Reinsurance News
Significant Brevard County hailstorms to cost HCI Group up to $7m
9th April 2019
A recent hailstorm that impacted several areas of the Brevard County, Florida, is expected to drive a loss of between $4 million and $7 million for HCI Group, Inc. According to the National Weather Service, recent thunderstorms that brought hail to parts of Canaveral Groves, Cocoa, Rockledge, Merritt Island and Satellite Beach, ... Read the full article
Chubb handed permission to set up Myanmar life insurance subsidiary
9th April 2019
Global insurer Chubb has been revealed as one of the five foreign firms handed permission by the government of Myanmar to establish a 100% owned life insurance subsidiary within its borders. Other insurers given the green light include Japan’s Dai-ichi Life Insurance, Manufacturers Life Insurance Company Canada, AIA, and Prudential Hong ... Read the full article
AXA XL releases expanded contractor’s equipment insurance product
9th April 2019
AXA XL, the newly-formed division of French insurance and investment giant AXA, has announced the release of a new contractor’s equipment product in North America. Mike Perrotti, AXA XL’s Inland Marine Practice Leader for North America, explained that the new product is designed to meet the increasingly complex needs of a ... Read the full article
Intact Financial’s Canada operations hit by almost CA$200mn of weather losses
9th April 2019
Intact Financial Corporation has announced that severe winter weather has driven net catastrophe and non-catastrophe weather losses of almost CA$200 million (pre-tax) on its Canadian operations in the first-quarter of 2019. Net of reinsurance, catastrophe losses totalled approximately CA$128 million (pre-tax), which, based on Q1 historical averages, is CA$95 million above ... Read the full article
Higher reconstruction costs suggest increased underinsurance: CoreLogic
9th April 2019
CoreLogic's 2019 Insurance Coverage Adequacy Report highlights elevated reconstruction costs in a number of disaster-prone regions between 2016 and 2018. The report examines potential underinsurance issues in certain parts of the U.S. that are susceptible to natural catastrophe events. According to CoreLogic, its findings further highlight the need for insurers to make ... Read the full article
Liberty Mutual adds Janelle Edem as Chief of Staff
9th April 2019
U.S primary insurer Liberty Mutual has announced the appointment of Janelle Edem as Chief of Staff, Global Risk Solutions (GRS). Edem will report to the President of GRS Dennis Langwell and be tasked with organising and driving forward critical strategic issues to facilitate efficient decision making for the unit’s executive office. GRS ... Read the full article
Underwriting profitability of London market remains pressured, warns Fitch
9th April 2019
Fitch Ratings has maintained its negative sector outlook on the London insurance market, citing continued pressure on profitability as catastrophe events hit underwriting performance and expense ratios remain high. The global financial services ratings agency highlights the negative impact of catastrophe losses and low investment returns on the results of London ... Read the full article
Tracey Gibbons to lead Third Point Re’s specialty treaty portfolio
9th April 2019
Tracey Gibbons has joined Third Point Reinsurance Ltd. from Allied World Assurance Company (AWAC) to lead the firm's specialty treaty portfolio. In her new role, Gibbons will report to Third Point Reinsurance Company's Chief Executive Officer (CEO), Dan Malloy. Initially, the portfolio will include workers compensation catastrophe, PA/Life catastrophe, and also ... Read the full article
Validus’ Ed Noonan named StarStone Chairman amid leadership reshuffle
9th April 2019
Global specialty insurer StarStone has made a series of leadership changes which includes the appointment of Ed Noonan as Group Chairman. Dick Sanford joins as President of the Group while Chris Rash has been promoted to Chief Executive Officer of StarStone International and Deputy Group CEO. Noonan brings over 30 years’ ... Read the full article
CFOs of European insurers concerned about muted economic growth: Moody’s
9th April 2019
Low economic growth and market volatility are the two top concerns for the Chief Financial Officers (CFOs) of European insurers. At the same time, insurers across the continent are increasingly leveraging technology in order to cut costs, according to Moody's Investors Service's European Insurance CFO survey. Low economic growth tops the ... Read the full article
Cyber criminals increasingly targeting SMEs: Chubb report
9th April 2019
Small and medium sized enterprises are increasingly falling victim to cyber attacks orchestrated by hackers able to take advantage of their sub-par security systems and processes, according to a report by global insurer Chubb. Ransomware attacks, which typically utilise malicious software to block a business' network until a ransom is paid, ... Read the full article
Wildfire premiums could become a “social issue”: Munich Re climatologist
8th April 2019
Raising premiums in response to the increasing frequency and severity of wildfire losses could become a “social issue,” making cover unaffordable for ordinary people, according to Ernst Rauch, Chief Climatologist at Munich Re. Speaking with the Guardian, Rauch said: “If the risk from wildfires, flooding, storms or hail is increasing then ... Read the full article
Diminishing buyers’ market environment in upstream energy sector
8th April 2019
The impacts of the Lloyd's Performance Board restrictions are being felt in the upstream energy sector, with Lloyd & Partners noting a fading buyers' market environment driven by a decline in reinsurance capacity. Lloyd & Partners' April 2019 quarterly energy market newsletter highlights a shift from the buyers' market landscape as ... Read the full article
Sara Ager joins city law firm McCarthy Denning as re/insurance Partner
8th April 2019
London-based law firm McCarthy Denning has added Sara Ager as a Partner in its insurance and reinsurance team. Ager, who joins from insurance law firm EC3 Legal, brings over 20 years’ experience in the industry to the role She has previously worked in and for Lloyd’s managing agencies, Bermudian reinsurers, MGA’s and ... Read the full article
Lower cats, but elevated attritional losses to hit P&C re/insurers in Q1: Analysts
8th April 2019
While Catastrophe activity in the first-quarter of 2019 was muted when compared with other Q1s, elevated attritional losses in the period is expected to pressure the margins of some Property and Casualty (P&C) insurers and reinsurers, warn Goldman Sachs analysts. Specifically, analysts highlight the potential for exposure to large non-cat losses for ... Read the full article
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