Reinsurance News
Chubb launches new Major Accounts Division in Asia Pacific, names head
21st August 2018
Property & Casualty (P&C) insurer Chubb has launched a new Major Accounts Division in the Asia Pacific region and has named Doug White, current Country President of Hong Kong, Taiwan & Macau, as its head, effective 1 October 2018. Chubb said the new Division will be a dedicated premium service encompassing ... Read the full article
Aon has advanced plans for post-Brexit EU hub
21st August 2018
Insurance and reinsurance broker Aon has advanced plans to establish a new European hub outside of the UK to ensure continuity for its clients post-Brexit, if necessary. The re/insurer broker has underlined the significant challenge the ongoing uncertainty surrounding the outcome of Brexit poses for everyone, stating that the prospect of ... Read the full article
XL Catlin hires AIG’s Chris Kopser to lead Global Risk Management for North America
21st August 2018
XL Catlin has appointed Chris Kopser, former Global Head of Primary Casualty at AIG, to lead its Global Risk Management Insurance North America Division, effective October 8, 2018. At AIG, Kopser was largely focused on reunderwriting the U.S primary casualty book to improve its profitability, and his global portfolio included Workers ... Read the full article
Athene eyes strengthened product distribution after S&P ratings boost
21st August 2018
Athene Holding, one of Bermuda's leading retirement services companies, has seen its operating companies’ credit rating boosted from A- to A by global ratings firm S&P Global, which Chief Executive Jim Belardi believes will benefit the company’s product distribution and accelerate growth. “This upgrade reflects our stellar financial results and will ... Read the full article
Reinsurers likely to raise India flood rates following Kerala loss
21st August 2018
Re/insurance experts in India are expecting to see an increase in the premium charged by reinsurers for covering flood risk following the recent disaster in the Kerala region, which has caused estimated economic losses in excess of US $3 billion, according to the Indo-Asian News Service (IANS). IANS reported that ... Read the full article
Cyber insurers could lose up to 119% of policyholder surplus in single event: A.M. Best
20th August 2018
A new collaborative report by A.M. Best and Guidewire Software has estimated that three of the top 20 cyber insurers could generate significant gross losses to policyholder surplus of between 15% to 119% from a single cyber catastrophe event occurring in 2022. A.M. Best and Guidewire’s Cyence Risk Analytics team extrapolated ... Read the full article
AIR pegs insured property/auto damage from Japan floods at up to $4 billion
20th August 2018
Global catastrophe risk modeller, AIR Worldwide, has estimated that the intense rainfall and flooding that hit southwest Japan in June and July of 2018, claiming the lives of at least 200 people, will drive an insurance industry loss of as much as JPY 423 billion (US$4 billion). AIR Worldwide notes that ... Read the full article
IBM Blockchain platform to host new AAIS regulatory solution
20th August 2018
Not-for-profit insurance advisory organisation AAIS is to launch its new openIDL (open Insurance Data Link) product on the public cloud service platform, IBM Blockchain. Designed to help automate insurance regulatory reporting, openIDL hopes to leverage the decentralised, fast and paperless nature of blockchain to turn expensive regulatory and compliance requirements into ... Read the full article
Syndicate 2525 hires Nick Ryan as London market Claims Manager
20th August 2018
DL Dale & Others, Syndicate 2525, the specialist employers’ and third party liability Lloyd’s insurer managed by Asta Managing Agency, has appointed Nick Ryan as London market Claims Manager. Ryan joins Syndicate 2525 from QBE, where he spent 17 years in various claims roles, most recently serving as Claims Manager for ... Read the full article
ACORD announces new data standards toolkit for reinsurance and commercial risks
20th August 2018
ACORD, the industry data standards body, has launched a new adoption toolkit designed to support the application of data standards for global reinsurance and large commercial risks. The toolkit provides detailed, step-by-step guidance on every stage of the implementation of standards as well as a wide range of self-help resources and ... Read the full article
Genoa bridge collapse to cost insurers up to $685 million: J.P. Morgan
20th August 2018
Analysts at J.P. Morgan have estimated that the Genoa bridge collapse will result in an insurance industry loss of up to €600 million (US$685 million), driven primarily by property damage and business interruption (BI) losses. Amid extremely heavy rainfall, a 200m section of the Morandi bridge, which is the main road ... Read the full article
ZhongAn receives overseas InsurTech investment from Softbank Vision
20th August 2018
ZhongAn International, a subsidiary of China’s largest online-only insurer ZhongAn Online P&C Co., has entered into a Shareholder Agreement with Japanese technology & telecoms investor SoftBank Vision Fund to help expand ZhongAn’s InsurTech solutions businesses in overseas markets. The agreement will see ZhongAn establish a new operating entity to partner with SoftBank ... Read the full article
RenRe leads FHCF’s $1 billion 2018 reinsurance placement
20th August 2018
The Florida Hurricane Catastrophe Fund (FHCF) has completed its $1 billion 2018 reinsurance placement, which includes a broad range of global participating reinsurers, that was once again led by RenaissanceRe (RenRe) and which included increased participation from Swiss Re. The FHCF announced earlier in the year that after observing and evaluating ... Read the full article
Over-dependence on Quard’ Hasan harming re/takaful sector: A.M. Best
20th August 2018
A.M Best believes that an over-dependence on interest-free loans (Quard’ Hasan) by the Middle East and North America (MENA) re/takaful sector is driving up policyholder deficits and not providing enough incentive for operators to manage their companies effectively. As competitive market conditions create significant underwriting losses, operators’ reliance on the Quard ... Read the full article
London to remain global re/insurance hub post-Brexit, but stronger headwinds exist: A.M. Best
20th August 2018
Despite a lack of clarity surrounding the UK's Brexit vote and what implications this might have for UK insurers and reinsurers, A.M. Best expects London to remain one of the world's leading European insurance hubs, but does warn of headwinds that continue to pressure the region's re/insurance industry. UK insurers ... Read the full article
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