Reinsurance News
Acrisure partners with Tulco on AI-powered brokerage platform
20th September 2019
US insurance broker Acrisure has partnered with investment company Tulco Holdings to launch Altway Insurance, a direct-to-consumer brokerage platform that is fully supported by artificial intelligence (AI). Altway also plans to work closely with Google Cloud AI to support the automation of client-facing operations, marketing, sales and product-distribution channels. This integrated AI ... Read the full article
Net income up three-fold for US P&C mutual insurers: AM Best
20th September 2019
Property and casualty (P&C) mutual insurers in the US more than tripled their net income in 2018, owing to lower catastrophe losses and increased investment income, according to AM Best. The rating agency also found that rated mutuals’ net premiums written (NPW) continued to grow at a moderate pace of 4.2% ... Read the full article
Risk Strategies adds Brad Gabbard as SVP of healthcare practice
20th September 2019
US insurance brokerage Risk Strategies has appointed Brad Gabbard as Senior Vice President of its national healthcare practice. Gabbard most recently served as an executive vice president and health care practice leader Willis Towers Watson. Before that, he spent nine years at Aon Risk Services. “Risk Strategies’ health care practice is committed to ... Read the full article
Lloyd’s performance improvements not yet sufficient, says KBW
20th September 2019
Analysts at Keefe, Bruyette & Woods (KBW) have contended that the Lloyd’s of London results for the first half of 2019 show necessary but insufficient improvements in the performance of the insurance and reinsurance marketplace. Lloyd’s released its H1 results earlier this week, reporting a £2.3 billion profit before tax, ... Read the full article
Storm Imelda losses will reach into hundreds of millions: Aon
20th September 2019
Tropical Storm Imelda, which caused devastating flooding after making landfall in Texas earlier this week, is expected to cause hundreds of millions of dollars of total economic losses, if not more, according to re/insurance broker Aon. Imelda brought wind speeds of 40 mph and more than 40 inches of rain to ... Read the full article
Cyber risk quantifier Cytegic launches insurance unit
20th September 2019
Cyber risk quantifier Cytegic has launched its own insurance unit in a move it says will help support the industry in better understanding and mitigating cyber risk. Heading the unit will be cyber risk and insurtech expert Steven Schwartz, who joins Cytegic as Vice President of Strategy & Insurance. He is a ... Read the full article
Brokerslink adds three European firms to network
20th September 2019
Independent broker network Brokerslink has expanded its European operations with the addition of three regional firms. Bordeaux-based maritime brokerage Filhet-Allard Maritime, Latvian retail brokerage Colemont FKB and Draudimo Bités, a Lithuanian outfit specialising in transport and logistics, all join as part of Brokerslink’s global network. “Europe is an important region for us, ... Read the full article
Spanish floods to drive industry loss upwards of €287mn, says Aon
20th September 2019
The major flooding that occurred in southeast and central Spain last week is likely to drive an insurance and reinsurance industry loss in excess of €287 million (US $318 million), according to analysts at Aon. The broker also estimated that insured losses would represent only a fraction of the total economic ... Read the full article
Re/insurers’ increasing use of structured solutions to persist: S&P
20th September 2019
Analysts at S&P Global Ratings expect global insurers and reinsurers to increasingly leverage structured solutions to mitigate exposure to legacy business and prune unprofitable non-core products. The global re/insurance market remains competitive and challenging, and as a result, it's expected that companies will continue to strive for improved risk-adjusted returns by ... Read the full article
Markel names Brenton Slade President Of Lodgepine Capital
20th September 2019
Re/insurance holding company Markel Corporation has announced the appointment of Brenton Slade as President of its new retrocessional reinsurance ILS fund management unit, Lodgepine Capital Management Limited. Slade joins from Hamilton Capital Partners, where he served as a Senior Vice President. Before that he was Chief Operating Officer for the Horseshoe ... Read the full article
Nephila looks to reduce Lloyd’s costs with finance platform from Phinsys
19th September 2019
Nephila Syndicate Management Ltd (NSML) has selected the suite of finance and accounting products from software provider Phinsys to help streamline its financial processes and automate statutory, regulatory and management reporting. Nephila Syndicate 2357 is set to migrate from third party management to its own independent managing agency in October, and ... Read the full article
Generali US launches specialty insurance division
19th September 2019
The US branch of Italian insurance giant Generali has announced the launch of a new specialty insurance division that will focus on providing warranty services and solutions. The new division will provide both insurance and obligor services for warranty programs worldwide and partner with consumer retailers and dealers, third party administrators, ... Read the full article
QBE North America adds Charles Cygal as Head of Surety
19th September 2019
QBE North America has announced the appointment of Charles Cygal as Head of Surety, effective immediately. Cygal brings 20 years’ experience to the role and joins from Ironshore Insurance Services where for almost a decade he served as the Vice President of Surety, Political Risk and Trade Credit. Before that, he held ... Read the full article
RFIB Hong Kong Limited receives authorisation, Warwick named CEO
19th September 2019
Global insurance and reinsurance broker, RFIB Group Limited, has revealed that its Hong Kong subsidiary has been admitted as a member of the Hong Kong Confederation of Insurance Brokers, and has been approved to transact general insurance business. Stephen Warwick, who joined RFIB in January of this year from Hong ... Read the full article
Greenlight Re Innovations invests in API-based commercial insurer
19th September 2019
Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in Coterie Applications, a digital managing underwriter focused on the SME commercial insurance market. Greenlight Re Chief Executive Officer Simon Burton explained that the SME commercial space in the US has not yet ... Read the full article
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