Reinsurance News
Barbican to increase Lloyd’s capacity in some lines, but withdraw from others
8th November 2018
Barbican Insurance Group's 2019 business plan for its Lloyd's of London syndicate Barbican 1955 has been approved, but the firm will deploy more capacity into some specialty lines, while withdrawing completely from other areas of business. Barbican said that Syndicate 1955 will focus on its core markets, with an increased focus ... Read the full article
Brokers’ cost model is not sustainable, says Ed CEO Steve Hearn
7th November 2018
Brokers have an essential role in the value chain and there are huge opportunities for intermediaries going forward, but seizing them will require companies to rethink unsustainable cost models and commission fees, according to Steve Hearn, CEO of global re/insurance broker Ed. Speaking during a presentation at Lloyd’s of London, Hearn ... Read the full article
Validus Specialty appoints Head of U.S Political Risk and Credit Insurance team
7th November 2018
Validus Specialty Underwriting Services has appointed Corina Monaghan to lead its U.S Political Risk and Credit Insurance team, based in New York. Monaghan joins Validus Specialty from JLT North America, where she most recently served as head of Political Risks, spearheading consulting and brokerage for crisis management. She brings expertise in political ... Read the full article
AIG completes acquisition of Glatfelter Insurance Group
7th November 2018
Global insurer American International Group (AIG) has completed its acquisition of full-service broker and insurance company Glatfelter Insurance Group. The transaction, which was first announced in September 2018, has closed following receipt of regulatory approvals and satisfaction of other closing conditions. AIG said that it plans to utilise Glatfelter’s specialty programs ... Read the full article
Commercial insurance market set to firm as casualty losses mount: WTW
7th November 2018
Commercial insurance buyers are expected to face firming prices across multiple business lines, driven in part by losses across the casualty space, according to broker Willis Towers Watson (WTW). Casualty insurance losses are mounting, WTW says in its latest Marketplace Realities report, leading the broker to forecast some firming of prices ... Read the full article
MMC acquisition approved by JLT shareholders
7th November 2018
The shareholders of broker Jardine Lloyd Thompson Group plc have overwhelmingly voted in favour of the firms acquisition by broking and advisory giant Marsh & McLennan Companies, Inc. (MMC). Demonstrating just how much support there was for the acquisition deal, of the shares voted, 99.9% voted in favor of the transaction, ... Read the full article
Cyber risk a growing concern for D&O re/insurers, Airmic report finds
7th November 2018
Cyber risk is a growing concern for Directors and Officers (D&O) liability re/insurers as business models continue to increasingly integrate and revolve around technology, according to a new report published by Airmic with support from Marsh and AIG. Airmic found that the frequency of cyber-attacks has continued to rise dramatically, with ... Read the full article
RSG Underwriting Managers to combine MGU teams
7th November 2018
RSG Underwriting Managers, LLC (RSGUM), a subsidiary of Ryan Specialty Group (RSG), has announced that it plans to combine two of its Managing General Underwriter (MGU) teams, EmergIn Risk and ThinkRisk, under the EmergIn Risk brand. RSGUM said that uniting the teams will allow it to provide deeper underwriting expertise, broader ... Read the full article
CNA to utilise CyberCube’s risk modelling and analytics platform
7th November 2018
Cyber risk analytics firm CyberCube has announced that CNA, one of the largest U.S commercial property and casualty (P&C) insurance companies, has signed an agreement to use its cyber insurance risk modelling and analytics platform. CyberCube’s platform combines single risk underwriting and aggregation modelling to help insurers measure the financial impact ... Read the full article
Petya cyber industry loss passes $3bn driven by Merck & silent cyber: PCS
7th November 2018
The insurance and reinsurance industry loss caused by the Petya / NotPetya cyber attack continues to creep northwards and shows that these types of cyber events are driven more by silent losses than affirmative. According to Property Claim Services (PCS) the total industry loss from the Petya / NotPetya cyber attack ... Read the full article
AIG winds down underwriting linked with Iran to comply with U.S. sanctions
7th November 2018
Insurance giant American International Group (AIG) has said that it is winding down all underwriting activities in Iran, that was undertaken by Validus and AIG entities, due to the imposition of U.S. sanctions against the country. AIG acquired the Validus global insurance and reinsurance business recently and it included some underwriting ... Read the full article
Gallagher acquires UK property broker Vasek Insurance
7th November 2018
Gallagher, the global re/insurance brokerage and risk management services firm, has acquired a controlling interest in Purple Bridge Group Limited, the holding company of UK specialist property insurance provider Vasek Insurance Services Limited. The deal includes Vasek’s appointed representative Insurance My Villa, as well subsidiary brands including Unoccupied Direct, although no ... Read the full article
James River appoints two new Board members
7th November 2018
Bermuda-based insurance holdings company James River Group Holdings has announced the appointments of Christopher L. Harris and Sundar Srinivasan to its Board of Directors. Harris and Srinivasan have also been appointed to the Board of Directors’ Audit Committee and Investment Committee, respectively. Harris has 25 years’ experience in the global re/insurance industry ... Read the full article
Australia looks to cyclone index insurance for agriculture
7th November 2018
Farmers, insurers and researchers in Queensland, Australia have been working together on a new project to offer a more affordable alternative to multi-peril crop insurance, using index insurance to protect against natural disasters like cyclones. The project has been developed as part of the state government’s Drought and Climate Adaptation Program ... Read the full article
UK’s insurance continuity issues do not threaten EU financial stability: EIOPA
7th November 2018
UK insurance companies that have not yet developed a sufficient contingency plan to ensure service continuity in the event of a ‘no deal’ Brexit do not pose a significant risk to the financial stability of the European Union (EU), according to The European Insurance and Occupational Pensions Authority (EIOPA). A report ... Read the full article
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