Reinsurance News
LMG contracts Charles Taylor to centralise delegated authority data
4th May 2018
The London Market Group (LMG) has contracted Charles Taylor InsureTech Limited to provide a central service to standardise and centralise the collection, validation, processing, and supply of delegated authority data across the market. The agreement aims to enable quick and convenient submissions of risk, premium, and claims data, and is part ... Read the full article
Reinsurance expected to remain key product line for London market: DWF
4th May 2018
In a recent survey, law firm DWF LLP found that UK re/insurers and brokers expect the London Market to retain its status as a global leader in the reinsurance sector over the next five years. DWF reported that 70% of respondents thought that reinsurance would remain a key product line for ... Read the full article
Deloitte, FWD, Zilliqa, and Insurance Market partner on blockchain eco system
4th May 2018
A collaborative partnership consisting of Deloitte, FWD, blockchain platform Zilliqa, and online broker Insurance Market has launched Inmediate, a Singapore-based collaborative eco system for blockchain based re/insurance. The project was conceptualised by Insurance Market, a broker from Singapore that already has established online re/insurance distribution and blockchain expertise. Otbert de Jong, Chief ... Read the full article
Aon’s reinsurance broking revenues soar in Q1
4th May 2018
Reinsurance broking revenues at Aon plc soared in the first-quarter of 2018, with the firm reporting a 100% increase year-on-year, on a reported basis, as its Aon Benfield unit led a 3% organic revenue increase across the insurance and reinsurance broking group. Aon reported that its reinsurance business under the Aon ... Read the full article
U.S D&O liability underwriting results lowest in seven years: Fitch
4th May 2018
Fitch Ratings has reported that U.S Director and Officers (D&O) liability re/insurance underwriting results for 2017 fell to their worst level since 2011. D&O has historically been a more volatile product line than many other Property and Casualty (P&C) products, and claims risk in private and non-profit organisations has expanded in ... Read the full article
Willis Re appoints Andrew Vince as Head of Global Engineering practice
4th May 2018
Willis Re has announced the appointment of Andrew Vince as Head of its Global Engineering practice. Vince joins Willis Re from Trans Re, where he has served since 2008, most recently as Manager of Engineering Treaty and Onshore Energy. Tony Melia, Chief Executive Officer (CEO) of Willis Re International, said: "Andrew is ... Read the full article
SCOR promotes Redmond Murphy to CEO of Global Life Reinsurance Ireland
4th May 2018
SCOR has announced the appointment of Redmond Murphy as Chief Executive Officer (CEO) of SCOR Global Life Reinsurance Ireland (SGLRI). Murphy will now be responsible for leading the SGLRI entity and driving the strategic direction of the business, as well as managing all the activities of the local team, including finance, ... Read the full article
No clear indication SoftBank talks will result in a transaction: Swiss Re CFO
4th May 2018
While the negotiations between Swiss Re and SoftBank are still ongoing, according to the reinsurance firms CFO John Dacey, there is "no clear indication" that any deal will be struck and the pair are no closer to a deal, but he also wouldn't be drawn on whether talks with other ... Read the full article
Premium growth, strong returns in reinsurance & an accounting hit for Swiss Re
4th May 2018
Global reinsurance firm Swiss Re reported its first-quarter results this morning, revealing strong growth in premiums written, improved returns in P&C reinsurance and an accounting hit, without which the reinsurers income would have been up year-on-year. Swiss Re has reported group net income for Q1 2018 of $457 million, down on ... Read the full article
Some 2017 cat losses not developing as expected: RenRe’s O’Donnell
3rd May 2018
As insurers and reinsurers continue to assess the 2017 catastrophe events, the President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe, Kevin O'Donnell, has highlighted the uniqueness of the events, explaining that some losses have not emerged as expected. Speaking during the firm's first-quarter 2018 earnings call, O'Donnell provided some ... Read the full article
Marsh and Validus collaborate on new U.S fintech policy
3rd May 2018
Re/insurance broker and risk management firm Marsh has collaborated with Validus Specialty, an underwriter of professional liability solutions, to develop FINTECH Protect, a financial and professional re/insurance solution that manages the growing risks of U.S-based fintech companies. Unlike traditional forms of re/insurance for financial and technology industries, FINTECH Protect offers comprehensive ... Read the full article
April storms cause $85mn insured loss across Ontario and Quebec
3rd May 2018
The Insurance Bureau of Canada (IBC) has reported that an early April storm, which tracked across the Eastern provinces of Ontario and Quebec, has resulted in over CAD $85 million (USD $66 million) in insured losses. This figure also brings the total insured losses from severe weather damage over the past ... Read the full article
Reinsurers exposed to Direct Line losses as weather budget exhausted
3rd May 2018
Direct Line Insurance Group PLC has reported that the UK’s ‘Beast from the East’ cold spell over February and March has already utilised the company’s full annual weather budget, potentially exposing reinsurers to any further weather-related losses the company suffers over 2018. UK primary insurer Direct Line, which also sells home ... Read the full article
RMS develops new risk model for Japanese Earthquakes and Tsunamis
3rd May 2018
Risk modelling and analytics firm RMS has developed a new high definition risk model for Japanese Earthquakes and Tsunamis in collaboration with local experts, scientific agencies, and re/insurers. RMS's Japan Earthquake and Tsunami High Definition (HD) model leverages detailed damage statistics and claims data from recent events, and considers research from ... Read the full article
Canopius appoints Construction and Engineering Underwriter
3rd May 2018
Global specialty lines re/insurer Canopius has announced the appointment of John Shaw as Construction and Engineering Underwriter. Shaw joins Canopius from QBE, where he has served since 2014, most recently as Construction Underwriting Manager for Northern Australia. Spencer Pearce, Head of Heavy Industry & Construction at Canopius, commented: “We are really pleased ... Read the full article
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