Reinsurance News
Peru earthquake triggers partial $60mn cat bond pay-out, sources confirm
21st June 2019
It has been confirmed that Peru will receive a $60 million partial pay-out from its earthquake catastrophe bond, which was triggered by a magnitude 8.0 earthquake that hit the country on 26th May. Sources at our sister publication, Artemis, have verified that the $200 million IBRD CAR 120 Peru quake ... Read the full article
Universal Property enters Wisconsin
21st June 2019
Universal Property & Casualty Insurance Company (Universal Property), a wholly owned subsidiary of Universal Insurance Holdings, Inc., has successfully completed its expansion into Wisconsin. The insurer has announced that it has now received a Certificate of Authority in Wisconsin, meaning it has been approved to operate as a licensed insurance company ... Read the full article
Allstate reports catastrophe losses of $473mn for May
21st June 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of May 2019 were $473 million, pre-tax ($374 million, after-tax). Catastrophe losses occurring in the month comprised 14 events at an estimated cost of $504 million, pre-tax ($398 million, after-tax). This was offset by favourable reserve re-estimates of prior ... Read the full article
Offshore energy insurance requirements may rise significantly in NZ
21st June 2019
The New Zealand Government has proposed plans to significantly increase the amount of insurance protection offshore oil and gas operators are required to have in order to drill off the country's coast, which in turn would generate demand for reinsurance. According to local news reports, Associate Transport Minister, Julie Anne Genter ... Read the full article
Reinsurance partnerships a “cornerstone” for Caribbean insurers: A.M. Best
21st June 2019
Reinsurance partnerships are the “cornerstone” that provides the capacity for insurers to profitably write business in the Caribbean, according to A.M. Best, and have allowed them to weather two years of heavy catastrophe losses with little to no major operational impact. Analysts noted that these longstanding partnerships have proven to be ... Read the full article
AXA XL enhances environmental pollution coverage for North America
21st June 2019
AXA XL has announced that its Environmental business in North America has added supplemental coverage to its Pollution and Remediation Legal Liability (PARLL) policy, providing additional protection against losses resulting from pollution. The enhanced policy includes coverage for third party claims for bodily injury, property damage and remediation expense, as well ... Read the full article
Aon targets improved customer engagement with Hi Marley partnership
21st June 2019
Global re/insurance brokerage Aon has entered into a strategic alliance with Hi Marley, an insurance-focused conversation platform that leverages industry-specific artificial intelligence (AI) and functionality to improve customer engagement. In response to policyholders demanding faster and more efficient ways to speak with their insurance company through the cycle of their policy, ... Read the full article
New Paradigm to host parametric re/insurance conference in 2020
21st June 2019
New Paradigm Group, the Florida-based developer of parametric insurance and risk transfer solutions, is due to host its first annual conference on parametric re/insurance in Miami Florida next year. Set for April 2020, the New Paradigm Global Parametric Insurance and Reinsurance Conference will be a forum for learning “how parametric insurance ... Read the full article
MPS, Everest & Asta to form Lloyd’s medical malpractice partnership
21st June 2019
The Medical Protection Society (MPS), an organisation that protects the careers, reputations and financial security of over 300,000 healthcare professionals, is partnering with global insurer Everest Insurance and Asta, the leading Lloyd’s third-party managing agency, to establish a Lloyd’s Special Purpose Arrangement (SPA). MPS says the move, set for a July ... Read the full article
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
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