Reinsurance News
Dr. Mitchell-Wallace to leave SCOR for Lloyd’s Head of Risk Aggregation role
26th September 2017
The specialist Lloyd's of London insurance and reinsurance marketplace has named Dr. Kirsten Mitchell-Wallace as its new Head of Risk Aggregation, reporting to Jon Hancock, Director of Performance Management. Dr. Mitchell-Wallace will join Lloyd's from global insurer and reinsurer SCOR, where she is currently EMEA Regional Head for Catastrophe Management, based ... Read the full article
Hurricane Maria insured loss up to $85 billion: AIR Worldwide
26th September 2017
Hurricane Maria's devastating impacts in the Caribbean are estimated to have cost the insurance and reinsurance industry between $40 billion and $85 billion, according to AIR Worldwide. Risk modelling firm AIR Worldwide said that it estimates that the island of Puerto Rico will account for as much as 85% of the ... Read the full article
Guy Carpenter enhances capital & hours clause modelling with MetaRisk 10
26th September 2017
Guy Carpenter has advanced its capital modelling capabilities with the addition of an automation enhancing functionality - MetaRisk 10 - that supports firms in one of the most important capital management considerations, the Best Capital Adequacy Ratio (BCAR). The new addition to the firm's platform for building and updating models supports ... Read the full article
RSA says recent catastrophe events fall “well below reinsurance limits”
25th September 2017
UK headquartered insurance firm RSA (Royal Sun Alliance) told investors today that it expects that its losses from recent natural catastrophe events will fall "well below reinsurance limits." The insurer said that it expects recent events in the U.S., Caribbean and Mexico, so hurricanes Harvey, Irma and the Mexican earthquakes, will ... Read the full article
MarketScout launching $25m InsurTech venture investment fund
25th September 2017
Texas-based insurance exchange and managing general agent MarketScout is set to launch an InsurTech venture investment fund, capitalised with $25 million to focus on distribution related opportunities. Richard Kerr, Founder and CEO of MarketScout, commented on the organisations InsurTech venture investment thesis; “MarketScout was founded as a web-enabled insurance exchange back ... Read the full article
AIA to acquire CBA’s Australia life & New Zealand L&H business
25th September 2017
AIA Group Limited (AIA) is to acquire the Commonwealth Bank of Australia's (CBA) life insurance business in Australia and life and health (L&H) insurance business in New Zealand, CommInsure Life and Sovereign, subject to regulatory approvals. In addition to the agreement between AIA and the CBA, the former will enter into ... Read the full article
RMS appoints Pete Dailey VP, Global Flood Models team
25th September 2017
International catastrophe risk modeller, RMS, has named Pete Dailey Vice President (VP), to oversee the impending launch of the company's U.S. Inland Flood Model, which is scheduled for spring 2018. Dailey brings more than 15 years of industry experience to the role, and will lead flood model development in RMS' California ... Read the full article
Russian national reinsurer aims for global expansion
25th September 2017
The Russian National Reinsurance Company, (RNRC) which was created to reinsure Russian firms under Western sanctions, plans to diversify and expand into China, the Middle East, India, and Africa, the Chief Executive told Reuters. The firm reported earning premiums of $52 million in the first half of 2017, with a quarter coming ... Read the full article
Total WannaCry losses pegged at $4 billion
25th September 2017
Ransomware attacks have reached a new peak this year, with WannaCry causing estimated global financial and economic losses of up to $4 billion and infecting 300,00 machines around the world, according to Trend Micro's security and threats report. 2017s WannaCry and Petya attacks show that cybercriminals are upping their game ... Read the full article
CCRIF pays $19m to Dominica for Hurricane Maria claims
25th September 2017
Hurricane Maria triggered a U.S. $19 million Caribbean Catastrophe Risk Insurance Facility (CCRIF) SPC payout to Dominica under its tropical cyclone policy. The payout brings the total figure for CCRIF payouts for this Hurricane Season so far to about $50.7 million. The facility enables its 17 member countries, who pay an annual premium ... Read the full article
AIG re-orgs for the future, Schimek to leave
25th September 2017
Insurance giant American International Group (AIG) said today that it is adjusting its organisational structure, in a move seen as part of its strategy for addressing the needs of its customers and responding to future market opportunities. The company is to move away from its commercial/consumer business divide and as a ... Read the full article
U.S. E&S lines to outperform standard lines in 2017, but margin is thinning: Fitch
25th September 2017
Underwriters of U.S. excess & surplus (E&S) lines are expected to continue to outperform standard market underwriters in the coming months, although this is anticipated to be by a smaller degree as market conditions challenge results in 2017, according to Fitch Ratings' U.S. E&S Lines Market Review. Following a small decline ... Read the full article
José Ospina promoted to Liberty SM LatAm Reinsurance Regional Manager
25th September 2017
Liberty Specialty Markets (LSM) has promoted the former LSM General Manager for Columbia José Ernesto Ospina to the newly-created role of LatAm Reinsurance Regional Manager as part of the firm's revamp of its Latin American treaty reinsurance strategy. In his new role, Ospina will report to Kirk Maddern, LSM's Group COO ... Read the full article
ERN International puts Mexico quake insured loss at $4.8 billion, RMS & AIR’s much lower
25th September 2017
Mexico's Evaluacion de Riesgos Naturales (ERN International) has provided an insured loss estimate of up to $4.8 billion for the Magnitude 7.1 earthquake that struck central Mexico on September 19th, 2017, while AIR Worldwide and RMS have both produced a lower insurance industry loss estimate for the event. ERN International is ... Read the full article
Allstate’s Harvey estimate suggests $4.5bn auto & homeowners loss: Credit Suisse
25th September 2017
Following insurer Allstate's announced estimated net $553 million hit from the impacts of hurricane Harvey, Credit Suisse analysts have suggested that the personal lines industry loss could reach $4.5 billion. The combined auto and homeowners' insurance industry loss from hurricane Harvey, based on Allstate's estimates, "implies" a personal lines loss ... Read the full article
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