Reinsurance News
Lloyd’s to implement faster approval process for syndicate business plans
14th May 2019
Lloyd’s of London, the insurance and reinsurance marketplace, is planning to implement a faster approval process for syndicates’ 2020 business plan and capital submissions. In a recent market bulletin, Director of Performance Management Jon Hancock explained that Lloyd’s will commit to approving plans in four weeks by introducing a phased approach ... Read the full article
RMS launches new risk modelling & data platform, as it sunsets RMS(one)
14th May 2019
Catastrophe risk modelling and analytics firm RMS has announced the launch of a new strategic risk modelling and data platform for the re/insurance industry, called Risk Intelligence. At the same time, RMS said that it is sunsetting the RMS(one) platform, which faced numerous delays in implementation following its 2014 launch and ... Read the full article
AkinovA receives first regulatory sandbox licence from Bermuda regulator
14th May 2019
AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has become the first company to be granted an insurance regulatory sandbox licence from the Bermuda Monetary Authority (BMA). The licence will authorise AkinovA (Bermuda) Ltd, the company’s Bermuda trading subsidiary, to carry out business using its electronic trading ... Read the full article
ArgoGlobal hires international A&H underwriter from TMK
14th May 2019
ArgoGlobal, the Lloyd’s insurer and member of Argo Group, has announced the appointment of Zachary Tan as Accident and Health (A&H) Underwriter, effective immediately. He will focus on business in the Asia Pacific and Middle East regions, and will report to Michael Scala, Chief Underwriting Officer for Asia Pacific at ArgoGlobal. Tan ... Read the full article
PartnerRe strikes second longevity reinsurance deal with Manulife
14th May 2019
Bermudian reinsurer PartnerRe has completed a second deal with The Manufacturers Life Insurance Company (Manulife) to reinsure longevity risk for an in-force block of Canadian individual payout annuities. The announcement follows an earlier transaction with Manulife this year, which saw PartnerRe reinsure the longevity risk of roughly 25,000 annuitants. The new ... Read the full article
Commercial property rates firm as underwriting discipline improves: WTW
14th May 2019
Commercial insurance buyers are facing upward pressure on pricing for most lines of business for the remainder of 2019 as the market turns toward more disciplined underwriting, according to broker Willis Towers Watson (WTW). The analysis came as part of the firm’s Insurance Marketplace Realities 2019 Spring Update, which serves as ... Read the full article
Guy Carpenter proposes parametric solution for explosive volcanic eruptions
14th May 2019
Reinsurance broker Guy Carpenter has conceptualised and designed a parametric risk transfer solution that looks to mitigate losses to building structures as a result of large, ash fall-producing volcanic eruptions. In a recent article, Catastrophe Risk Analyst at Guy Carpenter, Delioma Oramas Dorta and Guillermo Franco, Managing Director & Global Head ... Read the full article
Everest Re CEO Addesso encouraged by rational response to market issues
14th May 2019
The President and Chief Executive Officer (CEO) of Bermuda-based reinsurer Everest Re, Dominic Addesso, is encouraged by how the reinsurance industry is responding to recent loss activity and trends. On the back of consecutive years of increased re/insured catastrophe losses, intense competition and significant pressure on rates, first-quarter 2019 commentary from ... Read the full article
Flood Re & Lighthill Risk Network partner with re/insurers on flood modelling report
14th May 2019
Flood Re, the UK’s government-backed reinsurance scheme, has partnered with researchers at Lighthill Risk Network, as well as a number of re/insurers and brokers, to produce a collaborative report on ways to improve flood risk understanding and management. The research project compiles input from Swiss Re, SCOR, Allianz, Aspen, Lloyds TSB, ... Read the full article
Argo to reduce size of Board as Voce dispute continues
14th May 2019
Specialty re/insurer Argo has made the decision to reduce its number of Board members following recent discussions with stakeholders and long-term shareholders. According to a proxy statement filed by the firm the move will see its Board shrink from 13 members to ten over the next three years. Argo says this decision ... Read the full article
AXIS partners with cyber startup accelerator CyLon
14th May 2019
Bermuda-based insurance and reinsurance firm AXIS Capital Holdings has announced a new partnership with cyber security startup accelerator CyLon. The partnership, which aims to inform and educate cyber security startups on the threats and opportunities unique to the space, will see the two firms work together with startups entering the CyLon ... Read the full article
Lloyd’s partners with BSB to survey market behaviour & conduct
14th May 2019
Lloyd’s of London, the insurance and reinsurance marketplace, has commissioned the Banking Standards Board (BSB) to conduct an independent, market-wide culture survey on its behalf. The annual survey, which Lloyds claims is the largest ever conducted by the re/insurance sector, is intended to provide insight into standards of behaviour and conduct, ... Read the full article
Tremor adds team of market design experts
14th May 2019
As Tremor Technologies continues to advance its programmatic risk marketplace, the firm has hired a team of market designers that have previously advised governments, industry groups and leading companies. InsurTech startup Tremor operates an open, technology-driven, programmatic market for the placement of reinsurance risk, and has completed a number of auctions ... Read the full article
P&C segment drives higher profits for Allianz in Q1
14th May 2019
Global insurer Allianz has announced that the strong performance of its property and casualty (P&C) business in the first-quarter of 2019 significantly contributed to a 7.5% increase in overall operating profit, to €3 billion. The P&C segment produced robust results in the opening three months of the year for Allianz, recording ... Read the full article
Flood Re opens online facility for MGAs to cede risk directly
14th May 2019
Flood Re, the UK’s government-backed reinsurance scheme, has opened a new online facility for managing general agents (MGAs) that will allow them to cede policies directly to Flood Re on behalf of their insurer. Previously, MGAs had to collate and send ceding data through an insurer in order to apply for ... 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.
