Reinsurance News
IGI appoints David Anthony & Anwar Al-Jabri as Non-Exec Directors to its Board
7th August 2018
Amman-headquartered International General Insurance (IGI) has announced the appointments of David Anthony and Anwar Al-Jabri as Non-Executive Directors to its Board. Anthony brings 30 years’ experience and has held senior insurance-related positions at ratings agencies and with international banks. He has worked extensively in Europe, the Middle East and North Africa ... Read the full article
BIBA partners with Tokio Marine Kiln on new drone insurance scheme
7th August 2018
The British Insurance Brokers’ Association (BIBA) has partnered with specialist and corporate insurer Tokio Marine Kiln (TMK) to launch a new drone insurance scheme. The Lloyd’s-backed scheme offers coverage for companies operating drones for either commercial or business purposes and is available via a digital platform that enables brokers to quote ... Read the full article
Markel hires Tom Simpson as War & Terrorism Underwriter
7th August 2018
Specialist re/insurer Markel International has announced the appointment of Tom Simpson as a War and Terrorism Underwriter. Simpson has 15 years’ insurance industry experience, and most recently served as a Political Violence Underwriter at Novae, now part of Axis Capital. In his new role he will report to senior underwriter Ed Winter, ... Read the full article
Despite improvements, remainder of the year will be challenging: Brit CEO
6th August 2018
Specialty insurer and reinsurer, Brit, achieved overall risk-adjusted price increases of 3.5% during the first-half of the year as a result of 2017's major losses. However, the Group's Chief Executive Officer (CEO), Matthew Wilson, expects the remainder of the year to be challenging. Wilson noted the improved rating environment in the ... Read the full article
Usage-Based Insurance solutions no longer niche: Ptolemus
6th August 2018
Ptolemus, a location-based services and telematics advisory firm, has detailed the growth and current state of Usage-Based Insurance (UBI) products in a new report. The impact of phone apps is particularly visible in China, says Ptolemus, where recent regulatory changes created an estimated 1.8 million smartphone insurance policies. Statistics also show that UBI ... Read the full article
Everest Insurance appoints Vice President of Commercial Surety from Aspen
6th August 2018
Everest Insurance, a division of global reinsurer Everest Re Group, has appointed Jessica Mann as Vice President, Commercial Surety Lead. Mann is now responsible for leading Everest’s expansion of Commercial Surety from the company’s Houston office. “Jessica's experience, coupled with her extensive brokerage relationships will position Everest well in this growing ... Read the full article
Companies underestimate rising intellectual property losses: WTW
6th August 2018
Multinational companies are falling short in managing the financial impact of their intellectual property (IP) risks as global trends point towards an increase in the frequency and severity of IP litigation, according to a new report by broker Willis Towers Watson (WTW). WTW attributed the cause of rising IP litigation costs ... Read the full article
QBE sells Australian travel insurance business to nib
6th August 2018
QBE Insurance has sold its Australian travel insurance business to nib Holdings in an effort to “simplify and strengthen” its business, according to QBE Australia and New Zealand Chief Executive Officer (CEO), Vivek Bhatia. The decision was made following an extensive review of QBE Travel and its alignment to QBE’s strategic ... Read the full article
Swiss Re sees climate change link for hurricanes, drought & wildfire
6th August 2018
In an interview with CNBC, the Chief Financial Officer (CFO) of global reinsurance giant Swiss Re, John Dacey, explained that the firm believes the series of catastrophe events that occurred in the second-half of 2017 are not a one-in-100 year event, but more a one-in-10 year event. After 12 years without ... Read the full article
1,734 structures destroyed as Carr and Mendocino wildfires burn through California
6th August 2018
1,734 structures have now been destroyed by the Carr and Mendocino Complex wildfires in California, which have collectively burned through 427,031 acres of the state and continue to spread despite containment efforts. An additional 304 structures have also been damaged and 10,529 remain threatened by what are considered to be two ... Read the full article
Cyber capacity is plentiful at H1 while pricing remains flat: CIAB
6th August 2018
Capacity in the cyber re/insurance space has proven plentiful over the last six months, while the take up rate among clients has been consistently low and pricing has generally remained flat to down, according to the Council of Insurance Agents & Brokers (CIAB). Results for CIAB’s latest biannual Cyber Insurance Market ... Read the full article
Swiss Re & SAP’s accounting system completes first development stage
6th August 2018
Swiss Re has completed the first phase of its accounting solution project with Germany-based multinational software corporation, SAP SE. First announced in February 2017, the system supports multi-GAAP accounting processes for financial instruments and insurance contracts and is able to generate multi-valuations, including International Financial Reporting Standards 17. “We have combined forces ... Read the full article
Grinnell Mutual to leverage Guidewire Software’s insurance platform
6th August 2018
Property & Casualty re/insurer, Grinnell Mutual, has announced a deal with Guidewire Software to use its widely-used insurance platform. The Software-as-a-Service (SaaS) solution will be delivered via Guidewire Cloud and will provide the re/insurer with greater business agility and customer service capabilities. Grinnell Mutual is currently migrating the platform to Guidewire Cloud ... Read the full article
Email data breaches continue to escalate in Q2: Beazley
6th August 2018
The number of attacks targeting business email accounts continued to increase through the second quarter of 2018, particularly for organisations using Microsoft’s Office 365, according to specialist insurer Beazley. Beazley said that email compromises accounted for roughly 23% of incidents reported to its Beazley Breach Response (BBR) Services team during Q2 ... Read the full article
Munich Re CEO confirms company will step back from coal
6th August 2018
Joachim Wenning, the CEO of the world's largest reinsurance company Munich Re, has confirmed in an interview that the reinsurer will step away from investing in and underwriting coal related business. Wenning tells German newspaper the Frankfurter Allgemeine Zeitung (FAZ) that Munich Re wants to follow a climate strategy that Read the full article
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