Reinsurance News
Kerala, India floods to cost $3bn, insurers told to expedite claims
20th August 2018
Severe flooding in the Kerala region of India is now expected to drive economic losses of at least US $3 billion, while the toll for the insurance industry is anticipated to rise. Based on the scale of the flooding and the still developing catastrophe in the Kerala region this estimate could ... Read the full article
Society must prepare for more frequent and severe extreme weather events: Swiss Re
17th August 2018
Martin Bertogg, Head of Catastrophe Perils at reinsurance giant Swiss Re, has called on society to adapt and prepare for increasingly frequent and severe occurrences of extreme weather conditions, such as the heatwaves and dry spells witnessed in recent times. The Swiss Re Institute, a division of Switzerland-based reinsurer Swiss Re, ... Read the full article
Lloyd’s syndicates hit by further loss creep
17th August 2018
Data from the specialist Lloyd's of London insurance and reinsurance marketplace, reveals that the most recent syndicate projections for the 2017 year of account (YoA) includes further loss deterioration in Q2, at the mid-point. According to the data, which details Lloyd's syndicates' capacity for the 2017 YoA and both the best ... Read the full article
Aon names Brian Wanat Chief Broking Officer, U.S. Commercial Risk Solutions
17th August 2018
Insurance and reinsurance broker Aon has announced the appointment of Brian Wanat to the position of Chief Broking Officer of U.S Commercial Risk Solutions. Wanat will report to Aon’s Chief Executive for U.S Retail, Lori Goltermann, and his management responsibilities will span across the Financial Services Group, National Property, National Casualty, ... Read the full article
U.S economic hail losses to exceed $10bn for 11th year, say experts
17th August 2018
2018 is looking likely to become the 11th year in a row that U.S economic losses from hail have exceeded $10 billion, a figure set to increase as population growth drives up potential for property and infrastructure damage. Furthermore, in all decades since 1960, except for 2000 - 2009, insured losses ... Read the full article
Don’t take cyber market for granted, accumulation real threat: Geneva Association
17th August 2018
Despite having responded to increasingly widespread and sophisticated threats with expanded offerings and premium volumes, the cyber re/insurance market’s own growth and effectiveness should not be taken for granted, warns leading think tank the Geneva Association. Anna Maria D'Hulster, Secretary General of the GA, acknowledges re/insurers’ historical experience with expanding the ... Read the full article
Cullen and Dykman appoints head of Risk Transfer & Insurance Coverage group
17th August 2018
New York based law firm Cullen and Dykman LLP has announced that Julie Weerth has joined as a Partner in its Construction Litigation and Insurance Coverage Practices, where she will lead the Risk Transfer & Insurance Coverage group. Weerth formerly served as Vice President of Complex Casualty Claims at AIG, and ... Read the full article
Re/insurers accelerate Brexit plans: A.M. Best
17th August 2018
As widespread and seemingly growing uncertainty remains around the UK's vote to leave the European Union (EU), insurers and reinsurers in the country have stepped up their post-Brexit plans in an effort to ensure continuity for clients, reports A.M. Best. The outcome of the UK's Brexit vote remains very uncertain for ... Read the full article
CATCo lines up $1bn of underwriting for Jan 19, expects flat pricing
17th August 2018
Markel CATCo's listed retrocessional reinsurance fund, the CATCo Reinsurance Opportunities Fund Ltd., has already lined up $1 billion of underwriting for January 2019, achieving similar rates to 2018. The company has released its first-half 2018 report, which reveals that mid-year renewals were successful, at the same increased pricing achieved at the ... Read the full article
XL Catlin expands North America excess casualty insurance team
17th August 2018
XL Catlin’s North America Construction business has bolstered its excess casualty insurance team with the appointments of underwriters Jillian Eckert and Laura Travis to its Philadelphia office. “Given the pace of construction activity throughout the Mid-Atlantic states and the size of construction projects throughout the region, the need for quality excess ... Read the full article
Liberty Specialty aims to double the size of general liability business in Netherlands
17th August 2018
Liberty Specialty Markets, a division of Liberty Mutual Insurance, has revealed plans to significantly increase the volume of general liability (GL) business from its Netherlands office. "We’ve been developing our plans and are now ready to roll them out with the express aim of doubling the size of our GL book,” ... Read the full article
LTCG administers Wilton Re & CNO reinsurance transaction
17th August 2018
Wilton Re has selected long-term care specialist, LTCG, to administer the 70,000 policies and approximated 8,000 active claims included in its August 1 long-term care insurance indemnity reinsurance agreement with CNO Financial Group subsidiary, Bankers Life and Casualty Company. LTCG will offer a complete processing solution which includes policy administration, care ... Read the full article
Combined Irma loss creep exceeds $1bn for Floridian insurers
16th August 2018
The devastation caused by hurricane Irma continues to impact Floridian insurance companies, with a number of market players increasing their loss reserves as creep from the storm continues. Recorded as the strongest storm to exist in the open Atlantic region, hurricane Irma devastated parts of South U.S., especially Florida, as well ... Read the full article
Allstate’s YTD catastrophe loss bill falls by 22%
16th August 2018
The Allstate Corporation (Allstate) has announced estimated catastrophe losses for the month of July of $262 million, pre-tax ($207 million after-tax), driven primarily by two severe hail events and the Carr wildfire in Northern California. 15 events in July, 2018 saw catastrophe losses alone contributed $220 million, pre-tax, of the overall ... Read the full article
Swiss Re hires ex-BAML analyst Olivia Brindle to P&C Analytics Solutions team
16th August 2018
Global reinsurance firm Swiss Re has hired a recognised industry equity analyst from Bank of America Merrill Lynch, appointing Olivia Brindle to the firms P&C Analytics Solutions team. Brindle joined Swiss Re this month and will be based in Zurich, taking on the role of Senior P&C Analytics Solutions Manager within ... Read the full article
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