Reinsurance News
Tokio Marine HCC bolsters global Media, Film & TV team
25th July 2019
Tokio Marine HCC has announced the appointments of Stuart Wolstenholme and Lucy Smith in its international Media, Film & TV team within its Professional Risks unit. Wolstenholme has been named Media Property and Liability Underwriting Manager, and brings more than 15 years of experience in the Media and Music industries to ... Read the full article
Rate increases “necessary” but “not sufficient” says RenRe CEO, O’Donnell
25th July 2019
Kevin O'Donnell, the President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe (RenRe), believes that "necessary" but insufficient rate increases witnessed in the reinsurance market will be sustainable moving forward. RenRe reported significant growth in the second-quarter of 2019, with its gross premiums underwritten rising by 51%, while at ... Read the full article
New InsurTech investments hit $1.4 billion in Q2: Willis Towers Watson
25th July 2019
Total new InsurTech funding commitments exceeded $1.2 billion for the fourth consecutive quarter in Q2 2019, as 69 deals with a total value of $1.41 billion were announced in the period, according to insurance and reinsurance broker, Willis Towers Watson (WTW). The broker's latest quarterly InsurTech report highlights a buoyant investment ... Read the full article
AXA XL partners with Vindati on Ocean Cargo insurance for SMEs
25th July 2019
The US Marine division of global re/insurer AXA XL has partnered with InsurTech Managing General Underwriter (MGU), Vindati, to offer Ocean Cargo insurance for SMEs through Vindati's proprietary rate, quote, bind, issue online platform. Vindati offers specialty products and an integrated shopping experience for brokers and agents. In addition to offering AXA ... Read the full article
Boeing recovered $500mn from insurers due to fleet suspension
25th July 2019
US aircraft manufacturer Boeing has disclosed that it recovered $500 million from its re/insurance program during the second quarter of 2019 for losses related to the grounding of its 737 MAX fleet. As part of its Q2 results, Boeing said that it had recorded an earnings charge of $5.6 billion, ... Read the full article
H1 insured cat losses hit 12-year low at $20bn: Aon
25th July 2019
Insured catastrophe losses totalled just $20 billion during the first half of 2019, marking the lowest level of average losses since 2006, according to re/insurance broker Aon. Industry losses were 45% below the 10-year average of $28 billion and 26% lower than the 21st Century average of $25 million, but still ... Read the full article
iprism promotes Kris Meadows to lead nationwide BDM network
25th July 2019
Tech-driven underwriting agency iprism has promoted Kris Meadows to lead its nationwide network of broker development managers (BDM). At the same time, Meadows retains his role as BDM - North. He first joined the firm in 2017, and prior to this held similar positions at Qdos Underwriting, AXA, and also Barclays. The ... Read the full article
PSC Group to purchase Lloyd’s broker Paragon for £42m
25th July 2019
Australia-based PSC Insurance Group has announced the acquisition of Paragon International, a Lloyd’s and London market broker, for a base consideration of £42 million. To fund the placement, PSC has completed an institutional share placement of 13,461,538 additional shares at a price of $2.60 per share, raising total gross proceeds of ... Read the full article
Aon’s Roger Francis joins CFC as Cyber Claims Director
25th July 2019
Specialist insurer CFC has announced the appointment of Roger Francis from re/insurance broker Aon as its new Cyber Claims Director. In his new role, Francis will lead the firm's cyber claims and incident response division, and will also take oversight of CFC's cyber risk management services. He brings 15 years of information ... Read the full article
Lancashire encouraged by improved discipline and pricing
25th July 2019
Lancashire Holdings Limited has reported profit before tax of $40.5 million ($39.1 million after-tax) for the first-half of 2019 and a weaker combined ratio of 86.6% as its loss ratio increased to 34.5%. Despite the weaker result year-on-year, the firm is encouraged by growing signs of improved discipline and pricing ... Read the full article
AM Best reviews GSE mortgage transfers, gauges capital impact on reinsurers
25th July 2019
Rating agency AM Best has reviewed the mortgage risk transfer programs employed by government-sponsored enterprises (GSE), and outlined new criteria to gauge how such transactions affect the net required capital of participating reinsurers. GSEs such as Freddie Mac, Fannie Mae, and the Federal Housing Finance Agency (FHFA) have been transferring mortgage ... Read the full article
SCOR announces solid H1 performance on the back of strong renewals
25th July 2019
Global insurer and reinsurer SCOR has reported strong and profitable growth for the first six months of the year, supported by continued growth in Global P&C on the back of strong renewals. Group net income increased by 9.2% for the first-half of the year to €286 million, as the reinsurer recorded ... Read the full article
Insurtech Hippo raises $100m, targets over 80% of US homeowners
24th July 2019
Hippo Insurance, a California-based insurtech focused on US home insurance, has secured $100 million from a Series D funding round. Led by global technology investment firm Bond, the funding will be used to expand Hippo’s geographic footprint, deepen its direct-to-consumer product portfolio, and grow distribution networks of industry partners. More specifically, the ... Read the full article
Munich Re targets travel industry with Roomer partnership
24th July 2019
Reinsurance giant Munich Re has entered into a new partnership with Israeli / U.S.-based travel-focused startup, Roomer Travel (Roomer). Roomer has developed a marketplace for reselling and booking non-refundable hotel rooms and, based on its experience the startup has identified that travelers need more flexibility. Roomer Flex is the firm's flagship solution, ... Read the full article
AIG appoints Jennifer Waldner as Chief Sustainability Officer
24th July 2019
American International Group, Inc. (AIG) has announced the appointment of Jennifer Waldner to the newly created role of Chief Sustainability Officer. Waldner will lead the development and implementation of a company-wide sustainability strategy, reporting to Thomas B. Leonardi, AIG’s Executive Vice President and Vice Chair, AIG Life Holdings, Inc. For the past ... Read the full article
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