Reinsurance News
Risk of stalling hurricanes is growing, says TigerRisk as Barry approaches
12th July 2019
The risk posed by hurricanes that stall upon landfall may be growing, according to analysts at TigerRisk, whose comments come as Tropical Storm Barry bears down on New Orleans. The reinsurance broker noted that the frequency of such storms appears to have increased, with back-to-back hurricanes in 2017 and 2018 stalling ... Read the full article
Q2 results show continued rise in most commercial lines rates: IVANS
12th July 2019
Premium renewal rates continued to show a year-on-year increase across almost all commercial lines during the second quarter of 2019, according to data from the latest IVANS Index. IVANS, which is a division of Applied Systems, noted that every commercial line except Workers’ Compensation experienced increases in average premium renewal change ... Read the full article
False earthquake policy info prompts California regulators to notify insurers
12th July 2019
California Insurance Commissioner Ricardo Lara and the California Earthquake Authority (CEA) are to send a notice to re/insurers following reports that some companies may be declining to write earthquake policies in the state. Kern County in southern California was struck by a magnitude 6.4 earthquake on July 4, followed by a ... Read the full article
Mercer announces five-year Club Vita partnership
12th July 2019
Mercer, the global consulting subsidiary of broking and advisory giant Marsh & McLennan Companies, is partnering with longevity analytics firm Club Vita. The five-year partnership, effective immediately, will see Mercer offer Club Vita’s longevity risk reporting tools to US clients. Mercer's US pension plan clients will have access to Club Vita's proprietary ... Read the full article
Universal Insurance CEO Downes shifts to Exec Chairman role
12th July 2019
Florida-based property and casualty insurer Universal Insurance has announced the appointment of Sean P. Downes as Executive Chairman, effective July 15. Downes has spent over 20 years as an executive of Universal, and the past six years as Chairman and Chief Executive Officer. Current Chief Operating Officer, Stephen J. Donaghy, has been ... Read the full article
Aon names Tim Ronda as President of US Reinsurance Solutions business
12th July 2019
Re/insurance broker Aon has announced the appointment of Tim Ronda as President of its US Reinsurance Solutions business, effective immediately. Ronda joined Aon in 2005 and most recently served as Executive Managing Director based in New York, and as Branch Manager for the New York/New Jersey region. He has 23 years’ experience ... Read the full article
Bermuda sees 37 new re/insurance registrations in H1 2019
12th July 2019
The Bermuda Monetary Authority (BMA) has released statistics showing that 37 new insurance and reinsurance entities were registered on the island over the first half of 2019. This puts growth roughly on track with the 75 registrations recorded over full-year 2018, and comfortably above the 58 recorded in 2017. During H1 2019, ... Read the full article
Philippines Insurance Commissioner Funa elected Asian Re Chair
12th July 2019
The Philippines Insurance Commission has announced the appointment of Dennis B. Funa as Chairman of the Asian Reinsurance Corporation (Asian Re). Funa, who was unanimously elected on June 28 for a period of two years, replaces Abdolnaser Hemmati, who departed to serve as Governor of the Central Bank of Iran. Asian Re ... Read the full article
kWh Analytics closes 23 MW Solar Revenue Put, backed by Swiss Re
12th July 2019
kWh Analytics, a leading solar risk management provider, has closed a Solar Revenue Put for a 23 MW solar project, with capacity provided by Swiss Re Corporate Solutions. The 23-MW dc Grand Ridge Solar project, located in La Salle County, Illinois, was refinanced with the Solar Revenue Put protecting cashflows. Grand Ridge ... Read the full article
Hiscox strengthens Jebi & Michael reserves
12th July 2019
Global insurer and reinsurer Hiscox Ltd. has announced an expected impact of $40 million in the first-half of 2019 as a result of further strengthening its reserves for Typhoon Jebi and Hurricane Michael. The firm expects to record profit before tax of between $150 million and $170 million for the ... Read the full article
Arcus 1856 adds RenRe’s Shepherd as Active Underwriter
12th July 2019
Arcus Syndicate 1856 at Lloyd’s has appointed Alex Shepherd as an Active Underwriter, effective immediately. Shepherd joins from RenaissanceRe Syndicate 1458, where he served as Head of Property. Before this he worked as a Deputy Property Underwriter at Canopius as well as at ACE Global Markets. Shepherd replaces David Booth, Director of Underwriting ... Read the full article
DAC Beachcroft to launch AI-powered motor liability tool
12th July 2019
International law firm DAC Beachcroft has worked together with insurtech start-ups Automated Insurance Solutions and Audatex on the development of an online artificial intelligence-powered tool able to quickly and consistently assess liability following a motor accident. The BAIL platform is accessed via a secure web portal and enables Insurers to answer ... Read the full article
BI a potential source of premium growth for commercial insurers in Japan: Swiss Re Institute
12th July 2019
Commercial insurance premiums in Japan are expected to increase by 4.4% in 2019, and over the long-term, business interruption (BI) cover is anticipated to be a source of expansion for the commercial insurance space in the region, according to Swiss Re Institute. Expected premium growth in the commercial insurance sector in ... Read the full article
Cyber market growth supported by more widely available reinsurance: A.M. Best
11th July 2019
Despite a slowdown on the previous two years, the cyber insurance market continued to expand in 2018, with premium volume exceeding $2 billion for the first time and which is supported by the sector's heavy use of reinsurance, highlights A.M. Best. As the world strives to become truly digital and advanced ... Read the full article
IRB Brasil Re confirms $2.3bn share offering
11th July 2019
Brazilian reinsurer IRB Brasil Resseguros SA (IRB Brasil Re) has confirmed that shareholders BB Seguridade Participações and the Brazilian Treasury are set to sell their stakes next week in a share offering valued at 8.5 billion reais (US $2.3 billion). The pricing of the secondary share offering is expected to occur ... Read the full article
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