Reinsurance News
Re/insurers must “lean-in” to new political standards: ABI’s Huw Evans
28th January 2019
Insurers and reinsurers must respond to new ethical standards and increasing levels of public scrutiny by “leaning-in” to politics and engaging in solutions with policy-makers, according to Huw Evans, Director General of the Association of British Insurers (ABI). Speaking as part of a keynote address at Fitch Ratings’ Insurance Roadshow 2019 ... Read the full article
AIG appoints Global Head of A&H, General Insurance
28th January 2019
Edward Levin has been named as the new Global Head of Accident & Health, General Insurance, at American International Group, Inc. (AIG), effective next month. Levin will be based in London and will report to Christopher Townsend, Chief Executive Officer (CEO) of AIG International General Insurance. In his new position, Levin will ... Read the full article
40% retro hike to bump property reinsurance pricing to double digits: Credit Suisse
28th January 2019
Property reinsurance price increases are expected to rise from current low-single digit levels to double-digits as 2019 progresses, according to analysts at multinational investment bank and financial services firm Credit Suisse. Credit Suisse underlines the ~40% retrocessional pricing increase reinsurers have faced, following substantial retro market losses in both 2017 and ... Read the full article
JP Morgan identifies benefits of Swiss Re’s planned ReAssure IPO
28th January 2019
Swiss Re’s planned initial public offering (IPO) of its UK closed book business, ReAssure, is expected to result in a number of benefits for the reinsurer, according to analysts at JP Morgan. Swiss Re has stated that it intends to reduce its stake in ReAssure to below 50% this year to ... Read the full article
Chubb enters 15-year distribution agreement with Banco de Chile
28th January 2019
Global insurer Chubb has entered into a 15-year distribution agreement with the largest bank based in Chile, Banco de Chile. The new agreement sees Chubb utilise multiple Banco de Chile distribution channels for its life and general insurance solutions. Banco de Chile's distribution avenues include in-branch, automated teller machines, direct marketing ... Read the full article
ACORD reveals 2019 Board of Directors
28th January 2019
International standard-setting body for the insurance sector, ACORD, has announced its new 2019 Board of Directors, as well as numerous returning members. J. Spero Zacharias will continue as Chair of the Board of Directors, which consists of 27 members, including nine new Directors. ACORD President and Chief Executive Officer (CEO), Bill Pieroni, ... Read the full article
Personal lines rate changes driven by improved margins and desire for growth: KBW
28th January 2019
Much-improved margins and the accompanying, and predictably widespread, desire for top-line growth should translate into steadily-declining personal lines rate changes, according to Keefe, Bruyette & Woods (KBW). KBW expects most commercial lines’ rates to rise in response to weak underwriting profits, although workers compensation rates should keep falling, probably more slowly ... Read the full article
PCS to expand industry loss estimates, index services to Japan
28th January 2019
Property Claims Services (PCS), a Verisk Analytics business, is expanding its industry loss data aggregation and index reporting capabilities to include non-marine catastrophe losses in Japan, according to reports from our sister site Artemis. The product - which can be used as a trigger input for industry loss warranties (ILWs), cat bonds ... Read the full article
Allianz to automate legal proceedings for injury claims using AI
28th January 2019
Allianz Insurance has launched a new digital proposition, called Defendant Hub, that uses artificial intelligence (AI) technology to automate Ministry of Justice Stage 3 injury claims. Developed in partnership with UK law firm Keoghs, Defendant Hub will provide Allianz’s injury claims handlers with an end-to-end solution for Stage 3 claims. This is ... Read the full article
EC3 Brokers launches Middle East division, appoints head
28th January 2019
EC3 Brokers is targeting growth in the Middle East and Africa with the launch of a new division, called EC3 Brokers MEA, which is to be led by Senior Executive Officer (SEO) Steve Hart. This new venture, based in Dubai’s International Finance Centre, expands EC3 Brokers’ existing operations in London and ... Read the full article
Updated PPL offers enhancements for facilities
28th January 2019
A significant update has been implemented by the board of Placing Platform Limited (PPL), including improvements to its facilities functionality and various market requests for alterations. The PPL has been pushed as a core part of the London Market Group’s (LMG) Target Operating Model, which is looking to make it more ... Read the full article
Everest Insurance expands Life Sciences product offering
28th January 2019
Everest Insurance, a division of global insurer and reinsurer Everest Re Group, Ltd., has announced that its Life Sciences product offering now includes Property, Commercial Auto, and Workers' Compensation Life Sciences products. The firm states that these new product offerings join the subsidiary's established Primary Product Liability offering, as well as ... Read the full article
Insurers collaborate to establish blockchain in healthcare industry
28th January 2019
A collaboration featuring leading health insurers and led by IBM, Health Care Service Corporation, and PNC Bank hopes to enhance patient care and reduce unnecessary costs by designing and implementing a network using blockchain technology. The collaboration, which includes CVS Health’s business Aetna and U.S insurer Anthem, says major improvements in ... Read the full article
Global pension gap a major re/insurance opportunity: Swiss Re
25th January 2019
A growing crisis in the global pensions system represents a major opportunity for the life re/insurance industry to close the funding gap, according to a new report by the Swiss Re Institute. Swiss Re found that the shortfall in pension funding for the global retired population is forecast to grow by ... Read the full article
Allianz partners with PIMCO to launch P&C ILS unit
25th January 2019
Premier fixed income investment manager PIMCO, which is owned by global re/insurer Allianz, has launched a new property and casualty insurance-linked securities (ILS) business, working in partnership with its parent. The new ILS business launch is to be led by Rick Pagnani as Executive Vice President (EVP), who brings more than ... Read the full article
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