Reinsurance News
GrainCorp secures 10-year drought protection via Aon’s White Rock
10th June 2019
GrainCorp, the largest grains company on Australia’s east coast, has signed a ten-year agreement with an unnamed insurer designed to help manage the risk associated with grain production volatility. GrainCorp will receive a production payment each year of up to AU$80 million should annual levels drop below 15.3 million tonnes. If production ... Read the full article
Accenture’s Cusano to lead AIG’s business, technology operations
10th June 2019
Global insurer American International Group (AIG) has announced the appointment of John Cusano as Chief Business & Technology Operations Officer, effective July 1. Cusano, who joins from Accenture having held a number of leadership positions in the company, has over 30 years’ experience and has demonstrated a successful track record of ... Read the full article
Jason Storah to succeed Colm Holms as Aviva Canada CEO
7th June 2019
Aviva Canada has announced the appointment of Jason Storah as Chief Executive Officer, replacing Colm Holmes, who is set to become CEO of General Insurance. Storah has more than 15 years of experience with Aviva Canada, serving most recently as Chief Distribution Officer, overseeing Broker Distribution, Partnerships, RBC Insurance, Aviva's Direct ... Read the full article
Sedgwick appoints Bob Neo as Director of Singapore operations
7th June 2019
Sedgwick, a provider of technology-enabled risk, benefits and integrated business solutions, has appointed Bob Neo to its Singapore operations as Director. Neo joins with over 40 years’ experience in the industry and previously served as Governor of the board of the Singapore Insurance Institute. He also spent time as President of the ... Read the full article
Commercial lines show “varied” rate changes in May: IVANS
7th June 2019
Commercial lines rate movements were “varied” across the month of May, according to the latest IVANS Index, with mixed results across the major lines of business. IVANS, which is a division of Applied Systems, observed an uptick in premium renewal rates for BOP, General Liability, and Commercial Property. In contrast, Commercial Auto, ... Read the full article
Swiss Re sees ReAssure IPO as growth opportunity
7th June 2019
Reinsurance giant Swiss Re believes that reducing its stake in UK closed life book consolidator ReAssure via an initial public offering (IPO) will facilitate increased flexibility and growth of the group. An IPO registration document for the ReAssure Group plc share offering is due to be filed today, pending the ... Read the full article
TWIA secures $2.1bn of private market reinsurance & cat bonds for 2019
7th June 2019
The Texas Windstorm Insurance Association (TWIA) has completed its 2019 reinsurance program, securing $2.1 billion of private market reinsurance and catastrophe bond protection for the 2019 Atlantic hurricane season. TWIA's 2019 reinsurance program is effective June 1st, 2019 and provides total aggregate funding of $4.2 billion. 50% of this is from ... Read the full article
Re/insurers face multi-billion dollar losses from prolonged U.S storms: Aon
7th June 2019
Re/insured losses are expected to climb into the multi-billion dollar range as severe weather and storm activity in the U.S remained high for a second consecutive month in May, according to the latest Global Catastrophe Recap report from Aon. The broker recorded seven outbreaks of severe convective storms across the central ... Read the full article
Athora to acquire VIVAT from Anbang Group, NN Group to take non-life unit
7th June 2019
Athora Holding Ltd. is to acquire VIVAT N.V. from Anbang Group Holdings Co Ltd., retaining the life and asset management divisions. Following the closing of this acquisition, NN Group will take ownership of VIVAT Schadeverzekeringen N.V. (VIVAT Schade), VIVAT's non-life business. The acquisition marks Athora's entry into the Dutch market, and it's ... Read the full article
PERILS increases cyclone Dragi-Eberhard industry loss to €798m
7th June 2019
Catastrophe loss data aggregator PERILS has increased its initial €740 million loss estimate for windstorm Dragi-Eberhard to €798 million. Dragi-Eberhard consisted of two low pressure systems that affected areas of the British Isles, and Western and Central Europe on 9 and 10 March 2019. Given the storms affected similar regions across ... Read the full article
Shipping losses at record low, but incident frequency remains high: Allianz (AGCS)
7th June 2019
Large shipping losses are currently at their lowest level this century, according to a report by Allianz Global Corporate & Specialty SE (AGCS), although the overall number of reported incidents shows little decline. In 2018, AGCS recorded 46 total losses of vessels around the shipping world, down from 98 in the ... Read the full article
Swiss Re to launch ReAssure IPO, registration to be filed today
7th June 2019
Swiss Re is moving forwards with long-discussed plans for an initial public offering (IPO) of shares in its UK closed life book consolidator business ReAssure. An IPO registration document for the ReAssure Group plc share offering is due to be filed today, pending the approval of the UK's Financial Conduct Authority, ... Read the full article
Gender diversity supports re/insurance sector growth, reports Swiss Re
7th June 2019
Promoting more gender diversity would drive economic growth, increase insurance premiums and penetration, and ultimately make the world more resilient, according to a new report from Swiss Re. The company argued that re/insurers also stand to gain from better financial performance with a more diverse workforce. Greater female inclusion in the labour ... Read the full article
Rates to increase through April 2020 regardless of storm activity: Goldman Sachs
6th June 2019
Analysts at Goldman Sachs believe that catastrophe reinsurance and retrocession rates will continue to increase through to April 2020 regardless of how active this year’s storm season is. However, the firm does not believe that rate increases will continue into the June 2020 renewals and beyond without another above-year average loss ... Read the full article
Munich Re’s HSB partners with CNA on IoT Technology solutions
6th June 2019
The Hartford Steam Boiler Inspection and Insurance Company (HSB), which is part of reinsurance giant Munich Re, has collaborated with U.S. commercial property and casualty (P&C) insurer CNA on IoT Technology solutions. Under the new partnership, HSB's IoT Technology solutions will be offered to CNA's small and mid-size commercial policyholders in ... Read the full article
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