Reinsurance News
Everest Insurance partners with drone start-up Airware
19th June 2018
Everest Insurance has entered into an agreement with San Francisco-headquartered drone analytics providers Airware for this year’s hurricane season. The partnership will give Everest access to Airware’s aerial data analytics and machine learning (ML) capabilities, with the objective of providing greater precision and efficiency to the claims management process. Director of Everest ... Read the full article
Swiss Re, SCOR, AIG elected to EU Expert Group for Sustainable Finance
19th June 2018
The European Commission has named representatives from Swiss Re, SCOR and AIG as among the list of members of its Technical Expert Group on Sustainable Finance, which will assist the Commission in developing a classification system for environmentally sustainable economic activity. The Group, which was announced in the Commission’s Action Plan ... Read the full article
Caribbean insurers well-capitalised despite 2017 hurricane losses, says A.M. Best
19th June 2018
A new report from A.M. Best points to the responsiveness of reinsurers as a driving factor behind Caribbean property and casualty (P/C) insurers’ ability to withstand the record-setting impact of 2017’s hurricane season, enabling them to quickly resolve and settle the high volume of claims. Despite the magnitude of catastrophe losses, ... Read the full article
Lloyd’s looking to ‘redefine’ tech use with new innovation lab partners
18th June 2018
Inga Beale, Chief Executive Officer (CEO) at Lloyd’s, has said that the company is looking to redefine the way it uses technology as it begins the process of searching for entrepreneurial start-ups to partner with its Innovation Lab, due to be launched later in 2018. Lloyd’s recently announced that it ... Read the full article
B3i confirms switch away from blockchain to R3’s Corda
18th June 2018
The Blockchain Insurance Industry Initiative (B3i) has announced a platform switch away from Hyperledger Fabric's blockchain to Corda, an open source distributed ledger product created by New York-headquartered technology firm R3. The decision comes following a report by B3i Services AG that reviewed open source blockchain technologies against the B3i ... Read the full article
Enstar considering Atrium and StarStone sale
18th June 2018
Bermuda based insurance, reinsurance and run-off specialist Enstar Group Limited has retained investment bankers to explore a potential sale of its active underwriting businesses. In a move clearly designed to test the market's appetite for another pricey M&A deal, Enstar said that recent transactions led to the decision to find out ... Read the full article
Reinsurers well positioned for hurricane season: Moody’s
18th June 2018
A new report by Moody’s suggests reinsurers are to remain well-positioned for the rest of the 2018 hurricane season, which officially runs from June 1 to November 30. Experts predict near-historical storm averages for the Atlantic Basin, cooler-than-average sea-surface temperatures across the tropical North Atlantic, strong trade winds and sea level ... Read the full article
Beazley launches updated InfoSec cyber policy
18th June 2018
Beazley has launched an enhanced version of its Beazley InfoSec policy to ensure its large business clients remain protected against the evolving nature of cyber exposures. When Beazley's policy was first launched in 2006, policyholders were mainly concerned with third party exposure from the loss of personal customer data, but, more recently, ... Read the full article
Chilton to step down as Gallagher UK CEO, Matson to replace
18th June 2018
Insurance and reinsurance broker Arthur J. Gallagher & Co. (Gallagher) has announced that head of its UK-based brokerage and underwriting unit, Grahame Chilton, is to step down from his role as Chief Executive Officer (CEO) later in 2018, and will be replaced by Simon Matson. Matson is currently the head of ... Read the full article
Allianz planning huge UK insurance acquisition, Aviva and RSA both targets
18th June 2018
A report from The Sunday Times suggests Chief Executive Officer (CEO) of Allianz, Oliver Bäte, has been working with investment bankers for several months as he weighs up options on a list of potential deals. Allianz are said to be interested in pursuing a large UK insurance acquisition, with Aviva and ... Read the full article
PartnerRe rating outlook positive: A.M. Best
18th June 2018
A.M. Best has announced a readjustment of PartnerRe’s rating outlook from stable to positive, placing the Financial Strength Rating (FSR) at A and the Long-Term Issuer Credit Ratings (Long-Term ICR) at A+ for the majority of the firm’s subsidiaries. Additionally, Best has increased the PartnerRe American and Canadian Life Reinsurance Companies’ ... Read the full article
DWF adds Adrian Flynn as Partner in Dublin office
18th June 2018
Multinational law firm DWF has appointed Adrian Flynn as a partner in its Dublin office, where he will work with the insurance team on defendant personal injury claims. Flynn joins DWF from DAC Beachcroft, and brings expertise in personal injury insurance defence litigation and product liability claims. He deals predominantly with large ... Read the full article
Concern for industry’s underdeveloped cyber-risk offerings: Airmic survey
18th June 2018
A new survey by Airmic indicates that, as cyber-related risks emerge as one of the greatest perceived threats amongst risk managers, many feel that the industry must increase its own understanding and further develop offerings to clients. The survey, which represents approximately 1100 Airmic members and nearly 500 different companies, placed ... Read the full article
Re/insurance industry losses from Irma surpass $9.7bn
18th June 2018
According to data from the Florida Office of Insurance Regulation, claims data filed from insurers as of June 12th, 2018, show that the total estimated insurance and reinsurance industry loss from hurricane Irma has increased to more than $9.7 billion. Artemis reported in April that data from the Florida regulator ... Read the full article
Germany’s floods a ‘foretaste’ of future climate losses: Munich Re’s Faust
15th June 2018
The severe flooding that has affected western and southern Germany since mid-May 2018 is a ‘small foretaste’ of the effects of climate change on future weather-related disasters, according to Eberhard Faust, Munich Re’s Head of Research for climate risks and natural hazards. Many regions of the country have endured non-stop thunder, ... Read the full article
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