Reinsurance News
Methodology update affected just 3% of EMEA re/insurers, says A.M. Best
22nd November 2018
The recent revisions that A.M. Best made to its Best’s Credit Rating Methodology (BCRM) and Best’s Capital Adequacy Ratio (BCAR) resulted in changes for just 3% of re/insurers in the Europe, Middle East & Africa (EMEA) region, according to analysts at the company. Speaking in an interview with A.M. BestTV, Mahesh ... Read the full article
Liberty Mutual restructures excess casualty operations, increases capacity
22nd November 2018
U.S primary insurer Liberty Mutual Insurance has realigned its excess casualty operations and increased its capacity for the business to $100 million. Effective from 1 January 2019, the company’s excess casualty capabilities will benefit from dedicated underwriting teams on both an admitted and excess and surplus (E&S) basis. All admitted excess casualty ... Read the full article
SCOR sets up P&C specialty insurance unit in Paris to ensure Brexit continuity
22nd November 2018
French reinsurance major SCOR has established SCOR Europe SE, a new Paris-based P&C specialty insurance company which the firm says will ensure continuity for its clients after Brexit. SCOR Europe SE has been approved by the French supervisory authority, the ACPR (Autorité de Contrôle Prudentiel et de Résolution), gaining a license ... Read the full article
Insured wildfire losses may exceed highest estimate: Goldman Sachs
22nd November 2018
As the scope of damage from the California wildfires continues to expand, it’s becoming increasingly likely that insured losses will fall in the upper limit of, or exceed, the latest $9 billion to $13 billion RMS estimate, according to analysis by Goldman Sachs. Most of the destruction was caused by ... Read the full article
New tech key in narrowing protection gap: Swiss Re’s Jerome Haegeli
21st November 2018
Speaking yesterday at Swiss Re’s London offices, the firm's Chief Economist Jerome Haegeli, alongside the Head of Insurance Risk Research Dan Ryan, stated that it will take a combination of proactiveness and the deployment of new technologies to narrow the global protection gap. “More technology is a huge upside to the ... Read the full article
Wildfires could boost P&C pricing and reduce risk appetite: Morgan Stanley
21st November 2018
With the recent outbreak of devastating wildfires in California marking two consecutive years of large losses in the state, analysts at Morgan Stanley have suggested that the property and casualty (P&C) re/insurance market could respond by raising prices and reducing its risk appetite. The firm said that the industry will have ... Read the full article
Plug and Play invests in drone Insurtech firm Betterview
21st November 2018
Plug and Play, a Silicon Valley-based innovation platform and venture fund that specialises in the development of early-to-growth stage technology startups, has revealed plans to invest in Betterview, an InsurTech and drone start-up firm backed by Munich Re and Maiden Re. Betterview said that it plans to use the funding to ... Read the full article
Tokio Marine HCC names Darren Carr as Head of Marine Liability
21st November 2018
Specialty insurance group Tokio Marine HCC has appointed Darren Carr as Head of Marine Liability for its London Market division. Carr joins Tokio Marine from AXIS Capital, where he most recently served as Head of Marine and managed various underwriting teams, including Marine Liability, Hull, Cargo and Specie, Reinsurance and Renewable ... Read the full article
Burns & Wilcox partners with cyber security firm
21st November 2018
Burns & Wilcox, the North American wholesale insurance broker and underwriting manager, has announced a partnership with BreachAware, a London-based cyber security firm. The partnership will provide B&W customers with a proprietary risk mitigation tool that scans the web 24/7 and identifies compromised assets such as company email addresses, passwords, and ... Read the full article
Lloyd’s announces departure of COO Shirine Khoury-Haq
21st November 2018
Lloyd’s of London Chief Operating Officer, Shirine Khoury-Haq, is to depart after nearly five years at the organisation. Khoury-Haq has been the driving force behind Lloyd's recent digital integration efforts, which included the introduction of its Target Operating Model (TOM). By better utilising data and technology, and by implementing TOM, Lloyd’s is ... Read the full article
Re/insurers face multiple exposures to PG&E wildfire volatility: A.M. Best
21st November 2018
A.M. Best has found that many re/insurers may face additional exposure to the volatility surrounding energy supplier Pacific Gas and Electric Company (PG&E) due to their investments in the company’s bonds. PG&E power lines have been under investigation as a potential cause for the devastating Camp Wildfire, which has destroyed ... Read the full article
Arch Insurance names Hugh Sturgess as CEO of International business
21st November 2018
Arch Insurance has named Hugh Sturgess as Chief Executive Officer (CEO) of Arch Insurance International and appointed Gale Lockbaum and Jean-Pierre Galipeault to senior roles within its Canada business. Sturgess has been with Arch Insurance since 2005 and is currently President and CEO of Arch Insurance Canada, where he is responsible ... Read the full article
FEMA confident of NFIP reauthorisation
21st November 2018
With the current statutory authority granted to the National Flood Insurance Program (NFIP) set to expire at 11:59PM on 30 November 2018, The U.S Federal Emergency Management Agency (FEMA) has stated that it is confident Congress will vote to reauthorise the program. It’s been a busy two quarters for the NFIP; ... Read the full article
IoT to spur re/insurance innovation, amplify risk: Lloyd’s
21st November 2018
The rise of the Internet of Things (IoT) is set to revolutionise the capabilities of re/insurers while simultaneously ushering in a new age of increased complexity and amplified risk, according to new research by Lloyd’s. IoT will lead to data capture and management at an unprecedented scale, according to the report. This ... Read the full article
Aon appoints Guy Carpenter’s Richard Jones as Exec Chairman, Reinsurance Solutions
21st November 2018
Re/insurance broker Aon has appointed Richard Jones as Executive Chairman of its Reinsurance Solutions business in Asia, effective May 2019. Jones most recently served as Chairman of Asia Pacific at Guy Carpenter, where he spent 31 years working across a variety of roles. His new, Singapore-based role, will see him take responsibility ... Read the full article
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