Reinsurance News
Industry-first platform developed by IBM & MetLife to enhance insurers capabilities
11th October 2017
IBM has partnered with MetLife to develop a new platform for the global insurance industry on the IBM Cloud, designed to improve both the process and economics for product development, as well as enhancing underwriting and benefits delivery. The new, industry-first platform aims to assist insurers expansion into new products and ... Read the full article
Global losses from cyber attacks could reach $6 trillion, warns FBI’s former cyber head
11th October 2017
Annual, global losses from cyber attacks could reach as much as $6 trillion as the world continues to become more interconnected via advanced technology, such as the Internet of Things, according to cyber risk expert and former head of the FBI's cyber unit, James Trainor. Addressing an audience at the 2017 ... Read the full article
CelsiusPro & Aon Benfield extend partnership for weather risk solutions
11th October 2017
Swiss Insurtech firm CelsiusPro and Aon Benfield have renewed their partnership of data analysis and solution design for climate related risks. CelsiusPro specialises in offering parametric insurance solutions and weather derivatives to mitigate the risks of adverse weather and natural disasters, and since 2013 has provided Aon Benfield with risk analysis ... Read the full article
Bermudian re/insurers to fund $25bn+ of Harvey, Irma, and Maria loss: ABIR
11th October 2017
The Bermuda insurance and reinsurance market could payout $25 billion or higher of the estimated $100 billion in aggregate insurance and reinsurance losses from hurricanes Harvey, Irma, and Maria, according to the Association of Bermuda Insurers and Reinsurers (ABIR). Bermuda, a global hub for insurance, and both traditional and alternative reinsurance ... Read the full article
U.S. property cat reinsurance pricing to shift after recent events: Munich Re’s Steve Levy
11th October 2017
Over the last year or so some segments of the U.S. reinsurance market have shown signs of stabilisation in a prolonged softened market, that's underlined by ample capacity and persistent rate declines. And, after the impacts of recent hurricanes in the U.S., Munich Re's Steve Levy expects pricing trends to ... Read the full article
Hiscox names Markham as CEO of London Market business
11th October 2017
Insurance and reinsurance firm Hiscox has named an existing employee, Kate Markham, to the newly created position of CEO of its London Market business. The move, which is subject to regulatory approval, sees Hiscox positioning itself to be ready for market changes and modernisation in the London insurance and reinsurance market. In ... Read the full article
Mutual Reinsurance Bureau selects new President & CEO
11th October 2017
Mutual Reinsurance Bureau's (MRB) Board of Directors has announced that John W. Meyers III will replace Timothy Dorr as the firm's next President and Chief Executive Officer (CEO). Meyers joins the company from Safety National Reinsurance, where he most recently served as Vice President of Treaty Underwriting. He replaces Dorr, who is ... Read the full article
MENA offers reinsurers attractive diversification opportunities
10th October 2017
The Middle East and North Africa (MENA) region remains attractive as a source of re/insurance expansion due to continued liberalisation opening up further market opportunities, as well as the benefits of diversification options, with less natural catastrophe exposures than more established markets, according to A.M. Best. Natural catastrophe events exposure is ... Read the full article
Betterview clients able to assess historical weather data via Understory partnership
10th October 2017
InsurTech drone start-up, Betterview, has announced that it will integrate Understory, Inc.'s historical weather data into its UAV software platform. Insurance and reinsurance companies use Betterview's software and services to analyse data for buildings and properties, via drone technology. By integrating Understory's historical weather data into its UAV software, Betterview's clients will ... Read the full article
Zurich Insurance backs specialty Rural insurer in £41m deal
10th October 2017
Zurich Insurance will provide £41 million worth of capacity for specialist agricultural insurer, Rural Insurance, in a five-year deal that will see Zurich replace XL Catlin as Rural's primary capacity provider. The deal will provide back up reinsurance cover for Rural's Farm, Farm Motor, Rural Business Motor, Livestock and Hailstorm products ... Read the full article
AFL appoints Neil Crouch to lead new wholesale property division
10th October 2017
AFL Insurance Brokers (AFL) has appointed Neil Crouch, who joins from a role with Lockton as Head of Broking, to lead its new wholesale property practice as part of the firm's ambitious two-year expansion plan. Crouch will head up the firm's property market expansion, with an initial focus on the North ... Read the full article
PIC insures Wolseley Group pensioner liabilities with £600m buy-in
10th October 2017
Pension Insurance Corporation, PIC, has concluded a £600 million premium pension insurance buy-in which covers all of the Trustees of the Wolseley Group Retirement Benefits Plan's, (the Plan) pensioner liabilities. David Illingworth, Chairman of Trustees, said; “This buy-in covering a significant proportion of our overall liabilities is the logical next step ... Read the full article
U.S. commercial and personal lines up in the third-quarter: MarketScout
10th October 2017
Analysis from MarketScout reveals that U.S. commercial lines and U.S. personal lines both saw average rate increases during the third-quarter of 2017, maintaining recent trends. During the third-quarter of 2017 the composite rate for U.S. commercial lines increased by an average of 1%, which is in line with the previous quarter ... Read the full article
Acappella names Bessant as Head of War, Terrorism, & Political Violence insurance
10th October 2017
Acappella Syndicate 2014 has named Louise Bessant as new Divisional Head of its War, Terrorism & Political Violence Insurance Portfolio. Bessant will be supported by Emily Humphries who joined Acappella in 2015. Bessant brings over 25 years of London market experience to the new role, including four years at Canopius before moving ... Read the full article
Beazley Dublin-based branch underwrites first policies
10th October 2017
Beazley has underwritten its first policies through its Dublin-based insurer, which was authorised by the Central Bank of Ireland in July, and established to offer contingency to the European markets in response to Brexit. Some of the policies written by Beazley Insurance are for European banks, which Beazley says are ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
