Reinsurance News
Aspen warns of $340mn underwriting loss in Q3 on back of hurricanes
17th October 2017
Aspen Insurance has revealed pre-tax losses from Hurricanes Harvey, Irma and Maria of $310 million, net of reinsurance and reinstatement premiums. The Mexican earthquakes and other loss events contributed to an additional $50 million in pre-tax losses, net of reinsurance and reinstatement premiums. Aspen's reinsurance segment was hit with the majority of ... Read the full article
Willis appoints Neil Irwin to leader of CEEMEA
17th October 2017
Willis Towers Watson has appointed industry veteran Neil Irwin to a Dubai-based role as leader of the Central and Eastern Europe, Middle East, and Africa (CEEMEA) region. In his new role, he will assume leadership of a diverse and high-growth region with around 2,300 colleagues in more than 40 countries, as ... Read the full article
Argo estimates Q3 cat losses of up to $110 million
17th October 2017
Specialty insurer and reinsurer, Argo Group International Holdings, Ltd., has announced estimated catastrophe losses for the third-quarter of 2017 of between $85 million and $110 million, pre-tax and net of reinsurance, reinstatement premiums and expected profit commissions. The reinsurer attributes much of the loss to hurricanes Harvey, Irma, and Maria, as ... Read the full article
Hiscox Re and ILS looks to narrow flood protection gap with FloodXtra
17th October 2017
In an effort to address the flood protection gap (disparity between economic and insured losses post-event), Hiscox Re and ILS has launched FloodXtra, a new solution for U.S. personal lines flood insurers. The flood protection gap in the U.S. was highlighted recently by hurricanes Harvey and Irma, a reminder to the ... Read the full article
James River Group pegs Harvey, Irma, Maria loss at $10 million
16th October 2017
Bermuda-based insurance holdings company, James River Group Holdings, has put its pre-tax losses from the combined impacts of hurricanes Harvey, Irma and Maria in the third-quarter, at an estimated $10 million. The estimation is net of reinsurance and reinstatement premiums, and the company notes that the approximate $10 million figure is ... Read the full article
Up to 15,000 structures worth nearly $14 billion at risk from Cali wildfires: RMS
16th October 2017
RMS estimates economic losses for the still raging California wildfires will range from $3 billion to $6 billion, but fire progression perimeters show total exposures from the California wildfires could reach as much as 15,000 structures worth around $14 billion. The fires ignited on October 8th and 9th and have since burned ... Read the full article
Milliman & MicroInsurance Centre announce merger
16th October 2017
MicroInsurance Centre (MIC) has joined global consulting and actuarial firm, Milliman, in a move to accelerate and expand the firms' microinsurance reach and capabilities. The transaction aims to accelerate MIC's progress towards the goal of generating access to microinsurance products for 3 billion low-income people globally, and expands Milliman's capacity for ... Read the full article
Megan Hodge joins TigerRisk as Partner & Head of Client Strategy
16th October 2017
Reinsurance brokerage, TigerRisk Partners LLC, has announced that Megan Stewart Hodge has joined the firm as a Partner and as Head of Client Strategy, a newly created role. In her new role, Hodge will be responsible for optimising the value TigerRisk provides for its clients, through a holistic approach that incorporates ... Read the full article
National General puts pre-tax losses from hurricanes at up to $65 million
16th October 2017
National General Holdings Corp. estimates that its third-quarter 2017 results will be impacted by up to $65 million, pre-tax, as a result of hurricanes Harvey, Irma, and Maria. Numerous insurers and reinsurers have now announced their estimated share of the losses from hurricanes Harvey, Irma, and Maria, which battered parts of ... Read the full article
Re/insurance solutions evolve to cover intangible corporate assets: Swiss Re
16th October 2017
Re/insurance product development and innovation around data and data analytics have expanded the scope of solutions from tangible to intangible assets, to cover a wider range of threats and improve corporate risk management, according to Swiss Re's latest sigma study. Companies are increasingly using novel insurance solutions to protect earnings, reduce ... Read the full article
County Hall Insurance renews reinsurance placement through Lloyd’s
16th October 2017
County Hall Insurance Company, Inc. has completed the renewal of its reinsurance placement via the specialist Lloyd's of London insurance and reinsurance marketplace. County Hall provides liability for trucking exposures across the U.S., which it describes as a "dependable and simple solution for most transportation liability needs." The firm offers primary auto ... Read the full article
LMA shows support for Ogden rate reforms
16th October 2017
The Lloyd's Market Association (LMA) has expressed its support of reforms surrounding the personal injury discount rate in the UK, known as the Ogden rate, in a written letter to the Justice Committee. At the beginning of the year the Ogden rate was cut to -0.75%, a move that took many ... Read the full article
Risk Cooperative gains Lloyd’s coverholder status
16th October 2017
Risk Cooperative, a specialized insurer with a proprietary cyber insurance facility with up to $10 million in stand-alone cyber insurance cover, has gained Lloyd's of London coverholder status. Risk Cooperative brings middle market customers and channel partners fast access to customizable cyber insurance solutions, working with a wide range of insurance ... Read the full article
Willis names Gianmarco Tosti country head of Italy
16th October 2017
International insurance and reinsurance industry broker, Willis Towers Watson, has named Gianmarco Tosti as the firm's new country head of Italy, effective January 1st, 2018. Tosti will based in Milan, and will assume the role as Head of Corporate Risk and Broking for Italy, and replaces Guido de Spirit, who is to ... Read the full article
Hurricane Nate insured losses will not exceed $500 million: RMS
16th October 2017
U.S. insured losses associated with wind and coastal flooding from Hurricane Nate, which struck the U.S. Gulf Coast as a category 1 storm on October 8th, are expected to reach a maximum $500 million, according to RMS estimates. This estimate includes property damage and business interruption from wind and coastal flooding ... Read the full article
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