Reinsurance News
Demotech increases Floridian insurer reinsurance requirements
12th March 2019
After reviewing several years of past reinsurance purchases by Floridian insurers within its rated universe, Demotech, Inc. has decided to increase its first-event reinsurance requirements to protect against a 1-in-130 year loss event. The increase in 2019 compares to a previous mandate that required Floridian insurers to have catastrophe reinsurance protection ... Read the full article
Boeing insurers face large claims as more countries ground planes
12th March 2019
Boeing Co’s insurers will potentially face large claims following the recent Ethiopian Airlines crash, which was the second to involve a 737 Max 8 model in five months, according to insurance and aviation sources at Reuters. The reports come as the UK becomes the latest country to ban the Boeing ... Read the full article
GFIA highlights challenges to cyber market’s responsible growth
12th March 2019
The General Federation of Insurance Associations (GFIA) has said that while the cyber insurance market continues to grow responsibly, there are challenges to growth that must be addressed. Commenting on the OECD Insurance and Private Pensions Committee's documentation on the cyber market and related issues, the GFIA highlights some challenges to ... Read the full article
ECB policy to prolong low-yield investment conditions in Europe: S&P
12th March 2019
The European Central Bank’s (ECB) decision to continue its accommodative monetary policy is expected to further prolong low-yield investment conditions in Europe, according to S&P Global Ratings. The rating agency said the continuation of the policy will signal a macroeconomic softening, and is highlighted as one of the key risks for ... Read the full article
Hannover Re eyes InsurTech innovation with launch of hr | equarium
12th March 2019
Global reinsurance player Hannover Re has announced the launch of hr | equarium, an online platform designed to better connect InsurTech solutions with the insurance industry. Hannover Re has identified digital disruption, shifting demographics and evolving buyer preferences as having created a challenging operating environment for insurers. Subsequently, the company designed hr ... Read the full article
Aon’s White Rock protected cell company expands to DC
12th March 2019
Insurance and reinsurance broker Aon has announced that its protected cell facilities under the White Rock Group have added a seventh domicile in the District of Columbia (DC), USA. White Rock established its first protected cell company in Guernsey in 1997 and currently manages 250 cells across Bermuda, Gibraltar, Guernsey, Isle ... Read the full article
ArgoGlobal appoints new CUO for Europe, Middle East and Asia
12th March 2019
Lloyd's of London insurer ArgoGlobal has announced the appointment of Alfredo Alonso as Chief Underwriting Officer (CUO) for Europe, Middle East and Asia, effective March 2019. Alonso will be based in London and will report to Group of Head of International Operations, ArgoGlobal, Matt Harris. "Alfredo’s extensive underwriting expertise spans European, Middle ... Read the full article
Berkshire Hathaway Specialty adds Marine, Property leaders for UK & Ireland
12th March 2019
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett’s global insurance and reinsurance company, has appointed Pedro Mairos and Sean Mannion as Head of Marine and Head of Property, respectively, for the UK and Ireland. Mairos joins BHSI from AXA Corporate Solutions, where he most recently served as UK ... Read the full article
Drinker Biddle recruits 17-strong litigation team, adds Hartford office
12th March 2019
International law firm Drinker Biddle & Reath LLP has recruited a team of 17 trial and class action lawyers and expanded its office count to 13 with the opening of a new Hartford, Connecticut location. The team consists of 14 litigation partners and three associates, all of whom were previously with ... Read the full article
U.S commercial insurance prices continue to rise in Q418, finds WTW
11th March 2019
A survey conducted by global re/insurance brokerage Willis Towers Watson (WTW) has found that U.S commercial insurance prices rose by just under 2% during the fourth quarter of 2018. WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS) compared prices charged on policies underwritten in Q418 to those charged for the same ... Read the full article
U.S P&C reinsurers post underwriting losses after difficult 2018: RAA
11th March 2019
The Reinsurance Association of America (RAA) has released data on the performance of 17 U.S. property and casualty (P&C) reinsurers over 2018, showing that the group generated a net underwriting loss of $2.95 billion for the year. Losses were reflected in a combined ratio of 103.8% across the group, and compare ... Read the full article
Windstorms Eberhard & Bennet cause industry losses of €800mn in Germany: MSK
11th March 2019
Actuarial consultancy Meyerthole Siems Kohlruss (MSK) has estimated that European windstorms Eberhard and Bennet are likely to have caused insured property losses of around €800 million in Germany. Windstorm Bennet (also known as Freya in the UK) affected areas of the UK, France, Benelux, Switzerland and Germany in early March, bringing ... Read the full article
Hannover Re sets up life reinsurance vehicle Kubera, closes first deal
11th March 2019
Reinsurance giant Hannover Re has established a new Bermuda-domiciled Class C reinsurance vehicle named Kubera Insurance (SAC) Ltd., registering the vehicle in October 2018 before receiving a licence for it in December. The Kubera vehicle appears to have been established specifically for Hannover Re's U.S life reinsurance business to enter into ... Read the full article
Chubb confirmed as lead insurer for Ethiopian Airlines crash, WTW as broker
11th March 2019
Reports have confirmed that Chubb was the lead underwriter on the account for the Ethiopian Airlines jet that crashed on 10 March, while Willis Towers Watson (WTW) acted as the insurance broker. A WTW spokeswoman revealed today that Chubb and WTW would be liable for losses resulting from the crash, which ... Read the full article
Skuld names Hilde Søbstad Løvskar as Chief Legal Officer
11th March 2019
Skuld, the Oslo-based marine insurer, has announced the appointment of Hilde Søbstad Løvskar as Chief Legal Officer. Løvskar now heads the corporate legal department and joins the company’s executive management team. Most recently, Løvskar served as Corporate Legal Counsel at Skuld. In this role she was also the company secretary and worked ... Read the full article
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