Reinsurance News
Cats drive £1 billion market loss at Lloyd’s for 2018
27th March 2019
The specialist Lloyd's of London insurance and reinsurance marketplace has announced an aggregated market loss of £1 billion for 2018, driven by a volatile investment environment and a costly year for natural catastrophe events. The £1 billion aggregated market loss compares with a loss of £2 billion a year earlier. A ... Read the full article
Lloyd’s outlines plan to address sexual harassment in the market
26th March 2019
Insurance and reinsurance marketplace Lloyd’s of London has outlined a new plan of action to address reports of sexual harassment in the market and create a “safe and inclusive” working environment. The new proposals are intended to increase reporting, impose strong sanctions on inappropriate behaviour, and promote better understanding and awareness ... Read the full article
Hamilton announces executive developments
26th March 2019
Bermuda domiciled insurer and reinsurer, Hamilton Insurance Group, has announced a number of executive developments, including the departure of Dermot O'Donohoe as Chief Executive Officer (CEO) of Hamilton at Lloyd's. O'Donohoe joined the firm in 2015, and oversaw the acquisition of Sportscover Managing Agency and Syndicate 3334, and the subsequent development of ... Read the full article
Norsk Hydro says cyber attack could cost $41mn, names AIG as lead insurer
26th March 2019
Aluminium manufacturer Norsk Hydro has said that it is anticipating a financial impact of between 300-350 Norwegian crowns (USD $35-41 million) for the first week following a cyber attack on March 19 that caused major disruption to its operations. The Norwegian firm also stated that it had a “solid cyber risk ... Read the full article
RenaissanceRe Europe AG emerges following TMR acquisition
26th March 2019
Following the completion of its acquisition of Tokio Millennium Re, RenaissanceRe is rebranding its Zurich and European underwriting operations to be called RenaissanceRe Europe AG. RenaissanceRe Europe AG will be led by former head of underwriting of Tokio Millennium Re AG in Zurich Andrea Manella, we understand, who will take ... Read the full article
AXA-backed insurtech Sayata Labs launches with $6.5mn in funding
26th March 2019
Sayata Labs, a new insurtech start-up focused on cyber risk assessment for insurers and SMBs, has announced today that it has launched with $6.5 million in seed funding. The Tel Aviv-based company is already partnering with re/insurance broker AXA to enhance its cyber risk capabilities, while Israeli venture capital firm Elron ... Read the full article
Volante appoints senior underwriters to lead new Canadian MGA
26th March 2019
Volante Global Limited, a multi-class international managing general agent (MGA) platform, has appointed three senior underwriters to lead its soon-to-be-launched MGA, Volante Canada Limited. Richard Newman, Robert Tsai and Steve Vandriel will head the new operation, which will provide property, casualty and automobile products in all provinces and territories in Canada. The ... Read the full article
AI insurtech omni:us adds Joost Heideman as strategic advisor
26th March 2019
omni:us, an insurance-focused artificial intelligence (AI) solutions business, has appointed Joost Heideman as strategic advisor to help drive its global expansion plans. Heideman has more than 25 years experience in the insurance industry and was until January 2019 Chief Executive Officer of Dutch mutual insurance company Univé. In his new role, Heideman ... Read the full article
Corporates expect reinsurance rate rises of up to 5%: Survey
26th March 2019
Corporates in the property/casualty (P&C) and reinsurance space anticipate reinsurance rates to be flat to up 5%, with loss affected accounts expected to see the highest rate rises. An anonymous survey of corporates by The Buckingham Research Group reveals an expectation of mid-single digit reinsurance rate increases, with 67% of respondents ... Read the full article
India’s Digit Insurance becomes fastest-growing insurer
26th March 2019
Digit Insurance, an India-based insurance company backed by Fairfax Group, has announced that it has gained two million customers during its 16 months of operation, which it claims makes it the fastest growing insurer in the world. During its tenure, the company has also closed more than 30,000 claims, with 92% ... Read the full article
Summer cats drive AUD 2.2 billion+ insurance industry loss: ICA
26th March 2019
The insurance industry loss from three summer catastrophe events in Australia has now passed AUD 2.2 billion, according to the latest data from the Insurance Council of Australia (ICA). According to the latest figures, more than 25,770 claims have now been received after severe monsoon conditions in February led to inundation Read the full article
AmWINS Group adds Alycia Kiley as SVP
26th March 2019
Global specialty insurance provider AmWINS Group has announced the appointment of Alycia Kiley as Senior Vice President. Kiley, who most recently served as Senior VP at the Council for Insurance Agents and Brokers (CIAB), will be focused on building strategic partnerships with the firm’s retail clients. Prior to her time with CIAB, ... Read the full article
SCOR rejects “unfounded” calls for Kessler to leave Board
26th March 2019
French reinsurer SCOR has called on its shareholders to reject a draft resolution that was presented by investment management firm CIAM yesterday, which recommended that Denis Kessler be removed from the Board of SCOR. CIAM contended that Kessler should step down from his role as Chairman of SCOR and continue as ... Read the full article
B3i raises a further $16 million, shuffles board
26th March 2019
According to reports, the Blockchain Insurance Industry Initiative (B3i) now has total capital of more than $22 million, after raising a further $16 million over the last month. Corporate registry filings in Switzerland reveal that just over half, approximately $8.34 million, was raised in the form of cash, with the remainder ... Read the full article
PCS looks into Norsk Hydro cyber attack losses
26th March 2019
Property Claims Services (PCS), a Verisk business, has begun investigating the loss potential of the recent cyber attack on aluminium manufacturing giant Norsk Hydro. Co-Head of PCS Tom Johansmeyer told our sister publication, Artemis, that the firm was watching the event to determine whether it qualifies for designation under PCS Global ... Read the full article
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