Reinsurance News
Compass Underwriting joins with bike insurer Bikmo on gig economy cover
8th August 2018
Compass Underwriting, an independent Accident and Health (A&H) underwriting agency, has partnered with specialist bicycle insurance intermediary Bikmo to provide an accident and injury product for self-employed couriers in the gig-economy. The cover has been designed specifically for gig-economy platforms such as Deliveroo – one of Bikmo’s existing clients – to ... Read the full article
Global insurance pricing up again in Q2: Marsh
8th August 2018
Insurance and reinsurance broker Marsh's latest Global Insurance Market Index, reveals that global commercial insurance rates increased, on average, for the third consecutive quarter in the second-quarter of 2018, with property and financial and professional (FinPro) lines driving increases, once again. Marsh notes that overall, the global insurance market remained stable ... Read the full article
Swiss Re launches parametric tsunami derivative for Japan businesses
8th August 2018
Commercial risk transfer and insurance solutions provider Swiss Re Corporate Solutions, a division of the global reinsurance firm, has launched a parametric tsunami derivative solution for organisations based in Japan. The product provides a pre-agreed amount within 40 days after arrival based on the height of the tsunami, as recorded and ... Read the full article
Aon to deliver Arabian Peninsula Earthquake model on Simplitium’s ModEx platform
8th August 2018
Simplitium, a provider of risk analysis services, has announced that the new Arabian Peninsula Earthquake model from Aon’s catastrophe model development centre, Impact Forecasting, is to be delivered on its multi-vendor ModEx platform. The Arabian Peninsula Earthquake model covers Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, Oman and Yemen and provides a ... Read the full article
Sampo Group announces new CFO, insurance business surges
8th August 2018
Sampo Group, a Nordic financial and insurance company, has announced that Knut Arne Alsaker will be replacing Peter Johansson as its Chief Financial Officer. Johansson retires on January 1, 2019 after 33 years with Sampo; he has been a member of the firm’s Executive Board since 2001. Alsaker is currently CFO of ... Read the full article
Prudential takes on $1.4bn of pension longevity risk from Aviva
8th August 2018
Prudential Retirement, part of Prudential Financial, has reinsured longevity risk for approximately £1 billion (nearly $1.4 billion) in pension liabilities from Aviva Life and Pensions, the first such transaction between the two companies. The deal comes amid a rising appetite for de-risking in the U.K as attractive pricing and enhanced capacity ... Read the full article
Munich Re stays on track despite significant rise in major man-made losses
8th August 2018
Global reinsurance giant Munich Re has announced its results for the second-quarter and first-half of 2018, revealing a larger than expected hit from major man-made losses that dented the performance of its property casualty reinsurance segment. Overall, the reinsurer has reported Q2 profit of €728 million and H1 2018 profit of ... Read the full article
Aspen appoints Emil Issavi to lead reinsurance business
8th August 2018
Bermuda-headquartered Aspen Insurance Holdings has announced the appointment of Emil Issavi as President and Chief Underwriting Officer of Aspen Re, effective immediately. Issavi succeeds Thomas Lillelund and brings over 20 years’ experience to the role, including 12 at Aspen. “We are delighted to name Emil as our new leader for Aspen Re,” ... Read the full article
AmWINS appoints Swiss Re’s Robert Petrilli as President of Underwriting
8th August 2018
Speciality insurer AmWINS Group has announced the appointment of Robert Petrilli as President of its Underwriting division, effective immediately. Petrilli will be overseeing 11 operating companies, representing over $1.7 billion in underwriting premium; the largest MGA platform in the U.S. “Our underwriting division has seen incredible expansion over the last 24 months, ... Read the full article
Property remodelling surge creates insurance blindspot: BuildFax
8th August 2018
An almost 60% rise in property remodelling since 2009 has resulted in a misalignment between insurance premiums and risk exposure, according to a new report by BuildFax, a provider of property condition and history insights. Leveraging 23 billion data points, BuildFax observed a 58.9% increase in residential remodelling activity from 2009 ... Read the full article
Aegon to divest last block of U.S. life reinsurance business to SCOR
7th August 2018
Aegon has announced an agreement to divest the last substantial block of its life reinsurance business to SCOR Global Life, a division of French domiciled reinsurer SCOR. The latest transaction is consistent with Aegon's strategic objective to lower the volume of capital allocated to its run-off businesses. Under the agreement, Aegon's Transamerica ... Read the full article
Symbo acquires ReLeague InsurTech, adds reinsurance to its offerings
7th August 2018
Symbo, a Singapore-based all lines insurer, has acquired Mumbai-based B2B reinsurance software platform ReLeague in a deal that adds reinsurance to its current offerings in direct insurance, reports BW Disrupt. The acquisition sees Symbo - a technology-driven business backed by former Sequoia Partner Yinglan Tan’s Insignia Ventures and Dymon Asia Ventures ... Read the full article
Chubb appoints Aspen’s Raheila Nazir as UK&I Cyber Underwriting Manager
7th August 2018
Property & Casualty (P&C) insurer Chubb has announced the appointment of Raheila Nazir as Cyber Underwriting Manager for the UK and Ireland, effective immediately. Nazir will report to Kyle Bryant, Cyber Risks Manager, Europe, Chubb and be responsible for the leadership and direction of Chubb’s Cyber Underwriting team in the region. ... Read the full article
Swiss Insurtech start-up wefox expands into Italy
7th August 2018
Switzerland-based Insurtech start-up wefox has revealed plans to continue its European expansion into Italy via a new partnership with Italian insurance brokerage Mansutti S.p.A, in addition to new products and a new company, to be incorporated next year. The expansion comes just three years after wefox launched in Switzerland and Germany, ... Read the full article
Asian reinsurers remain profitable over 2017 despite market softening: Fitch
7th August 2018
Asian reinsurers in catastrophe-prone countries remained profitable over 2017 despite continued market softening thanks to effective risk management, favourable loss-reserve development, and limited catastrophe events, according to a new report by Fitch Ratings. Fitch found that big reinsurers in China, Japan and Korea recorded favourable profitability with return on equity (ROE) ... Read the full article
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