Reinsurance News
One third of UK councils targeted by cyber attacks in 2019, reports Gallagher
4th October 2019
Councils across the UK are facing an unprecedented number of cyber attacks, with one third of local authorities targeted in the first six months of 2019 alone, according to re/insurance broker Gallagher. Of the 202 councils that responded to freedom of information (FOI) requests from Gallagher, 101 also said they had ... Read the full article
Brown & Brown appoints Boyd to tech-focused Senior VP role
4th October 2019
Insurance brokerage Brown & Brown has announced the appointment of Stephen Boyd as Senior Vice President of Technology, innovation and Digital Strategy. Boyd joins from Arrowhead General Insurance Agency, where for nearly ten years he served as President and Chief Operating Officer. This new role will see him work closely with leadership ... Read the full article
New RMS hurricane solution to inform pre-landfall response
4th October 2019
Global risk modelling and analytics firm RMS has announced the release of a new forecasting product to support proactive event response strategies for North Atlantic hurricanes ahead of landfall. Available as part of the RMS HWind Real-Time Analysis Solution suite, RMS HWind will deliver five-day forecast track scenarios, hazard footprints, and ... Read the full article
Reinsurance pricing could be jeopardised by capital influx, reports suggest
4th October 2019
The much-improved pricing environment in the reinsurance sector could be jeopardised if catastrophe losses remain low for the rest of 2019, according to reports from the Financial Times, as an influx of alternative capital capacity returns to the market. The publication noted that reinsurers have benefited from lower level of natural ... Read the full article
Insurance competition not working well for all customers, finds FCA
4th October 2019
UK regulatory body the Financial Conduct Authority (FCA) has published a new report arguing that competition in the home and motor insurance markets is not working well for all consumers. The FCA estimates that around 6 million policyholders pay high prices and are not getting a good deal on their insurance. In ... Read the full article
AIG completes $200mn pension liability deal with Rollins
4th October 2019
American International Group, Inc. (AIG) has completed a transaction with global consumer and commercial services company Rollins for the transfer of $198.3 million of US pension obligations. Rollins distributed the pension obligations through a combination of lump sum payments to participants, payments to the Pension Benefit Guaranty Corporation (PBGC), and the ... Read the full article
African Risk Capacity & SADC partner on disaster risk financing
4th October 2019
The African Risk Capacity (ARC) and the Southern Africa Development Community (SADC) have signed a Memorandum of Understanding (MoU) to strengthen resilience in the region through disaster risk management and financing frameworks. Natural disaster risks in the SADC region include droughts, floods, tropical cyclones, storms, and epidemics. The agreement is intended to ... Read the full article
CAC Specialty forms Financial Sponsors insurance team
4th October 2019
CAC Specialty, the specialty insurance brokerage and investment banking platform recently established by Cobbs Allen, has announced the creation of a dedicated team providing insurance and capital market solutions to the private equity community. The newly-formed Financial Sponsors Group (FSG) will bring together seven interdisciplinary specialties, CAC Specialty explained. These include sponsor ... Read the full article
Munich Re’s HSB develops IoT water damage solution for schools
4th October 2019
The Hartford Steam Boiler Inspection and Insurance Company (HSB), part of reinsurance giant Munich Re, has announced a new customised Internet of Things (IoT) solution for schools. HSB Connected Technologies is designed to monitor buildings and equipment 24/7 to protect against water leaks, freezing pipes, mold, and perishable goods spoilage. The solution’s ... Read the full article
Insurers to cover up to $751m of MGM’s Las Vegas shooting settlement
4th October 2019
American global hospitality and entertainment company MGM Resorts has reached a settlement agreement between $735 million and $800 million to settle liabilities from the 2017 mass shooting in Las Vegas. Additionally, MGM has confirmed that insurers could pay between $735 million and $751 million towards the settlement. Since the attack at an ... Read the full article
HDI Global Specialty bolsters London contingency team
4th October 2019
HDI Global Specialty SE, a joint venture of reinsurance giant Hannover Re and HDI Global SE, has appointed Martin Holness to lead its London contingency team, while Sheena Williams joins as Senior Underwriter. Holness brings over 30 years’ experience and was most recently head of contingency at Amtrust. He will report into ... Read the full article
ABIR members contribute $815 million to Bermuda economy in 2018
4th October 2019
Members of the Association of Bermuda Insurers & Reinsurers (ABIR) contributed $637 million in payroll to Bermuda-based employees in 2018, with the group's aggregate direct economic impact to the island's economy hitting almost $815 million. The figures are according to the 14th annual member survey results, which includes data reported for ... Read the full article
Tokio Marine HCC makes senior surety hires in France
4th October 2019
Tokio Marine HCC has announced the appointments of Jennifer Metcalfe as Senior Surety Underwriter for France, effective from 16 September. She will report to Aymeric Vinet Desrues, Head of Surety - France, who was appointed in February 2019. Based in Paris, Metcalfe and Vinet Desrues will support medium and large-sized businesses both ... Read the full article
AXA XL launches vehicle interruption cover for UK Uber drivers via new platform
4th October 2019
AXA XL has announced the launch of Vehicle Interruption Cover, an innovative, on-demand insurance solution designed to protect Uber drivers across the UK against a loss of earnings due to their vehicle being immobilised after an accident. The new solution works alongside Uber's newly implemented UK loyalty programme, UberPro, and provides ... Read the full article
Re/insurance opportunity as mass tort litigations escalate: Praedicat CEO
3rd October 2019
With mass tort style litigations reaching new highs in 2019, insurance and reinsurance companies should increasingly be thinking about how to capitalise on this emerging opportunity, according to Robert Reville, CEO of insurtech risk modelling and analytics firm Praedicat. Speaking at the Reinsurance Rendezvous event in Monte Carlo, Reville explained that ... Read the full article
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