Reinsurance News
Insurers must innovate to keep pace with automated vehicles, indicates survey
15th June 2018
A survey conducted by J.D. Power Pulse has highlighted the myriad ways in which automated vehicles is set to shape the Property and Casualty (P&C) insurance landscape, and how insurers must adapt to this drastically altered mobility or risk losing ground to InsurTech. While only 22% of the 1,024 U.S. consumers ... Read the full article
Athene responds to notice from California Department of Insurance
15th June 2018
Athene Holding has responded to a regulatory notice from the California Department of Insurance (CDI) that has proposed fines and the temporary closure of its subsidiary, Athene Annuity and Life Company, for allegedly failing to meet California service standards for around 50,000 life insurance policies. The CDI said that, since 2016, ... Read the full article
JLT Re North America appoints Todd Burgener as Executive VP
14th June 2018
Reinsurance broker JLT Re has announced the appointment of Todd Burgener as Executive Vice President (VP) for its North American operations. Based out of the company’s Chicago offices, Burgener will be working with healthcare captive clients and prospects to develop tailored risk transfer solutions. Burgener joins from Northwestern Memorial HealthCare where he ... Read the full article
Spring frost drives insurance demand among French winemakers: Meteo Protect
14th June 2018
Lloyd’s coverholder Meteo Protect has reported a dramatic increase in demand for parametric weather insurance among France’s winemakers following unusually cold temperatures and frost across Western Europe during 2017’s critical spring growing period. At the May 31st conclusion to Meteo Protect’s spring frost coverage, now in its second year offering, the ... Read the full article
Acrisure appoints industry veteran William Malloy as President of Specialty
14th June 2018
U.S. insurance broker Acrisure has announced the appointment of industry veteran William Malloy as President of its Specialty Division. Malloy spent over a decade with AIG, serving in various executive positions in the U.S. and Europe. He then joined Marsh Inc. and held various leadership positions before serving as President from ... Read the full article
Fannie Mae transfers more credit risk to re/insurers
14th June 2018
The Federal National Mortgage Association (Fannie Mae) has successfully secured re/insurance cover for a further $10 billion of single-family loans with the completion of its second and third traditional Credit Insurance Risk Transfer (CIRT) transactions of 2018. The completion of the CIRT 2018-2 and CIRT 2018-3 deals are part of Fannie ... Read the full article
Hyperion acquires minority stake in Apollo Partners
14th June 2018
London-headquartered Hyperion Insurance Group has acquired a 9.9% share in Apollo Partners LLP, via the company’s existing partners. The deal sees Hyperion claim a minority stake in the holding company of Lloyd’s MGA, Apollo Syndicate Management Limited (ASML). ASML has managed Syndicate 1969, a multi-line syndicate operating across 12 main classes of ... Read the full article
France to win 2018 World Cup based on insurable value, says Lloyd’s
14th June 2018
Of the £13 billion worth of footballing talent set to showcase throughout Russia during the FIFA World Cup, France has the most expensive team and therefore, according to Lloyds, will win the competition. Undertaken with the Centre for Economics and Business Research (Cebr), the research used players’ wages and endorsement incomes, ... Read the full article
RSG names Katie Davies as head of new catastrophe underwriting facility
14th June 2018
Ryan Specialty Group (RSG) has announced that Katie Davies will be joining an RSG affiliate as President and Chief Executive Officer (CEO) of a new property catastrophe managing underwriting facility. Exclusive to RT Specialty, RSG says the facility represents a commitment to provide additional capacity and innovative property solutions for the ... Read the full article
Zurich partners with Insurtech platform Digital Insurance Group
14th June 2018
Zurich has signed a multi-year collaboration deal with Amsterdam-headquartered insurtech platform Digital Insurance Group (DIG). Parallel to the agreement, DIG has received $15 million via a funding round co-lead by Zurich Insurance and Finch Capital. This deal bolsters Zurich’s digital capabilities moving forward, providing access to a next generation technology experienced ... Read the full article
Advent launches consultancy division, appoints Parminder Kaur as Director
14th June 2018
Lloyd’s & London market service provider Advent Insurance Management has announced the launch of Advent Insurance Consulting, appointing Parminder Kaur as Director. The division has been set up to provide expert assistance and drive operational efficiency for broker, carrier and coverholder customers of Advent's global claims TPA services, back office services ... Read the full article
Volante secures $900mn capacity deal for new underwriting teams
14th June 2018
Volante Global Limited, a multi-class international managing general agent (MGA) platform, has secured a $900 million treaty agreement with three A+ rated global carriers to provide capacity for nine new underwriting teams. The new teams are scheduled to launch on the Volante platform in the second half of 2018, and will ... Read the full article
Blockchain could bring greater efficiency & higher profits for re/insurers: BCG
14th June 2018
Blockchain’s promise of a more efficient, secure and cost-effective ecosystem for re/insurers is very real, but the logistical and regulatory shift required to leverage its benefits is considerable and will require years of further examination and experimentation. A report by BCG estimates that blockchain, properly integrated and deployed, could reduce the ... Read the full article
ING steps back into insurance sector with exclusive AXA partnership
14th June 2018
A multi-year, exclusive bancassurance partnership between major lender ING and insurance giant AXA has been announced that will see property & casualty (P&C), health and protection insurance solutions offered to ING customers in six countries - France, Germany, Italy, Czech Republic, Austria and Australia - via its mobile app. This agreement ... Read the full article
StartPoint hires Selby as FI underwriter from Liberty Specialty
14th June 2018
London-based, Ryan Specialty-owned MGU StartPoint Executive Risks has announced the appointment of Mark Selby as Head of its newly-launched Financial Institutions (FI) underwriting practice. Selby joins with over two decades experience and has held various senior leadership positions across the insurance sector. He spent the last six years working with Liberty Specialty Markets, ... Read the full article
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