Reinsurance News
LMG’s delegated authority platform to launch this week, market uptake high
24th September 2018
With the London Market Group’s (LMG) Delegated Authority: Submission, Access and Transformation Solution (DA SATS) set to go live this week, market uptake from brokers and underwriters has reportedly been strong. DA SATS is powered by Tide from Charles Taylor Insurtech and provides a central service to standardise the collection, validation, ... Read the full article
Swiss Re Corporate Solutions hires Berger from Allianz for CEO as Galvagni steps down
24th September 2018
A new CEO has been hired for reinsurance firm Swiss Re's Corporate Solutions division, as current Chief Executive Agostino Galvagni has decided to step down from the position at the end of 2018. Galvagni is set to leave Swiss Re and the company is replacing him with Andreas Berger, who it ... Read the full article
Unprecedented or unexpected event(s) needed to turn reinsurance pricing: Survey
21st September 2018
Just over 40% of respondents to the Reinsurance News and Artemis Reinsurance Market Survey believe that at least a $200 billion+ event or series of events is needed to meaningfully turn market pricing. Reinsurance News and insurance-linked securities (ILS) focused sister publication, Artemis, recently launched a survey designed to take ... Read the full article
FERMA opposes further regulations for captive insurers
21st September 2018
The Federation of European Risk Management Associations (FERMA) has opposed the introduction of additional regulations for European captive insurance companies, urging the OECD to rely on existing international regulations when it publishes new guidelines on transfer pricing and value creation. Responding to the OECD public discussion draft document, ‘BEPS Actions 8-10 ... Read the full article
AIG to acquire Glatfelter Insurance Group
21st September 2018
Global insurer American International Group is to acquire the full-service broker and insurance company Glatfelter Insurance Group. While terms were not disclosed, the transaction is expected to close in the fourth quarter of 2018. AIG hopes acquisition of a firm with high-quality program underwriting capabilities deal will accelerate the strategic positioning ... Read the full article
Germany backs new WFP and ARC climate insurance initiative
21st September 2018
The United Nations World Food Programme (WFP) has signed its first climate risk insurance policy with the Africa Union’s African Risk Capacity (ARC), with €10 million of funding provided by the German Government. The policy, called ARC Replica, is a unique climate risk financing mechanism that is supported by WFP and ... Read the full article
HFW appoints Carol-Ann Burton as Partner
21st September 2018
HFW, an international, sector-based law firm, has bolstered its re/insurance practice with the appointment of Carol-Ann Burton, who joins the firm as a partner in London. Burton previously worked as a consultant to the firm in London and the Middle East. She has broad experience in financial services regulation, transactions and ... Read the full article
Lloyd’s managing agents enjoy InsurTech advantages, analysts find
21st September 2018
Lloyd’s managing agents hold significant advantages in the technology ‘arms race’ due to their ability to quickly deploy supplier InsurTechs and take distribution platforms global, according to a new study undertaken for the Lloyd’s Market Association (LMA) by management consultancy Oxbow Partners. Analysts noted that Lloyd’s managing agents are generally more ... Read the full article
Generali launches disruptive asset manager, led by Peter Kraus
21st September 2018
Generali has announced the launch of Aperture Investors, a new asset management company that relies on a disruptive revenue model, to be led by Peter Kraus, former Chairman and Chief Executive Officer (CEO) of AllianceBernstein and Global Co-Head of Goldman Sachs’ Investment Management Division. The Italian insurance giant will contribute up ... Read the full article
Fidelis backs new Kersey MGA, increasing energy market capacity
21st September 2018
Fidelis Insurance, the privately owned Bermuda-based holding company, has taken an equity stake in Kersey Specialty Limited, a new Managing General Agent (MGA) with a focus on Upstream Energy subscription market insurance. The company will also provide underwriting capacity to Kersey, which will be managed through Fidelis’s subsidiary MGA platform, Pine ... Read the full article
R&Q’s Accredited acquires MPS Risk Solutions for £16mn
21st September 2018
Randall & Quilter Investment Holdings Ltd. (R&Q) has announced that its wholly owned subsidiary, Accredited Insurance (Europe) Limited, has agreed to acquire the entire issued share capital of MPS Risk Solutions Limited (MPSRS) from its owners, The Medical Protection Society Limited (MPS), for £16 million. MPSRS was formed in January 2004 ... Read the full article
Allstate reports cat losses of $186mn for August 2018
21st September 2018
The Allstate Corporation, one of the largest primary insurers in the U.S, has reported estimated catastrophe losses of $186 million pre-tax ($147 million after-tax) for the month of August 2018. Catastrophe losses consisted of 16 events that cost an estimated $137 million pre-tax, as well as unfavourable reserve re-estimates for prior ... Read the full article
PCS designates Lürssen shipyard fire, as market braces for major loss
21st September 2018
Property Claim Services (PCS) has designated the recent Lürssen shipyard fire as an event under its PCS Global Marine & Energy product, triggering the process to monitor, aggregate and report on the insurance and reinsurance industry loss. PCS launched its Global Marine and Energy loss aggregation solution in April 2017, ... Read the full article
Lloyd’s new Brussels subsidiary doesn’t secure full EU access post-Brexit
21st September 2018
The specialist Lloyd's of London insurance and reinsurance marketplace could lose access to both the Polish and German market for treaty reinsurance from 1/1 2019, regardless of its new Brussels subsidiary. Lloyd's Chief Executive Officer (CEO), Inga Beale, explained during the company's H1 2018 earnings call this morning that regarding ... Read the full article
UPC & Tokio Marine Kiln partner on start-up insurer Journey
21st September 2018
United Insurance Holdings Corp. (UPC Insurance), a property and casualty (P&C) insurance holding company, has received regulatory approval for the licensure of its new P&C insurance subsidiary, Journey Insurance Company, which it formed in collaboration with Tokio Marine Kiln. Journey, which has also received an ‘A-‘ Financial Strength Rating and ‘a-‘ ... Read the full article
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