketplace develop and ... Read the full article
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