Reinsurance News
London re/insurance broker Miller acquires Alston Gaylor and Co
22nd October 2018
London wholesale and specialist insurance and reinsurance broker, Miller Insurance Services (Miller), has announced the acquisition of independent broker Alston Gaylor and Co (AG), which is majority owned by Nelson Holdings Limited, for an undisclosed fee. The agreement demonstrates Miller's commitment to providing high level client service, while broadening the broker's ... Read the full article
Munich Re preparing for “exponential” growth in cyber demand
22nd October 2018
Global reinsurance firm Munich Re has said that it is preparing for “exponential” growth in demand for cyber re/insurance coverage by developing updated, flexible solutions and exploring new technology-based partnerships. In a recent statement, the reinsurer noted that the cyber threat is developing rapidly alongside digitalisation efforts, and is a risk ... Read the full article
Reinsurance products backed by alternative capital have become mainstream: WTW
22nd October 2018
End investors, Insurance Linked Securities (ILS) funds, and buyers – the three groups active in ILS – have mostly weathered last year’s substantial loss activity with a view that reinsurance products backed by alternative capital have become mainstream, according to a new survey by Willis Towers Watson. In fact, the 2017 ... Read the full article
$160bn insurance gap in emerging nations is hardly closing, says Lloyd’s
22nd October 2018
The average insurance penetration rate in developed nations is twice as high as the average in emerging or lower income countries, accounting for $160 billion of the $163 billion global insurance protection gap. According to new research from Lloyd’s many of the countries with the lowest levels of insurance are among ... Read the full article
AIR develops advanced probabilistic cyber model
22nd October 2018
Global catastrophe risk modeller AIR Worldwide has announced the development of a probabilistic model for cyber risk, which is capable of accounting for security breaches and cloud server provider downtime for global insurance portfolios. The new cyber model from AIR will be included in the firm's latest release of ARC (Analytics ... Read the full article
Carriers are sufficiently reinsured to absorb Michael losses: Demotech
22nd October 2018
Financial analysis firm Demotech has stated that it believes all the insurers it reviews are capable of comfortably dealing with losses from Hurricane Michael, due to their robust capital and reinsurance programs. Hurricane Michael made landfall in the Florida Panhandle on 10 October as a Category 4 storm with wind speeds ... Read the full article
Reinsurance leaders reflect on market flux at Baden-Baden
22nd October 2018
At a symposium hosted by Guy Carpenter at this year’s Baden-Baden conference senior industry figures provided a range of insights into the factors contributing to the drive by major insurance groups to extend their underwriting remit and considered the implications of the resurgence of the global composite model on market ... Read the full article
London Market Group to deliver next wave of TOM tools
22nd October 2018
The London Market Group (LMG) has signed a contract with Sequel, Verisk’s InsurTech software firm, to deliver new solutions for approving and registering coverholders and generating delegated authority binder contracts. The new integrated tools form part of the London Market Target Operating Model (TOM) and will be designed to offer faster ... Read the full article
Swiss Re said to have held discussions on Anbang investment
22nd October 2018
Global reinsurance firm Swiss Re has been looking at opportunities for investment in China, after a stake in Anbang Insurance is said to have been discussed with the Chinese authorities. Anbang Insurance Group is described as one of the most politically connected companies in China, having been founded by state-owned enterprises ... Read the full article
Hurricane Michael insured loss up to $10bn: RMS
22nd October 2018
The insurance industry loss from hurricane Michael is estimated to be between $6.8 billion and $10 billion, according to catastrophe risk modeller RMS. The estimate from RMS consists of insured losses from hurricane Michael's wind and storm surge damage across Florida, Georgia, as well as other areas of the Southeast and ... Read the full article
PERILS rolls out Wind-Jeannie platform in Australia, updates Europe model
22nd October 2018
Catastrophe data loss aggregation and estimation firm PERILS has announced the launch of Wind-Jeannie Australia, and has updated the underlying loss model for its European forecasting platform with new data. First launched in 2015, Wind-Jeannie is a website that provides real-time loss forecasts for approaching windstorms, and aims to help re/insurers ... Read the full article
Reinsurance buyers expect to see greater use of third-party capital: Survey
19th October 2018
The large majority of protection buyers expect to purchase either the same or more reinsurance at the January 2019 renewals, with most anticipating a greater use of third-party reinsurance capital, according to the Reinsurance News and Artemis Reinsurance Market Survey. The survey reveals that over 86% of respondents, of ... Read the full article
AXIS appoints Kent Ziegler as Global Corporate Controller
19th October 2018
AXIS Capital Holdings Limited has announced the appointment of Kent Ziegler to the newly created position of Global Corporate Controller. Ziegler joins AXIS from Allied World Assurance Company Holdings, where he most recently served as Senior Vice President and Chief Financial Officer (CFO) and was responsible for the management of the ... Read the full article
Everest Insurance adds Bill Pollert to Marketing & Distribution team
19th October 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has appointed Bill Pollert as a Director in its New York based Marketing & Distribution team. Pollert joins Everest Insurance from Marsh USA where he has worked for the last 14 years, most recently serving as Senior Vice President, Portfolio Manager ... Read the full article
Arch Insurance announces string of key leadership changes
19th October 2018
Arch Insurance has announced the appointment of Matt Shulman as Chief Executive Officer of North America, a newly-created role that will see him lead the company’s U.S and Canada operations from 1 January 2019. Shulman brings over 20 years’ experience to the role and will report to Nicolas Papadopoulo, Chairman and ... Read the full article
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