Reinsurance News
Tim Plant named CEO of General Insurance, Australia & New Zealand, Zurich
9th July 2018
Zurich Australian Insurance Limited, a division of global insurer Zurich, has appointed Tim Plant as Chief Executive Officer (CEO) of General Insurance, Australia & New Zealand, effective August 7th, 2018. Plant joins the firm from icare, where he was most recently Group Executive of Insurance for NSW, which is the largest public ... Read the full article
SCOR consolidates London Market specialty insurance platform, names head
9th July 2018
SCOR Global P&C has revealed plans to consolidate its specialty insurance operations in the London Market into a single business platform, led by Stuart McMurdo, current Chief Executive Officer (CEO) of SCOR UK. SCOR says the new specialty insurance platform will offer either company or Lloyd’s paper or a combination of ... Read the full article
ACORD, Aon, and Beazley release new Cyber Data Breach Standard
9th July 2018
ACORD, the insurance and reinsurance industry data standards body, has collaborated with Aon and Beazley on the development of the ACORD Cyber Data Breach Standard, a new standard that aims to increase operational efficiency across the global re/insurance value chain. According to a 2017 ACORD survey, nearly 60% of re/insurers consider ... Read the full article
Reinsurance increasingly used for earnings protection and volatility reduction: Willis
9th July 2018
According to a survey by global insurance and reinsurance broker, Willis Towers Watson, insurers are increasingly leveraging reinsurance for earnings protection and volatility reduction. Driven by pressure from investors, the survey indicates that insurers are becoming less tolerant of missed earnings targets. Subsequently, they are moving to more sophisticated metrics, such ... Read the full article
Widespread destruction following historic Japan floods
9th July 2018
Japan has suffered some of the worst flooding in its history over the weekend, with more than 100 people confirmed dead and widespread damage to homes and businesses reported. "The record rainfalls in various parts of the country have caused rivers to burst their banks, and triggered large scale floods and ... Read the full article
Beazley appoints new territory manager for eastern Canada
9th July 2018
Specialist insurer Beazley has named Jo-Anne Hawthorne as territory manager for eastern Canada, reporting to Cheryl Hobbs, Territory Manager for Canada. Hawthorne will be responsible for developing relationships with brokers in Ontario, Atlantic Canada, Ottawa and Quebec, with a focus on expanding the firm's book of business throughout these regions. She brings ... Read the full article
UK brokers’ market share rises as digital channels engage SMEs
9th July 2018
Data analytics company GlobalData and ABI statistics have reported that UK brokers continue to dominate commercial re/insurance distribution, and grew to an estimated footprint of £1.33 billion over 2017 thanks to the prevalence of digital channels like price comparison websites. Despite the dominance of brokers in the UK market, 2016 marked ... Read the full article
Generali Leben sale to signal rise in German run-off deals: Fitch Ratings
9th July 2018
Fitch Ratings has declared the recent €1 billion sale of Generali Leben - a company with traditional-business reserves of approximately €37 billion - to Viridium the largest run-off deal in Germany to date. Fitch says the deal reinforces its expectations that disposal of closed funds is to become a growing ... Read the full article
Steady growth in cyber market but fresh opportunities remain: A.M. Best
6th July 2018
Although the cyber insurance and reinsurance market has seen steady growth over the last year, there remain significant untapped opportunities, particularly in regard to cover for SMEs, according to rating agency A.M. Best. The agency’s Market Segment Report observed that cyber risk awareness benefitted from a number of high-profile cyber events ... Read the full article
Record year for bulk annuity as deals set to reach $35bn: Hymans Robertson
6th July 2018
A record breaking year for the bulk annuity market is likely to see transactions reach £35 billion, a 100% increase compared to the average market volumes over the past four years. According to a report by independent pensions consultancy firm Hymans Robertson, the predicted total volume would be significantly higher than ... Read the full article
Concirrus updates AI powered Quest Marine software
6th July 2018
InsurTech company Concirrus has released an updated version of its artificial intelligence (AI) powered data analysis software, Quest Marine 2.0, to enable Lloyd’s marine syndicates to remediate their portfolios. Quest Marine is designed to allows re/insurers and brokers to analyse their entire historical portfolio in seconds, using machine learning algorithms that ... Read the full article
Munich Re to continue underwriting coal, reports Reuters
6th July 2018
Reuters has reported that global reinsurance giant Munich Re is to continue underwriting coal business in spite of investor pressure to follow the likes of fellow reinsurers Swiss Re and SCOR. Swiss Re announced recently that is to begin implementing its thermal coal policy first announced in June 2017, which sees ... Read the full article
Neon appoints Bill Bevan as Senior Underwriter for bloodstock & livestock division
6th July 2018
Re/insurance specialist Neon has announced the appointment of Bill Bevan as Senior Underwriter for its bloodstock and livestock division, effective immediately. Bevan joins with over 30 years’ experience from Tokio Marine Kiln Syndicate 510 where he worked as an equine Underwriter, writing a global bloodstock and equestrian portfolio. He will report ... Read the full article
Tax reforms to restore underwriting profitability in U.S. P&C industry: S&P
6th July 2018
Federal tax reform has emerged as a key variable in revenue growth and profitability as the U.S Property & Casualty market looks set to return to underwriting profitability for the first time since 2015, according to S&P Global Market Intelligence. A recent report by S&P identified various factors that were supporting ... Read the full article
CNA Hardy appoints Rhonda Buege Head of new Specialty unit
6th July 2018
CNA Hardy, a UK specialist commercial re/insurer, has appointed Rhonda Buege as Head of its new augmented Specialty Business Unit, effective immediately. The new business unit will comprise all existing Healthcare and Specialty line products across both company and Lloyd’s platforms. Buege has 20 years’ experience in the industry, joining CNA’s Healthcare ... Read the full article
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