Reinsurance News
Hurricane Harvey likely to be an earnings event and a reminder to the industry: KBW
25th August 2017
In light of Hurricane Harvey's expected path towards Texas, with reports predicting the storm to intensify to a Category 3 storm as it makes landfall late Friday or early Saturday, analysts at Keefe, Bruyette & Woods (KBW) expect the event to remind re/insurers of hurricane risks as losses are likely ... Read the full article
Macau insurers to withstand Hato losses with reinsurers taking bulk of commercial/BI impact: A.M. Best
25th August 2017
Rated non-life insurance companies in Macau are expected to be able to withstand the losses driven by Typhoon Hato, which made landfall north of Macau as a Category 2 typhoon on the Saffir-Simpson Scale on the 23rd of August, 2017, with much of the loss being passed to reinsurers, according ... Read the full article
50% of potential Harvey insured loss expected to be covered by reinsurance: J.P. Morgan
25th August 2017
As hurricane Harvey continues its track towards the state of Texas as a Category 2 storm, expected to intensify to a Category 3 storm as it makes landfall late Friday or early Saturday, the expected loss remains uncertain. However, J.P. Morgan expects roughly 50% of the insured loss to be ... Read the full article
Munich Re acquires interest of Starwood Energy wind farms
25th August 2017
Munich Re has expanded its energy investment portfolio with the purchase of 49% of Starwood Energy Group's interest in two Texas wind farms, likely as a diversifying investment for its asset-side operations. The energy focused private investor, Starwood Energy, sold its interests in the Horse Creek and Electra wind farms in Haskell and ... Read the full article
RMC opens two new London offices
25th August 2017
Risk management and actuarial consulting service provider RMC Group, has expanded its international operations with the addition of two new London offices. Ryan Mitchell, President of European Operations, said opening the London offices "is a strong statement of our intent to expand RMC’s international presence and growth." Mitchell will be working from ... Read the full article
JLT & Munich Re partner to offer Philippines parametric storms cover
25th August 2017
JLT and Munich Re have announced a partnership to develop and offer an innovative parametric insurance cover, One Storm, for typhoon and tropical cyclone risk in the Philippines. The typhoon cover allows risk holders to outsource typhoon risks that had previously been uninsurable such as loss prevention costs, overtime costs, revenue losses, ... Read the full article
200,000+ homes with a reconstruction value of $40 billion at risk of Cat 3 Harvey landfall: CoreLogic
25th August 2017
Analysis from CoreLogic reveals that over 200,000 homes in Texas, with a reconstruction cost value of nearly $40 billion, are at a potential risk of storm surge damage from Hurricane Harvey, which continues to intensify as it tracks towards the state. Hurricane Harvey, currently a Category 2 storm that is predicted to ... Read the full article
Hiscox partners with tech start-up Digital Fineprint
25th August 2017
Specialist insurer Hiscox has partnered with tech start-up Digital Fineprint to investigate how data from social media can be used to educate small businesses on their risks and respective insurance solutions. Hiscox said many small businesses are underinsured yet face a number of business interruption risks from expensive lawsuits or costs ... Read the full article
Aggressive action needed to tackle cyber risk as a property issue: Lockton
25th August 2017
Events like the recent WannaCry ransomware attack show just how far-reaching a cyber attack can be, and cyber's ability to impact property insurance lines is expanding and needs to be addressed, according to Lockton's property risk cyber expert in New York, Jared Wosleger. "Just one cyber event can cause multiple losses in ... Read the full article
AXIS increases Novae offer by 2%
25th August 2017
Global specialty insurance and reinsurance firm AXIS Capital Holdings Limited has increased its acquisition offer for the shares of Lloyd’s of London focused diversified specialty re/insurer Novae Group plc by 2%, valuing the firm at £477.6 million (US $612m at today's FX rates). The "full and final" offer of 715 pence per ... Read the full article
Arch partners to reduce mortgage insurance friction for customers
24th August 2017
International insurance and reinsurance group Arch Capital Group Ltd. is partnering with a technology platform for mortgage loans to bring its mortgage insurance offering to potential customers more simply. Arch Mortgage Insurance Company has partnered with provider of a multichannel loan origination system OpenClose, in an integration that will bring Arch's ... Read the full article
Ironshore to offer cyber claims response for any business line
24th August 2017
Specialty property and casualty insurer and part of the Liberty Mutual group Ironshore has announced the formation of a computer emergency response team to better manage cyber claims across all of its business lines. In a clear indication that cyber risks are inherent in a multitude of insurance and reinsurance lines, ... Read the full article
Legislative assistance needed to address Florida’s AOB crisis: Citizens CEO, Gilway
24th August 2017
The Chief Executive Officer (CEO) of Citizens Property Insurance Corporation, Barry Gilway, recently called for legislative reform to address the growing assignment of benefits (AOB) crisis in Florida, warning of rising homeowners premiums. Addressing the Florida Office of Insurance Regulation (FLOIR), Gilway called for assistance from legislative partners to ensure Citizens was ... Read the full article
SCOR opens non-life reinsurance office in Kenya
24th August 2017
French reinsurance firm SCOR is opening a new SCOR Global P&C SE representative office focusing on non-life reinsurance in Nairobi, Kenya. Following up on an initial approval granted in April 2016, the Insurance Regulatory Authority of Kenya (IRA) has now confirmed that it approves the opening of a SCOR Global P&C ... Read the full article
AXIS Capital targets insurtech in Plug and Play accelerator partnership
24th August 2017
Bermuda headquartered global insurance and reinsurance firm AXIS Capital Holdings Limited has announced a partnership with Silicon Valley start-up accelerator Plug and Play as it targets a deeper involvement in helping to develop InsurTech start-ups. By participating in Plug and Play’s InsurTech platform, AXIS will get to work alongside leading digital ... Read the full article
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