Reinsurance News
Nat Re adopts DXC Technology’s SICS life reinsurance software
30th April 2018
National Reinsurance Corporation of the Philippines (Nat Re) has selected DXC Technology’s SICS software to support the operational efficiency of its life reinsurance business. DXC, which is an independent, global end-to-end IT services company, will work with Nat Re to implement SICS, which is a standardised solution designed specifically for assumed ... Read the full article
JLT implements Club Vita and RiskFirst systems to model DB pension plans
30th April 2018
Insurance and reinsurance broker JLT has announced that it will become the first actuarial consultancy to apply Club Vita’s longevity analytics capabilities to defined benefit (DB) pension plans through RiskFirst’s PFaroe modelling system. DB clients at JLT will now be able to conveniently set best-estimate longevity assumptions and strengthen their decision-making ... Read the full article
Ed partners with InsurTech analytics firm SpatialKey
30th April 2018
Global re/insurance, wholesale, and specialty broker Ed has entered a partnership with SpatialKey, a geospatial data enrichment and analytics firm that provides solutions for the insurance and reinsurance industry. Ed believes the partnership will strengthen its data and analytics capabilities by allowing it to access SpatialKey’s advanced geospatial analytics technology. SpatialKey’s software ... Read the full article
Universal to maintain catastrophe retention and increase reinsurance cover
30th April 2018
Jon Springer, President and Chief Risk Officer (CRO) of Universal Insurance Holdings has indicated that the company plans to maintain its current level of catastrophe retention and increase its reinsurance cover, while at the same time spending less than in prior years. Speaking during Universal’s Q1 2018 earnings call, Springer also ... Read the full article
Willis Re appoints Guy Carpenter’s Pinette as head of EMEA Life & Health
30th April 2018
Willis Re has appointed Guy Carpenter’s Franck Pinette as Managing Director of its Europe, Middle East, and Africa (EMEA) Life & Health practice. Pinette, who was most recently Chief Executive Officer (CEO) of European Life Reinsurance operations at Guy Carpenter, will now lead Willis Re’s development in the rapidly growing life ... Read the full article
Tokio Marine Kiln names Anna McNamara as group COO
30th April 2018
Tokio Marine Kiln (TMK), a global provider of specialist and corporate re/insurance, has appointed Anna McNamara as group Chief Operating Officer (COO). McNamara will now lead the strategy and management of all TMK group operations activities across the business. She has been with TMK since 2006, during which time she has played ... Read the full article
Online underwriting platforms may not hold up in court, warns Clyde & Co
30th April 2018
Global law firm Clyde & Co has warned that poorly designed and operated online underwriting platforms can threaten a re/insurer’s ability to defend itself in court. The firm claimed that it is critical that re/insurers review the manner in which these platforms issue documentation and collect information on risks, as these ... Read the full article
ANZ, Suncorp, IBM collaborate on blockchain solutions for re/insurance
30th April 2018
ANZ and Suncorp New Zealand have announced plans to collaborate with IBM on developing blockchain solutions for the re/insurance market in New Zealand (NZ). The parties aim to leverage distributed ledger technology to help make data transfer and payment reconciliation processes between brokers and re/insurers faster and more transparent. The collaborative project ... Read the full article
The current reinsurance market is unsustainable, warn industry execs
30th April 2018
Put simply, the current state of the reinsurance market is unsustainable, and as the ability to subsidise margins with reserve releases diminishes, the sustainability of the overall insurance and reinsurance marketplace needs to be given some thought. This is according to industry experts and executives that spoke with A.M. BestTV at ... Read the full article
Guy Carpenter promotes Fletcher to Chair, adds Morris as SVP in Bermuda
30th April 2018
Reinsurance brokerage Guy Carpenter has promoted its retrocessional leader John Fletcher to become the new Chairman of the firm’s Bermuda Operations and added a new Senior Vice President hire on the island. Fletcher has been with Guy Carpenter throughout his reinsurance broking career, having joined the firm in 1998. In his 30 ... Read the full article
Bank of England wants more longevity risk retained, less reinsured
27th April 2018
The Bank of England would like to see more longevity risk being retained and less being transferred offshore through reinsurance arrangements, leading it to explore amending Solvency II risk charges to encourage greater retention. The Bank of England's Prudential Regulation Authority (PRA) has before discussed its concerns over the use of ... Read the full article
Reinsurance blindspot in Florida as roof remodels double, reports BuildFax
27th April 2018
BuildFax, a provider of property condition and history insights, has found that there has been a 110.6% increase in residential roof remodels in Florida over the last 10 years, which has not been considered in recent reinsurance negotiations and catastrophe risk models. The findings were based on in-depth analysis of more ... Read the full article
AGCS partners with ParaZero on drone safety systems
27th April 2018
Allianz Global Corporate & Specialty (AGCS), the specialist corporate re/insurer of Allianz Group, has partnered with Israel-based drone safety systems company ParaZero to reduce risks related to commercial Unmanned Aircraft Systems (UAS). AGCS plans to offer pricing incentives and preferential conditions to clients using ParaZero products, initially in the U.S market ... Read the full article
Viability of blockchain tech dependent on handful of industry leaders: Fitch
27th April 2018
Fitch Ratings has asserted that although the implementation of blockchain technology offers many benefits for re/insurers in terms of cost, security and efficiency, it does not address any immediate crisis and its viability will thus be dependent on adoption by a select group of industry leaders. Fitch claimed that, currently, most ... Read the full article
Only 42% of UK business leaders confident in growth prospects: CNA Hardy
27th April 2018
CNA Hardy, a UK specialist commercial re/insurer, has released the Spring 2018 edition of its Risk and Confidence Survey, which reveals that just 42% of executives in UK businesses are confident in the ability of their firm to grow and prosper. This figure shows a cautious increase from the 28% that ... Read the full article
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