Reinsurance News
TPA Advent Claims partners with Van Ameyde for post-Brexit support
25th October 2017
InsurTech-led claims Third Party Administrator, Advent Claims, has partnered with pan-European claims specialist Van Ameyde - expanding its post-Brexit support network to include Lloyd’s managing agents and coverholders across Europe. The agreement builds on similar joint ventures in the U.S., Canada and Australia which give Advent access to around 80% of ... Read the full article
The Hartford to acquire Aetna’s U.S. group life & disability business for $1.45bn
25th October 2017
The Hartford has announced that it will acquire Aetna's U.S. group life and disability business for $1.45 billion, in cash, subject to state regulatory approvals and other customary closing conditions. The deal will see The Hartford become the second largest group life and disability insurance company, with roughly $5 billion in ... Read the full article
Channel Syndicate 2015 hires new environmental class underwriter
25th October 2017
The Channel Syndicate 2015 at Lloyd's has named Nick Bennison as new Class Underwriter of its Environmental Impairment Liability (“EIL”) division with immediate effect. Bennison is an environmental liability specialist with over 16 years of experience in the sector and nearly 30 years insurance industry experience. “The appointment of Nick is indicative ... Read the full article
Insurdata raises $1 million for innovative risk data capture
25th October 2017
Insurdata - an insurtech firm pioneering the intelligent capture of risk data has raised over $1 million in seed financing from investors Menlo Ventures, Anthemis, Baloise Strategic Ventures and Plug and Play. The InsurTech firm intelligently captures and transfers high-resolution, peril-specific exposure and risk data, providing re/insurers building-level property data delivered ... Read the full article
Reinsurance demand to increase in 2018: JLT Re
25th October 2017
As P&C premiums ceded as a percentage of gross premiums written come off cyclical lows JLT Re predicts the industry will see reinsurance demand continue to increase into 2018. In its Viewpoint Winds of Change report, JLT Re noted that even before the series of heavy 2017 insured losses, the market ... Read the full article
Beazley adds David Roberts to Board as non-exec director
25th October 2017
London-based insurer and reinsurer, Beazley plc, has appointed David Roberts to its Board as a non-executive Director, and future non-executive Chairman of the Board. Roberts has been Chairman of Nationwide Building Society since July 2015, and will join the Beazley Board as a non-executive Director from November 1st, 2017. Furthermore, from March, ... Read the full article
SCOR reaches excess of loss reinsurance agreement with Iran’s Mellat Insurance
24th October 2017
France domiciled reinsurer, SCOR, has reached an agreement with Iranian insurer, Mellat Insurance, an affiliation of Bank Mellat, to provide the company with excess of loss reinsurance protection, according to reports. According to reports on Iranian online publication, Financial Tribune, SCOR will cover catastrophe losses related to Mellat Insurance's fire policies, ... Read the full article
weatherXchange adds Australian broker RSI to global platform
24th October 2017
Index-based weather risk protection platform, weatherXchange, has added Australian weather risk broker, Risk Solutions International (RSI), to its network of weather risk management services. RSI will be listed as a Regional Specialist for Australia covering energy, utilities, mining, transport, agriculture and construction. "We are excited to add Risk Solutions International as a Broker-Advisor ... Read the full article
Ironshore expands political risk lines for Asia Pacific region
24th October 2017
Ironshore Insurance Singapore is expanding Political Risk business lines, growing Political Risk & Trade Credit unit capacity from $15 million to $50 million and hiring Sam Lim as Political Risk & Trade Credit Underwriter, for the Asia Pacific region. Lim joins from AIG and will report to Boo Hui Yun, Managing Director, ... Read the full article
P&C sector’s strong capitalisation means record loss year is manageable: JLT Re
24th October 2017
The reinsurance market's strong capital base heading into 2017 is sufficient to manage losses from what's expected to be the costliest catastrophe loss year on record for the P&C sector, according to reinsurance broker, JLT Re. For just the third time on record, global insured catastrophe losses in 2017 are expected ... Read the full article
Global property cat prices to increase by 10% at 2018 renewals: Credit Suisse
24th October 2017
Industry experts have so far concurred that the re/insurance industry's estimated $100 billion in aggregate Q3 losses won't lead to a bottoming out of the current pricing cycle, however, global property catastrophe excess of loss pricing is forecast by Credit Suisse to increase by 10% at 2018 renewals, a price ... Read the full article
Sompo International Strengthens Position in Africa through Insurance Alliances
24th October 2017
Property & casualty reinsurer Sompo International has strengthened its position in Africa through a Sompo Japan Nipponkoa Insurance (SJNK) executed partnership agreed with Africa's largest financial service provider and insurance groups Sanlam Limited and SAHAM Finances. This partnership gives Sompo access to new markets, connecting the re/insurer with both the largest ... Read the full article
AIR launches inland flood model for Japan
24th October 2017
Global catastrophe risk modeller, AIR Worldwide, has launched a new inland flood model for Japan and enhanced the Japan typhoon model, providing a more comprehensive view of the country's flood risk. The models are available through Version 5.1 of AIR's catastrophe risk modelling software, Touchstone, and CATRADER Version 19.1 catastrophe risk ... Read the full article
Neon Italy launched with marine lines partnership
24th October 2017
Neon Italy has partnered with broker Cambiaso Risso in a joint venture to grow its marine books of business by targeting Hull and Cargo business underwriting in Italy. The broker will have a minority shareholding in the venture, which aims to grow Neon's marine portfolio by connecting its risk solutions with ... Read the full article
Karen Clark & Company introduces Severe Convective Storm model
24th October 2017
In response to significant market demand as Severe Convective Storm (SCS) losses continue to climb, Karen Clark & Company (KCC) has introduced a new SCS Reference Model. The peril is one of the top for U.S. insured catastrophe average annual losses, consistently exceeding $10 billion for the past several years. In 2011, ... 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.
