Reinsurance News
Smaller businesses disproportionately hit by cyber incidents: Arceo.ai
15th November 2019
Small and medium-size enterprises are “disproportionately burdened” by cyber incidents and face higher sharply higher costs compared with larger organisations, according to Arceo.ai, a risk analytics provider for the cyber re/insurance market. Analysis using Advisen Cyber Data Set found that the financial loss per incidents for SMEs was nearly 70 times ... Read the full article
Everest Re’s new CEO Andrade wants to capitalise on market conditions
15th November 2019
Speaking to analysts this week, incoming CEO elect of insurance and reinsurance group Everest Re Juan Andrade has explained that he sees a “rare” opportunity for growth across the business and is determined to capitalise on it. Encouragingly for the company, the opportunities being seen right now are across both its ... Read the full article
EPIC Insurance Brokers wraps up Prime Risk deal
15th November 2019
EPIC Insurance Brokers and Consultants, a retail property and casualty broker and employee benefits consultant, has closed its purchase of Atlanta-headquartered Prime Risk. The deal was first announced in October and will see Prime Risk Partners operate as Prime Risk Partners – an EPIC Company. The firm’s operating leadership and insurance professionals ... Read the full article
Daniel Hargraves joins AmTrust as EVP, Head of Litigation
15th November 2019
Daniel Hargraves has been appointed Executive Vice President (EVP), Head of Litigation at AmTrust Financial Services, Inc., reporting to Chairman and Chief Executive Officer (CEO), Barry Zyskind and EVP, Chief Financial Officer (CFO), Adam Karkowsky. Hargraves brings extensive experience in insurance related litigation to the role, most recently serving as Managing ... Read the full article
Duck Creek partnership targets telematic solutions for P&C insurers
15th November 2019
Duck Creek Technologies, a global provider of P&C industry insurance software, is partnering with mobile telematics and analytics firm Cambridge Mobile Telematics. The partnership is aimed at allowing Duck Creek’s customers to rapidly deploy mobile telematics-based business strategies into their business. Insurers will be able to create connected insurance business models such ... Read the full article
Asbestos losses showing signs of subsiding: AM Best
15th November 2019
Asbestos & environmental (A&E) loss reserves have declined steadily, but not significantly, over the past decade as loss payments have outpaced incurred losses, according to a new AM Best report. The rating agency reported that asbestos reserves declined 3.7% to $18.4 billion from 2017, while environmental reserves rose a slight 2.6% ... Read the full article
Verisk enhances personal injury calculator ahead of whiplash reforms
15th November 2019
Global data analytics provider Verisk has announced the launch of piCalculator Portal Edition (PE), a new version of its personal injury claims calculator designed specifically to support claims through the existing MOJ portal and the new RTA Small Claims Track portal. The Portal Edition enables law firms and insurers to automate ... Read the full article
Starr Companies adds Juan Carro Arbelo as regional manager
15th November 2019
Global insurance and financial services organisation Starr Companies has announced the appointment of Juan Carro Arbelo as regional manager for insurance, Iberia. Carro will oversee the development of Starr’s commercial lines presence across the Iberian Peninsula. “Juan brings more than 22 years of insurance industry experience working on both the brokerage and ... Read the full article
Arch & Marsh develop $150mn policy for crypto security firm Ledger
15th November 2019
Arch Insurance (UK) Limited and Marsh have collaborated to provide a customised crime insurance program that covers digital assets secured by the Ledger Vault platform. Ledger Vault is a core business unit of Ledger, a security firm for cryptocurrencies and blockchain applications. It provides information technology infrastructure for financial institutions to securely ... Read the full article
Tokio Marine HCC adds Heath, Johnson to delegated property team
15th November 2019
Specialty insurance group Tokio Marine HCC has appointed Stuart Heath and Linda Johnson to its delegated property team as head and senior underwriter, respectively. Heath brings over 40 years of market experience and will be responsible for building a new account, focused on UK and European specialty property. He most recently served ... Read the full article
Pioneer Syndicate 1980 to be placed into run-off
14th November 2019
Pioneer Underwriters has announced that following a strategic review it has determined that the cost of capital within the structure of its Lloyd's syndicate, Pioneer Syndicate 1980, is no longer economically efficient when compared with its other capital arrangements, and will therefore be placing the syndicate into run-off. Syndicate 1980 is ... Read the full article
Allianz & Microsoft partner on open-source insurance platform
14th November 2019
Global insurance giant Allianz has partnered with multinational technology company Microsoft to re-imagine the insurance industry experience through digital transformation. The new strategic partnership has a focus on digitally transforming the insurance sector and is designed to simplify the insurance process while at the same time creating an improved experience for ... Read the full article
Tokio Marine Kiln recruits CUO Matthew Shaw from Chubb
14th November 2019
Tokio Marine Kiln, part of global insurance group Tokio Marine, has announced the appointment of Matthew Shaw as Chief Underwriting Officer (CUO). Shaw, who will take up his new position in the first half of next year, joins the company from Chubb, where he served as Divisional President for Global Markets. Chubb ... Read the full article
RenRe to join Mutual Re from Jan 1st as EMC departs
14th November 2019
Mutual Re, a joint reinsurance association that writes business through intermediaries, has announced that global reinsurer RenaissanceRe (RenRe) will be added to its group of assuming companies, effective January 1st, 2020. From the start of next year, the owners of Mutual Re will be Renaissance Reinsurance U.S. Inc, Church Mutual Insurance ... Read the full article
State National CEO Ledbetter steps down, as Freeman takes over
14th November 2019
Markel has announced that Terry Ledbetter, Chairman and Chief Executive Officer (CEO) of its State National division, will be retiring at the end of 2019. Matthew Freeman, currently State National President, will move into the role effective from January 1, 2020. Acquired by Markel in November 2017, State National is a specialty ... Read the full article
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