Reinsurance News
Generali completes sale of Panama and Colombia operations
16th April 2018
Italian headquartered global insurer Assicurazioni Generali S.p.A. has announced the closing of the sale of both its Panama and Colombia operations, for a consideration of approximately €170 million (US $210mn). Both transactions were originally announced during the second-half of 2017, and are part of the company's strategy to "rationalize its international ... Read the full article
Sompo GRS offers U.S umbrella product to HUB risk purchasing group
16th April 2018
Sompo Global Risk Solutions (GRS) is to offer umbrella insurance on U.S accounts in the commercial real estate and hospitality industries to a new casualty insurance risk purchasing group developed by HUB International Limited (HUB). Sompo GRS, which is a subsidiary of Bermuda-based specialty property and casualty (P&C) re/insurer Sompo International, ... Read the full article
AIG appoints XL Catlin’s Vidovich as Chief Claims Officer
16th April 2018
American International Group (AIG) has announced that Anthony Vidovich, current Head of Claims at XL Catlin, is to become its new Chief Claims Officer, General Insurance. Vidovich will now be responsible for guiding the strategic direction of General Insurance Claims at AIG, overseeing governance and policy, settlement authorities, claims handling, and ... Read the full article
Market transition underway, but who knows if rate firming will persist: Chubb’s Greenberg
13th April 2018
After years of falling rates in the global property and casualty (P&C) industry, prices are starting to firm in some areas in response to 2017 catastrophe events, although it remains unclear just how long the positive rate momentum will last, according to Evan Greenberg, the Chairman and Chief Executive Officer ... Read the full article
Argo Group names Giovanni Tucci as Managing Director of Ariscom
13th April 2018
Argo Group International Holdings has announced the appointment of Giovanni Tucci as Managing Director of the recently acquired Ariscom. Tucci will lead the Italian specialty insurer, which was purchased by Argo in March 2018, from April 30th and will report to Matt Harris, Head of Europe, Middle East and Asia ... Read the full article
EY partners with InsurTech company Concirrus on AI-driven marine solutions
13th April 2018
EY has announced that it will collaborate with InsurTech company Concirrus to support the adoption of behavioural-based underwriting and risk management in marine insurance, using artificial intelligence (AI) powered software. The partnership is intended to help modernise the marine sector’s traditional demographic based underwriting models, which rely on data like the ... Read the full article
Global Risk Partners acquires brokerage Thomas Sagar Insurances
13th April 2018
Global Risk Partners Ltd has announced the acquisition of Thomas Sagar Insurances Ltd (Sagar) for an undisclosed fee, after receiving necessary regulatory approval. Founded 60 years ago, Saga is a Burnley-based chartered insurance broker and the acquisition expands Global Risk Partners northern footprint for retail broking. Mike Bruce, Global Risk Partners Chief Executive Officer (CEO), ... Read the full article
Technology is redefining value chain roles, says Aon Benfield CEO Andersen
13th April 2018
Eric Andersen, Chief Executive Officer (CEO) of reinsurance broker Aon Benfield, has asserted that the integration of increasingly advanced InsurTech and data analytics is reshaping the re/insurance industry value chain and redefining the roles of brokers, insurers, and reinsurers within it. In an interview with A.M. BestTV at the Dubai ... Read the full article
CCR’s profit falls following higher 2017 catastrophe losses
13th April 2018
CCR, a state-backed reinsurer that covers the French insurance market against natural disasters, has published its 2017 results, revealing a challenging year for the company that saw its net profit fall by 68% due to an exceptional tax expense, exacerbated by insured losses of €2.04 billion. Insured losses were up from €1.10 ... Read the full article
LMG launches permanent body to manage London market modernisation
13th April 2018
The London Market Group (LMG) has announced the establishment of a permanent body designed to manage market services, called the London Insurance Market Operations & Strategic Sourcing (LIMOSS). The new body has been launched to both source and manage the portfolio of market services the London insurance and reinsurance market has ... Read the full article
Expected annual severe convective storm losses higher than hurricanes & earthquakes combined: KCC
13th April 2018
Recent analysis from Karen Clark & Company (KCC) that utilises its severe convective storm (SCS) Reference Model shows that the peril is a growing concern for the insurance and reinsurance industry, driving expected annual aggregate losses above the expected insured losses from hurricanes and earthquakes combined. According to KCC analysis, the ... Read the full article
Barbican teams up with cyber specialists on ‘One-Step-Ahead’ resilience product
13th April 2018
Barbican Insurance Group has developed a new cyber resilience product in collaboration with specialists TSC Advantage and FICO, called Barbican Cyber ‘One-Step-Ahead’ (OSA). OSA combines software components, on- and off-site training, and detailed evaluation and recommendation reports to help insured organisations assess and improve their overall cyber security measures. Barbican has structured ... Read the full article
Marsh’s Lay leaves Canada to become CEO of UK & Ireland
13th April 2018
Marsh has announced that Chris Lay is to become Chief Executive Officer (CEO) of its UK & Ireland region and of Marsh Limited, and has appointed Sarah Robson to replace him as President and CEO of Marsh Canada. Lay, who has been with Marsh for 30 years, will relocate back to ... Read the full article
PERILS’ updated IEDs show European windstorm as the biggest exposure
13th April 2018
Catastrophe data loss aggregation and estimation firm, PERILS AG, has released the 2018 update of the PERILS Industry Exposure Database (IED), which shows that the biggest exposure in the industry database is European windstorm. PERILS explains that the updated country IEDs for 2018 have once again been produced from scratch, and ... Read the full article
Asta appoints Laura McMaster as Deputy Chief Actuary
13th April 2018
Asta has announced that it is to strengthen its actuarial capabilities with the appointment of Laura McMaster as Deputy Chief Actuary. McMaster brings 15 years’ actuarial experience to her new position at Asta, and will report to Chief Actuary Richard Barke. She joins Asta from Lane Clark & Peacock, where she served ... Read the full article
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