Reinsurance News
AXIS Re names Jason Arbuckle Head of Underwriting, Canada
29th January 2019
AXIS Re, the reinsurance arm of AXIS Capital Holdings Limited, has named Jason Arbuckle as Head of Underwriting for Canada. In his new role, Arbuckle will take responsibility for the Canadian office operations, which includes enhancing and expanding the reinsurer's Canadian market business, and both identifying and establishing new AXIS Re ... Read the full article
Broker Kingsbridge targets gig economy with acquisition of InsurTech Dinghy
29th January 2019
GlobalData has said that the acquisition of InsurTech start-up Dinghy by specialist insurance broker Kingsbridge, looks set to ignite innovation in the broker community. Dinghy offers freelancers based in the UK with various insurance products, including professional indemnity, public liability, cyber liability, and business equipment insurance for flexible working hours. Kingsbridge specialises ... Read the full article
Swiss Re opens capital markets unit in Luxembourg ahead of Brexit
29th January 2019
Swiss Re has set up a new capital markets unit in Luxembourg to ensure continuity of service for its derivative contracts after the UK leaves the European Union. Swiss Re Capital Markets Europe, S.A. was established by the reinsurer’s commercial risks division, Swiss Re Corporate Solutions, to ensure that the company ... Read the full article
Channel Syndicate 2015 promotes Anderson to Head of Tech & Cyber
29th January 2019
Channel Syndicate 2015 (Channel) at the specialist Lloyd's of London insurance and reinsurance marketplace, has announced the appointment of Gillian Anderson as Head of Technology and Cyber, effective immediately. In her new role, Anderson will report to Active Underwriter at Channel, Tom Corfield. She joined Channel in the summer of 2016 ... Read the full article
AXA XL renews and expands partnership with Guidewire Software
29th January 2019
AXA XL has partnered with Guidewire Software, Inc. in order to have global access to the Silicon Valley-based company's Guidewire Cyence Risk Analytics (Cyence) modelling solution for cyber exposures. Cyence is designed to help quantify the financial impact of cyber risk exposures, and AXA XL's Cyber Insurance unit has utilised the ... Read the full article
S&P notes orderly but somewhat disappointing renewals
29th January 2019
Targeted price increases limited to loss-affected policies and regions were evident at the recent January 1st renewals, and while the overall process was orderly, it was somewhat of a disappointment following recent industry losses, says ratings agency S&P. The ratings agency states that during the most recent renewal period, it witnessed ... Read the full article
SCOR seeks prosecution of Covéa & Thierry Derez
29th January 2019
French reinsurance giant SCOR has announced that it plans to initiate criminal actions against Covéa and its Chief Executive Officer (CEO) Thierry Derez following the rejection of an €8.2 billion takeover bid in August 2018. The acquisition offer from Covéa, which is currently SCOR’s largest shareholder, was labelled as “hostile ... Read the full article
Covéa scraps plans to pursue SCOR deal
29th January 2019
French insurance group Covéa has announced that it has abandoned its plans to pursue an acquisition deal targeting reinsurance giant SCOR. “Covéa takes note of SCOR’s refusal to enter into any discussions in relation to Covéa’s proposed friendly transaction offer addressed on 24 August 2018,” the company said in a statement. “The ... Read the full article
Lloyd’s to continue efficiency drive, rethink international priorities, says CEO
29th January 2019
John Neal, Chief Executive Officer (CEO) of Lloyd’s of London, has said that the marketplace will continue to focus on driving efficiency in 2019, as well as on winning new business in the U.S and Europe. Speaking in an interview with the Financial Times, Neal said that he is due to ... Read the full article
2018 saw non-life ILS hit $93bn: Willis Re
29th January 2019
The Insurance Linked Securities (ILS) market underwent further growth in 2018, reaching $93 billion of outstanding non-life capital, according to an ILS Market Update from Willis Re. With roughly $9.2 billion of new capital delivered - the second most active calendar year ever despite a slow-down during the final quarter - ... Read the full article
Reinsurance Group of America’s net income drops at Q4
29th January 2019
Reinsurance Group of America (RGA) has reported net income of $110.0 million for the fourth quarter of 2018, representing a significant drop from the $1.217 billion reported for the same period in 2017. This difference is largely attributable to the Tax Cuts and Jobs Act of 2017, which benefited RGA’s Q4 ... Read the full article
Insured losses from November California wildfires surpass $11.4bn
29th January 2019
Ricardo Lara, California's Insurance Commissioner, has revealed that insured losses of more than $11.4 billion have now been reported from the November 2018 Wildfires. The new figure represents growth of roughly 25%, or more than $2.3 billion from the total reported by the Department of Insurance in December 2018. Insurers have reported ... Read the full article
Allianz to shoulder some losses from burst Vale dam, reports
29th January 2019
Reports are emerging from Reuters that indicate global re/insurer Allianz may have to shoulder some of the costs associated with the deadly dam collapse at Vale’s Corrego do Feijao mine in Brazil. Sources have said the firm’s Global Corporate & Specialty division leads a consortium of reinsurers that assumed some risks ... Read the full article
Technical or human factors account for majority of corporate claims: AGCS
29th January 2019
The vast majority of corporate insurance claims over the last five years have originated from technical or human factors, accounting for 87% of all claims by value, according to new research by Allianz Global Corporate & Specialty (AGCS). The firm’s latest Global Claims Review, which looked at data from 470,000 claims ... Read the full article
Risk Strategies rolls out national health care practice across all lines
29th January 2019
The privately held insurance brokerage and risk management firm Risk Strategies has successfully integrated its national health care practice across all lines of insurance and reinsurance. Led by industry veteran Bob Dubraski, the practice is driven by a dedicated team of experts with resources across the U.S, providing analytics, consulting and ... Read the full article
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