Reinsurance News
Alternative capital market still reliant on property catastrophe risk: Johansmeyer, PCS
12th July 2018
The issuance of catastrophe bond and insurance-linked securities (ILS) transactions during the first-half of 2018 remained strong, and there's an opportunity for the alternative reinsurance capital market to enter new regions and lines of business, ultimately transitioning away from its reliance on property catastrophe risks. Catastrophe loss data aggregator, PCS, highlights ... Read the full article
Patricia McMahon named SVP, Chief Claims Officer, Everest Insurance
12th July 2018
Global reinsurer Everest Re Group has announced the appointment of Patricia McMahon as Senior Vice President (SVP) and Chief Claims Officer, Everest Insurance. McMahon joined the Bermuda domiciled re/insurer in June last year as Head of Casualty from insurance giant AIG, and brings a unique depth of experience to the new role. She will report ... Read the full article
XL Catlin appoints leaders for U.S Multinational Casualty Insurance
12th July 2018
XL Catlin has appointed Stefan Homberger as Head of Multinational Casualty Insurance in the U.S and promoted Arielle Moody to team lead for its U.S Eastern Region Multinational Casualty group. Homberger has worked at XL Catlin for 20 years, having most recently served as Underwriting Manager for Multinational Casualty Programs. Commenting on ... Read the full article
Willis partners with MAR Fund on parametric reef insurance project
12th July 2018
Global re/insurance broker Willis Towers Watson has announced a partnership with the Mesoamerican Reef Fund to develop and implement an insurance model for reefs across seven sites in the four countries of the MAR Region: Mexico, Belize, Guatemala and Honduras. Through its Global Ecosystem Resilience Facility, Willis plans to develop parametric reef ... Read the full article
New blockchain solutions expected from RiskBlock & Accenture partnership
12th July 2018
Blockchain risk management consortium RiskBlock Alliance has confirmed that professional services company Accenture is to become the lead framework architect responsible for building its "production-grade platform" to develop and implement blockchain use cases. Essentially, the platform will enable the development of new blockchain-based tools and products for both policyholders and insurers. “Accenture ... Read the full article
Cat models do not account for complex hurricane risks: JLT Re
12th July 2018
Whilst catastrophe models have historically proved accurate for conventional hurricane risks, they have not adequately accounted for events where losses extend beyond wind into areas that are not modelled or well understood, according to a new report by reinsurance broker JLT Re. The report, which examined the precision of modelled market ... Read the full article
Digitalisation will ‘redefine’ insurance claims handling: PwC
12th July 2018
Technology and digitalisation will 'redefine' the insurance claims handling process, and must be better integrated if companies are to harness their benefits and avoid becoming obsolete, according to a new report by PwC. The report urged re/insurers to focus on the opportunities of digitalisation, which will likely remove human involvement from much ... Read the full article
RT Specialty appoints Jonathan Legge as SVP for ProExec division
12th July 2018
R-T Specialty, a subsidiary of Ryan Specialty Group, has appointed Jonathan Legge as a Senior Vice President (SVP) of its RT ProExec division, which provides professional and executive liability services to the company’s retail clients. He brings more than 25 years’ industry experience to his new role, which will see him ... Read the full article
Insured U.S weather losses totalled $3bn in June: Impact Forecasting
12th July 2018
The severe weather events that affected the eastern two-thirds of the U.S over June 2018 are estimated to have caused around US $4 billion of combined economic damage, $3 billion of which is expected to be covered by re/insurers, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s monthly Global ... Read the full article
Ironshore launches U.S middle market energy equipment facility
12th July 2018
Ironshore Insurance Services LLC has formed an energy equipment facility offering property and inland marine insurance coverage for on-shore middle market classes of business in the U.S. Ironshore’s Syndicated Risk Services (SRS) will underwrite the middle market sector risk on behalf of four Lloyd’s of London subscribing partners. SRS will provide up ... Read the full article
U.S. commercial lines increase by 2.5% in Q2: MarketScout
12th July 2018
Analysis by MarketScout reveals that year-on-year, commercial U.S. property and casualty (P&C) rates increased by an average of 2.5% in the second-quarter of 2018, which is above the 2% recorded in the first-quarter of this year. According to MarketScout's Q2 2018 U.S. commercial P&C market barometer and analysis from Keefe, Bruyette ... Read the full article
Troutman Sanders appoints seasoned litigation and re/insurance team
12th July 2018
International law firm Troutman Sanders has appointed a season litigation, insurance and reinsurance team to its offices in Washington D.C, New York and Orange County. Notably, the partners have represented clients in all major insurance segments - life, health and property-casualty - and all lines of business including insurance, reinsurance, captives, ... Read the full article
California homes in at-risk wildfire areas may become uninsurable: Report
11th July 2018
Reconstruction efforts are underway in California following the devastating October 2017 wildfires, but many commentators and re/insurance experts have begun to question the prudency of rebuilding and re/insuring homes in these hazardous areas, according to a report by the Columbia Law School. Approximately 250 wildfires sparked in Northern California on the ... Read the full article
Flood Re sets 2039 goal for affordable risk-reflective pricing
11th July 2018
Flood Re, the UK's flood reinsurance facility, has outlined the changes it believes are necessary to achieve affordable risk-reflective pricing by 2039. The second transition plan, titled ‘Flood Re, Our Vision: Preparing for a future of affordable flood insurance’, covers 12 areas and includes limiting the risks of flooding, reducing the ... Read the full article
Price Forbes & Bishopsgate launch combined specialist energy group
11th July 2018
Price Forbes & Partners Ltd and Bishopsgate Insurance Brokers Ltd, two firms within the Ardonagh Group, have announced that they have merged their energy businesses into a combined specialist energy group. The newly consolidated group will be led by Gordon Newman, Chairman of Bishopsgate, who will coordinate production activity across both ... Read the full article
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