Reinsurance News
Ogden rate change to be confirmed on or before August 5th
19th March 2019
The first review of the personal injury discount rate is set to be announced today by the Lord Chancellor, David Gauke, following outcry from auto insurers after the rate was cut from 2.5% to -0.75% in 2017. The UK' Ministry of Justice said today that the first review of the Ogden ... Read the full article
Chaucer enters marine insurtech partnership with Concirrus
19th March 2019
Chaucer, the specialty international (re)insurance group, has announced a new partnership with insurtech firm Concirrus, which is focused on driving technological change in the marine insurance market. The partnership will enable Chaucer to benefit from the use of Concirrus’ Quest Marine platform, which analyses billions of historical and real-time data to ... Read the full article
Regulators suspend INTEGRAND’s cat business, A.M. Best downgrades ratings
19th March 2019
INTEGRAND Assurance Company, the Puerto Rico-based property and casualty (P&C) re/insurer, has been ordered to stop writing new catastrophe business by its regulator. Subsequently, A.M. Best has downgraded the company’s Financial Strength Rating from B++ (Good) to C++ (Marginal) and its Long-Term Issuer Credit Rating from ‘bbb+’ to ‘b’, while maintaining ... Read the full article
Arch Insurance International invests in personal lines MGA Archipelago
19th March 2019
Arch Insurance International has announced an investment in Archipelago Risk Services Limited, a tech-driven managing general agency (MGA) backed by underwriting capacity from Arch Insurance (UK) Limited. The Archipelago platform is a trading system that supports personal lines business by helping distribution partners grow and manage their client accounts through automation ... Read the full article
New Zealand insurers waive terrorism exclusions for Christchurch victims
19th March 2019
New Zealand insurers AA Insurance and Tower are to waive the terrorism exclusions in its house, car, contents and commercial building policies for damage inflicted by the recent Christchurch mosque shootings, according to Stuff. IAG, which owns State, AMI and NZI, also said it would also waive the exclusion in its ... Read the full article
Allianz (AGCS) makes senior adjustments
19th March 2019
Allianz’ corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), is appointing its current Chief Underwriting Officer, Corporate, Hartmut Mai to the Board role of AGCS Chief Regions and Markets Officer for the company’s three strategic business units: Central & Eastern Europe (CEE), Mediterranean and Africa. This announcement comes as AGCS ... Read the full article
FEMA announces changes to NFIP pricing structure: Reports
19th March 2019
The Federal Emergency Management Agency (FEMA) has announced changes to the National Flood Insurance Program (NFIP), a move that could increase costs for some homeowners, reports Bloomberg. Under the new initiative, called Risk Rating 2.0, NFIP premiums will be tied to the actual flood risk of individual homes, instead of the ... Read the full article
Liberty Specialty promotes Paul Sankey to Global Head of Oil & Gas
19th March 2019
Liberty Specialty Markets (LSM), a division of Liberty Mutual Insurance Group, has named Paul Sankey as its new Global Head of Oil & Gas, in addition to his role as Head of the Energy & Construction teams in London. The promotion of Sankey, who has been with Liberty for 14 years, ... Read the full article
Despite the confusion, UK-rated insurers are generally ready for Brexit: A.M. Best
19th March 2019
As widespread uncertainty, confusion and an overall lack of clarity continues to underpin the UK's departure from the European Union (EU), international financial services ratings agency, A.M. Best, has said that whatever the outcome, UK-rated insurers are generally well prepared for Brexit. Exactly when the UK is to leave the EU ... Read the full article
Donegal to expand adoption of Guidewire services
19th March 2019
Donegal Insurance Group has selected Guidewire Software’s Insurance Platform Core and Data products to replace legacy systems, in a move designed to modernise the way it does business. Donegal says it will implement the products for all of its lines of business, beginning with workers’ compensation, followed by its other commercial ... Read the full article
Re/insurers to benefit from specialty & investment tailwinds: Peel Hunt
18th March 2019
Rising specialty insurance rates and higher investment income due to an increase in U.S interest rates are expected to provide a welcome tailwind to the re/insurance industry in 2019, according to analysts at Peel Hunt. The firm also anticipates a stable reinsurance market ahead of the Japan and U.S renewals in ... Read the full article
AXA unit eyes blockchain for faster, more secure job loss policy payments
18th March 2019
AXA Partners, a unit of global insurer AXA, is teaming up with the Swedish government’s Public Employment Service and the startup Stratumn on a blockchain-based solution aimed at accelerating and simplifying the payment of job loss policies. AXA Partners says the solution will significantly shorten the claim process duration, remove administrative ... Read the full article
Preservation Capital completes investment in US MGA Cove
18th March 2019
Preservation Capital Partners, the private equity firm that purchased cyber and specialty lines managing general agent (MGA) Ascent Underwriting last year, has completed its previously-announced strategic investment in Cove Programs, a US construction-focused MGA. The completion of this deal means Preservation Capital now manages $200 million gross written premium ... Read the full article
Antares adds Martin Campbell as Head of Financial Institutions
18th March 2019
Antares, the Lloyd’s managing agent and member of the QIC Group, has appointed Martin Campbell as Head of Financial Institutions at Antares Syndicate 1274, effective immediately. Campbell arrives from The Channel Syndicate, where he most recently served as Head of Financial Lines and was a founding partner in 2011. He has 30 ... Read the full article
Insurtech INSTANDA adds Swiss Re’s Trevor Davis as Managing Director
18th March 2019
INSTANDA, a cloud-based digital insurance platform, has appointed former senior Swiss Re executive Trevor Davis to the newly created role of managing director, effective immediately. Davis was previously Chief Executive Officer (CEO) of Swiss Re’s Life and Pensions operation and has over 20 years’ experience in the Life, Pensions and Health ... Read the full article
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