Reinsurance News
Suncorp announces CEO departure
28th May 2019
The Chief Executive Officer (CEO) and Managing Director of Suncorp, Michael Cameron, is set to leave the company after nearly four years in the role. The Chairman of the Australian insurer, Christine McLoughlin, noted that while Cameron had made a "significant contribution", now was the "right time for change." Cameron had held the ... Read the full article
Increasing rates creating deeper, broader change in property market: AmWINS
28th May 2019
Global specialty insurance provider AmWINS has in a new report stated that the firming seen in the property market towards the end of 2018 and into the first quarter of 2019, has accelerated. AmWINS says adverse loss development has been a catalyst in this acceleration. Two consecutive years with combined ratios exceeding ... Read the full article
California lawmakers approve state disaster insurance bill
28th May 2019
California lawmakers have approved a bill that will allow the state to take out insurance policies to protect it from disasters such as the recent wildfires. The legislation from Senator Bill Dodd, D-Napa, Insurance Commissioner Ricardo Lara and Treasurer Fiona Ma cleared the Senate this week, creating California Disaster Insurance. “As climate ... Read the full article
CFC launches cyber insurance platform
28th May 2019
Specialist insurer CFC Underwriting has announced the launch of a new cyber insurance platform that enables brokers to access and “self-serve” the company’s cyber insurance products for SME clients. The platform will be available on 1 June 2019. Developed by CFC’s in-house technology and innovation team, the platform reportedly boasts an ... Read the full article
M8.0 earthquake could trigger Peru’s catastrophe bond
28th May 2019
A magnitude 8.0 earthquake struck Peru on Sunday 26th of May, with reports suggesting that it could trigger the IBRD CAR 120 catastrophe bond. The earthquake's epicentre was in a fairly sparsely populated region of the Amazon, although reports do state that it's the strongest quake to hit the country in more ... Read the full article
Argo succeeds in Board renominations, narrowly wins compensation vote
28th May 2019
Specialty re/insurer Argo says its shareholders have voted to re-elect all five of its Board Directors. Voce Capital Management, who for the past few months has been locked in a bitter exchange with Argo, had previously withdrawn its own Board nominees amid accusations of underhand tactics. “We appreciate the strong support ... Read the full article
Swiss Re Corporate Solutions, Airbus Ariel partner on flood modelling tool
28th May 2019
Swiss Re Corporate Solutions, the commercial insurance arm of the Swiss Re Group, has announced that its flood assessment tool FLOAT is to be powered by drone imagery and data from Airbus Aerial, a subsidiary of the global aerospace firm. FLOAT was designed to help companies assess the flood risks of ... Read the full article
Reports of ransomware attacks surged 105% in Q1: Beazley
28th May 2019
Ransomware attacks surged 105% in the first three months of 2019 when compared against the same period in 2018, with attackers shifting their focus to larger organisations able to pay high ransom amounts, according to a report by Beazley. While ransomware-as-a-service (RaaS) attacks remain commonplace and tend to hit unsuspecting small ... Read the full article
Lockton appoints Jane Baron to lead Birmingham office
28th May 2019
Re/insurance broker Lockton has announced the appointment of Jane Baron as Head of its Birmingham office. She joins with over 25 years' industry experience, having served at Marsh and Willis Towers Watson in senior client management roles. Baron in her new role will provide leadership at a time of planned growth in ... Read the full article
US P&C sector’s underwriting income up 24% in Q1: A.M. Best
24th May 2019
The U.S. property and casualty (P&C) sector's net underwriting income for the opening three months of 2019 improved by 24% from the same period in 2018, as premium growth, lower underwriting expenses and reduced policyholder dividends offset an increase in losses and loss adjustment expenses (LAE). This is according to international ... Read the full article
$1bn+ economic damage from this week’s US severe weather, largely insured
24th May 2019
The extensive outbreak of severe storms that hit the central and eastern parts of the U.S. from May 16th - May 23rd, is expected to result in economic losses of at least $1 billion, according to analysis from Impact Forecasting, the catastrophe risk modelling arm of insurance and reinsurance broker ... Read the full article
Philippines’ PCIC could be converted into a reinsurer
24th May 2019
The Philippines' Department of Finance (DOF) is reportedly looking to change the charter of the Philippine Crop Insurance Corp. (PCIC) so that it can operate as a reinsurer or be privatised, in an effort to create a more balanced, competitive marketplace. Industry reports note that DOF Undersecretary and Chief Economist, Gil Beltran, told ... Read the full article
AmWINS adds Lead Underwriter for Property Specialty at Unicorn Underwriting
24th May 2019
Global specialty insurance provider AmWINS has announced the appointment of Matt Edwards as Lead Underwriter for Property Specialty in its London-based MGA Unicorn Underwriting. He will lead a fourth division of Unicorn, Unicorn Property Specialty, and will focus on writing property insurance for small to medium size businesses and high value ... Read the full article
Profitability returns, GWP falls for US P&C reinsurers in Q1: RAA
24th May 2019
Data released by The Reinsurance Association of America (RAA) shows a significant drop in gross written premium (GWP) for the first three months of 2019 to $19.2 billion, compared with $66.7 billion in the final quarter of 2018. The data, collected by RAA from 17 reinsurers globally, also indicates a return ... Read the full article
Generali to sell UK life run-off portfolio to Reinsurance Group of America
24th May 2019
Italian insurer Generali has entered into an agreement with Reinsurance Group of America (RGA) for the sale of the life run-off portfolio of its UK branch. As part of the transaction, Generali has signed a reinsurance contract that will cover all claims payments arising from most of the legacy business, with ... Read the full article
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