Reinsurance News
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
Pacific Life completes $35mn pension buy-in deal with American Water Works
24th August 2017
Pacific Life Insurance Company has completed a $35 million Pacific Secured pension Buy-In transaction with American Water Works Association (AWWA), the company has announced. According to a statement from the company, as of the transaction date this will be the sixth buy-in transaction completed by Pacific Life, and the ninth reported industry-wide. Kevin ... Read the full article
Peel Hunt warns of modest hurricane losses as Harvey approaches Texas
24th August 2017
As Tropical storm Harvey continues to track towards the state of Texas, analysts at Peel Hunt have warned that despite the benign catastrophe experience witnessed in 2017, so far, a series of modest hurricane losses could push some Lloyd's players to a loss as the soft market persists. According to the National ... Read the full article
JLT Re hires Poome from Willis Re to be new Thailand MD
24th August 2017
Global reinsurance broker JLT Re has hired a new managing director for its Thailand operations from rival Willis Re, appointing Khun Parkpoome Nivatvongs (Poome) to the role. The hiring and appointment of Poome expands the JLT Re Asia Pacific management team. Poome will report to Kenny Moyes CEO of Asia, JLT ... Read the full article
Russia’s national reinsurer approved to enter Egyptian specialty market
24th August 2017
The Russian National Reinsurance Company (RNRC) has received approval from the Egyptian market watchdog to operate as a foreign reinsurance company in the local specialty market. The approval means that RNRC is now included in the Egyptian local official register of the foreign reinsurers, and the entry is a continuation of ... Read the full article
JLT Re promotes Dranchak to Head of Strategic Advisory for the Americas
24th August 2017
Global reinsurance broker and advisory JLT Re has promoted Nick Dranchak to Head of Strategic Advisory for the Americas, a role that will seem him lead delivery of strategic advisory services across the U.S., Canada and throughout Central and South America. Dranchak joined JLT Re’s Strategic Advisory team in 2014 and ... Read the full article
Mitsui Sumitomo to acquire Fairfax’s 98% First Capital interest
24th August 2017
Fairfax and Mitsui Sumitomo Insurance (MSI), a subsidiary of MS&AD Insurance Group Holdings, have entered into an agreement to pursue a strategic partnership which will include establishing reinsurance relationships and Mitsui's acquisition of Fairfax's 97.7% interest in First Capital Insurance Limited of Singapore. Under the agreement the firms announced plans to collaborate in ... Read the full article
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