Reinsurance News
Swiss Re sees climate change link for hurricanes, drought & wildfire
6th August 2018
In an interview with CNBC, the Chief Financial Officer (CFO) of global reinsurance giant Swiss Re, John Dacey, explained that the firm believes the series of catastrophe events that occurred in the second-half of 2017 are not a one-in-100 year event, but more a one-in-10 year event. After 12 years without ... Read the full article
1,734 structures destroyed as Carr and Mendocino wildfires burn through California
6th August 2018
1,734 structures have now been destroyed by the Carr and Mendocino Complex wildfires in California, which have collectively burned through 427,031 acres of the state and continue to spread despite containment efforts. An additional 304 structures have also been damaged and 10,529 remain threatened by what are considered to be two ... Read the full article
Cyber capacity is plentiful at H1 while pricing remains flat: CIAB
6th August 2018
Capacity in the cyber re/insurance space has proven plentiful over the last six months, while the take up rate among clients has been consistently low and pricing has generally remained flat to down, according to the Council of Insurance Agents & Brokers (CIAB). Results for CIAB’s latest biannual Cyber Insurance Market ... Read the full article
Swiss Re & SAP’s accounting system completes first development stage
6th August 2018
Swiss Re has completed the first phase of its accounting solution project with Germany-based multinational software corporation, SAP SE. First announced in February 2017, the system supports multi-GAAP accounting processes for financial instruments and insurance contracts and is able to generate multi-valuations, including International Financial Reporting Standards 17. “We have combined forces ... Read the full article
Grinnell Mutual to leverage Guidewire Software’s insurance platform
6th August 2018
Property & Casualty re/insurer, Grinnell Mutual, has announced a deal with Guidewire Software to use its widely-used insurance platform. The Software-as-a-Service (SaaS) solution will be delivered via Guidewire Cloud and will provide the re/insurer with greater business agility and customer service capabilities. Grinnell Mutual is currently migrating the platform to Guidewire Cloud ... Read the full article
Email data breaches continue to escalate in Q2: Beazley
6th August 2018
The number of attacks targeting business email accounts continued to increase through the second quarter of 2018, particularly for organisations using Microsoft’s Office 365, according to specialist insurer Beazley. Beazley said that email compromises accounted for roughly 23% of incidents reported to its Beazley Breach Response (BBR) Services team during Q2 ... Read the full article
Munich Re CEO confirms company will step back from coal
6th August 2018
Joachim Wenning, the CEO of the world's largest reinsurance company Munich Re, has confirmed in an interview that the reinsurer will step away from investing in and underwriting coal related business. Wenning tells German newspaper the Frankfurter Allgemeine Zeitung (FAZ) that Munich Re wants to follow a climate strategy that Read the full article
Berkshire Hathaway’s re/insurance underwriting & investment drive strong Q2
6th August 2018
The insurance and reinsurance businesses at Warren Buffett’s Berkshire Hathaway recorded strong earnings for the second-quarter of 2018, as both underwriting revenues and investment income beat the prior year. Berkshire Hathaway reported $943 million of underwriting profit after tax for Q2 2018, up from a loss of -$22 million in the ... Read the full article
Reinsurance demand to grow in Asia, although untapped markets remain: Fitch
3rd August 2018
Reinsurance demand is expected to grow significantly in Asia due to accounting reforms, large infrastructure projects, and technology, while considerable opportunities and challenges remain in closing the region’s vast protection gap, according to a new report by Fitch Ratings. Fitch noted that the implementation of IFRS 17 - new international accounting ... Read the full article
London Market Group appoints JLT Specialty’s Clare Lebecq as CEO
3rd August 2018
The London Market Group (LMG) has appointed Clare Lebecq, the current Operations Director of JLT Specialty, as its incoming Chief Executive Officer (CEO). Lebecq succeeds Chris Beazley - who returns to MS Amlin as CEO of its Swiss reinsurance operation at the end of August - and will take over the ... Read the full article
ICNZ raise Canterbury Earthquakes tribunal concerns as losses rise to $22.3bn
3rd August 2018
The Insurance Council of New Zealand (ICNZ) has raised concerns regarding a Parliamentary Bill that proposes to establish a Tribunal for claims relating to the 2010-2011 Canterbury Earthquakes, as total insured losses for the event are now projected to creep up to AUD $22.3 billion (USD $16.4 billion). While the vast ... Read the full article
Liberty Specialty expands political violence coverage
3rd August 2018
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the launch of its expanded political violence coverage that now includes a range of new risks. Now included under one policy wording are loss of attractions, denial of access, third party liability, employees liability, cyber, and bodily injury as a ... Read the full article
Arc Legal names Peter Harvey as Head of Ireland branch
3rd August 2018
Arc Legal Assistance, a provider of specialist legal expenses and add-on insurance products in the UK and Republic of Ireland, has named Peter Harvey as Head of Business – Ireland, with responsibility for all aspects of Arc Legal’s Irish operations. His appointment coincides with the opening of a new branch in ... Read the full article
Swiss Re “not the ideal owner” of ReAssure says CEO, as IPO planned
3rd August 2018
Christian Mumenthaler, the Chief Executive Officer (CEO) of reinsurance giant Swiss Re, has said that the firm is "not the ideal owner" of its UK closed book business, ReAssure, following an announcement that the reinsurer is to explore a potential Initial Public Offering (IPO) of the business in 2019. Speaking during ... Read the full article
Blocksure launches new blockchain insurance platform
3rd August 2018
London-based firm, Blocksure, has launched a new blockchain insurance industry platform that it says will cut back-office costs by up to half. Blocksure OS is a microservice architecture with R3’s Corda platform at its core. The platform’s APIs allow integration with any third-party service such as rating engines, AI, analytics software ... Read the full article
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