Reinsurance News
Tech firm Geospatial Insight launches AI-driven property data product
29th May 2019
Geospatial Insight, a provider of independent research derived from the analysis of satellite, aerial and drone imagery, has announced the launch of its new product PropertyView. The product, available globally, combines artificial intelligence (AI) and scalable cloud computing to extract critical building information from satellite imagery. Customers are given access via a web ... Read the full article
Monument Re completes Alpha Insurance run-off portfolio acquisition
29th May 2019
Bermuda-based reinsurer Monument Re has completed its previously announced acquisition of a run-off portfolio of traditional life and credit life business from Enstar Group Limited subsidiary, Alpha Insurance S.A. Monument Re's European subsidiary, Monument Assurance Belgium NV has now completed the acquisition of Alpha Insurance S.A., following the receipt of regulatory approval from the ... Read the full article
A.M. Best stays negative on Indian non-life market
29th May 2019
A.M. Best has maintained its negative market segment outlook on India’s non-life insurance market, citing a continued reliance on realised and unrealised investments to offset technical losses, short-term regulatory disruption, and underperforming core business lines. The rating agency acknowledged that the non-life insurance industry has been one of the main beneficiaries ... Read the full article
Intellectual property risks a top concern, but coverage lacking: Aon survey
29th May 2019
Intellectual property (IP) risks were identified as a top-10 concern for organisations in a recent survey by Aon, which also found that insurance covers only 16% of the $1.0 billion average potential loss for certain intangible assets. The study surveyed more than 2,300 organisations representing different industries and geographies across the ... Read the full article
Willis Re uses PCS index as trigger for Japan ILW
29th May 2019
Willis Re has become the first reinsurance broker to structure and trade an industry loss warranty (ILW) using Property Claim Services’ (PCS) new Japan index as trigger. PCS expanded its industry loss data aggregation and index reporting services to include non-marine catastrophe losses in Japan in January 2019, following the impacts ... Read the full article
Beazley adds cyber cover to media, tech industry insurance policy
29th May 2019
Specialist insurer Beazley has incorporated cyber coverage into its MediaTech insurance policy as it looks to protect businesses against new and evolving forms of risk. The Beazley MediaTech policy has been streamlined to provide clear and concise wording and seamless protection, says Beazley, combining errors and omissions (E&O) and media liability ... Read the full article
IGI joins GBN Worldwide re/insurance network
29th May 2019
International specialist commercial re/insurer International General Insurance (IGI) has become a member and network partner of GBN Worldwide, a global insurance network of insurers, reinsurers, independent brokers and specialty suppliers. IGI hopes the partnership, which enables the company to place business in over 140 countries, will support and enhance its vision ... Read the full article
B3i announces Japan’s SBI Group as latest shareholder
29th May 2019
The Blockchain Insurance Industry Initiative (B3i) has announced Japan's SBI Group as its latest investor, taking its shareholder base to 17. SBI Group of Japan has invested in the firm through its SBI AI&Blockchain Fund, which was launched in January 2018 to support open innovation between investors and investee firms, increase ... Read the full article
Third Point Re adjusts investment strategy to help bolster underwriting focus
29th May 2019
Hedge fund-backed reinsurer Third Point Re has entered into an Amended and Restated Collateral Assets Investment Management Agreement that will help fund a realignment of its investment strategy, one influenced by an increasing shift towards catastrophe underwriting. The company initially reallocated $350 million and expects to reallocate additional amounts to fixed income ... Read the full article
French regulator advises SCOR and Covéa to reconcile
29th May 2019
The French Prudential Supervision and Resolution Authority (ACPR) has advised that re/insurers SCOR and Covéa end their conflict in order to avoid financial instability, according to reports from Reuters. The two companies have been involved in a protracted dispute since SCOR rejected an €8.2 billion takeover bid from Covéa in ... Read the full article
IFRS 17 won’t change insurers’ underlying economic position: Moody’s
29th May 2019
While the introduction of IFRS 17 in 2022 will transform insurance accounting, it won’t change insurers’ underlying economic position, according to analysts at Moody’s Investors Service. Furthermore, while the new accounting standard is unlikely to affect Moody's view of their creditworthiness, it may make their performance more transparent and shape their ... Read the full article
HDI Global Specialty adds Karen Frazer to delegated authority team
29th May 2019
HDI Global Specialty SE, the recently launched collaborative specialty insurance venture between HDI Global and Hannover Re, has appointed Karen Frazer to its London based U.S delegated authority underwriting team. Frazer joins with immediate effect from Lloyd’s Syndicate Starstone, where she underwrote U.S open market and delegated authority business. Prior to this ... Read the full article
JMP predicts 15-20% rate hikes at June 1, says Jebi creep could reach $16bn
28th May 2019
Analysts at JMP Securities anticipate that overall pricing increases at the upcoming June 1 reinsurance renewals will be in the range of 15-20%, with wide variation among programs. The firm’s estimates follow meetings with re/insurers and brokers in Bermuda, which also revealed that many are expecting loss creep from Typhoon Jebi ... Read the full article
Maiden Re-backed insurtech Betterview closes $4.5m funding round
28th May 2019
Betterview, an insurtech startup backed by Munich Re and Maiden Re, has announced the close of a $4.5 million Series A, bringing the company’s total funding to $10 million. The company, founded in 2014, started off as a drone-based property inspection platform and service. In late 2017, Betterview started building a new ... Read the full article
RenRe’s Isikoff joins AXIS Capital as Chief Information Security Officer
28th May 2019
Kelly Isikoff has joined AXIS Capital Holdings from RenaissanceRe as the firm's new Chief Information Security Officer (CISO), reporting to Global Chief Information Officer (CIO), Keith Schlosser. Based in the firm's New York office, Isikoff will take responsibility for the oversight of AXIS Capital's enterprise-wide information security strategies, as well as collaborating with ... Read the full article
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