Reinsurance News
AIR launches new severe thunderstorm model for Europe
10th September 2018
Verisk’s catastrophe risk modeling firm AIR Worldwide has launched a new severe thunderstorm model Europe that captures the effects of straight-line winds and hail. AIR says the model enables companies to assess their risk from the local scale to the macro level on insured properties, including residential, commercial, automobiles, and specialty ... Read the full article
PERILS to assume management of CRESTA Secretariat
10th September 2018
Zurich-based catastrophe loss data aggregator PERILS has announced that it has taken over responsibility for the ongoing management of the CRESTA Secretariat, the global standard for managing natural perils insurance data. Established by the insurance and reinsurance industry in 1977 as an independent body, the Secretariat has previously been managed on ... Read the full article
Black swan event needed to turn the market: Industry execs
9th September 2018
Speaking as part of a panel discussion at the S&P roundtable during the meeting of the reinsurance industry in Monte-Carlo, industry experts and executives said that it will take a black swan event to turn the marketplace. Despite losses of a reported $140 billion in 2017, expected to be one of ... Read the full article
Re/insurers risk irrelevancy by ignoring cyber, say Munich Re heads
9th September 2018
The re/insurance industry is at risk of becoming irrelevant if it avoids the challenge of tackling cyber risk, which also remains an area with huge growth potential, according to senior executives at German reinsurance giant Munich Re. Speaking at a media conference on the first day of the Rendezvous event in Monte ... Read the full article
Re/insurers must implement InsurTech strategies to compete effectively: PwC
9th September 2018
PwC has highlighted the need for insurers and reinsurers to develop and implement focused InsurTech strategies, in light of advancing technology and the ongoing maturity of the InsurTech space. According to PwC, InsurTechs are impacting the insurance and reinsurance industry in numerous ways, including the transformation of the existing value chain, ... Read the full article
Aon launches new advisory unit for capital optimisation
9th September 2018
Global re/insurance broker Aon has launched of a new Capital Advisory unit within its Aon Reinsurance Solutions business, designed to deliver holistic approaches to capital optimisation for re/insurers, Lloyd’s syndicates, and captives. Led by Eric Paire, who joined Aon from Guy Carpenter in March, the new Capital Advisory team will ... Read the full article
“Flat but functional” property cat market is new norm: Willis Re CEO
9th September 2018
A “flat but functional” pricing environment for property catastrophe is likely to become the “new norm” for reinsurers following a fairly subdued year for renewals despite high catastrophe losses in 2017, according to James Kent, Global Chief Executive Officer (CEO) of Willis Re. Speaking at a press briefing during the first ... Read the full article
For reinsurers that can increase relevance, the future is bright: PartnerRe
9th September 2018
Global reinsurer PartnerRe sees a bright future for reinsurance companies that can increase their relevance in an evolving risk landscape, according to the firm's President and Chief Executive Officer (CEO), Emmanuel Clarke and CEO of P&C, Charles Goldie. Speaking at the Monte Carlo Reinsurance Rendez-vous 2018, the pair underlined the importance ... Read the full article
JLT Re appoints Henry Sanderson to London Global Markets division
9th September 2018
JLT Re, the reinsurance broking arm of global brokerage JLT Group, has announced that Henry Sanderson is to join the London Global Markets division this week. He will be focusing on Digital Risks & Innovation - Cyber and related products. “With our recent hiring of Erica Davis in New York and ... Read the full article
Alternative reinsurance capital increasing in size and maturity: Aon Securities
9th September 2018
As at June 30th, 2018, the volume of alternative capital in the re/insurance industry reached a record $98 billion, according to the investment banking division of insurance and reinsurance broker Aon, Aon Securities. Aon Securities recently published its annual report on the insurance-linked securities (ILS) space, which highlights continued growth across ... Read the full article
Economic momentum will not offset low insurance profitability: Swiss Re
9th September 2018
Current economic momentum is not enough to compensate for the phase of low profitability currently being experienced across most global non-life insurance markets, according to the latest sigma report from Swiss Re. The report found that insurers in major western markets and Japan need to improve underwriting margins by around 5 ... Read the full article
John Neal to succeed Inga Beale as CEO of Lloyd’s
9th September 2018
John Neal has been appointed to succeed Inga Beale as the Chief Executive Officer (CEO) of the specialist Lloyd’s of London insurance and reinsurance marketplace, beginning on 15 October 2018. The search for a new head has been underway since June, when it was revealed that Beale, who has led Lloyd’s ... Read the full article
Aspen signs $65mn IT agreement to add efficiency
9th September 2018
Aspen Insurance Holdings, via its subsidiaries Aspen Insurance UK Services Limited, Aspen Insurance U.S Services Inc, and Aspen Bermuda Limited, has entered into a $65 million information technology agreement with Cognizant Worldwide to improve its operating efficiencies. The agreement, effective from August 31, 2018 has an initial term period of five ... Read the full article
Guy Carpenter launches GC Genesis, an expanded InsurTech advisory service
9th September 2018
Guy Carpenter & Company, LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has launched an expanded InsurTech advisory offering called GC Genesis. The new service represents a comprehensive, insurer-centric approach to the evolving space of data, analytics, and digital technology-based solutions, and is designed to go ... Read the full article
Re/insurers search for growth as pace of market change accelerates: Priebe, Guy Carpenter
8th September 2018
Global insurers and reinsurers are seeking new growth avenues in response to numerous challenges being driven by the accelerate pace of change across the sector, according to the Vice Chairman of reinsurance broker Guy Carpenter, David Priebe. An abundant supply of capital from both traditional and alternative sources continues to hinder ... Read the full article
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