Reinsurance News
Property cat reinsurers “untenable” without alternative capital: WTW
13th August 2018
Re/insurance broker Willis Towers Watson (WTW) has suggested that it may now be “essentially untenable” for property catastrophe reinsurers to rely solely on equity without some access to alternative capital, as the insurance-linked securities (ILS) market sees a surge in activity over 2018. WTW’s Q2 ILS Market Update report observed that ... Read the full article
PIC completes £75mn buy-out deal with Menzies Pension Fund
13th August 2018
Pension Insurance Corporation plc (PIC) has completed a £75 million buy-out deal with section B of the Menzies Pension Fund (the Scheme), sponsored by Menzies Distribution Limited. The buy-out comes as Trustees look to lock down the risk associated with the scheme after it was sectionalised in May last year to ... Read the full article
Hannover Re expects mortality book will strain H2 results
10th August 2018
Hannover Re's life and health reinsurance segment performed well in the opening six months of 2018, however, the reinsurer's decision to increase rates across a block of U.S. mortality business, in light of its negative earnings situation, is expected to result in considerable strains during the second-half of the year. The ... Read the full article
Tokio Marine expects July flooding in Japan to drive $452mn of losses
10th August 2018
Tokio Marine & Nichido Fire, a subsidiary of Tokio Marine Holdings, has announced that it expects to incur losses from the heavy rainfall that impacted Japan in July, 2018 of approximately 50 billion yen (US$451.9 million). Southwest Japan was hit by intense rainfall and subsequent flooding in the month of July, which caused ... Read the full article
AIG launches suite of app-based travel solutions
10th August 2018
AIG Singapore has partnered with Australia-based payments platform provider United Networks to offer its travel insurance customers global wifi connectivity and access to an app-based SOS emergency product that supplies users with updates on significant natural and man-made unfolding nearby in realtime. “We are pleased to be working with AIG Singapore’s ... Read the full article
Armour Group appoints two new senior executives
10th August 2018
Armour Group Ltd has appointed Ranbeer Bhatia as Head of business development in North America and Andrea Piatti as Head of European Mergers and Acquisitions (M&A). Bhatia, who will also be responsible for the group’s global capital markets function, has over 15 years of industry experience, with particular expertise in sourcing, ... Read the full article
California re/insurers must re-evaluate ‘new normal’ wildfire risks: A.M. Best
10th August 2018
Re/insurers operating in California must re-evaluate the way they approach wildfire risk as the heavy losses experienced over 2017 and during the Carr and Mendocino Complex fires in 2018 may be set to become the ‘new normal’, according to A.M. Best. A recent report by the rating agency observed that insured ... Read the full article
Hiscox partners with Eigen Technologies to automate claims processes
10th August 2018
Hiscox, the specialist insurer, has partnered with Eigen Technologies, a global provider of natural language processing (NLP) technology, to automate multiple internal processes using machine learning driven classification and extraction technology. Two collaborative pilots are currently underway that make use of Eigen’s NLP platform to address the challenges of unstructured qualitative ... Read the full article
Suncorp to sell Australian life insurance business for $725mn
10th August 2018
As part of its FY18 results, Suncorp has announced that it has entered into a non-binding Heads of Agreement to sell its Australian life insurance business to TAL Dai-ichi Life Australia for approximately $725 million. As part of the proposed transaction, Suncorp will enter into a 20-year strategic alliance agreement with ... Read the full article
Maiden appoints Lawrence Metz to succeed Art Raschbaum as CEO
10th August 2018
Maiden Holdings Ltd. has appointed Lawrence F. Metz, current Executive Vice President, General Counsel and Secretary at Maiden, as its new President and Chief Executive Officer (CEO), succeeding Art Raschbaum who is retiring in September for personal reasons. Additionally, Maiden named Patrick J. Haveron, current President of Maiden Reinsurance Ltd. (Maiden ... Read the full article
CoreLogic launches Hazard HQ catastrophe info hub
10th August 2018
CoreLogic, a global property information, analytics and data-enabled service provider, has launched a new publicly-accessible risk and information resource centre, called Hazard HQ, which offers clients insight on the risks natural catastrophes pose to properties across the U.S. Hazard HQ will respond to the growing demand for comprehensive risk assessment resources ... Read the full article
Chubb partners with Swiss Re on Travel Delay insurance solution
10th August 2018
Property & Casualty (P&C) insurer Chubb has partnered with Swiss Re to launch Flight Delay - an insurance solution for air travellers in Australia that enables payouts on delays as short as 30 minutes. The product is available via Chubb’s Connect app and is powered by Australia-based payments platform provider United ... Read the full article
Drought and wildfires drive global catastrophe losses in July: Impact Forecasting
10th August 2018
Global insured catastrophe losses in July were primarily driven by severe droughts and heatwaves across Northern Europe, as well as major wildfires that caused extensive damage and loss of life in Northern California and Greece, according to Impact Forecasting, Aon’s catastrophe risk modeller. Impact Forecasting’s report estimated that ongoing drought in ... Read the full article
Outlook for German life re/insurance remains negative, P&C stable: Moody’s
10th August 2018
The outlook for the German life re/insurance industry remains negative due to a combination of low interest rates and high guaranteed returns attached to past policies, while modest price increases have helped the property and casualty (P&C) sector stay stable, according to Moody’s Investors Service. Moody’s recognised the relatively strong economic ... Read the full article
Aspen significantly reduces cat exposure as efficiency drive continues
9th August 2018
Chris O'Kane, the Chief Executive Officer (CEO) of Aspen Insurance Holdings Limited, has said that the efforts taken so far to strengthen the re/insurer's operations have significantly reduced its exposure to catastrophe events. Aspen announced losses, net of reinsurance, of approximately $400 million from hurricanes Harvey, Irma, and Maria, as well ... Read the full article
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