Reinsurance News
PCS to expand industry loss estimates, index services to Japan
28th January 2019
Property Claims Services (PCS), a Verisk Analytics business, is expanding its industry loss data aggregation and index reporting capabilities to include non-marine catastrophe losses in Japan, according to reports from our sister site Artemis. The product - which can be used as a trigger input for industry loss warranties (ILWs), cat bonds ... Read the full article
Allianz to automate legal proceedings for injury claims using AI
28th January 2019
Allianz Insurance has launched a new digital proposition, called Defendant Hub, that uses artificial intelligence (AI) technology to automate Ministry of Justice Stage 3 injury claims. Developed in partnership with UK law firm Keoghs, Defendant Hub will provide Allianz’s injury claims handlers with an end-to-end solution for Stage 3 claims. This is ... Read the full article
EC3 Brokers launches Middle East division, appoints head
28th January 2019
EC3 Brokers is targeting growth in the Middle East and Africa with the launch of a new division, called EC3 Brokers MEA, which is to be led by Senior Executive Officer (SEO) Steve Hart. This new venture, based in Dubai’s International Finance Centre, expands EC3 Brokers’ existing operations in London and ... Read the full article
Updated PPL offers enhancements for facilities
28th January 2019
A significant update has been implemented by the board of Placing Platform Limited (PPL), including improvements to its facilities functionality and various market requests for alterations. The PPL has been pushed as a core part of the London Market Group’s (LMG) Target Operating Model, which is looking to make it more ... Read the full article
Everest Insurance expands Life Sciences product offering
28th January 2019
Everest Insurance, a division of global insurer and reinsurer Everest Re Group, Ltd., has announced that its Life Sciences product offering now includes Property, Commercial Auto, and Workers' Compensation Life Sciences products. The firm states that these new product offerings join the subsidiary's established Primary Product Liability offering, as well as ... Read the full article
Insurers collaborate to establish blockchain in healthcare industry
28th January 2019
A collaboration featuring leading health insurers and led by IBM, Health Care Service Corporation, and PNC Bank hopes to enhance patient care and reduce unnecessary costs by designing and implementing a network using blockchain technology. The collaboration, which includes CVS Health’s business Aetna and U.S insurer Anthem, says major improvements in ... Read the full article
Global pension gap a major re/insurance opportunity: Swiss Re
25th January 2019
A growing crisis in the global pensions system represents a major opportunity for the life re/insurance industry to close the funding gap, according to a new report by the Swiss Re Institute. Swiss Re found that the shortfall in pension funding for the global retired population is forecast to grow by ... Read the full article
Allianz partners with PIMCO to launch P&C ILS unit
25th January 2019
Premier fixed income investment manager PIMCO, which is owned by global re/insurer Allianz, has launched a new property and casualty insurance-linked securities (ILS) business, working in partnership with its parent. The new ILS business launch is to be led by Rick Pagnani as Executive Vice President (EVP), who brings more than ... Read the full article
Zurich CEO optimistic about P&C rates in 2019
25th January 2019
Mario Greco, Chief Executive Officer of Zurich Insurance Group, has said that the company is optimistic about the prospects for property and casualty (P&C) re/insurance pricing in 2019. Speaking in an interview with CNBC at the World Economic Forum 2019 event in Davos, Switzerland this week, Greco said that market conditions ... Read the full article
RGA adds IT and operations veteran to Board of Directors
25th January 2019
Global life and health reinsurer, Reinsurance Group of America (RGA), has announced the addition of Steven Van Wyk, currently Chief Information Officer (CIO) and Head of Technology & Innovation at PNC Financial Services Group, Inc., to its Board of Directors. Van Wyk will start his tenure as an independent director on February ... Read the full article
AmTrust adopts PCMI software for reinsurance business
25th January 2019
Property and casualty re/insurer AmTrust Financial Services has signed an agreement with Policy Claim Management International (PCMI) Corporation to use its integrated software solutions for AmTrust’s reinsurance business. AmTrust plans to implement the Policy Claim and Reporting Solutions (PCRS) - Reinsurance Module from PCMI, which it says will provide its clients ... Read the full article
Bermuda re/insurers to post improved CR following volatile 2017: Fitch
25th January 2019
Fitch Ratings is expecting the Bermudian re/insurers it tracks to post a Combined Ratio (CR) of approximately 100% for 2018, down from the 106.9% posted after the volatile cat events of 2017. The improvement reflects a reduced cat loss burden of roughly 10% on the 2018’s CR, compared to 20.2% in ... Read the full article
PG&E not liable for Tubbs Fire, report California investigators
25th January 2019
An investigation by California authorities has determined that energy supplier Pacific Gas & Electric Co. (PG&E) is not financially liable for damages resulting from the Tubbs Wildfire, which burned through more than 36,000 acres in the north of the state in October 2017. After thorough review, the California Department of Forestry ... Read the full article
Aetna returns to the capital markets for reinsurance protection
25th January 2019
The health, medical and benefits insurance unit of CVS Health, Aetna, has announced a new four-year collateralised reinsurance agreement with Vitality Re X Limited. Aetna has entered the insurance-linked securities (ILS) market, and more specifically the catastrophe bond market for risk transfer for many years running, and has now announced its ... Read the full article
RMS names Cihan Biyikoglu Exec VP of Product
25th January 2019
Catastrophe risk modelling and analytics firm RMS has announced the appointment of Cihan Biyikoglu as Executive Vice President of Product. Reporting to Chief Executive Officer Karen White Biyikoglu will serve as a member of the company’s Executive Committee. He joins with 20 years experience overseeing product management for big data, data analytics ... Read the full article
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