Reinsurance News
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
US P&C sector’s underwriting income up 24% in Q1: A.M. Best
24th May 2019
The U.S. property and casualty (P&C) sector's net underwriting income for the opening three months of 2019 improved by 24% from the same period in 2018, as premium growth, lower underwriting expenses and reduced policyholder dividends offset an increase in losses and loss adjustment expenses (LAE). This is according to international ... Read the full article
$1bn+ economic damage from this week’s US severe weather, largely insured
24th May 2019
The extensive outbreak of severe storms that hit the central and eastern parts of the U.S. from May 16th - May 23rd, is expected to result in economic losses of at least $1 billion, according to analysis from Impact Forecasting, the catastrophe risk modelling arm of insurance and reinsurance broker ... Read the full article
Philippines’ PCIC could be converted into a reinsurer
24th May 2019
The Philippines' Department of Finance (DOF) is reportedly looking to change the charter of the Philippine Crop Insurance Corp. (PCIC) so that it can operate as a reinsurer or be privatised, in an effort to create a more balanced, competitive marketplace. Industry reports note that DOF Undersecretary and Chief Economist, Gil Beltran, told ... Read the full article
AmWINS adds Lead Underwriter for Property Specialty at Unicorn Underwriting
24th May 2019
Global specialty insurance provider AmWINS has announced the appointment of Matt Edwards as Lead Underwriter for Property Specialty in its London-based MGA Unicorn Underwriting. He will lead a fourth division of Unicorn, Unicorn Property Specialty, and will focus on writing property insurance for small to medium size businesses and high value ... Read the full article
Profitability returns, GWP falls for US P&C reinsurers in Q1: RAA
24th May 2019
Data released by The Reinsurance Association of America (RAA) shows a significant drop in gross written premium (GWP) for the first three months of 2019 to $19.2 billion, compared with $66.7 billion in the final quarter of 2018. The data, collected by RAA from 17 reinsurers globally, also indicates a return ... Read the full article
Generali to sell UK life run-off portfolio to Reinsurance Group of America
24th May 2019
Italian insurer Generali has entered into an agreement with Reinsurance Group of America (RGA) for the sale of the life run-off portfolio of its UK branch. As part of the transaction, Generali has signed a reinsurance contract that will cover all claims payments arising from most of the legacy business, with ... Read the full article
40% chance of a near-normal 2019 Atlantic hurricane season: NOAA
24th May 2019
The NOAA's Climate Prediction Center has produced its latest outlook for the 2019 Atlantic hurricane season, forecasting a 40% chance of a near-normal season. The NOAA's outlook forecasts a 30% chance of an above-normal season and a 30% chance of a below-normal season, which officially runs from June 1st to November ... Read the full article
Lockton names Richard Barraclough as Head of Corporate in Manchester
24th May 2019
Re/insurance broker Lockton has announced the appointment of Richard Barraclough to the position of Head of Corporate at its Manchester office as it looks to grow its presence in the North England. Barraclough joins Lockton from AJ Gallagher in Yorkshire, where he most recently led its Leeds, Sheffield and Wakefield offices ... Read the full article
Florida Governor signs AOB reforms into law
24th May 2019
Florida Governor Ron DeSantis has approved the recently proposed reforms to assignment of benefits (AOB) practices in the state, signing a bill to officially bring them into law. The Florida Legislature passed the reforms in April in an effort to stabilise the recent explosion in AOB litigation and provide policyholders with ... Read the full article
Fractal Industries launches new data-driven MGA
24th May 2019
Fractal Industries Inc. has announced the launch of a new managing general agency (MGA) to provide insureds with a single insurance policy for multiple perils. The MGA uses the Fractal Advanced Insurance Decision Platform (AIDP) to create an underwriting platform that integrates data and analytics, and is inter-operable with broker platforms, ... Read the full article
Nat cats dent underwriting performance of Australian insurers in Q1: APRA
24th May 2019
Statistics on the performance of general insurers in Australia in the first-quarter of 2019, released by the Australian Prudential Regulatory Authority (APRA), shows that claims from natural catastrophe events contributed to a 32.4% decline in the underwriting result. The Quarterly General Insurance Performance Statistics report released by the APRA, shows that ... Read the full article
Everest Re adds Meryl Hartzband to Board of Directors
24th May 2019
Global reinsurer Everest Re Group has appointed Meryl Hartzband to its Board of Directors. A founding partner of Stone Point Capital, Hartzband served as the firm's Chief Investment Officer from 1999 to 2015. Prior to joining Stone Point, she was a Managing Director at J.P. Morgan & Co., specialising in private equity ... Read the full article
Lancashire CFO Elaine Whelan to step down in 2020
24th May 2019
Specialty insurance and reinsurance group Lancashire Holdings has announced that its Group Chief Financial Officer (CFO) Elaine Whelan plans to retire during the course of 2020. She will continue in her role as Group CFO throughout 2019 and the financial year end process, and will step down from this role and ... Read the full article
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