Reinsurance News
Munich Re expects tepid mid-year renewal, but targets U.S. expansion
24th May 2018
Reinsurance giant Munich Re is anticipating a tepid rate environment at the mid-year 2018 reinsurance renewals, but is targeting further growth into the United States market, where its share remains below its global average. Like many other firms Munich Re's expectations for the mid-year June 1 and July 1 reinsurance renewals ... Read the full article
Lloyd’s very well positioned in Asia-Pacific, excited about opportunity: Chaplin, Lloyd’s
23rd May 2018
The specialist Lloyd's of London insurance and reinsurance marketplace is well positioned in Asia-Pacific and is focused on building on its solid foundation in the region, which now accounts for 11.5% of the market's global income, according to Kent Chaplin, Chief Executive Officer (CEO) of Asia-Pacific, Lloyd's. Speaking with A.M. BestTV ... Read the full article
‘False positives’ pose challenge for autonomous vehicles, says Clyde & Co
23rd May 2018
As developers respond to the first fatal accident involving an autonomous vehicle, which occurred in March 2018, global law firm Clyde & Co has cautioned that increasing the sensitivity of driverless vehicles could lead to further risks. Clyde & Co's comments responded to media reports that analysed the causes of ... Read the full article
Upgrading technology is top priority for industry leaders: AdvantageGo
23rd May 2018
Upgrading technology is currently the number one concern for re/insurance industry leaders, according to a 2018 InsurTech report by AdvantageGo, the software product family from NIIT Technologies. The report, which surveyed 30 c-suite re/insurance executives from around the world, found that industry leaders are becoming increasingly concerned about the pace at ... Read the full article
U.S. P/C premium growth offset by higher losses & LAE in 2017: A.M. Best
23rd May 2018
For the first time in four years the U.S. property and casualty (P/C) industry saw net premiums written (NPW) increase in 2017, although this was offset by greater losses and loss adjustment expenses (LAE) as a result of 2017 catastrophe events, ultimately driving profit deterioration, reports A.M. Best. The ratings agency ... Read the full article
Corporate Benefit Audits (CBA) acquired by Risk Strategies
23rd May 2018
The privately held national insurance brokerage and risk management firm Risk Strategies has announced the acquisition of Massachusetts-based Corporate Benefit Audits (CBA). CBA has operated since its founding in 1992 and provides outsourced claim auditing services to clients including stop loss carriers, managing general underwriters, reinsurance companies and self-funded employers. Risk Strategies will ... Read the full article
Silent cyber drives Petya loss to $2.7 billion, says PCS
23rd May 2018
The insurance and reinsurance industry loss from the Petya / NotPetya cyber attack continues to rise as a result of silent cyber exposure, with the loss now viewed as high as $2.7 billion by Property Claim Services (PCS), reports Artemis. According to Tom Johansmeyer, Co-Head, PCS Strategy & Development at ISO, ... Read the full article
Mitsui Sumitomo enters Chinese life market with BoCommLife stake
23rd May 2018
MS&AD Insurance Group Holdings, Inc. subsidiary, Mitsui Sumitomo Insurance Company (MSI), Limited, has signed an agreement to acquire Colonial Mutual Life Assurance Society Limited's (CMLA) 37.5% stake in Chinese life insurer, BoCommLife Insurance Company Limited. CMLA, a subsidiary of the Commonwealth Bank of Australia, is to sell its 37.5% stake in ... Read the full article
InsurTech investment deals reach record high: Willis Towers Watson
23rd May 2018
InsurTech investments have continued to grow, with a record-breaking 66 investment deals worth a total of $724 million recorded during the first quarter of 2018, according to the latest quarterly report from re/insurance broker Willis Towers Watson and CB Insights. Q1 2018 investment volume was only 16% greater than the $624 ... Read the full article
Low tornado activity as central U.S. weather events trend downwards: JLT Re
23rd May 2018
Having recorded their latest first-of-the-year tornado ever on May 1, Oklahoma joins Texas and Kansas in experiencing a particularly quiet tornado season so far in 2018. Nearing the season’s traditional half-way point, reports are running only 54% of normal, placing the first half of the US tornado season at roughly the ... Read the full article
IUA launches reinsurer focused cyber group
23rd May 2018
The International Underwriting Association (IUA) has announced the establishment of the IUA Cyber Reinsurance Committee, a new group focused on the concerns of reinsurers with regards to cyber risk. Building on the activities of the IUA's existing Cyber Underwriting Group, the new committee has been launched to consider the specific concerns ... Read the full article
U.S. life/annuity market growth likely following robust 2017: A.M. Best
23rd May 2018
A.M. Best has announced its expectations for the U.S. life/annuity (L/A) market to build on a generally positive 2017. They see an overall growth in 2018 thanks in part to higher interest rates and continued demand from consumers for both protection and accumulation products. A.M Best also indicated the industry is well ... Read the full article
Lloyd’s approved for Brussels subsidiary, names Vandendael CEO
23rd May 2018
Lloyd’s has received licence approval from the National Bank of Belgium for its new Brussels subsidiary, Lloyd’s Insurance Company S.A. (Lloyd’s Brussels), and has named Vincent Vandendael as its Chief Executive Officer (CEO) ahead of a January 1, 2019 launch date. Lloyd’s Belgium, which was announced in March 2017, ... Read the full article
Neon hires Theo Butt from Ascot as group underwriting director
23rd May 2018
Insurance and reinsurance specialist Neon has announced that it has hired Theo Butt to take on a newly created role of group underwriting director for Neon Holdings Limited, who will join the firm from Ascot. Butt will take up his new role at Neon as of 14th September this year and ... Read the full article
U.S. commercial insurance expects modest underwriting profit for 2018
23rd May 2018
U.S commercial property & casualty (P/C) insurers should expect improved performance this year following a turbulent 2017, according to a new report by Fitch Ratings. Representing approximately 41% of U.S P/C industry net written premiums, commercial lines experienced significantly weaker underwriting performance in 2017, reporting a combined ratio of around 104% ... Read the full article
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