Reinsurance News
Ascent appoints Brit’s Caspar Stops to Head of Cyber
3rd October 2018
Cyber and specialty lines Managing General Agent, Ascent Underwriting, has announced the appointment of Caspar Stops as Head of Cyber. Stops joins from Brit where he served as Global Cyber, Privacy and Technology Underwriter. He previously served at Aegis and Hiscox, also in underwriting roles. Effective at the end of November, Stops ... Read the full article
Reinsurance pricing to decline at 1/1 renewals, says J.P. Morgan
3rd October 2018
Reinsurance pricing is set to decline at 1 January 2019 renewals in light of manageable catastrophe losses over the third quarter of 2018, as well as ongoing overcapitalisation and the robust appetite of alternative capital markets, according to analysts at J.P. Morgan. Commercial re/insurers and personal lines are likely to have ... Read the full article
Marsh targets gig economy with new blockchain solution
3rd October 2018
Global re/insurance broker Marsh is working with data security platform Evident on the first blockchain-based verification solution for clients in the sharing and gig economies. Marsh has been considerably active in incorporating blockchain into its value chain since the company’s partnership with IBM was first announced five months ago. This new ... Read the full article
Everest Insurance appoints Director of Marketing & Distribution for the Southwest
3rd October 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has appointed Larry Collura as Director of Marketing & Distribution for the West region. Collura joins Everest Insurance from Worldwide Facilities, where he most recently served as Business Development Manager in Phoenix, Arizona, and was responsible for creating, developing and maintaining ... Read the full article
IRDAI to allow distribution of microinsurance products through PoS
3rd October 2018
The Insurance Regulatory and Development Authority of India has allowed distribution of all microinsurance products through point-of-sales as it aims to accelerate insurance penetration in the country, The Hindu Business Line reports. IRDAI in a circular agreed to the suggestions of insurance companies by abandoning the practice of prefixing the word ... Read the full article
Cooley expands global insurance & Insurtech leadership
3rd October 2018
Law firm Cooley has announced the expansion of its global insurance and Insurtech leadership, with the election of Heidi Lawson to the partnership. Lawson arrived at Cooley in April of this year with special counsel Greg Hoffnagle. Based in Boston, U.S., Lawson is an internationally recognised insurance lawyer who believes in ... Read the full article
Parametric InsurTech Jumpstart launches with text-powered earthquake coverage
3rd October 2018
Jumpstart, a California-based InsurTech start-up, has officially launched with a new type of natural disaster insurance product that provides parametric coverage and text message driven payments for earthquake risks. The company uses technology to track real-time data and provide automatic payments initiated by text message following an earthquake of pre-specified intensity, ... Read the full article
Pakistan approves first Islamic reinsurance service
3rd October 2018
Pakistan’s sole reinsurer offering sharia-compliant reinsurance has been granted approval by the country’s capital market regulator as attempts are made to boost the emergent Islamic insurance (takaful) sector, according to reports from Reuters. Takaful windows allows insurers to offer sharia-compliant and conventional products side by side, provided that client money is ... Read the full article
TimesSquare investor urges RenRe to consider potential sale
2nd October 2018
TimesSquare Capital Management, LLC, an institutional asset management firm with a 1.9% stake in RenaissanceRe Holdings Ltd. (RenRe), has penned a letter to RenRe’s Board of Directors urging them to consider a potential sale to boost the valuation of the company. The Wall Street Journal reported earlier today that RenRe ... Read the full article
AFL appoints JLT Re’s Julia Moretti as Director of Casualty
2nd October 2018
Independent Lloyd’s broker AFL Insurance Brokers has announce the appointed of Julia Moretti as Director of Casualty. Moretti joins from JLT Re, where she served as Partner and Senior Casualty Producer in the Facultative Division. She brings to the role 18 years of market experience, nine of which were spent at United Insurance ... Read the full article
AXA XL announces IoT partnership
2nd October 2018
AXA XL is to offer its clients enhanced loss mitigation and risk prevention services with Internet of Things (IoT) technology provided by venture-backed supply chain data platform, Parsyl Inc. This partnership with the Colorado-based firm will make it possible to cost effectively place IoT sensors alongside sensitive marine cargo, providing insights ... Read the full article
Let’s think about a global insurance marketplace, not London as a hub: Nicolas Aubert
2nd October 2018
The re/insurance industry should no longer consider the London market as a hub for insurance and reinsurance business, but instead adjust its thinking towards a global marketplace, according to Nicolas Aubert, President of the Insurance Institute of London, and Head of Great Britain at Willis Towers Watson. In a lecture held ... Read the full article
UIHC estimates $35m Q3 cat losses
2nd October 2018
Property and casualty insurance holding company United Insurance Holdings Corp revealed estimated catastrophe losses incurred during the third quarter ending September 30, of approximately $35 million before income taxes - approximately $27 million after tax - net of expected reinsurance recoveries. UIHC's third quarter catastrophe losses included claims from hurricane Florence, ... Read the full article
SCOR may pursue PartnerRe deal following Covéa offer, says Berenberg
2nd October 2018
Analysts at investment bank Berenberg have said that French reinsurance giant SCOR may pursue a merger deal with Bermudian reinsurer PartnerRe as a defence strategy following the rejection of what SCOR considered to be a “hostile and unfriendly” €8.2 billion (US $9.6 billion) takeover bid from Covéa last month. SCOR ... Read the full article
RenRe said to be under investor pressure to run sale process
2nd October 2018
Bermudian reinsurance firm RenaissanceRe (RenRe) is rumoured to be under pressure from its investor, TimesSquare Capital Management LLC, to start a sale process, according to the Wall Street Journal (WSJ). TimesSquare, an asset manager that currently owns a 1.9% stake in RenRe, reportedly believes that the company’s shares are undervalued but ... Read the full article
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