Reinsurance News
IAG buys new stop loss cover, expects higher reinsurance costs
15th August 2018
Insurance Australia Group Limited (IAG) has strengthened its reinsurance protection for 2019 with the renewal of its additional stop loss cover, which it expects will contribute to higher non-quota share reinsurance expenses. The Australian insurer reported a reinsurance expense of AU$2.24 billion in the second-half of 2018, an increase of 44% ... Read the full article
Marsh develops new professional indemnity solution for UK law firms
15th August 2018
Global re/insurance broker Marsh has launched a new insurance solution designed to help small and mid-sized law firms in England and Wales manage their professional indemnity (PI) risks. Available exclusively to Marsh clients, the solution uses analytics and independent performance data to model a firm's individual risk profile and provide tailored ... Read the full article
Sompo International hires Swiss Re’s Richard DePiero as U.S Cyber Product Leader
15th August 2018
Bermudian property and casualty (P&C) re/insurer Sompo International Holdings Ltd. has appointed Richard DePiero as Senior Vice President, U.S Cyber Product Leader for Sompo Pro, the company’s U.S professional liability insurance unit. DePiero joins Sompo from Swiss Re Corporate Solutions, where he served as Senior Vice President, Head of Cyber & ... Read the full article
Mexico’s President-elect could create opportunities for insurers: A.M. Best
15th August 2018
A political shift in Mexico that has seen López Obrador become the country’s first leftist president-elect in decades could benefit the environment for health and agriculture insurance coverages, as well as the wider insurance market, says A.M. Best. Director of Analytics, Alfonso Novelo and Eli Sanchez, Senior Financial Analyst, both of ... Read the full article
AIR Worldwide releases updated U.S Wildfire Model
15th August 2018
AIR Worldwide, the catastrophe risk modelling arm of Verisk Analytics, has released an updated Wildfire Model that provides a comprehensive view of the risk of wildfire to properties within the 13 westernmost conterminous U.S states. The updated model uses an event-based approach to account for the variability in weather in the ... Read the full article
Reinsurers are changing their business models in pursuit of relevancy, says report
14th August 2018
There is a “seismic shift underway in the reinsurance market” as reinsurers look to stay relevant by altering their business models, says Andrew Holderness, Clyde & Co’s Global Head of Corporate Insurance. Commenting in Clyde & Co’s insurance growth report, Holderness said, “It is proving increasingly difficult to remain relevant as a ... Read the full article
Volante Global launches Gentium Motor MGA, names Managing Director
14th August 2018
Multi-class international managing general agent (MGA) platform Volante Global Limited has announced the launch of London Market based MGA Gentium Motor, with Neil Smith named as its Managing Director. Gentium Motor is focused on niche motor-related schemes and affinity groups within the international motor sector, including high-value and classic motor schemes ... Read the full article
Tokio Marine Kiln updates on modest Lloyd’s Syndicate improvements
14th August 2018
Tokio Marine Kiln Syndicates has released updated forecasts for the 2016 and 2017 years of account for its three non-aligned syndicates. For 2016 all three syndicates showed small improvements owing to a stable quarter in the company’s back-year development and, in particular, a reduction in ultimate losses for the 2017 Q3 ... Read the full article
Tremor Technologies launches programmatic reinsurance marketplace
14th August 2018
Tremor Technologies, Inc., a venture-backed start-up based in Greenwich, Connecticut, has announced that its programmatic risk placement marketplace is now fully operational, with significant buyers and sellers of reinsurance in place. The reinsurance trading platform is designed to establish fair and efficient market prices for reinsurance risks and programs, powered by ... Read the full article
Heritage sees reduced claims volatility as it further de-risks from Florida
14th August 2018
Florida headquartered property casualty insurer, Heritage Insurance Holdings, Inc., continues to expand and diversify outside of the highly competitive Florida market, a trend the firm's Chairman and Chief Executive Officer (CEO), Bruce Lucas, says should reduce claim volatility as well as reinsurance pricing. Speaking during the insurer's second-quarter 2018 earnings call, ... Read the full article
PIC completes £800m buyout of BHS2 pension scheme
14th August 2018
Specialist insurer of defined benefit pension funds, Pension Insurance Corporation (PIC), has completed a full, £800 million buyout of the BHS2 pension scheme - set up in 2017 following the collapse of British Home Stores (BHS). BHS2 covers members of two predecessor BHS Pension Schemes, who chose to transfer to BHS2 ... Read the full article
Ping An considers acquisition of Prudential’s Asia business
14th August 2018
Ping An Insurance, China’s largest insurer by market value, is considering an acquisition of Prudential Plc’s Asia business, according to sources at Bloomberg. The move would allow Ping An to expand into new insurance markets from Singapore to Indonesia, and would bring it into competition with international companies such as AIA ... Read the full article
Mapfre and AgriTask launch digital claims system for agricultural insurers
14th August 2018
Spanish insurer Mapfre has partnered with AgriTask, an international precision agriculture provider, to develop a digital claims management system for insurance companies operating in the agricultural sector. The new system integrates relevant geographical information of plots covered by insurance and correlates inspection protocols to the actual location of all policyholders, providing ... Read the full article
Everest Re appoints Ike Barbatsoulis as Reinsurance Claims Officer
14th August 2018
Bermudian reinsurer Everest Re Group has appointed Ike Barbatsoulis to the role of Reinsurance Claims Officer for its Reinsurance Division. Barbatsoulis joins from Chubb where he held senior positions across its Global Claims, Services Corporation and Insurance units. Most recently, he was Senior Vice President for Chubb Global Claims with strategic and ... Read the full article
AmWINS announces formation of two marine-focused MGAs
14th August 2018
Speciality insurer AmWINS Group has announced the formation of AmWINS Specialty Logistics Underwriters (ASLU) and Sentinel Marine Underwriters (SMU) - two specialty Managing General Agencies (MGA) focused on the marine industry. Executive Vice President Alex Rosas will lead ASLU from Sunrise, Florida, while Mark Bernas and Keith Blair, also both EVPs, ... Read the full article
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