Reinsurance News
Citizens to claim back $126.4mn from private reinsurers for Hurricane Irma
27th September 2018
Citizens Property Insurance Corporation (Citizens), Florida's insurer of last resort, has announced that it has incurred losses of $1.81 billion from Hurricane Irma, and that it expects to recover $126.4 million from the private reinsurance market and a further $534.7 million from the Florida Hurricane Catastrophe Fund (FHCF). Not long after ... Read the full article
Trade Credit Brokers rebrands under Willis Towers Watson name
27th September 2018
Trade Credit Brokers has announced that it has rebranded to Willis Towers Watson Trade Credit and Surety, becoming Ireland’s largest Trade Credit insurance specialist. Willis Towers Watson currently brokers over two-thirds of the Credit insurance business across the island of Ireland, and its Trade Credit clients insure over £1.5 billion worth ... Read the full article
Swiss Re highlights rising global protectionism
26th September 2018
As global protectionism continues to rise there's potential for a longer-term decline in trade, which in turn will negatively impact marine and trade credit insurance premium growth, according to reinsurance giant Swiss Re's inaugural edition of its Economic Insights series. The report, titled Protectionism on the rise, and here to stay, ... Read the full article
Munich Re develops new cyber reinsurance solution for SMEs
26th September 2018
Munich Reinsurance America, Inc. (Munich Re) has developed a new reinsurance solution for U.S property and casualty (P&C) insurance carriers seeking to provide cyber coverage to their small and medium-sized enterprise (SME) clients. The new cyber solution will provide reinsurance capacity for limits up to $15 million, as well as technical ... Read the full article
G20 Insurance Forum to outline insurers’ role in tackling global challenges
26th September 2018
A series of discussions are due to take place in Argentina this week as the G20 Insurance Forum examines the role of insurers in tackling global challenges. The forum’s first session will examine insurers’ role in boosting resilience and stability in society, and the part insurers play in food security and ... Read the full article
ZhongAn announces tech-driven partnership with Sompo Japan
26th September 2018
ZhongAn International, a subsidiary of China’s largest online-only insurer ZhongAn Online P&C Insurance, has entered into a partnership with Sompo Japan Nipponkoa aimed at providing a cloud-based, end-to-end insurance service. Through the new partnership, ZhongAn International will be expected to help Sompo, one of Japan's largest insurers, approach digital transformation; increasing ... Read the full article
Blockchain smart contracts unlikely to replace traditional processes: Solidum
26th September 2018
The nuanced complexity of a re/insurance contract makes it an unrealistic candidate for replacement by blockchain smart contracts, according to independent investment management firm Solidum Partners. A smart contract is essentially an immutable piece of code embedded into the blockchain that can execute binary decisions such as the automatic transfer of ... Read the full article
Andrew Dolphin appointed COO for Hiscox Re & ILS
26th September 2018
Hiscox, the specialist global re/insurer, has appointed Andrew Dolphin to the position of Chief Operating Officer (COO) for its Hiscox Re & ILS division, effective immediately. Dolphin joined Hiscox in 2000 and has since transitioned from a technical role in the company’s reinsurance purchase team to leading the whole of the ... Read the full article
AngoRe to launch in 2019, expects to retain large share of risks assumed by global market
26th September 2018
According to industry reports, the Angolan National Reinsurance Company (AngoRe) is set to commence operations in 2019, and it's expected that the reinsurer will retain a large share of the risks currently assumed by the international reinsurance market. Aguinaldo Jaime, Chairperson of the Board of the Angolan Agency for Regulation and ... Read the full article
Significant implementation efforts required for IFRS 17: Guy Carpenter
26th September 2018
Reinsurers will need to rethink their approach to structuring contracts and prepare for the introduction of the International Financial Accounting Standard 17, according to a global roundtable of Guy Carpenter leaders. IFRS 17 is set to increase the complexity and cost of operating, as companies will be required to report in ... Read the full article
Tokio Marine HCC adds trio of underwriters to Professional Risk team
26th September 2018
Specialty insurer Tokio Marine HCC has appointed James Stretton, Nicola Lowe and Andrew Matthews as underwriters within its Professional Risk team. Stretton will join Tokio Marine HCC’s London office as an underwriter from QBE, where he has spent the previous 14 years. While at QBE, Stretton was responsible for the company’s small ... Read the full article
Boost Insurance launches Paladin Cyber InsurTech program
26th September 2018
Boost Insurance, a recently established InsurTech development platform, has announced the launch of its first InsurTech program, Paladin Cyber. Boost said that, by utilising its technology and end-to-end insurance infrastructure, Paladin’s admitted, multi-state SMB cyber program was brought to market in just four and a half months, which compares with an ... Read the full article
Insured Typhoon Mangkhut losses as high as $2bn: AIR
26th September 2018
Typhoon Mangkhut - which made landfall in the Philippines before passing close enough to Hong Kong and Macau to inflict widespread damage to infrastructure - is estimated to cause between $1 billion and $2 billion in insured losses, according to catastrophe risk modelling firm AIR Worldwide. AIR states that, after causing ... Read the full article
AXA XL announces two senior promotions within Excess Casualty business
26th September 2018
AXA XL has announced two senior promotions within its Excess Casualty Insurance business, appointing Vivienne Moniz and Elaine Scully Head of Excess Casualty, Bermuda and Head of Excess Casualty, Dublin, respectively. Moniz brings over 15 years’ experience to the role and will report to XL Bermuda Chief Executive Officer of Insurance, Patrick ... Read the full article
Sub-Saharan Africa reinsurance markets grow despite difficulties: A.M. Best
26th September 2018
Reinsurance markets in Sub-Saharan Africa have experienced material growth over the past decade despite the ongoing challenges of a difficult operating environment, competitive pressures on underwriting activities, and economic and political instability, according to a report by A.M. Best. In recent years, much of the region has faced high inflation, currency ... Read the full article
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