Reinsurance News
InsurTech & AI use of data to disrupt re/insurance: Willis Towers Watson
4th July 2017
While InsurTech expands data volume through providing a personalised link to clients, Artificial Intelligence will amplify the value of data sets by extracting more information, generating insights, and analysing and recognising patterns far beyond the capabilities of human intelligence. The use of InsurTech coupled with Artificial Intelligence is reshaping the meaning and ... Read the full article
R&Q completes acquisition of AstraZeneca Insurance
3rd July 2017
Randall & Quilter Investment Holdings has announced the completion of its acquisition of AstraZeneca Insurance Company, AZICO after receiving all necessary approvals from regulators. The global non-life insurer and legacy or run-off reinsurance solutions specialist intends to undertake a Part VII Transfer of AZICO's remaining insurance business to one of the Randall & ... Read the full article
Price Forbes enters Chilean market via stake in Cooper Gay Chile
3rd July 2017
Independent, specialist Lloyd's of London brokerage, Price Forbes Holdings Limited (Price Forbes), has entered the Chilean market via the acquisition of an equity interest in reinsurance broker Cooper Gay Chile, which serves large corporate clients and reinsurance markets in the country. The company's strategic entry into the Chilean marketplace will be led ... Read the full article
Chaucer acquires Australian specialty underwriting agency SLE Holdings
3rd July 2017
Specialist insurer Chaucer has expanded its regional distribution with the acquisition of Sydney-based underwriting agency and Lloyd's coverholder, SLE Holdings. SLE writes specialty property and casualty products, focusing on sports, leisure and entertainment markets. John Fowle, Chief Executive Officer (CEO) of Chaucer, said; "We are delighted to welcome the SLE team to our ... Read the full article
SCOR reinsures Zurich’s longevity swap for Skanska pension fund
3rd July 2017
Zurich Assurance has signed a longevity hedge swap with Skanska Construction Services Trustee covering £300 million of liabilities, with Mercer acting as lead advisor to the trustee on the deal. 75% of the longevity hedge was reinsured by SCOR, with Zurich retaining the rest. Jim Sykes, Chief Executive Officer (CEO) of Zurich ... Read the full article
IAG warns of increased reserve releases for full-year 2017
3rd July 2017
Insurance Australia Group Limited (IAG) has raised its reported margin guidance range for full-year 2017 to 13.5% - 15.5% in response to an expected increase in reserve releases, following the completion of its preliminary review of prior period reserve releases for the financial year ended 30th June, 2017. The insurer's latest preliminary review ... Read the full article
ArgoGlobal expands presence in MGA market with MGAA sponsorship
3rd July 2017
Lloyd's of London insurer and member of Argo Group, ArgoGlobal, is to serve as a gold sponsor of the Managing General Agents' Association (MGAA), as it continues its commitment to expanding its presence in the MGA marketplace. The MGAA is a UK-based not-for-profit organisation that is dedicated to "representing true MGAs," ... Read the full article
No cyber insurance surge following WannaCry: Research
3rd July 2017
The recent ransomware cyber attack named WannaCry has not stimulated much of an uptick in demand for cyber insurance coverage, according to research carried out among brokers. The survey of 250 UK insurance brokerages shows that after the WannaCry cyber attack there has been little increase at all in the number ... Read the full article
Swiss Re Corporate Solutions Brasil Seguros S.A. begins operations
3rd July 2017
A joint venture between Swiss Re Corporate Solutions, the commercial insurance arm of reinsurance giant Swiss Re, and Bradesco Seguros S.A., which was first announced in October 2016, has completed and officially started operations in Brazil. Bradesco Seguros S.A.'s commercial large-risk portfolio has now been integrated into Swiss Re Corporate Solutions Brasil ... Read the full article
David Edwards to join JLT Re’s credit & political risk team
3rd July 2017
Reinsurance broker and consultancy JLT Re has announced David Edwards will be joining JLT Re's Credit & Political Risk team from Guy Carpenter where he acted most recently as Managing Director of Credit, Bond and Political Risk. Commenting on the appointment Nick Jay, Divisional Head, Marine, Energy & Political Risk, JLT Re ... Read the full article
Compre sets up Malta PCC for legacy deals
3rd July 2017
Independent insurance and reinsurance legacy or run-off transaction specialist Compre has established a protected cell company (PCC) in Malta, which it intends to use for transactions involving portfolios of discontinued non-life insurance and reinsurance business. Compre said this morning that it has received approval from the Maltese Financial Services Authority (“MFSA”) ... Read the full article
Re/insurers advised to prepare for EU’s new citizens data privacy rules
3rd July 2017
Celent has advised insurers to review compliance with the EU's new citizens data privacy rules, the General Data Protection Regulation (GDPR), which is due to be implemented in May 2018. The GDPR is designed to protect EU citizens data privacy and is expected to change the approach firms take to handling data. The ... Read the full article
Robert Childs named Deputy Chairman of Lloyd’s
3rd July 2017
Robert Childs, a Non-Executive Chairman of insurance and reinsurance firm Hiscox, has been appointed to the position of Deputy Chairman of Lloyd’s of London, taking up the position immediately. Childs takes over from Paul Jardine, who retired from the Deputy Chairman role earlier this year following nine years of service. Childs ... Read the full article
Fidelis & former Hiscox Re exec Ashton launch specialty joint venture
3rd July 2017
Fidelis Insurance has announced the creation of a new specialty joint venture with Rob Ashton, former head of specialty at Hiscox Re Specialty, that will have a strong focus on the cyber reinsurance market. The new venture will begin writing business from January 1st, 2018, with a focus on niche specialty ... Read the full article
Munich Re Specialty Group names Celine Ang Head of Asia
3rd July 2017
Munich Re Specialty Group, a division of reinsurance giant Munich Re, has appointed Celine Ang as Head of Asia, effective August 1st, 2017. Ang will be based in the firm's Singapore office, and will take on responsibility for Munich Re' syndicate offices throughout the region. She joins Munich Re Specialty Group from Euler Hermes, ... Read the full article
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