Reinsurance News
Large 2017 releases question reserve adequacy across many lines: KBW
24th April 2018
Keefe, Bruyette & Woods (KBW) has reported that reserve releases in 2017 were much higher than expected, particularly in property & casualty (P&C) and workers compensation lines, calling into question the current reserve adequacy of many business lines and compromising underwriting results. KBW observed that at year-end 2017, the P&C industry’s ... Read the full article
BMS expands new energy division with appointments of Divisional Directors
24th April 2018
BMS Group Limited, an independent specialist insurance and reinsurance broker, has appointed Kristina Juul and Richard Force as Divisional Directors in its energy broking division, which was launched in February 2018. Both Juul and Force will report to James Chicken, the newly appointed Managing Director of the energy division, who ... Read the full article
10 years of catastrophes cost Canadian re/insurers $17.4bn: CatIQ
24th April 2018
April 2018 marked the month that Canada exceeded 100 catastrophes over the span of a decade, with combined losses estimated to have cost the Canadian re/insurance industry around CAD $17.4 billion (USD $13.6 billion). Catastrophe Indices and Quantification, Inc. (CatIQ), Canada’s loss index provider, stores insured loss catastrophe data back to ... Read the full article
Castel upgrades Weald Risk Partners to standalone underwriting business
24th April 2018
Castel Underwriting Agencies Limited, part of Barbican Insurance Group, has upgraded Weald Risk Partners, originally a division within the Castel Specialty portfolio, to a standalone underwriting cell. Weald Risk Partners, which will underwrite on the Castel club-style managing general agent (MGA) formation platform, writes forestry physical damage business internationally. The cell will ... Read the full article
Lloyd’s commences hiring process for post-Brexit Brussels subsidiary
24th April 2018
Lloyd’s has announced that it has started the process of hiring staff for its new Brussels subsidiary, in preparation for a January 2019 launch date, according to Lloyd's Chief Executive Officer (CEO) Inga Beale. Current vacancies include a number of roles across finance, operations, compliance, HR, and underwriting, all of ... Read the full article
Somerset Re appoints AXA’s Joshua Braverman as Chief Investment Officer
24th April 2018
Bermuda domiciled reinsurer, Somerset Reinsurance Ltd., has named Joshua Braverman as its new Chief Investment Officer (CIO) and as a member of its executive leadership team, taking overall responsibility for the company's asset management activities. The appointment also sees Braverman chair Somerset Reinsurance's Investment and Investment Advisory Committees, and he will ... Read the full article
Robust reinsurance use to support profitable 2018 for Australian P&C insurers: S&P
24th April 2018
Australian property and casualty (P&C) insurers are expected to record solid returns in 2018, aided by a combination of prudent risk management and comprehensive reinsurance utilisation, both of which offset the impacts of 2017 catastrophe events, according to Standard & Poor's (S&P). Despite the impacts of 2017 catastrophe events driving higher ... Read the full article
Munich Re forecasts €800m profit for first-quarter 2018
24th April 2018
Global reinsurance player Munich Re has said it forecasts a profitable first quarter in 2018, with a consolidated result of more than €800 million anticipated. Munich Re had recently lifted its profit guidance for 2018 slightly over the prior year, forecasting better results thanks to improved reinsurance pricing conditions, along ... Read the full article
Munich Re backs InsurTech start-up on AI-driven online sales security
23rd April 2018
Munich Re has tested and re/insured the security algorithm of German-Israeli InsurTech start-up Fraugster, which uses artificial intelligence (AI) technology to instantaneously check whether online payment transactions are fraudulent. Fraugster’s self-learning algorithm allows online sellers to approve transactions faster and more reliably, which reduces costs and boosts profits by limiting the ... Read the full article
Meteo Protect develops parametric solution following French floods
23rd April 2018
Parametric and weather index insurer, Meteo Protect has launched a new weather insurance product designed for river cruise boats and riverside businesses, which were adversely affected by the extreme precipitation and flooding in France in recent months. From December 2017 to February 2018, France experienced record-breaking levels of precipitation, which led ... Read the full article
Sompo International gains approval for post-Brexit European P&C subsidiary
23rd April 2018
Bermudian property and casualty (P&C) re/insurer Sompo International Holdings (SI) has received the necessary regulatory approvals for the establishment of its new subsidiary, SI Insurance (Europe) (SIIE) in Luxembourg, in preparation for the UK’s departure from the European Union (EU) in 2019. Sompo International Insurance Europe (SIIE) will become operational later ... Read the full article
Australia’s Tathra and Victoria bushfire losses reach $45mn as clean-up begins
23rd April 2018
The Insurance Council of Australia (ICA) has reported that re/insured losses from the Tathra and Victoria bushfires, which struck south-eastern Australia over the 17th and 18th of March 2018, have reached AUD $45 million (USD $35 million), with 1050 claims lodged as the clean-up begins. 65 homes were destroyed by the ... Read the full article
Clyde & Co reveals six insurance team partner promotions
23rd April 2018
Global law firm Clyde & Co has strengthened its insurance division with six partner promotions focused on varied lines of business across its international network. Two of the firm's UK insurance sector partner promotions were in its expanding national casualty insurance unit, and includes the promotion of Tony Cawley in the ... Read the full article
Lloyd’s collaborates with consulting and InsurTech specialists on Innovation Lab
23rd April 2018
Lloyd’s of London, the specialist insurance and reinsurance marketplace, is to collaborate with The Boston Consulting Group (BCG) and innovation and InsurTech specialist, L Marks on the development and operation of its planned technology Innovation Lab. Announced in February, the Lab is set to launch in September 2018 and will ... Read the full article
Alesco appoints Martin Hiller as Chairman of UK Construction team
23rd April 2018
Alesco Risk Management Services has announced the appointment of Martin Hiller as Chairman of its UK Construction team. Hiller joins Alesco from Willis Towers Watson, where he was most recently Head of International Construction within its corporate risk and broking unit. Before this, he spent 10 years at JLT, first as Managing ... Read the full article
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