Reinsurance News
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
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
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