Reinsurance News
Jonathan Humm joins AEGIS London from Hiscox
22nd May 2018
AEGIS London has secured Jonathan Humm as new Class Underwriter for their Marine Hull team. He joins from Hiscox, where he was Deputy Hull Underwriter for close to a decade. Jonathan Humm’s career in the marine insurance sector spans 12 years. After leaving university he joined Marsh in 2005 as a ... Read the full article
Swiss Re strikes global licence deal with CMS
22nd May 2018
Leading reinsurance provider, Swiss Re, has secured the right to embed Collision Management Systems’ (CMS) software into its telematics based re/insurance proposition, following the purchase of a global licence. The deal with CMS allows Swiss Re the ability to process vehicle data from any telematics system and deliver a reliable crash ... Read the full article
Mixed 2018 outlook for domestic P&C industry, reports KBW
22nd May 2018
Keefe, Bruyette & Woods (KBW) has updated its 2018 Property and Casualty (P&C) industry earnings model, concluding that the outlook for the sector is mixed, with improved ratios and investment yields offset by earned premiums and catastrophe losses that were worse than previously projected. KBW’s revised industry model, which factors in ... Read the full article
Guy Carpenter hires Richard Carver from Aon as non-marine MD
22nd May 2018
Reinsurance broker Guy Carpenter has announced the hire of Richard Carver as a Managing Director and Senior Broker in the firm’s UK non-marine broking division. Carver was most recently a Managing Director at Aon, having been at the firm for more than 15 years, based in London and Bermuda. Carver will be ... Read the full article
Ascot acquiring Greyhawk Insurance entities for U.S. market expansion
22nd May 2018
Ascot Group Limited, a Bermuda headquartered insurance and reinsurance firm, is to acquire two U.S. insurance entities from Greyhawk Insurance as it looks to expand its access to the U.S. insurance market. Ascot is acquiring the two insurance entities through a U.S. subsidiary, Ascot US Holding Corporation which will acquire both ... Read the full article
Jenni Rowntree Estis promoted to Head of Operations, Guy Carpenter Bermuda
21st May 2018
It’s been announced today that Bermudian Jenni Rowntree Estis has been promoted to the role of Head of Operations, Senior Vice President, Broking after 16 years at reinsurance broker Guy Carpenter. The new role will include the overseeing of IT, human resources, finance and client administration services at the company and ... Read the full article
Munich Re backed InsurTech Bestow secures more funding
21st May 2018
Bestow, a Dallas, U.S. domiciled InsurTech company focused on the life insurance sector and which is backed by Munich American Reassurance Company, has announced that it's closed $15 million in Series A funding. The Series A funding was led by Valar Ventures, and included participation from existing investors New Enterprise Associates, Core ... Read the full article
Crawford welcomes Sandra Harbans as Director of Operations of Lloyd’s unit
21st May 2018
Crawford & Company (Canada) Inc., a provider of claims management solutions, has announced the addition of Sandra Harbans to its Lloyd's of London unit as Director of Operations. Specialising in claims, finance and underwriting administration, Harbans holds more than 25 years of experience within the insurance industry. As a seasoned insurance ... Read the full article
Flat mid-year renewal possible despite volatile 2017: JMP Securities
21st May 2018
The condition of the property catastrophe reinsurance market following 2017 catastrophe events and the January and April renewals, suggests a flat mid-year renewals season is not out of the question and that average pricing will be up a few points at best, JMP Securities says. Following two days of meetings in ... Read the full article
Swiss Re assessing impact to business following U.S. Iran withdrawal
21st May 2018
Following President Trump's announcement on May 8th that the U.S. is withdrawing from the Iran nuclear deal and subsequently reimposing sanctions, global reinsurer Swiss Re is assessing the impact of the U.S. withdrawal on its business. After the removal of sanctions in January 2016, numerous insurers and reinsurers have either conducted ... Read the full article
Philippines spearheads region-wide ASEAN disaster risk database
21st May 2018
The Philippines has begun sharing disaster risk information with its private sector in an effort to encourage fellow member states in the Association of Southeast Asian Nations (ASEAN) to build a region-wide database on disaster risk management and climate control. By establishing a shared database, the Philippines hopes to mitigate the ... Read the full article
Damage from Australia’s Hobart storm reaches $50mn: Impact Forecasting
21st May 2018
Overall economic damage from the storm that hit the Australian city of Hobart, Tasmania over May 10-11 is currently estimated by local officials to have reached around AUD $50 million (USD $38 million), according to Impact Forecasting, Aon Benfield’s catastrophe risk modeller. A complex low-pressure system brought rain, wind, hail and ... Read the full article
Castel Specialty expands into political risk with new hire
21st May 2018
Castel Specialty, a division of club-style MGA formation platform Castel Underwriting Agencies, has expanded its portfolio with the launch of Castel Political Risk. The new cover will primarily relate to contract frustration and political risk, and will generally focus on business in Latin America, the Middle East, and Africa. The political risk ... Read the full article
Risk pooling could support greater nat cat coverage across Africa: Report
21st May 2018
Despite confidence returning within the African insurance industry as economic recovery continues, a lack of insurance penetration remains a hindrance to market development and to better protect certain exposures, such as natural catastrophes, risk pooling might be needed. This is according to the 3rd African Insurance Market Barometer from Dr. Schanz, ... Read the full article
Reinsurance business model challenged, more M&A likely: Morgan Stanley
21st May 2018
The long-term business model of the reinsurance industry is being challenged by the inability of reinsurers to command pay-back following the losses of 2017, leading to a likelihood of more sector mergers & acquisitions, according to analysts from Morgan Stanley. Having visited Bermuda recently to meet with reinsurers, Morgan Stanley's analyst ... Read the full article
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