Reinsurance News
Hiscox Re and MS&AD invest in AkinovA’s electronic marketplace
16th January 2019
Hiscox Re and MS&AD have made investments in digital insurtech firm AkinovA to support the development of its electronic marketplace for the transfer and trading of re/insurance risk. AkinovA claimed that the investments would further accelerate its progress ahead of the marketplace’s launch. The company is currently building its marketplace in collaboration ... Read the full article
WTW estimates industry cat losses at $71.5bn for 2018
16th January 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has estimated that major natural catastrophes cost the re/insurance industry $71.5 billion in 2018, with losses primarily driven by smaller events. This figure is only slightly above the annual average since 2011 but the third-highest total during this period, according to WTW’s ... Read the full article
Ongoing Brexit uncertainty for London re/insurance market
16th January 2019
Following yesterday's crushing parliamentary defeat, in which Prime Minister Theresa May's EU withdrawal agreement was rejected by MPs by more than 200 votes, uncertainty remains for the London insurance and reinsurance industry. The PM's withdrawal agreement was rejected by 432 votes to 202, and with the government facing a vote of ... Read the full article
The Hanover expecting $50m Q4 catastrophe hit
16th January 2019
Massachusetts-based property and casualty insurer The Hanover Insurance Group (THG) is expecting a $50 million pre-tax hit to its fourth quarter operating results due to catastrophe activity. This figure represents 4.6% of net premiums earned, an increase from THG’s Q418 assumption of 3.6%. Cat losses in the final quarter of 2018 are ... Read the full article
AIG adds Thomas Motamed to Board of Directors
16th January 2019
American International Group, Inc. (AIG) has announced that Thomas F. Motamed has been elected to its Board of Directors, effective immediately. Motamed retired from his position as Chairman and Chief Executive Officer (CEO) of CNA Financial Corporation in 2016, a role that he had held since 2009. Prior to this, he spent ... Read the full article
International discord hindering ability to tackle global risks: WEF
16th January 2019
Deteriorating international relations are hindering the world’s ability to foster collective action and tackle the most serious global risks, according to the World Economic Forum (WEF). The Forum’s Global Risks Report 2019 said that international cooperation looks set to worsen further over the coming year, with experts identifying rising geopolitical and ... Read the full article
Travelers partners with ASQ Underwriting on U.S transactional risk
16th January 2019
The Travelers companies, Inc. has partnered with managing general underwriter (MGU) ASQ Underwriting to offer transactional risk insurance in the U.S. Travelers explained that the move would enable it to meet the growing demand for M&A risk mitigation tools, which allow strategic and private equity investors to reduce their deal risk ... Read the full article
ArgoGlobal eyes gig-economy with Italian insurtech partnership
16th January 2019
ArgoGlobal Assicurazioni S.p.A, a subsidiary of Argo Group International Holdings, is providing gig-economy workers throughout Italy with a pay-as-you-go insurance solution by teaming up with specialised broker Axieme. Crucially, Axieme is connected to the digital platform Jobby, which enables users to activate their insurance when they accept a job. “The growth of ... Read the full article
P&C reserve development risk to increase: Morgan Stanley
15th January 2019
Analysts at Morgan Stanley believe that the risk of adverse development in property and casualty (P&C) re/insurance reserves is likely to heighten over the coming years, potentially leading to a major earnings headwind. The firm’s annual actuarial reserve study revealed an overall industry reserve deficiency of $4.3 billion relative to $615 ... Read the full article
AXA XL broadens U.S errors & omission coverage
15th January 2019
AXA XL Insurance, a division of French insurance and investment giant AXA, has expanded the product offering of its errors & omission program in the U.S and extended its in-house liability underwriting expertise to law firms of all sizes. The program can now provide any law firm, including defence firms, with ... Read the full article
Rising sea levels a manageable concern for re/insurers, says climate expert
15th January 2019
Sea level rise over the 21st century will not be as severe as many climate models have predicted and should not present a major issue for re/insurers provided it is managed appropriately, according to Dr. Judith Curry, President of Climate Forecast Applications Network and Professor Emeritus, Georgia Institute of Technology. Curry ... Read the full article
Greenlight Re to make second investment in tech-driven MGU AccuRisk
15th January 2019
Cayman Islands-based specialist property and casualty reinsurer Greenlight Capital Re has announced plans to invest in AccuRisk Solutions, a managing general underwriter (MGU) focused on employee and health insurance benefits. It's believed this investment will facilitate AccusRisk’s planned expansion via a series of strategic acquisitions in North America. Having first invested in ... Read the full article
Rates diverge between loss-affected accounts at 1/1 renewals: Peel Hunt
15th January 2019
Property catastrophe re/insurance rates fell by an average of 1% at the January renewals, but there was a wide divergence in trends between loss-affected and loss-free accounts, according to analysts at Peel Hunt. The firm attributed some of the muted results at the recent 1/1 renewals to the focus on European ... Read the full article
MS&AD enhances digital capabilities with new partnerships
15th January 2019
MS&AD Insurance Group Holdings has enhanced its digital capabilities through two new strategic alliance agreements with U.S-based MGA CoverHound and German insurtech company ELEMENT. The company intends to use CoverHound’s expertise in the development and sales of digital insurance products to empower its own digital solutions, particularly in regard to the ... Read the full article
London marine energy market “chaotic” but hardening: JLT
15th January 2019
The London marine energy re/insurance market continues to exhibit “chaotic and undisciplined” underwriting practices but finally seems to be emerging from a prolonged period of softening rates, according to analysts at JLT. The firm’s latest quarterly energy report observed that the predominately younger workforce in the London and Lloyd’s markets has ... Read the full article
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