Reinsurance News
Everest Re adopts Xuber for Reinsurers tech platform
21st November 2017
Bermuda-based global reinsurance firm Everest Re has signed up to adopt the Xuber for Reinsurers platform for all of its global reinsurance subsidiaries. The Xuber for Reinsurers platform was developed by Xchanging, a DXC Technology company, and allows reinsurers to digitalise their processes using a single-data-model and end-to-end business processing platform. Everest ... Read the full article
Palomar Specialty expands U.S. Flex Choice earthquake product
21st November 2017
Palomar Specialty has expanded its innovative Flex Choice residential earthquake product that allows customisation of residential earthquake cover to specific needs into Arkansas, Tennessee, Kentucky, Illinois, Indiana, and Utah. Flex Choice offers a variety of coverage alternatives and deductible options for homeowners and is distributed through independent agents and wholesale brokers. "Palomar ... Read the full article
PartnerRe seeks license to write reinsurance onshore in China
21st November 2017
Bermuda-headquartered reinsurance firm PartnerRe is looking to gain more seamless access to business from China, as it seeks a license to underwrite reinsurance onshore in the country. <PartnerRe has been underwriting reinsurance in China, as an offshore reinsurer, for more than 25 years. But the firm recently sent its U.S. arm, ... Read the full article
Schiavone succeeds Guffey as head of Alternative Risk Transfer, Allianz
21st November 2017
Paul Schiavone has been appointed to Global Head of Alternative Risk Transfer (ART) business at Allianz, set to replace Bill Guffey who is leaving the firm. Based in New York, Schiavone will head up ART's tailor-made solutions development for corporate, industrial and financial clients facing unusual or complex risks, including specialty insurance fronting ... Read the full article
Not a fun year for reinsurance, general price turn expected: Kurt Karl, Swiss Re
21st November 2017
2017 has not been a fun year for profitability in the reinsurance industry, according to Swiss Re's Chief Economist Kurt Karl, who said this morning that his company expects to see price hardening, particularly in the United States and loss affected areas but also more generally across the industry. Speaking this ... Read the full article
China to reverse protectionist stance on foreign ownership of financial firms
21st November 2017
In a reversal of its protectionist policies China plans to ease restrictions on foreign ownership of financial institutions, opening up vast opportunities for global reinsurers to enter the world's fastest-growing life insurance market. The Chinese State Council has committed to relax or end limits on foreign participation in commercial banking, distressed-asset ... Read the full article
Sompo International sets up EU HQ in Luxembourg as Brexit response
21st November 2017
Bermuda based specialty insurance and reinsurance firm Sompo International, which was formerly named Endurance, is preparing for a post-Brexit world with the establishment of a new European headquarters in Luxembourg. Sompo International is setting up a new entity registered in Luxembourg, SI Insurance (Europe), which will underwrite both insurance and reinsurance ... Read the full article
Hiscox underwriters told to push for price rises, even if top line shrinks
21st November 2017
Underwriters at insurance and reinsurance firm Hiscox have been told by senior management that they must push for price rises, following recent major catastrophe losses, even if it is at the expense of top line. Hiscox has been among the most bullish in pushing for price increases across insurance and reinsurance ... Read the full article
Everest Re CEO Dominic Addesso has contract extended to end of 2019
20th November 2017
Bermuda headquartered reinsurance specialist Everest Re Group, Ltd. has announced that its Chief Executive Officer Dominic Addesso will be staying on right through 2019, after having his contract extended. Everest Re said that the firm's employment agreement with Dominic J. Addesso, President and Chief Executive Officer, is going to be extended ... Read the full article
Florida’s AOB issue less of a problem with hurricane Irma: Citizens
20th November 2017
Jennifer Montero, the Chief Financial Officer (CFO) of Florida's insurer of last resort, Citizens Property Insurance Corporation (Citizens), has said that the region's assignment of benefits (AOB) problem isn't as much of an issue with hurricane claims. In recent times, Florida has suffered from an insurance claims abuse epidemic, known as ... Read the full article
Advantage Insurance appoints new CFO, adds new Board member
20th November 2017
Advantage Insurance Inc. has announced the appointment of Tamara K. Kravec as its new Chief Financial officer (CFO), as well as the addition of Colin Devine to its Board of Directors. Kravec will have responsibility for the firm's financial reporting, corporate development, corporate strategy, treasury, and also investor relations activities. She has ... Read the full article
Prime Holdings gets approval to write specialty lines in New Hampshire & Rhode Island
20th November 2017
Prime Holdings Insurance Services' subsidiary, Prime Insurance Company (Prime), has received approval to write specialty lines insurance coverage in New Hampshire and Rhode Island. "We are thrilled to have received authorisation to conduct business in the states of New Hampshire and Rhode Island," said Rick Lindsey, President, Chairman, and Chief Executive ... Read the full article
Sompo Canopius releases new drilling well sidetrack product
20th November 2017
Sompo Canopius has launched a new drilling well sidetrack (DWST) product that responds to the specific needs of upstream energy clients, providing cover for a range of critical well scenarios that are typically not covered under standard well control policies. The DWST cover will mitigate well cost escalation that occurs if ... Read the full article
MSK & Hannover Re unit partner for actuarially sound cyber risk pricing
20th November 2017
German actuarial specialists Meyerthole Siems Kohlruss (MSK) and E + S Rück, the German unit of global reinsurance giant Hannover Re, are partnering to develop tools to assist with pricing of cyber risks. In a two-pronged partnership, the pair are developing a pricing model for cyber risk underwriting as well as ... Read the full article
Aspen expects significant rate increases, 20%+ in loss-affected lines
20th November 2017
Aspen Insurance Holdings Limited (Aspen) has said that it expects to see rate increases of up to 20% and higher in reinsurance lines and up to 20% in primary lines of business, following market dislocation after high levels of catastrophe losses in the third-quarter of this year. Insurer and reinsurer Read the full article
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