Reinsurance News
TMK extends Intellectual Property cover to France, Belgium, and Luxembourg
27th April 2018
Tokio Marine Kiln (TMK) has announced the launch of a specialist Intellectual Property (IP) re/insurance product in France, Belgium and Luxembourg. TMK already offers IP re/insurance to clients in the UK, U.S and other continental European markets through its London and Frankfurt offices, but has decided to expand into these new ... Read the full article
Pool Re exploring capital market retro options with help of Guy Carpenter
27th April 2018
Pool Re has appointed GC Securities, the capital markets and insurance-linked securities (ILS) arm of reinsurance broker Guy Carpenter, to act as its ILS advisor and placement agent as it assesses its options in the capital markets. Pool Re, which is the UK’s government-backed mutual terrorism reinsurance facility, began exploring the ... Read the full article
Willis appoints LeBoeuf as Senior Director of Americas Life practice
27th April 2018
Willis Towers Watson, a global advisory, broking and solutions company, has appointed Michael LeBoeuf as Senior Director in its Americas Life practice. LeBoeuf has spent more than 30 years in the life re/insurance industry and joins Willis from Prudential Financial, where he served as Chief Actuary of Individual Life Insurance. He will ... Read the full article
Reinsurers continue to boost poor returns with reserve releases: Willis Re
27th April 2018
Reinsurance broker Willis Re has reported that reserve releases remained substantial over 2017, as reinsurers attempted to buoy net income and offset 2017 natural catastrophe losses with high prior year releases. The company’s April 2018 Reinsurance Market Report found that SUBSET constituents – companies it tracks that disclose catastrophe losses and ... Read the full article
Downstream energy sector unlikely to harden in 2018: Lloyd & Partners
27th April 2018
Lloyd & Partners, an international wholesale brokerage and trading name of JLT Specialty, has outlined a number of factors that are contributing to a less significant hardening of the downstream energy sector than many re/insurers had anticipated for 2018. The three most significant factors were supply continuing to surpass demand, lack ... Read the full article
Digital disruption could cost re/insurers 40% of revenue within 5 years: Accenture
26th April 2018
Accenture, a global management consulting company, has suggested that re/insurers are unprepared for the scale of potential digital disruption, and claims that some carriers could lose up to 40% of their traditional revenue within the next five years. The consultancy’s research indicated that, whilst re/insurance has so far been one of ... Read the full article
Munich Re unveils Smart Mobility Program to address U.S auto fleet losses
26th April 2018
Munich Re America has introduced its Smart Mobility Program, which offers a toolbox of solutions to address issues surrounding commercial auto losses and reduces the risk of collision for U.S commercial fleets. The Smart Mobility Program will also provide access to LossDetect, an automated text-mining tool that recommends solutions by analysing ... Read the full article
Guernsey seeks to ease re/insurer access to long-term green investments
26th April 2018
Guernsey has announced plans to work with the global insurance and reinsurance industry in an initiative which aims to enable long-term green investments to be utilised as assets to meet long-term life insurance liabilities. As part of a move to position itself as a "got to" jurisdiction for green investments, Guernsey ... Read the full article
Lloyd’s to launch online platform for coverholder matching
26th April 2018
The specialist Lloyd's of London insurance and reinsurance marketplace is to launch a new online portal designed to match new binder, or coverholder business with Lloyd’s underwriters in a fast and simple manner. A pilot of the new digital coverholder matching portal will be launched in July 2018 in the UK, Australia ... Read the full article
Markel expands Singapore team with new Trade Credit Underwriter
26th April 2018
Specialist insurer and reinsurer Markel International has expanded its Singapore team with the appointment of Nicholas Davies as Trade Credit Underwriter and Senior Risk Analyst. In his new roles, Davies will be responsible for developing Markel’s portfolio across the Asia Pacific region, and for managing existing broker and client relationships. He has ... Read the full article
Asia-Pacific catastrophe losses could exceed $160bn per year, reports UN
26th April 2018
The United Nations (UN) has reported that economic losses due to disasters in the Asia-Pacific region could exceed US $160 billion annually by 2030, and it has called for greater innovation in disaster risk financing to confront the issue. The UN Economic and Social Commission for Asia and the Pacific (ESCAP) ... Read the full article
Spanish farmers renew Meteo Protect weather cover following 2017 heatwaves
26th April 2018
Meteo Protect is to provide parametric weather re/insurance for the second year running to 22,000 olive farmers in Spain following record-breaking temperatures during the summer of 2017. The Agricultural Association of Young Farmers (Asaja), which is the largest professional agricultural association in Spain, will provide the insurance, which protects olive fields ... Read the full article
R&Q’s Accredited enters program underwriting partnership with Florida MGA
26th April 2018
Accredited Surety & Casualty Company, a wholly owned subsidiary of Randall & Quilter Investment Holdings (R&Q), has entered a program underwriting partnership with Florida-based MGA Renaissance Managing General Agency. Accredited, which is also headquartered in Florida, has agreed to act as the program underwriting manager on behalf of Renaissance and as ... Read the full article
Cyber defence investment desperately required in manufacturing sector: AIG
26th April 2018
AIG has urged the re/insurance industry to improve its cyber defence investment following a report that revealed nearly half of UK manufacturers have been the victim of cyber-crime, and that a quarter have suffered related financial loss or business disruption. The report, which was published by AIG and EEF, the manufacturer’s ... Read the full article
Negative reserve developments push QIC’s combined ratio above 100% in Q1
26th April 2018
Qatar Insurance Company (QIC) has reported that its combined ratio exceeded 100% in the first-quarter of 2018 as a result of negative reserve developments on certain older contracts, which pushed down its underwriting result to $32 million. QIC is one of the leading insurers and reinsurers in Qatar, the Middle East ... Read the full article
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