Reinsurance News
KCC releases $2.5bn insured loss estimate for Hurricane Florence
17th September 2018
Insured losses resulting from Hurricane Florence, which has battered North and South Carolina with strong winds and intense rainfall since making landfall on Thursday night, are expected to total just $2.5 billion, according catastrophe modeller Karen Clark & Co. (KCC). KCC’s estimate, which is based on the firm’s high-resolution U.S Hurricane ... Read the full article
Thomas Miller to acquire Zeller Associates insurance operations
17th September 2018
Thomas Miller, an international insurance services provider, has announced that it has agreed to purchase the Managing General Agency and Insurance Services operations of specialist insurance services group Zeller Associates. Zeller Associates mainly provides risk related and insurance services for shipping, trade and transport, but also focuses on other specialist areas ... Read the full article
Florence losses will be comfortably absorbed by P&C sector: Moody’s
17th September 2018
Insured losses resulting from Hurricane Florence may dampen third-quarter earnings but will generally be comfortably absorbed by the property and casualty (P&C) re/insurance sector, with no foreseeable impact on the overall pricing environment, according to Moody’s. Hurricane Florence made landfall as a Category 1 storm in North Carolina on Thursday night, ... Read the full article
HDI bolsters underwriting team with appointment of RSA’s Tanya Patel
17th September 2018
Primary commercial specialists HDI Global SE has announced the appointment of Tanya Patel to the role of Underwriter. Patel will be responsible for underwriting a range life science risks including pharmaceuticals, medical products and devices, chemicals and clinical trials. She joins from RSA where, following participation on the insurer’s underwriting graduate scheme, ... Read the full article
Sedgwick integrates Cunningham Lindsey marine division
17th September 2018
Sedgwick has expanded its global marine practice through the integration of both Sedgwick and Cunningham Lindsey’s marine divisions, following the completion of its acquisition of Cunningham Lindsey in April 2018. Sedgwick said that the integration would continue to strengthen the claims services and solutions of its marine practice, which currently ... Read the full article
BMS expands Energy division with four new hires
17th September 2018
Specialist insurance and reinsurance broker BMS Group Limited (BMS) has expanded its Energy division with the appointment of four new team members, who will join in January 2019 and report to James Chicken, Managing Director of Energy. Lynsey Green joins BMS from JLT, where she focused on North American Energy clients. ... Read the full article
Hurricane Florence floods Carolinas with record rainfall
17th September 2018
Hurricane Florence has brought record-breaking levels of rainfall to the Carolinas since making landfall on Thursday night, with analysts at catastrophe modelling firm Risk Management Solutions (RMS) estimating that some areas may experience rainfall exceeding a 1,000-year return period. Florence continued to batter the North and South Carolina coasts over the ... Read the full article
Japan’s Insured loss from Typhoon Jebi as high as $5.5bn, estimates RMS
17th September 2018
Typhoon Jebi, which hit Japan earlier this month, is expected to inflict between $3 billion and $5.5 billion (¥340 to ¥620 billion) in insured losses, according to the latest estimate from catastrophe risk modeller RMS. Approximately 80% of the loss is said to have come from the Kansai region, where Jebi ... Read the full article
Verisk to offer aerial catastrophe imagery via Geomni
17th September 2018
Data analytics provider Verisk has announced that it plans to offer its customers free access to high-resolution aerial imagery following major loss events via Geomni, a Verisk business with a database of address- and location-based property analytics. Geomni will provide online access to before-and-after imagery of structures and properties inside a ... Read the full article
U.S. commercial auto remains problematic: Fitch
17th September 2018
In a report by Fitch Ratings that examined recent commercial auto performance and market share movement for the largest U.S. commercial auto writers, only four of the top 15 companies reported overall underwriting profitability in the last five years. However, most of the largest underwriters displayed moderate improvement in results, with 10 ... Read the full article
SCOR negotiating sale of Rehalto subsidiary to Workplace Options
17th September 2018
French reinsurance giant SCOR has announced that it is in exclusive negotiations with the employee support services provider Workplace Options concerning a worldwide distribution partnership agreement and the sale of SCOR Global Life’s employee wellness solutions subsidiary, Rehalto. A partnership with Workplace Options would enhance SCOR Global Life’s global offering of ... Read the full article
Companies that don’t embrace change face irrelevancy: Ed CEO Steve Hearn
14th September 2018
Companies that fail to embrace new dynamics and “Continue to peddle the old model” will ultimately become redundant, says Steve Hearn, Chief Executive Officer of the London and global insurance and reinsurance brokerage, Ed. In a conversation at the Reinsurance Rendez-vous with Hearn and Kieran Angelini-Hurll, CEO of Reinsurance at Ed, ... Read the full article
Reinsurers acknowledge flatter pricing cycle: J.P. Morgan
14th September 2018
After speaking with reinsurance market participants at the annual meeting of the industry in Monte Carlo recently, analysts at J.P. Morgan believe there is a "widening acknowledgement that a flatter pricing cycle has emerged". During a prolonged soft market cycle, discussions at previous Monte Carlo conferences had often focused on pricing pressures ... Read the full article
Fidelis announces key appointments as Bermuda CEO Ben Savill departs
14th September 2018
Fidelis Insurance, the privately owned Bermuda-based holding company, has announced a series of key role changes including the replacement of Ben Savill as Bermuda Chief Executive Officer. The announcement comes as Fidelis strengthens restructuring its business along four pillars: Bespoke, Reinsurance, Partnerships and Specialty. Hinal Patel, Group Chief Financial Officer, will lead ... Read the full article
Just 15% – 20% of Florence exposure might be passed to reinsurers: Analysts
14th September 2018
Examining the distribution of losses from 2017 hurricanes, combined with looking at the market structure and penetration, the National Flood Insurance Program (NFIP) and state windstorm pools, suggests reinsurers might only assume 15% to 20% of the hurricane Florence exposure, based on a $10 billion insured loss. As the storm continues ... Read the full article
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