Reinsurance News
Cyber risk a growing concern for D&O re/insurers, Airmic report finds
7th November 2018
Cyber risk is a growing concern for Directors and Officers (D&O) liability re/insurers as business models continue to increasingly integrate and revolve around technology, according to a new report published by Airmic with support from Marsh and AIG. Airmic found that the frequency of cyber-attacks has continued to rise dramatically, with ... Read the full article
RSG Underwriting Managers to combine MGU teams
7th November 2018
RSG Underwriting Managers, LLC (RSGUM), a subsidiary of Ryan Specialty Group (RSG), has announced that it plans to combine two of its Managing General Underwriter (MGU) teams, EmergIn Risk and ThinkRisk, under the EmergIn Risk brand. RSGUM said that uniting the teams will allow it to provide deeper underwriting expertise, broader ... Read the full article
CNA to utilise CyberCube’s risk modelling and analytics platform
7th November 2018
Cyber risk analytics firm CyberCube has announced that CNA, one of the largest U.S commercial property and casualty (P&C) insurance companies, has signed an agreement to use its cyber insurance risk modelling and analytics platform. CyberCube’s platform combines single risk underwriting and aggregation modelling to help insurers measure the financial impact ... Read the full article
Petya cyber industry loss passes $3bn driven by Merck & silent cyber: PCS
7th November 2018
The insurance and reinsurance industry loss caused by the Petya / NotPetya cyber attack continues to creep northwards and shows that these types of cyber events are driven more by silent losses than affirmative. According to Property Claim Services (PCS) the total industry loss from the Petya / NotPetya cyber attack ... Read the full article
AIG winds down underwriting linked with Iran to comply with U.S. sanctions
7th November 2018
Insurance giant American International Group (AIG) has said that it is winding down all underwriting activities in Iran, that was undertaken by Validus and AIG entities, due to the imposition of U.S. sanctions against the country. AIG acquired the Validus global insurance and reinsurance business recently and it included some underwriting ... Read the full article
Gallagher acquires UK property broker Vasek Insurance
7th November 2018
Gallagher, the global re/insurance brokerage and risk management services firm, has acquired a controlling interest in Purple Bridge Group Limited, the holding company of UK specialist property insurance provider Vasek Insurance Services Limited. The deal includes Vasek’s appointed representative Insurance My Villa, as well subsidiary brands including Unoccupied Direct, although no ... Read the full article
James River appoints two new Board members
7th November 2018
Bermuda-based insurance holdings company James River Group Holdings has announced the appointments of Christopher L. Harris and Sundar Srinivasan to its Board of Directors. Harris and Srinivasan have also been appointed to the Board of Directors’ Audit Committee and Investment Committee, respectively. Harris has 25 years’ experience in the global re/insurance industry ... Read the full article
Australia looks to cyclone index insurance for agriculture
7th November 2018
Farmers, insurers and researchers in Queensland, Australia have been working together on a new project to offer a more affordable alternative to multi-peril crop insurance, using index insurance to protect against natural disasters like cyclones. The project has been developed as part of the state government’s Drought and Climate Adaptation Program ... Read the full article
UK’s insurance continuity issues do not threaten EU financial stability: EIOPA
7th November 2018
UK insurance companies that have not yet developed a sufficient contingency plan to ensure service continuity in the event of a ‘no deal’ Brexit do not pose a significant risk to the financial stability of the European Union (EU), according to The European Insurance and Occupational Pensions Authority (EIOPA). A report ... Read the full article
Munich Re closes on full-year profit target after less profitable Q3
7th November 2018
Reinsurance giant Munich Re has nearly reached its full-year profit target for 2018 after the first nine months of the year, however its Q3 results were hit by catastrophe losses and profitability was boosted by reserve releases during the period. Munich Re has reported profit of €2,038m for the first nine ... Read the full article
Argo broker survey identifies most pressing re/insurance shortfalls
6th November 2018
A survey of brokers and the small and medium-sized businesses (SMEs) they serve, conducted by global specialty re/insurer Argo Group International Holdings, Ltd., has identified cybercrime, climate change, and talent retention as among the areas where re/insurance is most likely to fall behind. For example, Argo found that 71% of brokers ... Read the full article
Seguros SURA Colombia implements Guidewire’s insurance solutions
6th November 2018
Seguros SURA Colombia, the largest insurer in Colombia, has revealed that it is in the process of rolling out Guidewire Software’s InsuranceSuite solutions across all of its lines of business. SURA said that it plans to use Guidewire’s InsuranceSuite, Client Data Management, Rating Management, and Reinsurance Management solutions for underwriting, policy ... Read the full article
Re/insurance will cover almost a quarter of $17bn Florence losses, says NC Governor
6th November 2018
Private insurance and reinsurance is expected to cover $4.6 billion of the estimated $16.7 billion in economic losses caused by Hurricane Florence in North Carolina, according to state Governor Roy Cooper. Initial estimates indicate at least $2.5 billion of potential federal aid and $0.8 billion will also go towards funding losses ... Read the full article
Insurance penetration growing, but poorest more vulnerable than ever, report finds
6th November 2018
Insurance cover in emerging markets is steadily increasing, but climate change and extreme weather events are exposing the poorest and most vulnerable to risk as never before, according to the 2018 State of Microinsurance report from the Microinsurance Network. The report found encouraging signs of insurance uptake in some markets, with ... Read the full article
Ping An remains focused on domestic market growth potential
6th November 2018
Ping An Insurance, China’s largest insurer by market value, remains focused on maximising its opportunities for growth in the domestic market and CEO Peter Ma said that he doesn't foresee any major overseas acquisitions. In an interview with the Financial Times, Ping An CEO Peter Ma said that the Chinese domestic ... Read the full article
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