Reinsurance News
Beazley to partner with obstetrics AI firm PeriGen
24th July 2019
Specialist insurer Beazley is partnering with PeriGen, a developer of artificial intelligence-driven systems for obstetrics. The agreement will provide Beazley’s US healthcare clients with an early warning system for labor and delivery. PeriWatch Vigilance works alongside any existing electronic fetal monitor and assess long-term trends in fetal heart rate, contractions, maternal vitals ... Read the full article
Re/insurance to cover less than 20% of $200m Ridgecrest quake loss: KCC
24th July 2019
The Magnitude 7.1 earthquake that impacted the towns of Ridgecrest, Argus, and Trona in the U.S. state of California in early July, is expected to result in overall damages of around $200 million, with the insured loss likely to be less than $40 million, according to Karen Clark & Company ... Read the full article
Praedicat recruits Grant Dewar as VP for Global Industrials
24th July 2019
Praedicat, a risk analytics company for casualty insurers and global industrial firms, has announced the appointment of Grant Dewar as Vice President (VP), Global Industrials. Grant’s previous roles include four years as Chief Operating Officer (COO) for the EMEA Insurance Group at FIS, where he was responsible for driving growth in ... Read the full article
Chubb CEO notes improved, broadening pricing environment
24th July 2019
Global insurer and reinsurer Chubb has reported net income of $1.2 billion and a P&C combined ratio of 90.1% for the second-quarter of 2019, while an improved pricing environment resulted in strong premium growth for the firm. At $1.2 billion, Chubb's net income and core operating income fell slightly year-on-year, by ... Read the full article
Retirement security bills may drive opportunities for life/annuity players: A.M. Best
24th July 2019
The SECURE Act, which is currently with the U.S. Senate after being passed in the U.S. House of Representatives, is expected to create additional market opportunities for the retirement and employee benefits segments of the U.S. life space, according to A.M. Best. The Setting Every Community Up for Retirement Enhancement Act ... Read the full article
Ensurance rolls out Terrorism and Sabotage offering in the U.S. and Australia
24th July 2019
Specialist Managing General Agent (MGA) and Lloyd's of London Coverholder, Ensurance, has extended its Terrorism and Sabotage offering to both the U.S. and Australian markets. The products were launched in the UK in May of this year and are backed by an 'A (Excellent)' rated firm and Lloyd's market capacity. The solutions ... Read the full article
Aon targets reduced workers’ comp claim costs via AI
24th July 2019
Global insurance and reinsurance brokerage Aon has taken steps to reduce workers' compensation litigation costs via the expansion of its strategic relationship with CLARA analytics, a provider of artificial intelligence (AI) technology in the commercial insurance space. Aon's Casualty Laser Diagnostic tool reveals that attorney involvement on a workers' comp claim ... Read the full article
Flood Re commends UK Gov on new resilience funding projects
24th July 2019
Flood Re, the UK’s government-backed reinsurance scheme, has welcomed an announcement that £2.9 million in funding has been awarded to three flood resilience projects across the UK. The projects in Yorkshire, Devon and Cornwall, and Central England will receive up to £700,000 to boost research into property-level flood resilience measures, and ... Read the full article
W.R. Berkley Q2 results boosted by “accelerating” market firming
24th July 2019
W. R. Berkley achieved 5% rate increases, excluding workers’ compensation, in the second quarter of 2019, with catastrophe-exposed property “clearly out in front.” President & Chief Executive Officer, William Robert Berkley Jr., noted in an earnings call yesterday that the company is seeing rate increases across the board except for workers’ ... Read the full article
Kingstone to drop commercial liability business
24th July 2019
Kingstone Companies, Inc., the multi-line regional property and casualty insurance holding company, has announced that its subsidiary, Kingstone Insurance Company (KICO), will no longer underwrite commercial liability risks. A complete exit from commercial liability is expected to take at least 15 months, with KICO set to pull out from lines including ... Read the full article
Broker consolidation an opportunity for Beazley, says Layton
24th July 2019
Beazley’s global head of broker relations and marketing Lou Ann Layton has spoken of the opportunities inherent to an “undeniable” trend of consolidation currently sweeping the brokerage community. “While some people look at broker consolidation as a threat to the industry, or the underwriting community, Beazley sees it as an opportunity,” ... Read the full article
Moody’s upgrades Odyssey Re’s financial strength on positive underwriting
24th July 2019
Financial services ratings agency, Moody's, has upgraded the insurance financial strength rating of Odyssey Reinsurance Company and its subsidiaries to A2 from A3, on the back of strong underwriting results over the past few years. Moody's highlights that despite the impacts of catastrophe losses in both 2017 and 2018, the reinsurer, ... Read the full article
RenRe premium up 51%, investment offsets underwriting income dip in Q2
24th July 2019
RenaissanceRe has reported significant growth in the second-quarter of 2019, with its gross premiums underwritten rising by 51% while its investment return helped it to near double net income to almost $368 million for the period. The Bermuda headquartered reinsurance firm took advantage of strong price rises across many areas of ... Read the full article
Travelers renews cat reinsurance at July 1, but eats into aggregate retention
23rd July 2019
U.S. primary insurer Travelers has disclosed the terms of the catastrophe reinsurance treaties it purchased at the recent July 1, 2019 renewals. Management also revealed on an earnings conference call today that the company has incurred just under $800 million towards the attachment point of its new catastrophe reinsurance treaty. This represents ... Read the full article
Hiscox develops new coverage for ships seized by foreign governments
23rd July 2019
Hiscox, the specialist global insurer, has developed a new insurance product that provides coverage for ships seized by a foreign government. The product, called Malicious Vessel Seizure, will provide Loss of Hire costs and the services of Control Risks, a crisis management consultancy. The announcement follows the seizure of a British-flagged ... Read the full article
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