Reinsurance News
Prudential develops digital claims solutions for hospitals
28th June 2018
Prudential Hong Kong Limited has developed two new digital solutions to streamline the way consumers and medical professionals manage hospital claims in Hong Kong. Its new ‘Hospital to Prudential’ portal is designed to provide a simple, paperless hospital claims process for both customers and operators, while its Chatbot Claims platform aims ... Read the full article
Product innovation key to MENA insurance penetration: PartnerRe’s Orlando
28th June 2018
The reinsurance industry needs to support insurers in creating and developing new products to address low insurance penetration in the Middle East & North Africa (MENA) region, according to Salvatore Orlando, Head of Middle East, Africa and Russia at PartnerRe. "Low levels of insurance penetration are a global problem, but one ... Read the full article
PRA approves Folgate licence to write primary insurance business
28th June 2018
London-based Folgate Insurance Company has received approval from the Prudential Regulation Authority (PRA) to start writing primary insurance, as well as reinsurance. “We believe this is the first time a UK insurer has been set up to operate like a Lloyd’s syndicate, by using APC as a managing agent,” said Chief ... Read the full article
Insurers hopeful M&A will transform their business models: KPMG report
28th June 2018
A large number of global insurance industry executives are actively looking at acquisitions and partnerships in an effort to offset limited organic growth opportunities in an increasingly competitive landscape, which is being transformed by technological advances. This is according to the findings of a recent survey and accompanying report conducted by ... Read the full article
ESG investments improve risk-adjusted return profile, says Swiss Re CIO
27th June 2018
Environmental, Social and Governance (ESG) investment practices "Improve the risk-adjusted return profile over the long term," according to Swiss Re's Group Chief Investment Officer (CIO), Guido Fürer. Swiss Re were one of the earliest re/insurers to adopt the criteria - which is now applied to nearly 100% of its investment portfolio - ... Read the full article
U.S P&C earnings volatile following equity accounting changes: Fitch
27th June 2018
Re/insurance companies that report under U.S Generally Accepted Accounting Principles (GAAP) may be subject to earnings volatility over 2018 due to a change in accounting for equity securities, according to Fitch Ratings. In an effort to promote convergence with international accounting practices, from January 1, 2018, companies have had to recognise ... Read the full article
MiCRO launches new parametric microinsurance product in El Salvador
27th June 2018
The Microinsurance Catastrophe Risk Organisation (MiCRO), a reinsurance company established in Barbados, has launched ‘Produce Seguro’, a new index based insurance product in El Salvador that protects small businesses and low-income families against natural disasters. “Anyone who may be affected by a catastrophic weather or earthquake event will be able to get the ... Read the full article
Everest appoints new Head of Specialty Insurance Group
27th June 2018
Everest Insurance, the specialty insurance division of Everest Re Group, has appointed David Nikolai as President of its Specialty Insurance Group (SIG). Everest's contingency business was unified under the SIG name in June and offers a variety of solutions for event cancellation, non-appearance, and several other customised insurance coverages. Nikolai will report ... Read the full article
Hannover Re U.S reinsures OneAmerica’s Asset Care LTC business
27th June 2018
Hannover Life Reassurance Company of America (Hannover Re U.S), a subsidiary of global reinsurer Hannover Re Group, has entered into a reinsurance agreement with OneAmerica related to the Asset Care long-term care (LTC) business written by its subsidiary, The State Life Insurance Company. Asset Care refers to a combination of whole ... Read the full article
MAPFRE and Banco do Brasil update insurance business alliance
27th June 2018
Spanish insurer MAPFRE has formally updated its strategic alliance with Banco do Brasil, which originally gave rise to BB MAPFRE in 2010, now one of the largest insurance groups in Brazil. Under the terms of the updated agreement, MAPFRE will increase its control of BB MAPFRE’s Non-Life business from 50% to ... Read the full article
ACORD announces new cloud-based messaging solution for London market vendor
27th June 2018
ACORD, the re/insurance industry data standards body, has partnered with software provider DataPro Corporation to produce Conductor, a cloud-based messaging solution. Chris Newman, Managing Director of ACORD in London, commented, “The implementation of standards is overwhelmingly viewed positively across the global insurance industry, particularly in the London Market.” “As well as helping to ... Read the full article
FWD Group rumoured to be preparing for IPO
27th June 2018
FWD Group, the Swiss Re backed insurance business of Pacific Century Group (PCG), is preparing for a potential initial public offering (IPO) after five years of expansion through acquisitions, according to sources at Bloomberg. The company has reportedly held preliminary discussions with investment banks about a possible IPO in the next ... Read the full article
Nexus appoints new Non-Exec Director of underwriting operations
27th June 2018
The Nexus Group has appointed Karen Morris as an independent Non-Executive Director of underwriting operations, effective immediately. Morris is a barrister and international tax and corporate lawyer with a proven track-record in re/insurance growth and innovation strategy. She has recently held long-term strategic consultancy roles for WR Berkley Inc and the ... Read the full article
CatIQ partners with PERILS to launch Canada’s first insurance IED
27th June 2018
Catastrophe Indices & Quantification Inc. (CatIQ) has announced the launch of Canada's first ever insurance Industry Exposure Database (IED), which was developed in partnership with PERILS AG and the support of the Canadian property and casualty (P&C) sector. CatIQ explains that the new IED includes 2016 and 2017 year-end estimates of ... Read the full article
Brexit clause published by the International Underwriting Association
27th June 2018
The international Underwriting Association (IUA) has published a clause aimed at clarifying how firms will continue to pay claims if adequate transitional arrangements surrounding Brexit are not agreed. The Brexit Contract Continuation Clause will benefit insurers that currently rely on the EU financial services passport to conduct cross-border business between the ... Read the full article
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