Reinsurance News
Wildfires continue to spread across California despite containment efforts
13th November 2018
The Camp and Woolsey Wildfires, which broke out in California’s Butte and Ventura Counties, respectively, last Thursday, have continued to expand despite containment efforts, with a combined total of 7,150 structures now destroyed by the blazes. With 6,713 structures destroyed and 42 deaths confirmed, the Camp Wildfire is now officially both ... Read the full article
Marsh combines specialty unit with JLT, makes key leadership changes
13th November 2018
Global re/insurance broker Marsh has began the integration process of JLT - which it acquired for $5.6 billion in September - with the formation of Marsh-JLT Specialty, a new specialty business that combines the teams of both businesses. In addition to becoming Vice Chairman of Marsh & McLennan Companies and a ... Read the full article
Brown & Brown acquires Rodman Insurance Agency
13th November 2018
Insurance brokerage Brown & Brown, Inc. has announced that it has acquired substantially all of the assets of Rodman Insurance Agency, Inc., a specialist provider of property and casualty insurance solutions and services to the commercial sector. The deal was announced by Brown and Brown's Chief Acquisitions Officer, Scott Penny, and ... Read the full article
GFIA elects Recaredo Arias as new President, adds committee members
13th November 2018
The Global Federation of Insurance Associations (GFIA) has elected Recaredo Arias as its new President and has made a number of new appointments to its executive committee. Arias is Director General of the Mexican Association of Insurance Companies (AMIS) and succeeds former GFIA President Dirk Kempthorne, who stepped down in August ... Read the full article
Alesco appoints Jonathan Smith Managing Partner, Energy
13th November 2018
Specialist insurance and risk management broker, Alesco Risk Management Services, has named Jonathan Smith as Managing Partner of Energy, effective November 12th 2019. He has 36 years of industry experience and joins the firm from broker RK Harrison, where he was most recently Executive Director - Head of Upstream, after joining ... Read the full article
MarketScout to invest in property risk modeller HazardHub
13th November 2018
U.S electronic insurance exchange and specialty MGA MarketScout is to invest in property risk modelling database HazardHub via its InsurTech investment vehicle, MarketScout InsurTech ventures (MIT). HazardHub utilises geospatial digital data to analyse dangerous perils in the U.S and provides comprehensive, national coverage for risks that destroy or damage property. MarketScout said ... Read the full article
Third Point Re targets higher risk business, but investments remain focus
12th November 2018
Hedge fund-backed reinsurer Third Point Re maintains that investment returns will remain the key driver of its financial results, although, the company feels it now makes sense to add some higher margin, higher risk business to its reinsurance portfolio. Speaking during the Bermuda-based company's third-quarter 2018 earnings call, President and Chief ... Read the full article
Camp Wildfire insured losses could reach $4bn: Morgan Stanley
12th November 2018
Insured losses from the Camp Wildfire, which has burnt through roughly 110,000 acres and 6,700 structures in Northern California, are likely to be between $2 billion and $4 billion, with higher total economic losses, according to estimates from Morgan Stanley. The Camp Wildfire became the most destructive in California’s history ... Read the full article
B3i targets commercial insurance with Zürich workshop
12th November 2018
The Blockchain Insurance Industry Initiatives’ (B3i) first commercial insurance workshop has taken place in Zürich, a move aimed at identifying and exploring the ways in which blockchain technology can be successfully applied to the value chain. B3i has already overseen the launch of a property catastrophe excess of loss product and ... Read the full article
Tokio Marine & Nichido and NTT Data complete marine insurance blockchain PoC
12th November 2018
Japanese insurer Tokio Marine & Nichido Fire Insurance Co., Ltd., alongside NTT Data Corporation have announced that the pair have completed the Proof of Concept (PoC) for the application of blockchain technology to marine cargo insurance claims. According to research undertaken by Tokio Marine & Nichido and NTT Data, this was Japan's ... Read the full article
New Paradigm receives investment from TransRe
12th November 2018
New Paradigm Group, a Florida-based developer of parametric insurance and risk transfer solutions, has announced that it has received an investment from global reinsurer TransRe, the reinsurance arm of Alleghany Corporation. New Paradigm is reportedly to use the proceeds to expand its proprietary parametric data platform and also to enhance its ... Read the full article
Q3 cats showed effectiveness of Argo’s reinsurance & retro programmes: CEO Watson
12th November 2018
While catastrophe activity in the third-quarter of 2018 was higher than management at Argo Group International Holdings would have liked, it did highlight the effectiveness of the firm's reinsurance and retrocession programmes, according to the company's Chief Executive Officer (CEO), Mark Watson. Catastrophe losses in the third-quarter of 2018 for Argo ... Read the full article
Generali to stop insuring new coal plants
12th November 2018
Italian insurance giant Generali has stepped up its pledge to underwrite more sustainable business and commit to 'green' investments by ceasing to offer coverage for new coal mines and plants. Generali had previously announced an underwriting commitment to increase the percentage of its premium portfolio related to the renewable energy sector, ... Read the full article
Capsicum Re adds two to London property and specialty division
12th November 2018
Specialist reinsurance broker Capsicum Re has appointed Ed Le Flufy and Piers English to its London property and specialty division. Le Flufy joins Capsicum Re from BMS as a specialty broker focusing on cyber, and will now report to Ian Newman, Capsicum Re’s Global Head of Cyber. He has more than a ... Read the full article
Markel’s post-Brexit German hub approved to open UK branch
12th November 2018
Markel Corporation has received regulatory approval to operate a UK branch office for its recently established German insurance company, Markel Insurance SE (MISE). MISE was formed in July 2018 after Markel was granted a license by BaFin, Germany’s federal financial supervisory authority. With uncertainty remaining about the terms of the UK’s ... Read the full article
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