Reinsurance News
Strongest earthquake in 20 years hits southern California
5th July 2019
California experienced its strongest earthquake in two decades on Thursday after a magnitude 6.4 quake struck near the town of Ridgecrest in Kern County. There are reports of “significant damage” to the city, which is home to nearly 30,000 people, with cracked roads, felled power lines, and broken walls and windows ... Read the full article
CCRIF SPC, World Bank issue parametric fisheries insurance
5th July 2019
The Caribbean Catastrophe Risk Facility, CCRIF SPC, and the World Bank have issued the Caribbean Oceans and Aquaculture Sustainability Facility (COAST) fisheries parametric insurance policy to two of its member governments – Grenada and Saint Lucia. The COAST insurance policies provide coverage to individuals in the fisheries industry, enabling them to ... Read the full article
African re/insurer Klapton adopts software from Eurobase
5th July 2019
Eurobase International Group, an international software and service provider to financial institutions, has announced that Klapton has selected its Synergy2 platform to support its operations. Klapton, a re/insurer registered in the Autonomous Island of Anjouan, Union of Comoros, said it identified Synergy2 as the best solution to support its operational efficiency ... Read the full article
Lloyd’s Lab insurtech ClauseMatch reveals findings of 10-week pilot
5th July 2019
Lloyd’s Lab, the innovation accelerator launched last year by the Lloyd’s market, has revealed the findings of insurtech ClauseMatch following the completion of its 10-week long pilot project. ClauseMatch, a software technology company that enables financial institutions to comply with internal corporate governance documentation, was required to use state-of-the-art technology to ... Read the full article
Convex adds former AXA XL employee Middleton as Head of Ceded
5th July 2019
Convex Group Limited, the international specialty re/insurer set up by Stephan Catlin, has announced the appointment of Anne Middleton as Head of Ceded Reinsurance and Capital Modelling. Convex was launched this year after a successful $1.8 billion capital raise from investors and in April secured an A- rating from AM ... Read the full article
Insurers are showing increasing levels of optimism: Survey
5th July 2019
The quarterly, June 2019 Financial Services Survey from CBI and PwC reveals that insurance companies are increasingly optimistic in light of opportunities to improve customer service and to capitalise on merger and acquisition (M&A) deals. The latest quarterly survey from the pair was conducted between May 14th and June 17th, and ... Read the full article
Global insurance premiums pass $5tr, emerging Asia leads way: Swiss Re
4th July 2019
A report from Swiss Re has determined that global insurance premiums passed $5 trillion for the first time ever in 2018, a figure which represents 6% of world gross domestic product. Swiss Re says this landmark figure was based mostly on solid growth in the non-life sector, particularly in China and ... Read the full article
China’s PICC targets LatAm, applies for reinsurance license in Argentina
4th July 2019
State-owned re/insurer the People’s Insurance Company of China (PICC) is currently seeking permission from Argentine insurance watchdog SSN to operate as an admitted reinsurer and is on track to launch in September, according to reports from BNamericas. Once launched, PICC will become the first Chinese re/insurer to operate in Argentina. The firm ... Read the full article
New Lloyd’s mandate to require clarity on silent cyber coverage
4th July 2019
Insurance and reinsurance marketplace Lloyd’s of London is to mandate that all policies clearly state whether they will provide affirmative coverage for cyber risks. From January 1, 2020, Lloyd’s underwriters will be required to clarify whether first-party property damage policies affirm or exclude cyber cover. For liability and treaty reinsurance, the requirements ... Read the full article
Rising reinsurance costs pose major hurdle for Florida carriers: A.M. Best
4th July 2019
Rising reinsurance costs could pose a major hurdle for carriers in Florida, according to A.M. Best, potentially diminishing earnings and pushing companies into looking at more alternative risk transfer options. The rating agency noted that the cost benefit of doing business in the state has changed considerably in recent years due ... Read the full article
Barbican adds Markel’s Antony Hope as D&O Class Underwriter
4th July 2019
Barbican Insurance Group, which underwrites re/insurance predominantly through its Lloyd's platform, has announced the appointment of Antony Hope as Class Underwriter for Directors’ & Officers’ (D&O) liability insurance, with immediate effect. He will report to Gavin Stanley, the company’s Head of Financial Lines, and work alongside Sarah McGurk. Hope brings over 23 ... Read the full article
Everest Insurance hires Lloyd’s syndicate underwriter from BHSI
4th July 2019
Everest Insurance International, a division of Bermuda-based reinsurer Everest Re, has appointed Martin Leeks to its Syndicate 2786 as a Medical Malpractice and Multi-National/Specialty Underwriter. Leeks arrives from Berkshire Hathaway Specialty Insurance (BHSI), where he most recently worked as Head of Casualty – UK & Southern Europe. He has more than 30 ... Read the full article
Senior underwriter Tim Butcher to retire from D L Dale Syndicate 2525
4th July 2019
D L Dale & Others, Syndicate 2525, the specialist employers’ and third-party liability Lloyd’s insurer, has announced the retirement of Tim Butcher, Senior Class Underwriter for international liability business. Butcher has spent his entire career in the Lloyd’s market since joining in 1975. He has been with some of his current colleagues ... Read the full article
Miller recruits Taurai Ushe as Head of Business Development for UK Professions
4th July 2019
Global re/insurance broker Miller has bolstered its Professions team with the appointment of Taurai Ushe as Head of Business Development, UK Professions. Ushe has 15 years’ experience in developing new business opportunities and sourcing insurance solutions for UK companies in the professional services sector. He began his career at Allianz in 2004 ... Read the full article
Fidelis rebrands third party capital arm, names Vandoninck as head
4th July 2019
Fidelis Insurance, the privately owned Bermuda-based holding company, has rebranded its partnership business as Socium, and named Philip Vandoninck as its Chief Executive Officer (CEO). Socium, which will manage Fidelis’ third-party reinsurance capital activities, was rebranded to align with the company’s sidecar vehicle, Socium Re. Fidelis explained that the move was part ... Read the full article
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