Reinsurance News
Catastrophe models a tool, not the whole answer: Roundtable
29th October 2019
An over-reliance of catastrophe model data could be generating some dramatic learning experiences for industry participants, according to key executives speaking at the 2019 Reinsurance News Monte Carlo Rendezvous roundtable. Swiss Re’s Head of Property & Specialty Underwriting, Mike Mitchell, described what he considered a “somewhat slavish enthrallment to ... Read the full article
Westhoff appointed Beazley’s head of US large commercial property
29th October 2019
Specialist insurer Beazley has announced the appointment of Matthew Westhoff as head of US large commercial property. Based in New York, Westhoff will report to the firm’s global head of commercial property Simon Jackson while managing the US based team and working alongside the property team in London. He brings 16 years ... Read the full article
EU market access prompts Aon to move parent incorporation to Ireland
29th October 2019
As a result of Brexit and a subsequent desire to remain within the European Union (EU) single market, global insurance and reinsurance broker, Aon, has filed a preliminary proxy statement to move the jurisdiction of incorporation for the firm's parent company from the UK to Ireland. According to Aon, "Remaining within ... Read the full article
Munich Re’s ERGO strengthens presence in China
29th October 2019
ERGO, the primary insurance arm of reinsurance giant Munich Re, has signed a "strategic partnership agreement for insurance business" with innovative, China-based automobile manufacturer, Great Wall Motors. The agreement was completed by ERGO board members Markus Rieß and Karsten Crede, and is embedded in the organisational structure of ERGO China, although ... Read the full article
Hagibis likely an earnings event, reinsurers to cover majority of losses: Fitch
29th October 2019
Typhoon Hagibis is likely to be an earnings event for Japan's three main non-life insurers, while overall, it's expected that more than half of the insured loss total will be covered by reinsurers, says Fitch Ratings. Hagibis made landfall along Japan’s east coast as an equivalent category 1 hurricane on the ... Read the full article
Guy Carpenter results boost Marsh & McLennan growth in Q3
29th October 2019
Marsh & McLennan Companies, Inc. (MMC), has reported 13% revenue growth and 5% underlying revenue growth in the third quarter of 2019, supported by a strong performance from its reinsurance broking subsidiary, Guy Carpenter. Consolidated revenue came to $4.0 billion in Q3, an increase of 13% compared with the same period ... Read the full article
QIC Group’s 9M underwriting result hit by Ogden rate revision
29th October 2019
The UK Government's revision of the Ogden discount rate to -0.25% adversely impacted Qatar Insurance Group's (QIC Group) underwriting performance in the first nine months of 2019, driving its combined ratio above 100%. At 101.5%, QIC Group's combined ratio for the period improved slightly from the 102% recorded for the ... Read the full article
PCS expands industry loss and index services to Australia, NZ, Southeast Asia
29th October 2019
Property Claim Services (PCS), a Verisk Analytics business, has announced the extension of its catastrophe loss aggregation methodology used in Japan to cover Australia, New Zealand, and Southeast Asia. PCS notes that the extension is driven by strong global reinsurance market demand, and following rapid adoption of PCS Japan, launched ... Read the full article
Beazley appoints Hannah Smith as medical underwriter
29th October 2019
Specialist insurer Beazley has announced the appointment of Hannah Smith to the role of miscellaneous medical underwriter within its US healthcare team. Smith is based in Atlanta and will underwrite a number of miscellaneous medical professional liability risks while also working on Beazley’s virtual care book, which provides cover for technology-enabled ... Read the full article
Brown & Brown posts Q3 revenue growth
29th October 2019
Insurance brokerage Brown & Brown has reported $619.7 million in revenues for the third quarter, up 16.5% against the prior year quarter. The firm also revealed an increase of commissions and fees by 16.5%, while organic revenue was up by 3.4%. Meanwhile net income for the quarter stands at $115.6 million, a ... Read the full article
Cat losses drive down Everest Re profits in Q3
29th October 2019
Bermudian reinsurer Everest Re Group has reported a 47% decrease in net earnings during the third quarter of 2019, primarily due to catastrophe losses stemming from Hurricane Dorian and Typhoon Faxai. Everest Re recorded net income of $104.4 million this year, compared to $198.4 million for the same period last year. This ... Read the full article
Ascot appoints four from Allied World to excess casualty team
29th October 2019
Bermuda domiciled specialty insurer and reinsurer, Ascot Group, has appointed a new excess casualty team, including the addition of Patrick Kenahan as Head of Excess Casualty in Bermuda. Alongside Kenahan, Ascot has also announced that Jason Pugi, Kimberley Pursell, and Michael Watkins have joined as Senior Vice Presidents. The entire team has ... Read the full article
AmTrust adds Steven Moore as PI lead underwriter amid reshuffle
29th October 2019
Property and casualty re/insurer AmTrust Financial Services has appointed Steven Moore lead underwriter of professional indemnity, as the firm moves to restructure the division. Moore will be based in London and report to Bruce Whitmee, Chief Underwriting Officer and Angel Mas, Chief Executive Officer at AmTrust Europe. He brings over 25 years’ ... Read the full article
EverQuote & InsurTech Bold Penguin partner on launch of commercial market
29th October 2019
EverQuote, Inc., an online market for insurance shopping in the U.S., has entered into a new partnership with InsurTech innovator Bold Penguin on the launch of its commercial lines marketplace. Bold Penguin targets increased speed-to-bind for commercial insurance via platforms that enhance connections between all parties, ultimately reducing friction in the ... Read the full article
Sub-Saharan Africa provides reinsurers with a unique opportunity: A.M. Best
29th October 2019
The reinsurance landscape across Sub-Saharan Africa is unique, and while economic and political risks continue to pose challenges for market players, the region is still a long-term opportunity for reinsurers, according to A.M. Best. International financial services ratings agency, A.M. Best, has said that insurance markets across sub-Saharan Africa provides reinsurers ... Read the full article
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