Reinsurance News
24Vision expands European presence with two new additions
29th September 2017
Provider of services to the global marine industry, 24Vision.Solutions, has announced expansion plans in Europe, with the appointments of two marine insurance industry specialists. Rocco Bozzelli, an experienced marine risk and insurance professional, joins the firm from Scorpio Shipping group, and has been appointed as Partner for 24Vision Shipping & Risk ... Read the full article
Aviva to sell stake in Italian joint venture JV for €265 million
29th September 2017
Insurer Aviva has announced plans to sell the entirety of its shareholding in its Italian joint venture, Avipop Assicurazioni S.p.A. (JV), to Banco BPM S.p.A (Banco BPM) for €265 million (£233 million). The acquisition also includes the wholly owned subsidiary of JV, Avipop Vita S.p.A, and the consideration is payable in cash ... Read the full article
Hurricane Maria to result in $30 billion insured loss: KCC
29th September 2017
Karen Clark & Company (KCC) has provided an insurance industry loss estimate of just under $30 billion for the damages caused by the impacts of hurricane Maria, with the majority of the loss coming from Puerto Rico. KCC's insured loss estimate is based on Version 1.0 of its high resolution Caribbean ... Read the full article
David Warfel named Head of Aviation, NA, AGCS
29th September 2017
The international specialist corporate insurance arm of insurer Allianz, Allianz Global Corporate & Specialty (AGCS), has announced that David Warfel will replace Mike Hansen as Head of Aviation, North America, effective October 1st, 2017. Warfel previously held the position of Head of Major Risks for Aviation at Allianz, a position he ... Read the full article
Rated European re/insurers show resilience in challenging market: A.M. Best
29th September 2017
Despite persistent market challenges, rated European re/insurers continue to show resilience while maintaining a strong balance-sheet and a diversified business profile, according to global ratings agency, A.M. Best. In light of the challenging market landscape, which is underlined by the ongoing low interest rate environment, a round of reserve strengthening in ... Read the full article
75% of Cyclone Debbie claims settled: ICA
29th September 2017
Six months after Cyclone Debbie struck the Queensland coast, 75% of claims lodged for the cyclone's insured losses, estimated to reach $1.47 billion, have been settled, according to the Insurance Council of Australia (ICA). ICA figures show households and businesses in Queensland and New South Wales lodged 68,848 Debbie-related claims, with ... Read the full article
Lloyd’s struggles on expenses, costs making it less competitive
29th September 2017
The Lloyd's of London specialist insurance and reinsurance market is struggling due to its high expense base and the cost of doing business there, which is driving up its combined ratio above the average of its competitors. Speaking during an analysts presentation yesterday, John Parry, Chief Financial Officer at Lloyd’s, explained ... Read the full article
RMS puts hurricane Maria insured loss at up to $30 billion
29th September 2017
Global catastrophe risk modeller, RMS, has estimated that insured losses from the impacts of hurricane Maria will be between $15 billion and $30 billion, with the majority of the loss being driven by wind damage. RMS' figure includes damages from wind, storm surge and inland flooding across parts of the Caribbean, ... Read the full article
Beazley puts hurricane & quake catastrophe losses at up to $275 million
29th September 2017
Specialist and Lloyd's focused re/insurer Beazley plc has released an early estimate of its aggregate net losses following the impacts of major hurricanes Harvey, Irma and Maria, as well as the series of earthquakes in Mexico. The company sees its losses due to the recent catastrophe events falling in a range ... Read the full article
Duperreault says underwriters should be “part actuary, part data scientist:”reports
28th September 2017
AIG's Chief Executive Brian Duperreault highlighted the changing role of the underwriter as an integral part of re/insurance industries adaptation to the "modern era" of AI and technology, saying they need to become "part actuary, part data scientist," in an interview with Asia Nikkei. The skill set required by underwriters ... Read the full article
Insured losses from August Canada floods reach $124 million
28th September 2017
Late August flooding in Canada's Windsor region has caused more than $124 million in insured damage, according to the Insurance Bureau of Canada (IBC). Rains of up to 290 millimetres brought major flooding to Windsor, Tecumseh, and other parts of Essex County. The Windsor Airport broke a rainfall record, receiving 100 millimetres ... Read the full article
Generali to place German life operation into run-off as part of broader restructure
28th September 2017
Generali Deutschland, the German division of global insurer Generali, has announced a "One Company" approach, which includes placing its German life business, Generali Leben, into run-off, as it looks to improve efficiency and accelerate the implementation of its strategic plan. As part of its announced growth strategy, Generali is to place ... Read the full article
Cape Analytics announces formation of advisory board
28th September 2017
Cape Analytics, a provider of property data for the insurance and reinsurance industry, recently announced the formation of its advisory board as it continues to expand. Cape Analytics was founded in 2014, and offers accurate, up-to-date, structured property data for insurance and reinsurance companies. According to a statement from the company, ... Read the full article
Marsh promotes Katherine Brennan to executive roles
28th September 2017
Marsh & McLennan Companies has appointed Katherine Brennan to Deputy General Counsel, Corporate Secretary and Chief Compliance Officer, with effect from October 18. Brennan will report to Peter Beshar, Executive Vice President and General Counsel of Marsh & McLennan, and be based in the Company’s New York headquarters. Beshar said; “I am ... Read the full article
Florida Citizens expects $1.23 billion Hurricane Irma losses
28th September 2017
Hurricane Irma will generate up to 70,000 claims and about $1.23 billion insured losses to the Citizens Property Insurance Corporation, according to initial estimates presented to Citizens' Board of Governors. The national carrier's surplus is amply capitalised to deal with these losses and still retain a remaining budget of $6.4 billion ... Read the full article
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