Reinsurance News
Re/insurers application of InsurTech growing: Report
21st July 2017
Application of InsurTech to re/insurance has seen a considerable shift this year, moving out of its fledgling stages of development into what could be considered an intermediate level of adaptation to technology and Artificial Intelligence (AI), Startupbootcamp InsurTech said in its latest tech trends report, issued in association with PwC after gathering ... Read the full article
Blue Marble agrees microinsurance deal for Nature Conservancy programme in Latin America
21st July 2017
The Nature Conservancy and Blue Marble Microinsurance have announced an agreement to embed insurance protection into ecofriendly Silvopastoral Systems in Latin America. The Silvopastoral system minimises greenhouse gas emissions from cattle ranching - reportedly one of the highest contributors to global warming - helping to prevent climate change and create sustainable ... Read the full article
Lloyd’s introduces new measures for faster post-Market Turning Event response
21st July 2017
Lloyd's has revealed new measures to facilitate faster response in case of a market turning-event (MTE) as it aims to improve market support with "smarter, stronger" oversight. Lloyd’s said it would focus on shortening the review and agreement process of business and capital plans, allowing syndicates to respond more effectively to ... Read the full article
Generali sells Colombian business to Talanx for €30 million
21st July 2017
International insurer, Generali Group, has announced the signing of an agreement to sell its Colombian business to the Talanx Group for roughly €30 million (roughly US$35mn), and the completed sale of its stake in Aseguradora General S.A. Talanx, a large German insurer and the parent of reinsurer Hannover Re, will acquire ... Read the full article
Inaugural IFTRIP a defining moment for terror risk pools: Pool Re’s Enoizi
21st July 2017
Speaking ahead of the inaugural International Forum of Terrorism Risk Pools' (IFTRIP) conference, held in Paris on June 28th, 2017, Pool Re Chief Executive Officer (CEO), Julian Enoizi said that as the first formal collaboration event between the world's terrorism re/insurance entities it would be a defining moment for national ... Read the full article
Hannover Re completes acquisition of Lloyd’s focused Argenta Holdings
21st July 2017
German reinsurance firm Hannover Re has announced the completion of its acquisition of Lloyd's of London focused player Argenta Holdings Limited, which gives the reinsurer a ready-made syndicate and Lloyd's private capital manager. The acquisition, which was completed yesterday and is effective today, sees Hannover Re gain a Lloyd's syndicate manager ... Read the full article
Higher catastrophe losses dent Travelers’ Q2 performance
21st July 2017
High levels of both catastrophe and non-catastrophe weather losses saw insurer Travelers record lower net income in the second-quarter of 2017 when compared with the previous year, while the insurer's combined ratio weakened to 96.7%. The firm has reported pre-tax catastrophe losses, net of reinsurance, of $433 million for the second-quarter ... Read the full article
Q2 result expected to keep Munich Re on track for 2017 profit ambition: J.P. Morgan
21st July 2017
Munich Re is expected to record increased first-half 2017 profits of roughly €1.45 billion (US$1.67 billion) driven by a strong Q2, which suggests the reinsurer is on track to meet its full-year 2017 €2 billion - €2.4 billion (US$2.31 billion - US$2.66 billion) net profit ambition, according to analysis from J.P. ... Read the full article
Proportion of 2017 cat losses covered by re/insurance up 10%: Aon
20th July 2017
The first-half of 2017 brought catastrophe losses to the global economy of $53 billion, 42% of which, or $22 billion was covered by re/insurance protection, according to Aon Benfield unit, Impact Forecasting's latest catastrophe report. 76% of total global catastrophe losses were from U.S. events, making the U.S. the only region ... Read the full article
B3i to launch blockchain reinsurance platform at Monte Carlo RVS 2017
20th July 2017
The Blockchain Insurance Industry Initiative, better known as B3i, is going to launch and present its blockchain reinsurance platform, showing a prototype smart contract management system at the 2017 Monte Carlo Rendez-Vous. B3i is an initiative with 15 members that are all leading firms in the insurance and reinsurance industry. ... Read the full article
U.S. acres burned by wildfires in H1 2017 up 34%, says Verisk
20th July 2017
Verisk Insurance Solutions, a Verisk Analytics company, has produced data that highlights the potential for significant wildfire risk across the U.S., with 4.5 million homes in the country at high or extreme risk of wildfire. Verisk has published its 2017 FireLine State Risk Reports, which examine wildfire exposure in 13 states ... Read the full article
UK motor premiums soar at highest ever levels following Ogden rate change
20th July 2017
Motor premiums for UK re/insurers have risen at a faster rate than ever before, up by 11% from this time last year as the industry adjusts to the Ogden rate hike by passing on its increased costs to policyholders, according to the Association of British Insurers’ (ABI) Motor Premium Tracker. The ABI ... Read the full article
AIG could make better use of softening reinsurance market: Credit Suisse
20th July 2017
Property business is expected to drive much of the medium term underwriting improvement at global insurer American International Group Inc. (AIG), and the firm would be wise to make better use of the softening reinsurance market environment, suggests Credit Suisse analysts. AIG recently announced the appointment of Brian Duperreault as its ... Read the full article
Duck Creek & DataCede partner on P&C sector reinsurance admin solution
20th July 2017
Global provider of P&C industry insurance software, Duck Creek Technologies, has partnered with provider of reinsurance sector solutions, DataCede, to offer reinsurance administration solution to P&C insurers. The partnership sees Duck Creek expand its Global Alliance Program via the utilisation of DataCede's cloud-based CedeRight reinsurance solution, which automates processing and administration ... Read the full article
Munich Re first foreign reinsurer to announce Iran deal after removal of sanctions
20th July 2017
Iran's Saman Insurance has become the first Iranian insurer to purchase life reinsurance from a foreign firm following the removal of international sanctions in 2016, after signing a deal with Munich Re to reinsure risks in life insurance and capital formation categories, the Financial Tribune reported. Ahmadreza Zarrabieh, Chief Executive Officer (CEO) ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
