Reinsurance News
Labuan IBFC targets China outreach via Tricor Group partnership
24th June 2019
The Labuan International Business and Financial Centre (Labuan IBFC) is looking to strengthen is marketing outreach and development initiatives in China via a new partnership with Tricor Group. Tricor, which is one of the leading Trust Company Service Providers (TCSP) in Labuan IBFC, will help the Centre to explore opportunities in ... Read the full article
Record £7 billion of longevity risk reinsured by PIC in 2019
24th June 2019
Pension Insurance Corporation (PIC) has completed £5.8 billion (USD 7.4 billion) of pension buy-ins and buyouts and has reinsured a record £7 billion (USD 8.9 billion) of longevity risk so far in 2019. The specialist insurer of defined benefit pension funds has highlighted a very active year for the pension risk ... Read the full article
Robert Hands named Head of Australia, AXIS Re Strategic Partners
24th June 2019
AXIS Re, the global reinsurance division of Bermudian AXIS Capital Holdings Limited, has expanded AXIS Re Strategic Partners with the appointment of Robert Hands as Strategic Account Executive and Head of Australia. The appointment of Hands sees the expansion of AXIS Re Strategic Partners and, in his new role, Hands will ... Read the full article
New strategy will “revolutionise” Lloyd’s, says Carnegie-Brown
24th June 2019
The ideas comprising the new future at Lloyd’s strategy are set to “revolutionise” the way the insurance and reinsurance marketplace operate and serves customers, according to Lloyd’s of London Chairman Bruce Carnegie-Brown. Speaking at the Lloyd’s New York City Dinner this last week, Carnegie Brown told re/insurance industry executives how the ... Read the full article
Beazley appoints specialty treaty underwriter to product solutions team
24th June 2019
Specialist re/insurer Beazley has announced the appointment of Desiree Khoury as a specialty treaty underwriter within the Beazley Product solutions team, based in Los Angeles. Beazley Product Solutions designs customised specialist insurance cover backed by treaty reinsurance to support insurers and their policyholders. Khoury joins the division from NAS Insurance, where her ... Read the full article
Peru earthquake triggers partial $60mn cat bond pay-out, sources confirm
21st June 2019
It has been confirmed that Peru will receive a $60 million partial pay-out from its earthquake catastrophe bond, which was triggered by a magnitude 8.0 earthquake that hit the country on 26th May. Sources at our sister publication, Artemis, have verified that the $200 million IBRD CAR 120 Peru quake ... Read the full article
Universal Property enters Wisconsin
21st June 2019
Universal Property & Casualty Insurance Company (Universal Property), a wholly owned subsidiary of Universal Insurance Holdings, Inc., has successfully completed its expansion into Wisconsin. The insurer has announced that it has now received a Certificate of Authority in Wisconsin, meaning it has been approved to operate as a licensed insurance company ... Read the full article
Allstate reports catastrophe losses of $473mn for May
21st June 2019
The Allstate Corporation has announced that its estimated catastrophe losses for the month of May 2019 were $473 million, pre-tax ($374 million, after-tax). Catastrophe losses occurring in the month comprised 14 events at an estimated cost of $504 million, pre-tax ($398 million, after-tax). This was offset by favourable reserve re-estimates of prior ... Read the full article
Offshore energy insurance requirements may rise significantly in NZ
21st June 2019
The New Zealand Government has proposed plans to significantly increase the amount of insurance protection offshore oil and gas operators are required to have in order to drill off the country's coast, which in turn would generate demand for reinsurance. According to local news reports, Associate Transport Minister, Julie Anne Genter ... Read the full article
Reinsurance partnerships a “cornerstone” for Caribbean insurers: A.M. Best
21st June 2019
Reinsurance partnerships are the “cornerstone” that provides the capacity for insurers to profitably write business in the Caribbean, according to A.M. Best, and have allowed them to weather two years of heavy catastrophe losses with little to no major operational impact. Analysts noted that these longstanding partnerships have proven to be ... Read the full article
AXA XL enhances environmental pollution coverage for North America
21st June 2019
AXA XL has announced that its Environmental business in North America has added supplemental coverage to its Pollution and Remediation Legal Liability (PARLL) policy, providing additional protection against losses resulting from pollution. The enhanced policy includes coverage for third party claims for bodily injury, property damage and remediation expense, as well ... Read the full article
Aon targets improved customer engagement with Hi Marley partnership
21st June 2019
Global re/insurance brokerage Aon has entered into a strategic alliance with Hi Marley, an insurance-focused conversation platform that leverages industry-specific artificial intelligence (AI) and functionality to improve customer engagement. In response to policyholders demanding faster and more efficient ways to speak with their insurance company through the cycle of their policy, ... Read the full article
New Paradigm to host parametric re/insurance conference in 2020
21st June 2019
New Paradigm Group, the Florida-based developer of parametric insurance and risk transfer solutions, is due to host its first annual conference on parametric re/insurance in Miami Florida next year. Set for April 2020, the New Paradigm Global Parametric Insurance and Reinsurance Conference will be a forum for learning “how parametric insurance ... Read the full article
MPS, Everest & Asta to form Lloyd’s medical malpractice partnership
21st June 2019
The Medical Protection Society (MPS), an organisation that protects the careers, reputations and financial security of over 300,000 healthcare professionals, is partnering with global insurer Everest Insurance and Asta, the leading Lloyd’s third-party managing agency, to establish a Lloyd’s Special Purpose Arrangement (SPA). MPS says the move, set for a July ... Read the full article
AM Best revises Doha Insurance outlook to negative, reinsurance initiatives a factor
21st June 2019
A.M. Best has revised the outlooks from stable to negative of Doha Insurance Group Q.P.S.C., reflecting the continued deterioration of its underwriting performance, combined with concerns around its underwriting risk management practices. At the same time, A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer ... Read the full article
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