Reinsurance News
Significant losses expected as Sydney storm brings flash flooding
28th November 2018
Significant insured losses are expected to arise from a storm that hit the city of Sydney, Australia this morning, bringing gale force winds and torrential rain that caused flash flooding and severe disruption. More than 500 Australians have called for emergency assistance following the storm, which also damaged buildings and vehicles, ... Read the full article
Allianz Global Corporate & Specialty partners with insurtech Praedicat
28th November 2018
The Allianz corporate insurance carrier, Allianz Global Corporate & Specialty (AGCS), is partnering with insurtech analytics firm Praedicat to give policyholders access to ChemMeta, a software solution delivering science and regulatory risk analytics for industrial companies. ChemMeta leverages natural language processing and machine learning to “read” and convert high volumes of ... Read the full article
Protectionism a “lose-lose situation”: Swiss Re’s Jerome Haegeli
28th November 2018
Protectionism is a “lose-lose situation” and its impact on both global reinsurance players and policyholders alike is not positive, according to Swiss Re’s Chief Economist Jerome Haegeli. In a recent conversation with Reinsurance News Haegeli spoke positively about the current state of the reinsurance market, but warned against the trend of ... Read the full article
New Nordic places Qudos into liquidation with help of DARAG
28th November 2018
New Nordic Advisors, the investment management company, has placed its wholly-owned insurance subsidiary Qudos Insurance into liquidation, effective immediately. This decision follows a comprehensive review of the insurance company’s position. New Nordic had entered into a number of retrospective reinsurance treaties with legacy specialist DARAG, in order to de-risk Qudos and ... Read the full article
Up to $19bn residential and commercial cost from Cali wildfires: CoreLogic
27th November 2018
As the scope of damage from the California wildfires Camp and Woolsey continues to be assessed, catastrophe risk modeller CoreLogic has updated its total residential and commercial loss estimate to between $15 billion and $19 billion. According to its new property data analysis, losses from the Camp Fire, the most destructive ... Read the full article
Nassau Re secures $200m of new capital for growth, rebranding of core subsidiaries
27th November 2018
Private equity-backed reinsurer Nassau Re has secured an additional $200 million of committed equity from its existing sponsor, Golden Gate Capital, in order to support growth plans currently in place for the company’s fixed annuity and life insurance businesses. Following a rebranding of its core insurance subsidiaries into a single Nassau ... Read the full article
Compass awarded term life product contract by Habito
27th November 2018
London-based firm Compass Underwriting has won the underwriting and service contract to provide term life mortgage cover for Habito, a digital mortgage broker. Underwritten by AIG Life, the policy will match the period of the mortgage and can cover single or joint applicants. It also offers up to 90 days of cover ... Read the full article
Lonham appoints Marsh’s Matt Haywood as Marine Underwriter
27th November 2018
Lonham Insurance Underwriters, a member of the international specialty insurance group Chaucer, has announced the appointment of Matt Haywood as Marine Underwriter. Lonham says this appointment is aimed at expanding its specialist underwriting and claims service to the UK cargo and freight liability market. Haywood brings over 24 years’ experience in the ... Read the full article
Insurtech Bindable gets investment from EPIC, Motive Partners & Wafra
27th November 2018
Insurance technology firm Bindable has received an investment from EPIC Holdings, the corporate parent that oversees all of the investments across the EPIC insurance platform, alongside institutional and private equity specialists. The EPIC platform includes EPIC Insurance Brokers & Consultants as well as program business, MGA/MGU, warranty and insurtech initiatives. In this ... Read the full article
AXA XL partners with France’s Cedre on environmental risk policies
27th November 2018
AXA XL Insurance is to offer new environmental risk services for companies based in France via a partnership with Cedre, an organisation that specialises in helping governments and companies mitigate the impact of ecological incidents. The collaboration with Cedre (Centre de Documentation de Recherche et d’experimentations sur les pollutions accidentelles des ... Read the full article
Marsh granted first captive management licence in Abu Dhabi
27th November 2018
Global re/insurance broker Marsh has been awarded the first licence to provide captive insurance management services in Abu Dhabi. The firm, operating as Marsh Management Services (MENA) Limited, has been authorised by Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA). The AGDM is the international financial centre in the capital ... Read the full article
Arthur J. Gallagher acquires two California-based P&C brokers
27th November 2018
U.S. global insurance brokerage and risk management services firm Arthur J. Gallagher & Co. has expanded its presence in California with the acquisition of property and casualty (P&C) brokers Buckman-Mitchell, Inc. and R.T. Beers & Company Insurance Services, Inc. Buckman-Mitchell is a retail P&C and employee benefits agency and consultant that ... Read the full article
RSA appoints Geoff Jones to lead Specialty and Wholesale division
27th November 2018
RSA Group, one of the largest UK commercial insurers, has announced the appointment of Geoff Jones as Director of its Specialty and Wholesale unit, part of RSA's Global Risk Solutions (GRS) business. Jones, having joined RSA in 2010 following a 15 year career as a solicitor specialising in defendant litigation, currently ... Read the full article
Premiums, profits up for U.S P&C reinsurers: RAA
27th November 2018
A group of 18 U.S. property and casualty (P&C) reinsurance companies recorded $45.4 billion in net premiums written (NPW) during the nine-months ended 30 September 2018, according to a survey conducted by the Reinsurance Association of America (RAA). This figure represents a $11.2 billion increase from this point last year, when NPW ... Read the full article
Campaign aims to attract UK-based businesses to Brussels post-Brexit
27th November 2018
As the prospect of a ‘no-deal’ Brexit continues to incite uncertainty for UK organisations that rely upon a base within the European Union for business, Belgium is attempting to convince firms to to base themselves in its Brussels Capital Region. Backed by the Brussels’ regional government, regional trade associations and industry ... Read the full article
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