Reinsurance News
NotPetya insured loss could creep 30%+ as tail develops: Johansmeyer, PCS
14th August 2019
The insurance and reinsurance industry loss from the NotPetya cyber-attack has the potential to increase by over 30% as the ongoing development of the event brings the tail into focus, according to Tom Johansmeyer, Co-Head of Property Claim Services (PCS). The NotPetya attack was the first designated cyber catastrophe event under ... Read the full article
Black to lead Risk Strategies’ National Professional Liability Practice
14th August 2019
U.S. domiciled insurance brokerage Risk Strategies has appointed Darren Black to lead its National Professional Liability Practice group. Industry veteran Black joins Risk Strategies after leading the professional services practice for U.S. brokerage, IMA Financial Group. Prior to this, Black served as Managing Director and leader of the design liability practice at ... Read the full article
Assured Guaranty to acquire asset manager BlueMountain for $160mn
14th August 2019
Assured Guaranty, a financial guaranty insurer, has announced that its subsidiary Assured Guaranty US Holdings Inc. has reached an agreement to acquire all of the outstanding equity interests in BlueMountain Capital Management, LLC and its associated entities. The purchase price of the transaction is $160 million, subject to certain adjustments, and ... Read the full article
InsurTech Corvus expands offering with the launch of Smart Tech E&O
14th August 2019
Boston-based InsurTech, Corvus Insurance has expanded its product line with the launch of Smart Tech E&O, a data-enabled Tech E&O and Cyber Liability policy which helps both brokers and policyholders better predict and prevent risk. The product assists both brokers and policyholders through automated IT security analysis, industry benchmarking and ongoing ... Read the full article
Anbang targets sale of Japanese property portfolio: Reports
14th August 2019
China's Anbang Insurance Group is reportedly looking to sell its $2.4 billion (£1.9bn) property portfolio in Japan, which it acquired from Blackstone in 2017 for about the same price, according to Reuters. Reuters has today reported that Anbang is planning to sell the entire portfolio, which mainly consists of residential buildings ... Read the full article
Liberty GTS names Jugdeep Singh as Head of Tax
14th August 2019
Liberty Global Transaction Solutions (GTS), a global, stand-alone unit of Liberty Mutual Insurance, has named Jugdeep Singh as Head of Tax, based in London. Singh will manage Liberty GTS' international tax liability insurance team for tax risks related to merger and acquisition (M&A) transactions, restructurings and other bespoke situations across the ... Read the full article
Alliant acquires InvisionBenefit, expanding its Employee Benefits Group
14th August 2019
Alliant has expanded its Employee Benefits Group with the acquisition of InvisionBenefit, a Northern Illinois-based broker, consultant, and administrator. The acquisition of InvisionBenefit further expands Alliant's Midwest benefits presence, bringing a range of new benefits, consulting, and advisory services under the Alliant banner. The firm was founded in the year 2000, and ... Read the full article
Tysers opens Bermuda affiliate, relocates Tomkins to lead
14th August 2019
Specialty Lloyd’s broker Tyser has announced the launch of its Bermuda-based affiliate and appointed its Managing Director of Reinsurance, Richard Tomkins, to lead the new operations. Tomkins has relocated from London to Bermuda and becomes Managing Director of Tysers Bermuda. He has over 30 years’ experience covering both mainstream and specialty areas ... Read the full article
Palomar Holdings reports significant premium growth in Q2
14th August 2019
California-based Palomar Holdings, Inc. has reported a more than 56% rise in gross written premiums (GWP) for the second-quarter of 2019 to $58.3 million, while net income fell slightly to $6.7 million, when compared with the second-quarter of 2018. Net income fell by approximately 3% from the $6.9 million recorded in ... Read the full article
InsurTech Previsico targets insurance sector with flood resilience solution
14th August 2019
InsurTech firm Previsico, a SpinOut company from Loughborough University that specialises in modelling flooding in real-time, has announced its entry into the insurance sector following a successful seed funding round. The InsurTech specialises in modelling surface water flooding in real-time, and leverages the latest weather predictions to produce property-level flood nowcasts ... Read the full article
Gallagher makes changes to PS&E leadership
14th August 2019
Global insurance broker Gallagher has announced a number of changes within its Public Sector & Education (PS&E) leadership team in order to best meet shifting client demand. Gallagher has revealed that Peter Mason, Executive Director of PS&E, will take on the additional responsibilities of leading a major new strategic initiative designed ... Read the full article
M&A dance to continue as reinsurers navigate difficult conditions: S&P
13th August 2019
The ongoing convergence of the insurance, reinsurance, and insurance-linked securities (ILS) markets is expected to persist, and combined with continued pressure on earnings and an increasing need for scale and relevance, is expected to drive further reinsurance sector consolidation, according to S&P Global Ratings. Despite the global reinsurance sector taking advantage ... Read the full article
BHSI adds reinstatement clause to professional liability product
13th August 2019
Berkshire Hathaway Specialty Insurance (BHSI), a division of Warren Buffett's Berkshire Hathaway, has announced that it has enhanced its Asia Executive First Directors & Officers (D&O) Liability Insurance to include a provision that reinstates policy limits exhausted by an entity or by individual needs. The reinstatement provision is automatic and is ... Read the full article
Tesla auto insurance offering “not a near-term threat”, say analysts
13th August 2019
The auto insurance offering being developed by Tesla, the Elon Musk-led automotive and energy company, is not going to disrupt the sector rapidly and the company is likely to look to partnerships, analysts said. Equity analysts from Credit Suisse recently attended a presentation by Tesla and heard the firm's Head of ... Read the full article
Maiden pegs improved capital position on AmTrust, Enstar deals
13th August 2019
Maiden Holdings says recent strategic transactions have contributed to an improved capital position and aided the company’s recovery over the second quarter of 2019. While Q2 net losses reached $15.4 million, up from $5.9 million in the prior year quarter, the firm’s book value per common share increased 39.8% from the ... Read the full article
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