Reinsurance News
Increase of alt investment managers in insurance industry mutually beneficial: Fitch
15th February 2019
An increased involvement in the insurance industry by alternative investment managers (Alt-IMs) throughout 2019 could provide benefits to both sides, with Alt-IMs gaining a steadier source of investment capital from premiums and insurers seeing higher investment returns in a lower-rate environment, according to analysts at Fitch Ratings. 2019 is expected to ... Read the full article
NZ public insurer EQC shakes up coverage
15th February 2019
Significant changes to the law designed to enhance the level of protection provided by New Zealand’s Earthquake Commission (EQC) will see the cap for residential building cover raised from NZ$100,000 (US$68,300) to NZ$150,000 (US$102,409). Lawmakers also removed the NZ$20,000 (US$13,654) EQC cover for contents, a move that Megan Woods (the minister ... Read the full article
Cyber risks spare no market, sector, or company: Munich Re’s Martin Kreuzer
14th February 2019
The growing cyber threat is proving to be a challenge for all industries, markets and companies, no matter the shape or size, according to reinsurance giant Munich Re. Commenting on the Ryuk ransomware (an updated version of the HERMES ransomware family by North Korea APT Lazarus Group), Martin Kreuzer, a cyber ... Read the full article
Gen Re develops facial analytics app for insurance buyers
14th February 2019
Global reinsurer Gen Re has developed a new mobile application that uses facial analytics technology to help customers purchase Life, Hospital Cash and Accidental Death insurance policies. The NOW app uses technology by Lapetus Solutions to quickly estimate factors such as a user’s age, gender and BMI based on an uploaded ... Read the full article
P&C broker Amanda Lee joins Miller in Singapore
14th February 2019
Global insurance and reinsurance broker, Miller, has announced the appointment of Amanda Lee to its Singapore division, a move that further strengthens the broker's specialty lines offering in Asia. Working closely with the broking teams in both Singapore and London in order to support growth plans with both existing and new ... Read the full article
TT Club appoints Andrew Peers as Senior Underwriter
14th February 2019
TT Club, a provider of insurance and risk management services for the international transport and logistics industry, has appointed Andrew Peers as Senior Underwriting for its UK, Benelux and Nordic underwriting team. Peers joins the Club from RSA, where he has spent the last 17 years, most recently leading a team ... Read the full article
Aon highlights greatest cyber security challenges for businesses
14th February 2019
Global insurance and reinsurance broker Aon has published a new report that details the greatest cyber security threats and challenges to organisations in 2019, highlighting both the significant opportunities and risks that new technologies bring. The 2019 Cyber Security Risk Report identified eight key areas where business are likely to face ... Read the full article
Townsville flooding triggers Suncorp’s aggregate reinsurance program
14th February 2019
Australian primary insurer Suncorp Group has revealed that catastrophe losses resulting from the recent flooding in the city of Townsville, Queensland have triggered its Natural Hazards Aggregate Protection (NHAP) reinsurance program. The company explained that, while it is still too early to estimate the gross costs of the flooding, its losses ... Read the full article
RGA strikes deal with Manulife to reinsure longevity risk of 45,000 annuitants
14th February 2019
RGA Life Reinsurance Company of Canada (RGA Canada), a subsidiary of global life and health reinsurer RGA, has announced the completion of a transaction with The Manufacturers Life Insurance Company (Manulife) that will see it reinsure longevity risk from an in-force block of Canadian group payout annuities. In aggregate, RGA Canada ... Read the full article
Hannover Re’s Glencar Insurance receives A+ rating from A.M. Best
14th February 2019
Glencar Insurance Company (GIC), a newly established subsidiary of German reinsurer Hannover Re, has received a financial strength rating of A+ (Superior) from A.M. Best. The rating agency also assigned GIC a long-term issuer credit rating of “aa”, in addition to a stable outlook. A.M. Best explained that the ratings reflected GIC’s ... Read the full article
Lancashire pleased with resilient reinsurance programme
14th February 2019
High levels of catastrophe losses hit Lancashire's operating performance in the fourth-quarter of 2018, but despite this, the firm's resilient portfolio and reinsurance programme contributed to a positive performance for the full-year. Lancashire has reported a net operating loss of $13.9 million for the fourth-quarter of 2018, compared with a loss ... Read the full article
Volatile market, nat cats see AIG report $559m Q4 loss
14th February 2019
Catastrophe losses and poor investment returns in a volatile market have seen American International Group (AIG) report an adjusted after-tax loss of $559 million. In addition, the company added $365 million to its reserves in the quarter to cover policies issued in 2016 and earlier. For the full year, this figure totalled ... Read the full article
Suncorp to increase reinsurance spend by $200mn after cat losses dent results
14th February 2019
Suncorp Group, the Australian primary insurer, has announced that it plans to purchase an additional AUD $200 million (US $142 million) of natural perils reinsurance cover in FY 2020 after catastrophe losses of $580 million dented the Group’s profits in 1H 2019. The insurer reported net profit after tax of $250 ... Read the full article
Ryan Specialty Group to acquire wholesale broker Westphalen
14th February 2019
Ryan Specialty Group has agreed to acquire the assets and operations of Westphalen Insurance Services Inc., an independently owned wholesale insurance brokerage located in Edmond, Oklahoma. The Westphalen team will become part of R-T Specialty, the wholesale brokerage unit of Ryan Specialty Group, and will establish the company’s presence in Oklahoma. Founded ... Read the full article
AmTrust Title Insurance promotes Felice Shapiro to General Counsel role
14th February 2019
AmTrust Title Insurance Company, the title insurance subsidiary of P&C re/insurer AmTrust Financial Services, has announced the promotion of Felice K. Shapiro to the role of General Counsel for AmTrust Title and First Nationwide Title. In her new role, Shapiro will be responsible for all underwriting decisions for both AmTrust Title ... Read the full article
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