Reinsurance News
Munich Re to deploy high-res imagery, AI for faster hurricane claim payments
30th April 2019
New methods currently being explored by global reinsurance giant Munich Re could see hurricane victims receive claim payments on their damaged properties in the time it takes them to return to their homes, according to reports from German newspaper Handelsblatt. Artificial Intelligence (AI) will play a key role in enabling this rapid ... Read the full article
Florida AOB reforms could reduce homeowners rate need by 15%: Citizens
30th April 2019
Citizens Property Insurance Corporation has praised Florida lawmakers for passing legislation to curtail unnecessary litigation and assignment of benefits (AOB) abuse, which it claims will provide relief for property insurance policyholders in the state. Actuaries estimated that the reforms would reduce the statewide average rate need from 25.2% to 10.1% for ... Read the full article
Norsk Hydro updates cyber attack loss estimate to $52mn
30th April 2019
Norwegian aluminium manufacturer Norsk Hydro has provided an updated loss estimate of NOK 400-450 million (USD $46-52 million) for the cyber attack in March that caused major disruption to its operations. Norsk Hydro had previously disclosed that it expected to lose 300-350 Norwegian crowns (USD $35-41 million) for the first ... Read the full article
Universal’s Jon Springer highlights speculation around mid-year rate movements
30th April 2019
Speculation remains around the magnitude of rate movements at the mid-year 2019 reinsurance renewals, underpinned by the potential impact on pricing from recent legislation targeting assignment of benefits (AOB) abuse in the state of Florida, according to Jon Springer, the President and Chief Risk Officer (CRO) of Universal Insurance Holdings, ... Read the full article
IAG to roll out new home, contents pricing
30th April 2019
Australian primary insurer Insurance Australia Group Limited (IAG) has notified customers with home and contents insurance of potential changes to their premiums. The alterations, starting July 1, are a result of adjustments made to the cover provided by the Earthquake Commission (EQC), as well as from IAG taking more account ... Read the full article
Climate factors to be “fully integrated” into SCOR’s new strategy: Denis Kessler
30th April 2019
French reinsurer SCOR intends to “fully integrate” a range of climate risk management approaches into its next strategic plan, according to Chairman & Chief Executive Officer (CEO) Denis Kessler. Kessler’s comments came alongside the announcement of SCOR's commitment to more stringent underwriting exclusions for coal-based businesses, which climate activist group ... Read the full article
Reinsurers benefit from Mercury General’s sale of subrogation rights
30th April 2019
Mercury General Corporation, a Los Angeles-based multi-line insurer, has said that its reinsurers are likely to benefit from the sale of certain wildfire subrogation rights, which it completed during the first quarter of 2019. As part of its Q1 results, Mercury General disclosed the sale of its subrogation rights related to ... Read the full article
Willis Towers Watson launches $1bn political risk program
30th April 2019
Global insurance and reinsurance broker Willis Towers Watson has announced the launch of a unique political risk insurance program supported with over $1 billion of market capacity. The new program is targeted at large global clients who may have existing assets or are considering future investments overseas. It is supported by VAPOR ... Read the full article
Stephen Catlin, Paul Brand announce launch of specialty re/insurer, Convex
30th April 2019
The launch of Convex Group Limited, an international specialty insurer and reinsurer with $1.8 billion of initial committed capital, has been announced by Stephen Catlin and Paul Brand. The awaited start-up has now launched, and has also received its all-important A- ratings from A.M. Best for its subsidiaries. Unveiled by re/insurance industry experts ... Read the full article
Argo posts first quarter net income of $91.2m, a 240% increase from Q1 2018
30th April 2019
Specialty re/insurer Argo Group International Holdings has posted a net income for the first quarter of 2019 of $91.2 million, a 270% increase from Q1 2018, and a 109% jump from the previous quarter. Gross Written Premiums grew 7.1% to $760.8 million, compared to $710.5 million for the the same quarter ... Read the full article
Premiums, income up at RGA in Q1 2019
30th April 2019
Reinsurance Group of America (RGA) increased its net premiums to $2.7 billion in the first-quarter of 2019 when compared with the prior year quarter, as net income jumped to $169.5 million. The global life reinsurer saw its net premiums increase 6% in the quarter, with adverse net foreign currency effects of ... Read the full article
RMS adds Andy Woodhouse as MD for Asia, Japan
30th April 2019
Andy Woodhouse has been appointed as RMS’ Managing Director for Asia and Japan. He joins RMS, a catastrophe risk modelling and analytics firm, from banking software company Temenos, where he served as Regional Services Director. Prior to that he was Head of Product and Business Development at Bloomberg, and Managing Director at ... Read the full article
Convex Group from Stephen Catlin secures A- rating from A.M. Best
30th April 2019
Convex Group Limited, the awaited start-up specialty insurance and reinsurance firm being launched by Stephen Catlin and colleagues, has now secured its all-important A- ratings from A.M. Best for its subsidiaries. Convex Group Limited is the non-operating holding company of the Convex group and its subsidiaries Convex Re Limited, the Bermuda ... Read the full article
Faraday CEO Andrew D’Arcy named as Head of Gen Re International P&C
30th April 2019
Gen Re, the global reinsurance subsidiary of Berkshire Hathaway, has appointed Andrew D’Arcy, current Chief Executive Officer (CEO) of Faraday Syndicate 435, as Head of Gen Re International Property & Casualty. Following the appointment, which is effective May 1, 2019, D’Arcy will relinquish the role of Faraday CEO and will join ... Read the full article
Canopius appoints Claudio Saita to lead new Sydney office
29th April 2019
Global specialty insurer and reinsurer, Canopius has announced that it will launch a new office in Sydney, Australia, as it targets expansion in the Asia Pacific region. Subject to regulatory approval, the new, local entity is expected to open in time to underwrite business for the June 30th renewal season. Providing a ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
