Reinsurance News
Arch MI platform integrated into Mortgage Cadence’s Lending Center
23rd August 2018
Arch Mortgage Insurance Company (Arch MI) has announced that Mortgage Cadence, an Accenture Company, has integrated Arch MI’s mortgage insurance platform into the Mortgage Cadence Enterprise Lending Center (ELC). Mortgage Cadence said its ELC facilitates lending in all forward and reverse mortgage channels and across all mortgage products, including home equity, ... Read the full article
Munich Re appoints Rissa Revin as CEO of DAS Legal Protection MGA
23rd August 2018
Philipp Wassenberg, President and Chief Executive Officer (CEO) of Munich Re Canada and Temple Insurance Company, has announced the appointment of Rissa Revin as CEO of its MGA subsidiary, DAS Legal Protection Inc., effective September 1, 2018. Revin’s appointment follows the recent amalgamation of DAS Canada and Temple, and she will ... Read the full article
Brazilian reinsurers Terra Brasis & Austral reported to discuss merger
23rd August 2018
Two domestic Brazilian reinsurance firms are reportedly in merger discussions, with the respective owners of Terra Brasis Re and Austral Re said to be keen on a deal. Austral Re's investment firm owners Vinci Partners have been looking for an exit since the beginning of the year, it's said, while Terra ... Read the full article
California’s new public underwriting rules could impact P&C and InsurTech
23rd August 2018
The California Department of Insurance’s (CDI’s) recently issued legal opinion, which requires underwriting rules included in property and casualty (P&C) rate applications to be made public, could have negative implications for California’s P&C and InsurTech markets, according to analysts at U.S law firm Drinker Biddle. The legal opinion, which Drinker Biddle ... Read the full article
Travelers acquires majority stake in FinTech start-up Zensurance
23rd August 2018
The Travelers Companies, Inc. has acquired a majority (60%) stake in Zensurance, a Canadian FinTech start-up that helps businesses find and manage their insurance packages, for a price of roughly CAD $16 million (USD $12.3 million), according to BetaKit. Zensurance’s Chief Executive Officer (CEO) Danish Yusuf and Chief Technology Officer (CTO) ... Read the full article
Joint Hull Committee appoints AXA’s Paul Newton as Chairman
23rd August 2018
Paul Newton has been appointed as the new chairman of the London market’s Joint Hull Committee (JHC), succeeding Peter Townsend, who stepped down in June. Newton has over 30 years’ experience in the marine insurance sector and has served as Head of London Marine Hull & Liability Underwriting at AXA Corporate ... Read the full article
Beat Capital to merge with Paraline UK
23rd August 2018
It's been announced that Beat Capital Partners and Paraline UK are to merge in order to enhance and further build Beat's platform in an effort to support independent underwriting businesses. Following the merger, Beat, a Bermuda domiciled insurance holding company, will join Neon Holdings Ltd. as a strategic investment partner of ... Read the full article
AFL Insurance Brokers appoints Chris Gagg as CFO
23rd August 2018
Independent Lloyd’s broker AFL Insurance Brokers Ltd has appointed Chris Gagg as its Chief Financial Officer (CFO) and as a member of the AFL Board of Directors, effective 1 September. Gagg has 17 years’ experience in the insurance and financial services industries and joins AFL from Towergate Insurance (part of the ... Read the full article
Insured claims from hurricane Irma reach $10.5 billion, says Florida regulator
23rd August 2018
The Florida Office of Insurance Regulation (FOIR) has reported that insured claims from last year's hurricane Irma counted by the regulator has increased by a further 8% to almost $10.5 billion, as loss creep from the storm continues. The Florida regulator states that claims are being closed, although, according to an ... Read the full article
Hawaii braces for $8bn property damage as Hurricane Lane approaches
23rd August 2018
More than 48,000 homes are threatened with flood damage as Hurricane Lane bears down on the U.S state of Hawaii, with total reconstruction costs expected to total around $8 billion, according to catastrophe risk modelling specialist CoreLogic. While unlikely to make a direct landfall, Hurricane Lane became a strong Category 5 ... Read the full article
LIIBA appeals to UK Prime Minister over ‘enhanced equivalence’ Brexit regime
23rd August 2018
The London and International Insurance Brokers’ Association (LIIBA) has written a letter to the UK’s Prime Minister, Theresa May, to express concerns about the ‘enhanced equivalence’ regime proposed in the Government’s recent Brexit White Paper. In the letter, LIIBA’s Chairman, Roy White, said: “We have noted the proposals the Government has ... Read the full article
Insured losses from Greece’s deadly Attica fires reach €33.7mn
23rd August 2018
The Association of Insurance Companies of Greece (EAEE) has estimated that the total initial value of insurance pay-outs relating to the deadly fires which burnt through the Attica region on July 23 amounts to at least €33.7 million (US $39.1 million). More than 15 fires broke out simultaneously last month in ... Read the full article
Arch Capital secures $653mn of mortgage reinsurance from capital markets
22nd August 2018
Arch Mortgage Insurance Company (Arch MI), the U.S mortgage insurance arm of Arch Capital Group, has secured $653.3 million of indemnity reinsurance from the capital markets via an insurance-linked securities (ILS) transaction with Bellemeade Re 2018-2 Ltd., a special purpose insurer. The reinsurance relates to a portfolio of mortgage insurance policies ... Read the full article
Chubb appoints new senior leaders for Hong Kong
22nd August 2018
Chubb has appointed Stanley Wong to succeed Doug White as Country President for Hong Kong, Taiwan & Macau, and Douglas Wong to succeed Patrick Wong as Head of Property & Casualty for Hong Kong, effective 1 October 2018. Doug White was recently appointed as Head of Chubb’s newly established Major ... Read the full article
Guy Carpenter and RPC Consulting partner on reinsurance analytics platform
22nd August 2018
Guy Carpenter & Company LLC, the reinsurance broker and wholly owned subsidiary of Marsh & McLennan Companies, has entered into a multi-year strategic partnership with Reynolds Porter Chamberlain Consulting LLP (RPCC) to license and develop applications for RPCC’s Tyche analytics software. As part of the arrangement, Guy Carpenter will have exclusive ... Read the full article
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