Reinsurance News
London Market under threat from tech savvy competition: NTT DATA UK
25th November 2019
The London Market is ready to embrace technological change and innovation, but there are concerns that the market could fall behind more technologically capable competition, according to research from NTT DATA UK. Based on a survey of 100 individuals, ranging from brokers to managing agents and syndicates, NTT DATA UK reported ... Read the full article
Pure Group adds Jerry Hourihan as SVP, chief growth officer
25th November 2019
US high net worth insurance specialist Pure Group has announced the appointment of Jerry Hourihan as senior vice president, chief growth officer. Hourihan brings over 30 years’ experience in the high net worth space and joins from AIG, where he most recently served as president of the private client group. He will ... Read the full article
KatRisk adds treaty reinsurance capabilities to cat modelling engine
25th November 2019
Catastrophe risk modeller KatRisk has released an updated version of its SpatialKat modelling suite and FMKat financial model, which include the ability to model treaty reinsurance. As with previously released facultative modelling capabilities, the updated SpatialKat 3.0 and FMKat releases will allow treaties to be applied at the site, policy or ... Read the full article
The question is whether changes are cyclical or structural: Roundtable
22nd November 2019
With re/insurance a completely different market now than the one 18 months ago, key industry executives speaking at the 2019 Reinsurance News Monte Carlo Rendezvous Roundtable reflected on whether the longer-term decline in rates is cyclical or structural. If it has been cyclical and the factors driving this new ... Read the full article
Moody’s stable on US P&C personal insurance in 2020
22nd November 2019
Moody’s Investors Service has assigned a stable outlook to US property and casualty (P&C) personal insurance in 2020, reflecting ample capital, effective risk management, and evolving technology. Analysts noted that personal auto insurers reported good profitability for the majority of 2019, owing to cumulative rate increases and better than expected loss ... Read the full article
Indonesia insures state assets against natural disasters
22nd November 2019
The Government of Indonesia has signed an umbrella contract with a consortium of 56 re/insurers to protect state assets against natural disasters and other major risks. The agreement will cover ministry and institutional buildings in Indonesia against structural damage until 2023. Director General of State Assets of the Ministry of Finance Isa ... Read the full article
Accredited in new program underwriting partnership
22nd November 2019
Accredited Surety and Casualty Company, the Florida-based subsidiary of specialist non-life re/insurance investor Randall & Quilter Investment Holdings, has entered into a program partnership with Trinity Transportation Services (TTS) and its associated third party administrator, Global Claims Services. Moving forward, Accredited will be an issuing carrier on behalf of TTS and ... Read the full article
Charles Taylor launches pollution loss database for western Canada
22nd November 2019
Charles Taylor Technical Services (CTTS) has launched a service offering insurers, brokers, and oil & gas companies a pollution loss database of insurance losses related to oil field incidents in Western Canada over a 10 year period. The database aggregates data from 220 sudden and accidental oil field pollution-related insurance losses, ... Read the full article
US P&C sector’s underwriting income up 13% in 2019: A.M. Best
22nd November 2019
The U.S. property and casualty (P&C) sector's net underwriting income for the first nine months of 2019 increased 13% on the same period last year, while the industry's combined ratio weakened slightly from the prior year period, according to analysis by A.M. Best. The nine-month data is derived from companies' nine-month ... Read the full article
Consider parametric solutions for the more intangible losses: GC’s Franco
22nd November 2019
While parametric insurance solutions provide rapid payout post-event, offering welcomed transactional speed and transparency, risk transfer mechanisms that are structured this way might be best-suited to covering direct and well-defined physical damage, according to Guillermo Franco, Global Head of Cat Risk Research at reinsurance broker Guy Carpenter. Under a parametric insurance ... Read the full article
Freddie Mac closes $1.8bn MCIP Reinsurance Transaction
22nd November 2019
The Federal Home Loan Mortgage Corporation (Freddie Mac) has closed its second Multifamily Credit Insurance Pool (MCIP) offering, MCIP 2019-R2. The transaction reinsurers risk on a $1.87 billion reference pool made up of 88 multifamily loans. Partnering with reinsurance broker Aon, The U.S government-sponsored mortgage giant retains the first .75% of losses, ... Read the full article
John Drzik steps down as head of Marsh division, takes advisory role
22nd November 2019
Global re/insurance brokerage Marsh has announced that John Drzik will step back from his full time responsibilities as President of the Global Risk and Digital (GR&D) division, effective January 1, 2020. Drzik will, however, remain involved with the business as a senior advisor, working with John Doyle, President and CEO of ... Read the full article
Beazley adds Jade Cummings to M&A underwriting team in Singapore
22nd November 2019
Specialist insurer Beazley has announced the appointment of Jade Cummings as an underwriter in its global mergers and acquisitions (M&A) team, based in Singapore. The global M&A team underwrites companies engaged in M&A activity, including acquisitive corporations, private equity funds, corporate spinoffs, asset sales or purchases, and refinancing transactions. Cummings joins Beazley ... Read the full article
National General gets regulatory approval to sell Swedish health business
22nd November 2019
National General Holdings Corp. has received regulatory approval to go ahead with the sale of its Euro Accident Health and Care Insurance Sweden operation. The company was given the go-ahead by the Swedish Financial Supervisory Authority to offload the business to an investor group arranged by Impilo AB, a Swedish investment ... Read the full article
A.M. Best turns negative on Sirius International
22nd November 2019
Global financial services ratings agency, A.M. Best, has revised its outlooks to negative from stable for Sirius International Insurance Group, Ltd. and its main rated subsidiaries, citing the deterioration of the firm's operating performance metrics since 2017. Specifically, A.M. Best has revised the outlooks to negative and affirmed the Financial Strength ... Read the full article
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