Reinsurance News
Beazley hires Sam Franks as Regional Business Development Manager
24th May 2018
Specialist insurer Beazley has announced the appointment of Sam Franks as Regional Business Development Manager. Franks is set to arrive at the firm on September 1 2018 and will be expected to lead Beazley’s U.K. business development initiative from its Birmingham office. He joins from Hiscox Birmingham, having served as Regional ... Read the full article
Aon launches Intellectual Property Solutions group, appoints Lewis Lee as CEO
24th May 2018
Leading insurance and reinsurance broker Aon has announced today the the launch of its intellectual Property (IP) Solutions group, in a move aimed at providing increased industry knowledge for clients via an emphasis on strong analytical tools and strategic hiring. To accomplish this, Aon acquired IP industry leader 601West, appointing the ... Read the full article
Lloyd’s coverholder status secured by Millstream Underwriting
24th May 2018
Managing General Agent Nexus Group member Millstream Underwriting has this week announced its approval as a Lloyd’s Coverholder. The move provides London-based Millstream with a greater capacity to underwrite business at Lloyd's. Development Manager of Millstream, Mark Copsey, said, “We’re delighted to announce that Lloyd’s has approved Millstream Underwriting as a Coverholder, ... Read the full article
Canopius appoints Stephan Ott as Head of Reinsurance for Europe
24th May 2018
Canopius, the global specialty lines re/insurer, has announced the appointment of Stephan Ott as its new Head of Reinsurance for Continental Europe. Most recently, Ott was Chief Underwriting Officer (CUO) for Emirates Re, before which he held a number of senior underwriting positions in the Middle East at Al Fajer Re, ... Read the full article
CoreLogic offers first non-weather property risk modelling solution
24th May 2018
CoreLogic, a catastrophe risk modelling specialist, has made available two property insurance solutions developed by geographic research and data mining firm Location, Inc. that assess non-weather-related water and fire risk. WaterRisk and FireRisk will allow CoreLogic's clients to more accurately quantify the likelihood and severity of damage from water and fire ... Read the full article
$2.5bn losses expected from U.S. Ring of Fire weather system, KCC says
24th May 2018
Catastrophe modelers Karen Clark & Company (KCC) estimate damage resulting from the Ring of Fire weather system between May 11 and May 16 will inflict $2.5 billion in insurance claims to residential and commercial properties and automobiles. Many states east of the Rockies- including Colorado, Connecticut, Illinois, Indiana, Iowa, Kansas, Maryland, ... Read the full article
Munich Re expects tepid mid-year renewal, but targets U.S. expansion
24th May 2018
Reinsurance giant Munich Re is anticipating a tepid rate environment at the mid-year 2018 reinsurance renewals, but is targeting further growth into the United States market, where its share remains below its global average. Like many other firms Munich Re's expectations for the mid-year June 1 and July 1 reinsurance renewals ... Read the full article
Lloyd’s very well positioned in Asia-Pacific, excited about opportunity: Chaplin, Lloyd’s
23rd May 2018
The specialist Lloyd's of London insurance and reinsurance marketplace is well positioned in Asia-Pacific and is focused on building on its solid foundation in the region, which now accounts for 11.5% of the market's global income, according to Kent Chaplin, Chief Executive Officer (CEO) of Asia-Pacific, Lloyd's. Speaking with A.M. BestTV ... Read the full article
‘False positives’ pose challenge for autonomous vehicles, says Clyde & Co
23rd May 2018
As developers respond to the first fatal accident involving an autonomous vehicle, which occurred in March 2018, global law firm Clyde & Co has cautioned that increasing the sensitivity of driverless vehicles could lead to further risks. Clyde & Co's comments responded to media reports that analysed the causes of ... Read the full article
Upgrading technology is top priority for industry leaders: AdvantageGo
23rd May 2018
Upgrading technology is currently the number one concern for re/insurance industry leaders, according to a 2018 InsurTech report by AdvantageGo, the software product family from NIIT Technologies. The report, which surveyed 30 c-suite re/insurance executives from around the world, found that industry leaders are becoming increasingly concerned about the pace at ... Read the full article
U.S. P/C premium growth offset by higher losses & LAE in 2017: A.M. Best
23rd May 2018
For the first time in four years the U.S. property and casualty (P/C) industry saw net premiums written (NPW) increase in 2017, although this was offset by greater losses and loss adjustment expenses (LAE) as a result of 2017 catastrophe events, ultimately driving profit deterioration, reports A.M. Best. The ratings agency ... Read the full article
Corporate Benefit Audits (CBA) acquired by Risk Strategies
23rd May 2018
The privately held national insurance brokerage and risk management firm Risk Strategies has announced the acquisition of Massachusetts-based Corporate Benefit Audits (CBA). CBA has operated since its founding in 1992 and provides outsourced claim auditing services to clients including stop loss carriers, managing general underwriters, reinsurance companies and self-funded employers. Risk Strategies will ... Read the full article
Silent cyber drives Petya loss to $2.7 billion, says PCS
23rd May 2018
The insurance and reinsurance industry loss from the Petya / NotPetya cyber attack continues to rise as a result of silent cyber exposure, with the loss now viewed as high as $2.7 billion by Property Claim Services (PCS), reports Artemis. According to Tom Johansmeyer, Co-Head, PCS Strategy & Development at ISO, ... Read the full article
Mitsui Sumitomo enters Chinese life market with BoCommLife stake
23rd May 2018
MS&AD Insurance Group Holdings, Inc. subsidiary, Mitsui Sumitomo Insurance Company (MSI), Limited, has signed an agreement to acquire Colonial Mutual Life Assurance Society Limited's (CMLA) 37.5% stake in Chinese life insurer, BoCommLife Insurance Company Limited. CMLA, a subsidiary of the Commonwealth Bank of Australia, is to sell its 37.5% stake in ... Read the full article
InsurTech investment deals reach record high: Willis Towers Watson
23rd May 2018
InsurTech investments have continued to grow, with a record-breaking 66 investment deals worth a total of $724 million recorded during the first quarter of 2018, according to the latest quarterly report from re/insurance broker Willis Towers Watson and CB Insights. Q1 2018 investment volume was only 16% greater than the $624 ... Read the full article
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