Reinsurance News
Chubb appoints Goldman as Executive VP of Overseas General Insurance
13th June 2018
Property and Casualty (P&C) insurer Chubb has announced the appointment of Steven F. Goldman as Executive Vice President (VP), Financial Lines for Overseas General Insurance, effective July 1. In his new New York-based role, Goldman will oversee Chubb’s international financial lines division including directors and officers liability, financial institutions, errors and ... Read the full article
International Group announces new reinsurance broking arrangements
13th June 2018
The International Group of Protection & Indemnity Clubs has restructured the broking arrangements for its General Excess Loss and Hydra reinsurance programmes following the completion of its previous tender process in June 2018. London-headquartered Miller Insurance Services has been appointed flag broker for both programmes with Aon Benfield set to serve ... Read the full article
Beazley considers GDPR implications of Dixons Carphone data breach
13th June 2018
Beazley has considered the potential General Data Protection Regulation (GDPR) implications of a recently reported data breach at Dixons Carphone, which involved 5.9 million payment cards and 1.2 million personal data records. Dixons Carphone said there was no evidence that any of the cards had been used fraudulently following the breach, ... Read the full article
Climate change and aging populations pose greatest ESG risks, reports Moody’s
13th June 2018
Climate change and aging populations pose the greatest Environmental, Social, and Governance (ESG) risks to European re/insurers, according to a new survey by Moody’s Investors Service. Over 90% of respondents to Moody’s survey, which polled 15 European re/insurance companies, said that ESG is an important consideration for their businesses and brand ... Read the full article
Texas hailstorm causes almost $1bn in insured damages: KCC
13th June 2018
The June 6th hailstorm that battered the Dallas, Tarrant, and Denton counties of Texas is expected to generate almost $1 billion in insured losses to residential and commercial properties and automobiles, according to catastrophe modeller Karen Clark & Co. (KCC). The storm reportedly brought baseball sized hailstones to some areas, and ... Read the full article
ArgoGlobal bolsters credit & political risk offering with appointment of Daniel Byrne
13th June 2018
ArgoGlobal, a Lloyd's insurer and member of Argo Group International Holdings, has announced the appointment of Daniel Byrne as credit and political risk Underwriter. He joins with immediate effect and will report to credit and political risks class Underwriter, Jeremy Shallow. Byrne will be leveraging close to a decade’s worth of ... Read the full article
Swiss Re backs invasive species insurance study
13th June 2018
Swiss Re has backed the findings of a recent study by students from Johns Hopkins University that explores the role of insurance as a response to the growing threat of pests and invasive species. The report, titled “Building Resilience to the Economic Threat of Invasive Species”, found that efforts to manage ... Read the full article
Price Forbes announces launch of reinsurance intermediary
13th June 2018
Specialist insurance brokerage Price Forbes & Partners, part of the Ardonagh Group, has announced the launch of new reinsurance intermediary Price Forbes Risk Solutions Ltd (PFRS), with the intention of strengthening and expanding the Group's broking expertise. PFRS will exist as a subsidiary operating within Ardonagh’s International & Speciality segment and ... Read the full article
Credendo increases share capital of Single Risk unit by €40mn
13th June 2018
European credit insurance group Credendo has increased the share capital of its Credendo – Single Risk subsidiary from €25 million to €65 million as it looks to capitalise on opportunities in the single-risk insurance business segment. The €40 million capital increase will allow Credendo to further explore a market with high ... Read the full article
New technologies to stimulate struggling engineering sector: Swiss Re
13th June 2018
The adoption of new technologies in construction could lead to significant improvements in efficiency for engineering insurance, a sector that has largely stagnated in recent years, according to a new study by Swiss Re’s sigma. Global engineering insurance premiums were estimated to total around $21 billion in 2017, but have suffered ... Read the full article
LIIBA announces Azerbaijani broker as latest overseas member
13th June 2018
The London and International Insurance Brokers’ Association (LIIBA) has announced an Azerbaijan-based firm as its latest overseas member. Zaman Insurance and Reinsurance Brokers LLC is based in Azerbaijan’s capital Baku. The re/insurance broker is set to join businesses from Belgium, Cyprus, Greece, Hong Kong and Spain as members of the London-based representative ... Read the full article
U.S commercial insurance prices see slight increase at Q1 2018: Willis Towers Watson
13th June 2018
Commercial insurance prices in the U.S saw modest growth in the first quarter of 2018, with increases exceeding 1% for the first time in nearly three years, according to broking and solutions company Willis Towers Watson. The company’s Commercial Lines Insurance Pricing Survey (CLIPS) compared prices charged on policies written during ... Read the full article
Everest Re appoints Eric Koppang as new Vice President, Head of E&S
13th June 2018
Everest Re Group (Everest) has announced the appointed of Eric Koppang as its new Vice President (VP) and Head of Excess and Surplus (E&S) Casualty. While based out of Everest’s Chicago office, Koppang will report to Head of Speciality Casualty, Connie Germano. He will be responsible for developing new products, product enhancements, ... Read the full article
Amazon could bring major disruption to re/insurance industry: Altus Consulting
12th June 2018
Altus Consulting, a specialist provider of financial sector consultancy services, has cautioned that Amazon’s entry into the insurance industry could act as a major disruptor for traditional re/insurers. In 2016, Amazon launched its first product protection insurance cover, Amazon Protect, and has since begun investing in InsurTech start-ups and partnering ... Read the full article
Munich Re provides reinsurance on new PICC solar deal
12th June 2018
Munich Re is set to provide reinsurance to the People's Insurance Company of China Holdings Company (PICC) following PICC’s deal with solar technology firm Astronergy to supply 10-12 years product warranty and 25 years performance warranty for modules delivered to registered international projects in 2018. By assigning dedicated financial capacity for ... Read the full article
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