Reinsurance News
California’s deadly Camp Wildfire to cause billions of insured losses
12th November 2018
The Camp Wildfire, which sprang up last Thursday and quickly engulfed the town of Paradise in California’s Butte County, has now claimed more than 6,700 structures and 110,000 acres, making it the most destructive wildfire on record and likely to drive multi-billion dollar losses for the re/insurance industry. A further ... Read the full article
Positive rate trends continue for most commercial lines: IVANS
12th November 2018
Premium renewal rates continue to see positive increases across nearly all major commercial product lines, according to the October results of the IVANS Index, which tracks commercial premium renewal rates. IVANS, which is a division of Applied Systems, found that premiums increased across almost every major commercial line, with the exception ... Read the full article
Willis Towers Watson extends pricing software to telematics start-up Ticker
12th November 2018
Global insurance and reinsurance broker Willis Towers Watson (WTW) is supplying the latest version of its Radar pricing software to Ticker, a new telematics insurer due to launch in early 2019. WTW said that its Radar Live and Radar Base solutions will enable Ticker to deliver more accurate decisions in pricing ... Read the full article
With cyber risk, market players need to create as much transparency as possible: Torsten Jeworrek
9th November 2018
Attempting to tackle the growing cyber risk landscape through just insurance and reinsurance expertise will have limited results, says Munich Re's Torsten Jeworrek, while at the same time calling on market participants to create as much transparency as possible when it comes to cyber risks. Member of the Board of Management ... Read the full article
Geo Specialty launches new online quote & bind platform for terror solution
9th November 2018
Geo Specialty, a division of UK managing general agent (MGA) Geo Underwriting, has launched a new online quote and bind platform for its comprehensive terrorism solution. The firm states that the new product offers bespoke political violence protection that provides quick, efficient and competitive terms, alongside access to limits of up ... Read the full article
HDI expands U.S Engineering & Construction unit with new hires
9th November 2018
Industrial lines insurer HDI Global Insurance Company has expanded its U.S Engineering & Construction division with a series of new hires. These include the appointment of John Sprague as Senior Construction Liability Underwriter, who will be responsible for the continued growth and development of the U.S construction liability portfolio. Sprague has 25 ... Read the full article
Tokio Marine Kiln updates forecasts for Lloyd’s syndicates
9th November 2018
Tokio Marine Kiln has announced the latest results and forecasts for its three non-aligned Lloyd's syndicates, with syndicates 510 and 557 expected to produce a profit on the 2016 year of account, while remaining stable on the 2017 year of account. At the same time, the firm's syndicate 308 is loss ... Read the full article
Reinsurance CFOs confident about industry growth: PwC
9th November 2018
Chief Financial Officers (CFO) speaking at a panel during PwC’s Insurance Summit in Bermuda event agreed that the growth outlook for the reinsurance industry is positive, although they suggested that a number of challenges must also be overcome. Panellists including Jeffrey Sangster, former CFO at Validus Holdings; Mario Bonaccorso, CFO at ... Read the full article
CoreLogic launches flood and hail services for Canada
9th November 2018
Global catastrophe risk modeller CoreLogic has announced the availability of its Canada Flood Risk Score and its Weather Verification Services for hail in Canada, enabling underwriters to provide full coverage for clients while underwriting smart policies for their book of business. CoreLogic's Flood Risk Score is a rating system that is ... Read the full article
RLI estimates up to $27 million of losses from hurricane Michael
9th November 2018
RLI Corp. has announced that it expects to incur preliminary pre-tax losses of between $22 million and $27 million, net of reinsurance, as a result of hurricane Michael. The firm states that losses might actually differ materially from this initial estimate, as the range is based on reported and projected claim ... Read the full article
Explosive Camp Wildfire engulfs thousands of California homes
9th November 2018
A wildfire that sprang up on Thursday morning has already engulfed more than 20,000 acres in the Butte County region of northern California, destroying around 2,000 structures in the town of Paradise and threatening a further 15,000. The blaze, which has been dubbed the Camp Wildfire, has developed at an unprecedented ... Read the full article
Allstate said to be considering fixed-annuities business sale
9th November 2018
Allstate Corporation, one of the largest primary insurers in the U.S, is reportedly considering the sale of its fixed-annuities business, which stopped selling new policies about five years ago, according to sources at Bloomberg. People familiar with the matter said the insurer was working with financial advisers to find buyers for ... Read the full article
Standard Asia and Ping An P&C collaborate to expand P&I cover for Chinese shipowners
9th November 2018
The Standard Club Asia Ltd has entered into a co-operation agreement with Ping An Property & Casualty Insurance Company of China, Ltd, which sees the pair jointly offer Protection and Indemnity (P&I) cover to China's shipowning industry. The focus of the new collaboration will be on owners of ships undertaking ocean-going voyages, ... Read the full article
AXIS Capital estimates up to $120mn Hurricane Michael losses
9th November 2018
Bermudian re/insurance group AXIS Capital has released a preliminary pre-tax loss estimate for losses related to Hurricane Michael in the fourth quarter, which it puts in the range of $100 million to $120 million. AXIS said that its estimate was consistent with industry insured losses of approximately $10 billion. This compares with ... Read the full article
Markel forms trade credit partnership with UAE’s Etihad
9th November 2018
Specialist insurer and reinsurer Markel International has signed a Memorandum of Understanding (MoU) with Etihad Credit Insurance (ECI), the United Arab Emirates’ (UAE) Federal export credit company, to deliver trade credit insurance solutions to businesses in the UAE. Under the MoU, Markel and ECI will mutually cooperate to design and deliver ... Read the full article
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