Reinsurance News
Reinsurance sector consolidation to continue: Fitch
12th September 2018
Global ratings agency Fitch is anticipating further consolidation across the reinsurance industry, driven by intense market competition and capital levels, alongside a lack of scale and diversification amongst smaller players. Fitch explains that marginalised firms that are under increasing pressure in a highly competitive operating landscape are being pushed to explore ... Read the full article
The cycle has “disappeared,” says SCOR’s Denis Kessler
11th September 2018
Denis Kessler, Chairman and Chief Executive Officer (CEO) of French reinsurance giant SCOR, has said that it is his “strong conviction” that the reinsurance pricing cycle has “disappeared” and is unlikely to return. Speaking during a debate on the third day of the Reinsurance Rendezvous event in Monte Carlo, Kessler acknowledged ... Read the full article
RMS names Neil Isford EVP, Sales & Client Development
11th September 2018
Catastrophe risk modeller RMS has announced the appointment of Neil Isford to the role of Executive Vice President (EVP), Sales & Client Development, reporting to Chief Executive Officer (CEO), Karen White. Isford will be tasked with overseeing all aspects of client development, sales and consulting at RMS, and will also join the company's Executive Committee ... Read the full article
Companies that have embraced tech will be well placed for the future: Faries, Tokio Millennium Re (Bermuda)
11th September 2018
Reinsurance companies that have started to adjust their operations and that have embraced the rise of technology are positioning themselves well for the future, according to the Head of the Bermuda branch of Tokio Millennium Re AG (TMR), Kathleen Faries. Reinsurance News recently spoke with Faries to discuss trends in the ... Read the full article
Blockchain not understood by enough insurers: PwC
11th September 2018
Blockchain is not understood by a sufficient number of insurers and is therefore obstructing its progression, says PwC in a new report. The firm says that, while blockchain is proving an excellent system for transparent, real-time customer experience for early adopters, the gains will be greatest if insurers focus their experimentation ... Read the full article
RenaissanceRe and TigerRisk complete data transfer POC with Piprate
11th September 2018
RenaissanceRe and TigerRisk Partners have successfully completed a commercial Proof of Concept (POC) with Piprate, a blockchain-based data exchange platform for the insurance industry. Piprate said that its blockchain technology and proprietary data model allow data to be shared in a more secure and efficient way than established solutions, with transparency ... Read the full article
Tullett Prebon launches Insurance-linked note platform
11th September 2018
Tullett Prebon, part of TP ICAP Group, the world’s largest interdealer broker, has announced the launch of its Insurance Linked Notes (ILN) platform - a new issuance and trading platform initially featuring catastrophe industry-loss instruments that will be fully-securitised The company cites record levels of cat bond issuance and other Insurance-Linked Securities as ... Read the full article
XL Catlin launches new space insurance solution for satellite and launch exposures
11th September 2018
Global insurer and reinsurer XL Catlin has announced the launch of a new seamless, single policy space insurance coverage for satellite owners, manufacturers and launch providers. The new solution covers all satellite and launch vehicle physical damage exposures from pre-launch to launch activities, through deployment of the spacecraft in orbit, explains ... Read the full article
Further cat losses may impact casualty and specialty lines: JLT Re’s Harrison
11th September 2018
While property catastrophe lines of reinsurance would likely prove resilient to a second consecutive year of heavy catastrophe losses, casualty and specialty lines might feel the impact more severely, according to Keith Harrison, Chief Executive Officer (CEO) for UK & Europe at JLT Re. Both traditional reinsurers and alternative capital markets ... Read the full article
U.S run-off carrier ProTucket launches first cell, funded by Swiss Re
11th September 2018
Pro U.S Holdings has made a capital contribution of $35 million to its subsidiary ProTucket Insurance Company, a U.S insurance carrier that provides run-off transfer solutions in the U.S, with funding obtained from Swiss Re. The capital injection was provided to allow ProTucket to meet the minimum capital requirements for it ... Read the full article
Aon addresses silent cyber with $350m reinsurance solution
11th September 2018
Global re/insurance broker Aon has announced the launch of a new reinsurance solution, backed with $350 million capacity, designed to help carriers navigate the consequences of silent cyber. Silent cyber can occur when other types of insurance or reinsurance products fail to explicitly exclude cyber risks, which could result in an ... Read the full article
Hurricane Florence could cause insured losses of $20bn, says RMS
11th September 2018
Insured losses from Hurricane Florence, the Category 4 storm currently bearing down on the U.S east coast, could cause insured losses of between $15 billion and $20 billion, according to catastrophe modeller Risk Management Solutions (RMS). Meanwhile, data analysis from CoreLogic shows that storm surge damage from Florence could threaten 758,657 ... Read the full article
Increasing pressures challenging the MGA model: Guy Carpenter’s Vicky Carter
11th September 2018
As pressures mount, the Managing General Agent (MGA) sector must lead the market for process enhancement and generate clear value rather than remaining another link in the distribution chain if it is to remain prosperous moving forward, according to Vicky Carter, Vice Chairman – Global Strategic Advisory, Guy Carpenter. Carter said ... Read the full article
Bermuda leading a “ReinsurTech revolution,” say industry experts
11th September 2018
Bermuda could spark a “ReinsurTech revolution” by combining its existing InsurTech capabilities with the island’s reinsurance expertise and regulations, according to panellists at an industry roundtable hosted by AdvantageGo, the commercial re/insurance software platform from NIIT Technologies. Experts agreed that Bermuda’s business environment is more accommodating to innovation than any other ... Read the full article
Lancashire appoints two to replace Sylvain Perrier
11th September 2018
Lancashire Holdings Limited has announced the appointment of James Irvine as the Chief Underwriting Officer (CUO) for Lancashire Insurance Company Limited in Bermuda, effective October 1st, 2018. At the same time, the firm has announced that Ben Readdy has been appointed as Group Chief Actuary for Lancashire Holdings Limited, effective January ... Read the full article
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