Reinsurance News
Uncertainty remains despite vote seeking article 50 extension: Clyde & Co, ABI
15th March 2019
Despite the fact MPs voted overwhelmingly to seek an extension to article 50, widespread uncertainty remains for the UK's financial services sector, with a no-deal scenario still very much a possibility. MPs voted in favour of an extension to article 50 by 413 votes to 202, a move that would delay ... Read the full article
Allianz (AGCS) launches insurance solution for automotive recall costs
15th March 2019
Allianz’ corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), has launched a new solution for the UK automotive industry aimed at covering costs associated with product recalls. AGCS’ new UK Automotive Component Parts Product Recall cover offers its customers crisis-management assistance services provided by partner company, WorldAware. The new coverage is ... Read the full article
Steven Grippo added to Sompo International unit as Senior VP
15th March 2019
Bermuda-based property and casualty re/insurer Sompo International Holdings (SIH) has added Steven Grippo to Sompo Pro as Senior Vice President. Grippo, who brings nearly 30 years’ experience to the role, will be tasked with leading the unit’s U.S Architects & Engineers practice. He joins from AIG’s Lexington Insurance Company, where he served ... Read the full article
2017 Thomas Fire caused by power lines coming into contact, says report
14th March 2019
The Thomas Fire, which impacted Southern California’s Ventura and Santa Barbara counties in December 2017, started as a result of high winds causing power lines to come into contact, according to the Ventura County Fire Department (VCFD). In total, the Thomas Fire burned 281,893 acres; destroyed 1,063 structures, and claimed the life ... Read the full article
Swiss Re proposes doubling share buy-back program to $2bn
14th March 2019
Global reinsurance giant Swiss Re’s Board of Directors has proposed plans to introduce a new public share buy-back program consisting of two tranches of each up to CHF1 billion (US$995,000), effectively doubling the amount it returned to shareholders last month. The proposal, due to be put forward at Swiss Re’s ... Read the full article
PartnerRe strikes deal with Manulife to reinsure longevity risk of 25,000 annuitants
14th March 2019
Bermuda-based reinsurer PartnerRe has entered into a transaction with The Manufacturers Life Insurance Company (Manulife) to reinsure longevity risk from an in-force block of Canadian group payout annuities. In aggregate, the deal will see PartnerRe reinsure the longevity risk of roughly 25,000 annuitants. Manulife recently wrapped up a deal with RGA ... Read the full article
Aon to offer AI, machine learning tools with new InsurTech partnership
14th March 2019
Global re/insurance broker Aon has struck a strategic alliance with Zesty.ai, an InsurTech startup which uses Artificial Intelligence (AI) and machine learning to process satellite imagery, data from aircraft, physical characteristics of properties, building permit data and energy consumption data in order to generate granular risk analysis of buildings and ... Read the full article
Willis Towers Watson names Head of Power and Utilities for CEEMEA region
14th March 2019
Global insurance and reinsurance broker Willis Towers Watson (WTW) has appointed Mark Hiles as Head of Power and Utilities for the Central and Eastern Europe, Middle East and Africa (CEEMEA) region. Hiles will be responsible for developing client solutions and driving business growth in the power and utilities sectors across the ... Read the full article
Global Parametrics adds HSBC’s Deborah Hazell as Non-Exec Director
14th March 2019
Global Parametrics, a parametric and index-based risk transfer startup backed by the UK and German governments, has appointed Deborah Hazell as a Non-Executive Director. Hazell currently serves as Chief Executive Officer of HSBC Global Asset Management (Americas) and oversees close to $100 billion in assets across the region. “The Board is excited ... Read the full article
Opportunities for insurers in emerging U.S cannabis market: A.M. Best
14th March 2019
The rapidly emerging U.S cannabis market offers significant opportunities for daring insurance carriers, according to A.M. Best, although conflict between the drug’s legal status at the state versus federal level has so far been a deterrent for many. The rating agency noted that there is demand for coverage from a broad ... Read the full article
Eberhard insured loss could reach €1.5bn, says AIR Worldwide
14th March 2019
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has pegged the insured losses from Winter Storm Eberhard at between €900 million and €1.5 billion, the majority of which is expected to be shouldered by Germany. Eberhard lashed parts of the UK, Ireland, Benelux, Poland and Germany this month with ... Read the full article
Boeing suspends entire 737 fleet as more crash evidence emerges
14th March 2019
Boeing has temporarily suspended its entire global fleet of 737 Max aircraft after investigators uncovered new evidence from the fatal Ethiopian Airlines crash on March 10. The U.S, which had previously held out while many other countries banned the aircraft, said that it had received “new information and physical evidence” that ... Read the full article
Hamilton acquires Pembroke and Ironshore Europe from Liberty Mutual
14th March 2019
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, Ltd. has signed a definitive agreement with Liberty Mutual Group to acquire the Pembroke Managing Agency Limited platform at Lloyd's, and also Ironshore Europe DAC (IEDAC). The transaction is expected to close later in 2019, and once completed, sees Hamilton almost double its total ... Read the full article
A.M. Best revises Donegal Group’s outlook to negative
14th March 2019
A.M. Best has revised the outlooks of Donegal Insurance Group and its members from stable to negative due to a decline in Donegal Group’s operating performance in 2017 and 2018. At the same time, the rating agency affirmed the insurer’s Financial Strength Rating of A (Excellent) and its Long-Term Issuer Credit ... Read the full article
Hub International acquires The Insurance Exchange
14th March 2019
Chicago-based global insurance broker Hub International has announced the acquisition of The Insurance Exchange for an undisclosed consideration. Based in Rockville, Maryland, The Insurance Exchange is one of the largest independent insurance agencies in the Mid-Atlantic region. It provides solutions for employee benefits consulting, commercial property & casualty, loss control, bonding, risk ... Read the full article
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