Reinsurance News
Weather events to impact Q1 re/insurance results: Buckingham Research Group
17th April 2019
The Buckingham Research Group is anticipating a “relatively choppy” catastrophe load for re/insurers in the first quarter of 2019 due to the impact of severe weather, winter weather and flooding. Events like the March flooding in the Midwest U.S could generate economic losses of $4.25 billion, according to estimates from ... Read the full article
InsurTech startup Cytora secures £25m in funding, eyes international expansion
17th April 2019
London-based InsurTech startup Cytora has secured £25 million in a Series B funding round led by Swedish venture capital firm EQT Ventures. Cytora, which was founded at the University of Cambridge in 2014, deploys artificial intelligence (AI) into commercial underwriting processes to improve and assist with the automation of decisions throughout ... Read the full article
Coface acquires Slovenian credit insurer SID – PKZ
17th April 2019
Coface has announced that it has strengthened its position in the Adriatic region through the acquisition of SID - PKZ, a Slovenian credit insurer with a high market share. The company has acquired all SID - PKZ shares, and plans to rebrand the business under the name of Coface PKZ. Founded by ... Read the full article
Industry losses from Q1 nat cats 47% below 15-year average: Aon
17th April 2019
Preliminary data from Aon’s latest market outlook report shows that through the first three months of 2019 re/insurers sustained natural catastrophe losses of $7.1 billion, 47% below the 15-year average of $13.5 billion. Roughly $4 billion of that insured loss figure was sustained in the US, where five of the ten ... Read the full article
Pen Underwriting promotes Nick Milton to Head of UK Sales & Distribution
17th April 2019
Pen Underwriting, a multi-territory managing general agent (MGA), has announced the promotion of Nick Milton to the position of Head of UK Sales & Distribution. In this role, he will be responsible for the day-to-day management of the 16-strong national sales team and the strategic expansion of Pen’s broker relationships in ... Read the full article
Capsicum Re adds Stephen Mathews to Mortgage Indemnity Reinsurance team
17th April 2019
Specialist reinsurance broker Capsicum Re has announced the appointment of Stephen Mathews to its Mortgage Indemnity Reinsurance division. Based in Capsicum Re’s New York office, Mathews will now head up the division’s global analytics capability. He joins the company from Guy Carpenter, where he most recently served as Managing Director, having been ... Read the full article
WTW partnership targets societal resilience against emerging forms of warfare
17th April 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has partnered with British defence and security think tank the Royal United Services Institute (RUSI) on a four year-long program designed to strengthen societal resilience to emerging forms of warfare. At its core, the Modern Deterrence Programme is based upon the concept ... Read the full article
Enstar to reinsure $500m US asbestos portfolio for Zurich
17th April 2019
A subsidiary of Bermuda-based re/insurance, run-off and legacy transaction specialist Enstar Group Limited has signed an agreement with a subsidiary of global insurer Zurich that will see it reinsure a book of US asbestos and environmental liability insurance portfolios. Roughly $500 million of gross insurance reserves related to 1986 and prior ... Read the full article
BIBA adds Tokio Marine Kiln’s Blundell as Head of general insurance
17th April 2019
The British Insurance Brokers’ Association (BIBA) has announced the appointment of Alastair Blundell as Head of general insurance, a newly-created role. Blundell, formerly Head of Distribution at Tokio Marine Kiln Group, has been appointed to further boost BIBA’s policy team. He will oversee general insurance policy work while representing and progressing issues ... Read the full article
Tremor completes property cat auction placement for Markel
16th April 2019
InsurTech startup Tremor Technologies, Inc. has completed another property catastrophe auction placement, successfully pricing and placing two layers of Markel Corporation's property cat excess of loss reinsurance tower, reports Artemis. Tremor, which operates an open, technology-driven, programmatic market for the placement of reinsurance risk, completed its first auction of a ... Read the full article
World Bank pegs Cyclone Idai economic loss at $2bn
16th April 2019
Cyclone Idai, which last month cut a path of destruction through the southern African countries of Malawi, Zambia and Zimbabwe, has been estimated by the World Bank to have inflicted over $2 billion in economic losses. Vast areas of land were submerged by torrential rainfall released by the Category 2 storm, ... Read the full article
Insurance Europe welcomes revised financial supervision system
16th April 2019
The European Parliament has voted to adopt an agreement reached between the European Union (EU) institutions regarding the review of the European system of financial supervision. The move was welcomed by Insurance Europe, the European insurance and reinsurance federation, who said the decision would uphold the authority of national supervisors. “Insurance Europe ... Read the full article
AkinovA adds co-founder of Securis to Advisory Board
16th April 2019
AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has announced the addition of Rob Procter to its Advisory Board. Procter is a co-founder of Securis Investment Partners, an independent insurance-linked securities (ILS) manager, and has served as CEO and Chief Investment Officer at the company. Prior to Securis, ... Read the full article
Property data startup Insurdata secures $3m in seed funding
16th April 2019
Insurdata, an InsurTech startup specialising in the augmentation of peril-specific exposure and risk data, has secured $3 million in seed funding from a group of investors led by Anthemis and Menlo Ventures. Insurdata was launched in 2017 to address the lack of property-specific data available to the re/insurance market. By providing access ... Read the full article
Reserve releases to augment U.S P&C underwriting profits: KBW
16th April 2019
Analysts at Keefe, Bruyette & Woods (KBW) are anticipating that 2019/2020 underwriting results for the U.S property and casualty (P&C) re/insurance sector will be augmented by higher than expected reserve releases. KBW estimates that the U.S P&C industry’s overall year-end 2018 statutory loss and defence and cost containment reserves were overstated ... Read the full article
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