Reinsurance News
PRA calls for silent cyber action from Lloyd’s, UK insurers
31st January 2019
The Prudential Regulation Authority (PRA) believes Lloyd's and the wider UK insurance industry can do more to ensure the effective management of affirmative and non-affirmative (silent) cyber risk exposures, ordering firms to develop an action plan in the first half of 2019, with clear milestones and dates by which action ... Read the full article
WTW appoints Bowser to lead life insurance consulting team
31st January 2019
The risk advisory and broking firm Willis Towers Watson (WTW) has appointed Marcus Bowser to lead its Life Insurance Consulting team in the UK. He takes over from Colin Forrest, who becomes Regional Leader for Europe, Middle East and Africa (EMEA) in the company’s Insurance Consulting and Technology business. Bowser has close ... Read the full article
Number of Bermuda registered re/insurers continues to rise: BMA
31st January 2019
The Bermuda Monetary Authority (BMA) has announced that it experienced growth in the number of new re/insurance registrations in 2018 to 75, up from 58 in 2017. The year-on-year increase was experienced across various sectors, with the strongest growth coming from Bermuda's commercial re/insurance sector, with 28 new registrations taking place ... Read the full article
Munich Re opens new Representative branch in Bangkok
31st January 2019
Global reinsurance giant Munich Re has announced the opening of a new representative office in Bangkok, Thailand, underlining its commitment to the region for the long-term. In line with the opening of its new office, Munich Re has named Lucien Heijstee as Chief Representative for Thailand. He joins the reinsurer from Thaivivat Insurance ... Read the full article
Covéa board firmly rejects “groundless” SCOR accusations
31st January 2019
After a statement from Covéa this week put an official end to its hopes of successfully navigating a takeover of SCOR, prompting the latter to pursue legal action, the company’s board of directors have firmly rejected what they describe as groundless acquisitions and reaffirmed its unanimous support for ... Read the full article
Initial property loss estimate for Sydney hailstorms pegged at AU$635mn by PERILS
31st January 2019
Catastrophe loss data aggregator PERILS has provided an initial property loss estimate of AU$635 million (US$462mn) for the December 2018 Sydney hailstorms and severe convective weather that impacted the greater Sydney region. This initial estimate covers the insured property market loss for the hailstorms that hit the greater Sydney region on ... Read the full article
Attritional losses drive $198m Q4 net loss for AXIS
31st January 2019
Bermudian re/insurance group AXIS Capital Holdings has announced a $198 million net loss for the fourth quarter of 2018, driven by heavy attritional property and catastrophe activity. This $198 million Q4 net loss, with a 117.3% Combined Ratio (CR), compares to the $38 million net loss and 100.7% CR reported in ... Read the full article
FEMA announces renewal of NFIP reinsurance program
31st January 2019
The U.S. Federal Emergency Management Agency (FEMA) has announced the renewal of its flood reinsurance program to protect the National Flood Insurance Program (NFIP), securing $1.32 billion of protection. The $1.32 billion of traditional flood reinsurance protection was secured from a panel of 28 participating reinsurance companies, and is effective January 1st ... Read the full article
Sompo and Germany’s SV launch parametric agriculture solution
31st January 2019
Bermuda-based property and casualty insurer and reinsurer, Sompo International Holdings Ltd., has announced the introduction of a new innovative agriculture insurance product for the German market, in partnership with German insurer SV SparkassenVersicherung (SV). The new solution, called SV ErnteIndex, has been tailored to the agricultural sector and offers parametric protection against crop ... Read the full article
Workers’ comp business ripe for insurtech innovation: Fitch
31st January 2019
The workers’ compensation segment of the property and casualty (P&C) re/insurance sector is a prime target for technology investment, according to analysts at Fitch Ratings. Analysts noted that, while it is currently enjoying a fourth consecutive year of market underwriting profits, the workers’ compensation business has historically suffered from large losses, ... Read the full article
Lloyd’s CEO to Chair London Market Group’s TOM Steering Board
31st January 2019
John Neal, the Chief Executive Officer (CEO) of the specialist Lloyd's of London insurance and reinsurance marketplace, has been named as the new Chair of the TOM Steering Board, effective immediately. The announcement comes from the London Market Group (LMG), revealing that Neal replaces previous Chair of the Tom Steering Board ... Read the full article
Brokers key to future weather risk market growth: Malinow, Sompo Global Weather
30th January 2019
The weather risk market continues to expand and remains competitive for a sector with few experienced dealers, but for future growth potential to be realised, brokers have a key role to play, according to Martin Malinow, President of Sompo Global Weather, a division of Sompo International Holdings Ltd. Reinsurance News recently ... Read the full article
Analysts say December Sydney hailstorm could cost re/insurers AU$2bn
30th January 2019
The total loss to insurers and reinsurers from the major hailstorm that struck Sydney and the surrounding area in December 2018, could be as much as AU$2 billion (US$1.44bn), according to analysts. Analysts at Firetrail Investments, an Australian investment management firm, have said that the hailstorm and severe convective weather outbreak ... Read the full article
Aon announces departure of Broking unit CEO Fitzgerald
30th January 2019
Global insurance and reinsurance broker Aon has announced that Tom Fitzgerald, Chief Executive Officer (CEO) of Aon Broking, is to leave the company after 27 years of global service. Prior to his role as CEO of Aon Broking, Fitzgerald led the U.S. Commercial Risk and Health operations. Aon has said that ... Read the full article
Travelers Europe obtains licence for Dublin subsidiary as Brexit nears
30th January 2019
Travelers Europe, a division of The Travelers Companies Inc., has been granted a licence by the Central Bank of Ireland for a new insurance subsidiary based in Dublin, in order to ensure continuity for its clients post-Brexit. The new insurer, called Travelers Insurance Designated Activity Company (Travelers Insurance DAC), is intended ... Read the full article
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