Reinsurance News
FedNat forecasts Q3 cat losses at $11mn, with no reinsurance triggered
16th October 2019
Florida-based primary insurer FedNat Holding Company has estimated that it will incur gross catastrophe losses of $11.0 million in the third quarter of 2019. This figure includes $8.0 million from FedNat’s non-Florida property business, which is subject to a 50% profit-sharing agreement with the non-affiliated managing general underwriter that writes FedNat ... Read the full article
AXA looking at potential sale of Central European business, says Reuters
16th October 2019
Reuters has reported that a number of sources have claimed that French insurance giant AXA is considering the sale of its Central European business as part of a restructuring to exit markets where the firm does not have sufficient scale. Reportedly, information packs regarding the sale have been sent to potential ... Read the full article
Quarter of UK pension schemes unprepared for cyber attack: Aon
16th October 2019
Almost a quarter of trustees of UK pension schemes have still had no training on the risk of cyber crime, according to a new survey by re/insurance brokerage Aon. While 95% of respondents to Aon’s Global Pension Risk Survey 2019 said their schemes had not been affected by cybercrime, a handful ... Read the full article
Swiss Re, Munich Re may exceed Q3 cat budgets: analysts
16th October 2019
Global reinsurers Swiss Re and Munich Re may exceed their large loss budgets for Q3 2019, and may be at risk for Q4, according to analysis by Barclays. Meanwhile, London market players such as Hiscox may consider the impact in Japan substantial enough to warn the market. Overall, analysts expects all large ... Read the full article
EPIC Insurance Brokers welcomes Prime Risk to platform
16th October 2019
EPIC Insurance Brokers and Consultants, a retail property and casualty broker and employee benefits consultant, is set to welcome Prime Risk Partners to its national insurance platform. Prime Risk is headquartered in Atlanta and manages a range of risks across the US. The firm will initially operate as Prime Risk Partners – ... Read the full article
AXIS to limit thermal coal, oil sands underwriting & investments
16th October 2019
Bermudian insurer and reinsurer, AXIS Capital Holdings Limited, has announced a new policy which addresses the firm's underwriting of, and investments in, thermal coal and oil sands-related business. Amid ongoing global pressure to mitigate the impacts of climate risks and transition to a low-carbon economy, numerous insurers and reinsurers have taken ... Read the full article
Insurtech Quantemplate secures $12m in latest funding round
16th October 2019
Cloud-based automated data provider Quantemplate has raised $12 million in its latest funding round, as the company looks to continue providing re/insurers with solutions that help identify new market opportunities and reduce costs. Quantemplate’s platform leverages machine learning and creates real-time access to democratised data in a way that it says ... Read the full article
North P&I Club announces string of senior underwriting appointments
16th October 2019
North P&I Club, the UK-based marine mutual liability re/insurer, has announced a series of senior underwriting appointments across various lines and regions within its business. Back in June, the company announced the appointment of Savraj Mehta to Chief Commercial Officer, with Thya Kathiravel taking on Mehta’s previous role as Chief ... Read the full article
Hiscox selects IVANS Markets to tap independent agencies network
16th October 2019
Global specialist re/insurer Hiscox is set to expand its reach to independent agencies using IVANS Markets, which promises to provide access to a network of more than 32,000 agents. Leveraging the service from IVANS, a division of Applied Systems, Hiscox will market appetite details for its partner wholesalers, including Apogee, Braishfield ... Read the full article
Munich Re’s automation insurtech eyes mid-tier market
16th October 2019
Munich Re Group's specialist insurtech subsidiary, Munich Re Automation Solutions Ltd, is set to bring its auto-underwriting expertise to the global mid-tier insurance marketplace with one of its SaaS-enabled solutions, ALLFINANZ SPARK. SPARK operates as a hosted service, and provides mid-tier companies with the chance to automate their underwriting processes, explore ... Read the full article
Alliant strengthens Southwest operations with VP hire
16th October 2019
US specialty insurance brokerage firm Alliant Insurance Services has bolstered its operations in the Southwest region with the appointment of Geoff Godsey as Vice President. Based in Dallas, TX, Godsey joins Alliant from a large regional insurance brokerage firm, where he served as a Commercial Producer. He is an experienced commercial insurance ... Read the full article
Low interest rates hit French life sector solvency: Moody’s
16th October 2019
French life re/insurers’ Solvency II ratios declined during the first nine month of 2019 as falling interest rates signalled pressure on future profits, according to Moody’s Investors Service. Interest rates have fallen significantly in 2019, causing some large French life insurers’ Solvency II ratios declined between 15 and 23 percentage points ... Read the full article
Saddleridge fire ignition reported near SC Edison electrical tower
15th October 2019
An investigation into the Saddleridge wildfire, which has burnt through nearly 8,000 acres in Los Angeles County this week, has established that the blaze originated near the base of a Southern California Edison electrical tower, according to reports from Reuters. The cause of the fire still remains uncertain, but the Los ... Read the full article
Sompo International to offer email security services to cyber policyholders
15th October 2019
Bermuda-based property and casualty re/insurer Sompo International has announced that it plans to offer complimentary cyber risk management services for email security protection to all eligible policyholders in the US. To realise this goal, Sompo International has partnered with SecurIT360, a full-service security consulting firm, and The Crypsis Group, a leading ... Read the full article
B3i deploys latest Cat XoL product
15th October 2019
The Blockchain Insurance Industry Initiative (B3i) has announced the deployment of its latest property catastrophe Excess of Loss application. B3i says the product is able to cover the majority of Cat XoL contracts transacted in the market today and provides customers with the ability to negotiate and manage contract workflows on ... Read the full article
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