Reinsurance News
Tokio Marine HCC’s Barnett & Browne named Co-Global Marketing Leaders
20th November 2019
Tokio Marine HCC has announced the appointment of Jeremy Barnett and Phelim Browne as Co-Global Marketing Leaders, effective October 1st, 2019. In their new roles, both Barnett and Browne will report to Thomas Harmeyer, Executive Vice President (EVP), Tokio Marine HCC. Browne currently serves as Head of Marketing for Tokio Marine HCC, ... Read the full article
Insurance claims at $115m as Australia bushfires continue
20th November 2019
As bushfires continue to rage across New South Wales and Queensland the Insurance Council of Australia has announced estimated industry losses of AU $115 million (US$78 million). Blazes across the two eastern states have so far destroyed more than 500 houses and blanketed Sydney in bushfire smoke, prompting dozens of calls ... Read the full article
Aviva overhauls business structure, sells off Hong Kong division
20th November 2019
UK insurer Aviva has simplified its business structure into five operating divisions as part of a new group strategy, in addition to announcing the sale of its stake in joint Hong Kong venture, Blue. Going forward, Aviva’s operations will consist of five divisions, comprising Investments, Savings & Retirement; UK Life; General ... Read the full article
Munich Re, Abu Dhabi wealth fund in $900m NYC real estate deal, reports
20th November 2019
German reinsurance giant Munich Re is set to pay the Abu Dhabi sovereign wealth fund between $850 million and $900 million for its 40-story office building at 330 Madison Avenue, New York, according to reports from The Real Deal. The Abu Dhabi Investment Authority (ADIA) had supposedly seen its initial $800 ... Read the full article
US House approves long-term TRIPRA extension
20th November 2019
The Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is set to go before the U.S. Senate after legislation extending the bill for seven years easily passed through the U.S. House of Representatives. The bill, which was initially passed in 2002 in the aftermath of the September 11 attacks, received strong bipartisan ... Read the full article
Ransomware incidents up threefold in 2019, as costs escalate: Aon
20th November 2019
Ransomware incidents rates have increased threefold since Q4 2018, according to a new report from Aon, with average costs escalating at a similar rate. The Cyber Practice Group of Aon’s Reinsurance Solutions business found that the costs of ransomware attacks continued to increase across all sectors this year, with payments tripling ... Read the full article
Optio enters political risk market, backed by Hiscox
20th November 2019
Optio Group, which is comprised of MGAs Ascent Underwriting, Cove Programs and broker Bay Risk Services, has announced the launch of a political political risk proposition for foreign direct investors (FDIs) in higher-risk markets. In addition to the standard political risk perils of expropriation, war and forced abandonment, Optio will provide ... Read the full article
Real value in understanding & transferring ocean risk, says AXA XL’s MacFarlane
19th November 2019
AXA XL, the global P&C and Specialty insurance and reinsurance arm of the AXA Group, sees real value in the ongoing development of the world’s first Ocean Risk Index, designed to assess, transfer and trade the risks associated with the change and deterioration in our oceans, while simultaneously supporting resilience. Reinsurance ... Read the full article
CyberCube secures $35mn in funding, led by HSCM Bermuda
19th November 2019
Cyber risk analytics firm CyberCube has secured $35 million of additional funding in a series B round led by Hudson Structured Capital Management Ltd. (HSCM Bermuda) and existing investor ForgePoint Capital. As part of the arrangement, Michael Millette, Founder and Managing Partner at HSCM Bermuda, will join CyberCube’s Board of Directors. Launched ... Read the full article
FEMA commences procurement of 2020 NFIP reinsurance renewal
19th November 2019
The U.S. Federal Emergency Management Agency (FEMA) has started its procurement process for the renewal of a flood reinsurance programme, designed to protect against flood risks in the U.S. that are insured by the National Flood Insurance Program (NFIP). FEMA has returned to the traditional market for its NFIP reinsurance program ... Read the full article
S&P upgrades Mapfre Re ratings on more diverse earnings
19th November 2019
S&P Global Ratings has upgraded the long-term issuer credit and financial strength ratings of Mapfre Re from ‘A’ to ‘A+’, based on improved underwriting earnings diversification. The rating agency also raised the long-term issuer credit rating on parent company Mapfre S.A from ‘BBB+’ to ‘A-‘, and assigned a stable outlook to ... Read the full article
Sompo International names new CEO amid restructure
19th November 2019
Sompo Holdings is to transfer all overseas group companies under Sompo International Holdings by 2020 and will appoint Mikio Okumura to oversee the strategy’s execution as Chief Executive Officer. This move is designed to establish a more integrated global platform and expand overseas business. Once this integration is completed, Sompo Holdings says ... Read the full article
Homeowners sector increasingly targeting insurtech efficiencies: AM Best
19th November 2019
Companies in the US homeowners market are increasingly relying on insurtech to boost efficiency and agility in the face of challenging market dynamics, according to analysts at AM Best. Analysts observed that effective use of technology in this sector has helped to lower transaction costs and expand access to customers. The cost ... Read the full article
Lloyd’s urges people to speak up against unacceptable behaviour
19th November 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has launched a new campaign designed to encourage people to speak out against unacceptable behaviour. The campaign, #SpeakUp, has been launched by Lloyd's in order to underline the importance of speaking up and to provide clear guidance on how people can take ... Read the full article
Sompo International profits hit by large losses in H1
19th November 2019
Bermuda-based property and casualty re/insurer, Sompo International, increased its profits only marginally during the first half of the 2019 fiscal year, due to the impact of large losses on the business. The company, which represents part of the overseas operations of Japanese re/insurer Sompo Holdings, posted a profit of US $190 ... Read the full article
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