Reinsurance News
CoreLogic launches Hazard HQ catastrophe info hub
10th August 2018
CoreLogic, a global property information, analytics and data-enabled service provider, has launched a new publicly-accessible risk and information resource centre, called Hazard HQ, which offers clients insight on the risks natural catastrophes pose to properties across the U.S. Hazard HQ will respond to the growing demand for comprehensive risk assessment resources ... Read the full article
Chubb partners with Swiss Re on Travel Delay insurance solution
10th August 2018
Property & Casualty (P&C) insurer Chubb has partnered with Swiss Re to launch Flight Delay - an insurance solution for air travellers in Australia that enables payouts on delays as short as 30 minutes. The product is available via Chubb’s Connect app and is powered by Australia-based payments platform provider United ... Read the full article
Drought and wildfires drive global catastrophe losses in July: Impact Forecasting
10th August 2018
Global insured catastrophe losses in July were primarily driven by severe droughts and heatwaves across Northern Europe, as well as major wildfires that caused extensive damage and loss of life in Northern California and Greece, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s report estimated that ongoing drought in ... Read the full article
Outlook for German life re/insurance remains negative, P&C stable: Moody’s
10th August 2018
The outlook for the German life re/insurance industry remains negative due to a combination of low interest rates and high guaranteed returns attached to past policies, while modest price increases have helped the property and casualty (P&C) sector stay stable, according to Moody’s Investors Service. Moody’s recognised the relatively strong economic ... Read the full article
Aspen significantly reduces cat exposure as efficiency drive continues
9th August 2018
Chris O'Kane, the Chief Executive Officer (CEO) of Aspen Insurance Holdings Limited, has said that the efforts taken so far to strengthen the re/insurer's operations have significantly reduced its exposure to catastrophe events. Aspen announced losses, net of reinsurance, of approximately $400 million from hurricanes Harvey, Irma, and Maria, as well ... Read the full article
Mendocino wildfire is largest in California’s history, set to burn until September
9th August 2018
The Mendocino Complex fire has now burnt through 302,086 acres of northern California, making it the largest wildfire in the state’s history, and it is set to continue to burn through the month into early September, according to officials. Firefighters had originally hoped to have the blaze extinguished by mid-August, but ... Read the full article
Moody’s upgrades Brazilian insurance sector outlook to stable
9th August 2018
Moody’s Investors Service has changed its outlook for Brazilian insurers from negative to stable for the next 12-18 months in light of an improvement in underwriting disciple that it believes will drive an increase in premiums and stable profitability, despite slow economic growth. "Even though Brazil´s currently weak economic environment limits ... Read the full article
Gallagher adds Julie Scott to UK construction division
9th August 2018
Gallagher, the global re/insurance brokerage and risk management services firm, has expanded its specialist UK construction division with the appointment of Julie Scott, who joins the company with immediate effect to focus on business development in the UK construction market. Scott brings more than three decades of experience in the wider ... Read the full article
Surplus lines premium continues to grow across U.S, reports SLTX
9th August 2018
Excess and surplus lines (E&S) premium has continued to increase steadily across the U.S, with the 15 national managing service offices recording growth of 9.4% at mid-year 2018, according to the Surplus Lines Stamping Office of Texas (SLTX), a non-profit data analysis firm. Total premium for the first half of 2018 ... Read the full article
IGI adds James Green to Energy Underwriting team
9th August 2018
International General Insurance Holdings Limited (IGI), the specialist commercial insurer and reinsurer, has reinforced its energy offering with the appointment of James Green as Senior Underwriter for Downstream Energy. Green will be tasked with growing and developing a focused renewable energy and conventional power portfolio with large corporate clients or Independent ... Read the full article
Surge in bulk annuity volumes to continue over long term: Hymans Robertson
9th August 2018
The surge in bulk annuities volumes experienced over the first half of 2018, which saw many insurers write almost as much pension scheme volume as in the whole of 2017, is set to continue to increase over the long term, according to actuarial and advisory consultancy Hymans Robertson. Last month, Read the full article
Daniel Frey to replace Jay Benet as CFO of Travelers
9th August 2018
Jay Benet, the Chief Financial Officer (CFO) of the Travelers Companies, Inc., is to step down from the position, effective September 1st, 2018 and be replaced by Daniel Frey. Benet has held the CFO position since 2002, and will remain on the company's senior leadership team as Vice Chairman. He is to ... Read the full article
MS&AD incurs $600mn loss from Japan’s July floods
9th August 2018
Japanese insurer MS&AD has incurred expected gross losses of 66 billion yen (US $594.3 million) following Japan’s historic flooding in July 2018, which caused widespread property damage across the southwest of the country and left 225 people dead. MS&AD said that the loss estimate, which was calculated on information available ... Read the full article
Hannover Re’s P&C unit drives positive results in challenging conditions
9th August 2018
Reinsurance giant Hannover Re has reported a 3.8% rise in net income for the first-half of the year, alongside premium growth of 11% to €10 billion (US$11.6bn). The firm also improved the combined ratio within its property and casualty (P&C) reinsurance segment, in spite of "fierce competition." The Germany domiciled reinsurer ... Read the full article
AIG appoints Aspen’s Thomas Lillelund as CEO for Europe
9th August 2018
American International Group has appointed Thomas Lillelund, former Chief Executive Officer (CEO) of Aspen Re, as CEO of its recently authorised European arm, AIG Europe S.A. Headquartered in Luxembourg, AIG Europe S.A is a new legal entity for AIG’s business in the European Economic Area (EEA) and Switzerland that aims ... Read the full article
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