Reinsurance News
AXIS Insurance partners with DUAL North America on environmental risk cover
26th September 2018
AXIS Insurance, the insurance arm of AXIS Capital Holdings Limited, has partnered with DUAL North America, the underwriting division of Hyperion Insurance Group, to develop an environmental risk product offering for contractors, consultants and engineers in the U.S. Under the terms of the partnership, DUAL North America will operate as a ... Read the full article
Potential for alternative capital to expand beyond nat cat: Hannover Re CEO Wallin
25th September 2018
As alternative capital continues to play an increasingly important role in the natural catastrophe space, Hannover Re’s Chief Executive Officer (CEO) Ulrich Wallin has discussed the potential for these markets to be utilised in other areas of the reinsurance industry. Speaking in an interview with Reinsurance News, Wallin noted that, following ... Read the full article
Zurich urges businesses to prepare for climate change
25th September 2018
Zurich Insurance Group has called on businesses to act now and prepare for climate change, as internationally-agreed targets for lower greenhouse emissions look set to miss their mark. The new report from Zurich outlines three steps it believes will help companies develop a climate resilience adaptation strategy. These steps include identifying the ... Read the full article
Concirrus InsurTech raises £5mn in funding, led by IQ Capital and Eos
25th September 2018
Concirrus, a London-based InsurTech company focused on the Marine and Motor Analytics market, has raised an additional £5 million in equity funding, bringing the total raised to £12 million. The latest round of funding was co-led by Cambridge-based deep tech venture capital firm IQ Capital and specialist InsurTech investor Eos Venture ... Read the full article
Global rise in political risk exposures, WTW survey finds
25th September 2018
A survey of senior executives from 40 leading firms across multiple industry sectors, conducted by Oxford Analytica for re/insurance broker Willis Towers Watson, has reported a global rise in risk exposures as a result from geopolitical tensions. 55% of organisations with revenues greater than $1 billion reported at least one political ... Read the full article
Alesco adds Miller’s Steve Dewey to energy division
25th September 2018
Alesco Risk Management Services, the specialist insurance and risk management broker, has appointed Miller’s Steve Dewey as Executive Partner in its energy division. Dewey will join Alesco in early 2019 after 23 years at Miller, where he held increasingly senior roles and left as Partner, responsible for the Upstream Technical team. In ... Read the full article
AXIS Insurance appoints Head of International Business Development
25th September 2018
AXIS Insurance, the insurance business segment of AXIS Capital Holdings Limited, has appointed Paul Cullum to the newly created role of Head of Business Development for AXIS Insurance International Division. He will now be responsible for delivering a comprehensive approach to product distribution in the London market and at Lloyd’s, including ... Read the full article
Almost 90% of re/insurers believe innovation is critical: A.M. Best
25th September 2018
Nearly 90% of re/insurers believe that innovation is critical to the success of their organisation in terms of addressing customers' needs, gaining a competitive advantage, and realising operational efficiencies, according to the results of a new A.M. Best survey. The survey, which questioned more than 450 re/insurers across 48 markets, found ... Read the full article
Claims paid from recent Japanese catastrophes rise into the billions
25th September 2018
The latest data from the General Insurance Association of Japan (GIAJ) reveals that insurance claims paid for July rains and floods in the country has now approached $1.5 billion (JPY 165.7 billion), while insurance claims paid following the Osaka prefecture area earthquake now total almost $770 million (JPY 86.6bn). In recent ... Read the full article
Pricing will remain flat at 1/1 renewals: Fitch Ratings
25th September 2018
Although reinsurance pricing improved to some extent over 2018, abundant levels of underwriting capacity continue to absorb any increase in reinsurance demand, meaning rates are not expected to improve significantly at 1 January 2019 renewals, according to Fitch Ratings. Rates improvements were greatest at the January renewals in 2018, but subsequent ... Read the full article
Up to $10bn insured flood losses from Florence, estimates CoreLogic
25th September 2018
Catastrophe risk modelling specialist CoreLogic estimates that industry flood losses resulting from hurricane Florence will fall between $6 billion and $10 billion, with the National Flood Protection Program shouldering between $2 billion and $5 billion of that figure. CoreLogic estimates the uninsured flood loss to be between $13 billion and $18.5 ... Read the full article
Markel adds Peter Dickel to PACE underwriting team
25th September 2018
Markel International, the specialist insurer, has appointed Peter Dickel as senior underwriter in its Personal Accident, Contingency and Entertainment (PACE) team, effective November 1. Dickel joins Markel International from specialist insurance and reinsurance firm MS Amlin, where he most recently served as class underwriter. He has more than 20 years’ experience in ... Read the full article
Barbican hires Underwriting Manager James Barrett from Swiss Re
25th September 2018
Barbican Insurance Group has announced the appointment of James Barrett as Underwriting Manager in its healthcare division, effective immediately. Barrett joins Barbican from Swiss Re Corporate Solutions, where he most recently served as Vice President and Senior Underwriter in the healthcare (products and global markets) team, having joined the firm in ... Read the full article
Insured Florence losses as high as $5bn: RMS
25th September 2018
Global catastrophe risk modeller RMS estimates an insured loss from hurricane Florence of between $2.8 billion and $5 billion; a figure that includes a $800 million to $1.2 billion loss for the National Flood Insurance Program. The estimate includes losses associated with wind, storm surge, and inland flood damage across North ... Read the full article
Further digital integration key to Lloyd’s efficiency, says COO Khoury-Haq
25th September 2018
Adapting to technological change and better integrating digital capabilities to make placing and processing business more efficient is the key to overcoming the challenges of poor expense ratios at Lloyd’s, according to Chief Operating Officer Shirine Khoury-Haq. Implementation of key parts of the London Target Operating Model (LM TOM), as well ... Read the full article
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