Reinsurance News
Moody’s changes AXIS Capital’s ratings’ outlook to negative
4th April 2019
Moody's Investors Service has changed the ratings' outlook of AXIS Capital Holdings Limited from stable to negative, citing lower capitalisation and higher operating and financial leverage relative to peers. At the same time, Moody's has affirmed the ratings of AXIS Capital and its subsidiaries, including the Baa1 guaranteed senior debt of its ... Read the full article
Pilots not at fault in Ethiopia Airlines crash, say investigators
4th April 2019
Investigators have reported that the pilots of the Ethiopian Airlines flight that crashed on March 10 “repeatedly” followed the procedures recommended by Boeing and were not responsible for the crash. The Ethiopian government said data from the plane’s recorders showed “repetitive uncommanded aircraft nose-down conditions” and said Boeing should review its ... Read the full article
New London Market focus to support economic growth & global resilience
4th April 2019
The London Market Group (LMG) has announced the next stage in its plans to build on new trading opportunities, which includes a focus on how the industry can support global economic growth and resilience. The Group noted that a 1% rise in insurance penetration translates into a 13% reductions in uninsured ... Read the full article
ICNZ challenges practicality of post-disaster property repairs
4th April 2019
The Insurance Council of New Zealand (ICNZ) has challenged the expectation that re/insurers or the government should return properties to the condition that they were in before being hit by disasters. Speaking with Insurance News, ICNZ’s CEO, Tim Grafton, said that a national conversation was needed across New Zealand to address ... Read the full article
Beazley adds two new products to e-trading platform
4th April 2019
Specialty re/insurer Beazley has added two of its product lines to the broker e-trading platform myBeazley to meet the needs of UK domiciled private business with a turnover of up to £350 million. UK brokers can now access Beazley’s comprehensive service-led cyber product, Beazley Breach Response (BBR), as well as management ... Read the full article
Partnerships essential for cyber insurance success, says GlobalData
4th April 2019
While cyber insurance penetration increased by 14% among UK small and medium sized businesses (SMEs) in 2018, the market is far from saturated and considerable growth should be expected over the coming years, according to a report published by data and analytics firm GlobalData. GlobalData believes that the complexity and continuous ... Read the full article
Randall & Quilter gets regulatory approval for Western Captive takeover
4th April 2019
Randall & Quilter Investment Holdings Ltd. (R&Q) has received regulatory approval to complete the acquisition of Irish insurer Western Captive Insurance Company DAC (WCIC). The Central Bank of Ireland granted approval for R&Q to acquire the entire issued share capital of WCIC from its owners, the Coffey Group. R&Q intends to transfer ... Read the full article
Allstate in talks to sell $2.5bn annuity book to FGL Holdings, sources
4th April 2019
Allstate Corporation, one of the largest primary insurers in the US, is close to selling a book of policies from an area in which it no longer creates new business to FGL Holdings, Reuters has reported. With a valuation of between $2.5 billion and $3 billion, the deal would be the ... Read the full article
Government’s nat cat funding should target prevention over response: ICA
4th April 2019
The Insurance Council of Australia (ICA) has expressed its frustration at the lack of preventative measures the country's government has adopted to tackle the economical and societal impacts of natural catastrophe events. In the aftermath of severe flooding in the Townsville and Queensland areas of Australia, which resulted in billions of ... Read the full article
Number of LIIBA members committed to PPL surpasses 100
4th April 2019
More than 100 members of the London International Insurance Brokers' Association (LIIBA) have now committed to signing up for the Placing Platform Limited (PPL), a core component of the London Market’s Target Operating Model. The adoption of electronic placement is increasing across the London market as an overall drive for greater insurance ... Read the full article
IA Capital Group raises $150mn for insurtech-focused venture capital
4th April 2019
IA Capital Group, an insurtech-focused venture capital firm, has announced that it has raised $150 million across three funds, representing its sixth, seventh and eight investment vehicles. The funds include: Inter-Atlantic Stonybrook Insurtech Ventures, a multi-LP fund focused on P&C insurtech Inter-Atlantic; G Fund, a single-LP fund focused on life/annuity/retirement insurtech; ... Read the full article
LockerGoga ransomware threatens industrial firms with “chaos,” say experts
3rd April 2019
LockerGoga, the strain of ransomware that is suspected to be behind the recent Norsk Hydro cyber attack, utilises an unusually disruptive hacking approach that can cause “chaos” for the industrial firms that it targets, according to cyber experts. Norsk Hydro, a Norway-based aluminium manufacturing, was forced to disable part of ... Read the full article
Everest Insurance promotes Dane Lopes to Chief Commercial Officer
3rd April 2019
Everest Insurance, the specialty insurance arm of Bermudian reinsurer Everest Re Group, Ltd., has revealed that Dane Lopes has been appointed to the expanded position of Chief Commercial Officer. Lopes joined Everest Insurance in 2015 and has since served as Head of Sales and Distribution. During this time, his responsibilities have ... Read the full article
MGA EPUL targets unorthodox property risks with launch of Solutions
3rd April 2019
European Property Underwriting Limited (EPUL), a commercial property managing general agent (MGA), has launched a new suite of covers designed specifically to address the challenges brokers face when looking to place cover for unorthodox property owner risks, called Solutions. The range of covers on offer through Solutions, specifically target risks with ... Read the full article
Will Curran named Head of Reinsurance at Tokio Marine Kiln
3rd April 2019
Tokio Marine Kiln, part of global insurance group Tokio Marine, has announced the promotion of Will Curran to Head of Reinsurance, effective April 1st, 2019. Curran takes over from David Huckstepp, who is leaving the company on a planned hiatus from the marketplace. Since joining Tokio Marine Kiln in 2008, Curran has ... Read the full article
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