Reinsurance News
Flood most significant under-modelled peril for Asia Pacific: Guy Carpenter
2nd November 2018
Flood is the most significant under-modelled peril and of particular concern for the Asia Pacific region, where in excess of $500 billion of GDP is exposed to flood risk every year - the majority of which is not insured - according to a new report by reinsurance broker Guy Carpenter. Furthermore, ... Read the full article
Sompo International announces global partnership with CropTalk
2nd November 2018
Sompo International Holdings Ltd. has announced that it has entered into a strategic partnership with CropTrak™, a provider of technology solutions for the food and agriculture markets. The new partnership is an extension of the 2016 agreement, which resulted in a partnership between CropTrak and ARMtech Insurance Services, a wholly-owned subsidiary of ... Read the full article
Willis Towers Watson names Sales Leader for Corporate Risk & Broking GB Retail business
2nd November 2018
Global insurance and reinsurance broker Willis Towers Watson has hired Adrian Willmott, formerly of Marsh, as Sales Leader of its Corporate Risk & Broking GB Retail business. Willmott will ... Read the full article
‘New realities’ tech presents opportunities for re/insurers: Lloyd’s
1st November 2018
Augmented, virtual and mixed reality technologies are being increasingly used by businesses and will entail a variety of emerging risks that re/insurers can cover, while also allowing them to improve their own products and services, according to a new report by Lloyd’s. Recent estimates suggest that at least 20% of large ... Read the full article
LIIBA CEO outlines key post-brexit challenge
1st November 2018
The Chief Executive of the London and International Insurance Brokers Association (LIIBA), Christopher Croft, has told insurance brokers that the key challenge facing them post-brexit remains the uncertainty around the proposed models for brokers to maintain access to London for European risks. Speaking at a joint LIIBA-Lloyd’s brexit seminar Croft said ... Read the full article
CCRIF makes payout to Trinidad & Tobago after October rains
1st November 2018
CCRIF SPC, a segregated portfolio company owned operated and registered in the Caribbean, announced today that for the second year in a row, Trinidad & Tobago has received a US$2,534,550 payout on its Excess Rainfall (XSR) policy following a period of heavy rainfall in October. Trinidad & Tobago has been a ... Read the full article
Neuberger Berman acquires Cartesian Re & affiliate reinsurer Iris Re
1st November 2018
Private, independent, employee-owned investment manager, Neuberger Berman, has acquired specialist asset manager Cartesian Re and its affiliated reinsurer, Iris Re, expanding its alternative investment platform. Cartesian Re is the insurance-linked securities (ILS) asset management unit of Cartesian Capital Group, and this, alongside the unit's reinsurance and segregated accounts vehicle, Iris Re, have been ... Read the full article
Still negative, but AIG’s Q3 underwriting result improves with reinsurance
1st November 2018
Insurance giant American International Group (AIG) has reported a net, albeit smaller loss in the third-quarter of 2018, of $1.3 billion as a result of significant catastrophe losses. However, the insurer's underwriting loss did narrow year-on-year thanks to reinsurance. AIG's $1.3 billion net loss compares to a $1.7 billion net loss ... Read the full article
Rates must improve as sector struggles to meet cost of capital: Swiss Re CEO
1st November 2018
Reinsurance giant Swiss Re has underlined the need for further rate improvements across the property and casualty (P&C) industry as the sector continues to struggle to earn its cost of capital. Following years of declining rates and a soft market environment, rates in the highly competitive P&C sector increased at the ... Read the full article
Australian insurance industry transitions to new consumer dispute body
1st November 2018
The Australian insurance industry has formally completed its transition from the Financial Ombudsman Service (FOS) to the new Australian Financial Complaints Authority (AFCA), which will now handle external dispute resolution. “The industry believes the establishment of AFCA from the mergers of FOS, the Superannuation Complaints Tribunal and the Credit and Investments ... Read the full article
Arch acquires commercial MGA businesses from Ardonagh for £31m
1st November 2018
Arch Insurance Europe has acquired a series of Ardonagh Group-owned Commercial MGA businesses for a consideration of up to £31 million. The agreement, which is conditional upon performance criteria, will see Arista, Fusion, Towergate Personal Accident and Travel and Towergate Commercial MGA transferred to Arch along with approximately 250 employees from ... Read the full article
Canopius appoints Gabrielle Folliard as Head of Claims
1st November 2018
Global specialty lines re/insurer Canopius has announced the appointment of Gabrielle Folliard as Head of Claims. Folliard joins Canopius from Markel International, where she most recently served as Head of Specialty and Financial Lines Claims. She is due to take up her new role in early 2019 and will report to Laurie ... Read the full article
Willis Towers Watson’s LifeSight outlines new ESG investment strategy
1st November 2018
LifeSight, Willis Towers Watson’s (WTW) UK defined contribution (DC) master trust, has outlined a new Environmental, Social & Governance (ESG) investment strategy, which will see it allocate around half of the Equity investments within the default fund to ESG issues by Q4 2018. WTW said that this is the first master ... Read the full article
RMS launches U.S Inland Flood HD Model
1st November 2018
Catastrophe risk modelling and analytics firm RMS has announced the release of its U.S Inland Flood High Definition (HD) Model, which accounts for all types of inland floods including those induced by both tropical cyclone and non-tropical cyclone rainfall. The model is coupled with the RMS North Atlantic Storm Surge Model ... Read the full article
Cats push Lancashire to Q3 loss, firm eyes specialty line growth in 2019
1st November 2018
Lancashire Holdings Limited has reported a net operating loss of $24.6 million and a combined ratio of 135.2% for the third-quarter of 2018 as a result of catastrophe events. However, the firm remains in positive territory for the first-nine months of the year and sees growth opportunities in 2019. Despite an ... Read the full article
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