Reinsurance News
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
Suncorp announces CEO departure
28th May 2019
The Chief Executive Officer (CEO) and Managing Director of Suncorp, Michael Cameron, is set to leave the company after nearly four years in the role. The Chairman of the Australian insurer, Christine McLoughlin, noted that while Cameron had made a "significant contribution", now was the "right time for change." Cameron had held the ... Read the full article
Increasing rates creating deeper, broader change in property market: AmWINS
28th May 2019
Global specialty insurance provider AmWINS has in a new report stated that the firming seen in the property market towards the end of 2018 and into the first quarter of 2019, has accelerated. AmWINS says adverse loss development has been a catalyst in this acceleration. Two consecutive years with combined ratios exceeding ... Read the full article
California lawmakers approve state disaster insurance bill
28th May 2019
California lawmakers have approved a bill that will allow the state to take out insurance policies to protect it from disasters such as the recent wildfires. The legislation from Senator Bill Dodd, D-Napa, Insurance Commissioner Ricardo Lara and Treasurer Fiona Ma cleared the Senate this week, creating California Disaster Insurance. “As climate ... Read the full article
CFC launches cyber insurance platform
28th May 2019
Specialist insurer CFC Underwriting has announced the launch of a new cyber insurance platform that enables brokers to access and “self-serve” the company’s cyber insurance products for SME clients. The platform will be available on 1 June 2019. Developed by CFC’s in-house technology and innovation team, the platform reportedly boasts an ... Read the full article
M8.0 earthquake could trigger Peru’s catastrophe bond
28th May 2019
A magnitude 8.0 earthquake struck Peru on Sunday 26th of May, with reports suggesting that it could trigger the IBRD CAR 120 catastrophe bond. The earthquake's epicentre was in a fairly sparsely populated region of the Amazon, although reports do state that it's the strongest quake to hit the country in more ... Read the full article
Argo succeeds in Board renominations, narrowly wins compensation vote
28th May 2019
Specialty re/insurer Argo says its shareholders have voted to re-elect all five of its Board Directors. Voce Capital Management, who for the past few months has been locked in a bitter exchange with Argo, had previously withdrawn its own Board nominees amid accusations of underhand tactics. “We appreciate the strong support ... Read the full article
Swiss Re Corporate Solutions, Airbus Ariel partner on flood modelling tool
28th May 2019
Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, has announced that its flood assessment tool FLOAT is to be powered by drone imagery and data from Airbus Aerial, a subsidiary of the global aerospace firm. FLOAT was designed to help companies assess the flood risks of ... Read the full article
Reports of ransomware attacks surged 105% in Q1: Beazley
28th May 2019
Ransomware attacks surged 105% in the first three months of 2019 when compared against the same period in 2018, with attackers shifting their focus to larger organisations able to pay high ransom amounts, according to a report by Beazley. While ransomware-as-a-service (RaaS) attacks remain commonplace and tend to hit unsuspecting small ... Read the full article
Lockton appoints Jane Baron to lead Birmingham office
28th May 2019
Re/insurance broker Lockton has announced the appointment of Jane Baron as Head of its Birmingham office. She joins with over 25 years' industry experience, having served at Marsh and Willis Towers Watson in senior client management roles. Baron in her new role will provide leadership at a time of planned growth in ... Read the full article
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