Reinsurance News
February storms leave $57mn insured damage in Southern Ontario & Quebec
23rd March 2018
The Insurance Bureau of Canada (IBC) reported February storms which hit Southern Ontario and Quebec resulted in insured losses of over $57 million, according to Catastrophe Indices and Quantification (CatIQ). Ontario reported over $43 million in insured damage while Quebec reported over $14 million. Kim Donaldson, Vice-President, Ontario, IBC, said; "Climate change ... Read the full article
Ascent Underwriting names James Weatherstone as non-executive chairman
23rd March 2018
Ascent Underwriting has announced the appointment of James Weatherstone as non-executive chairman, subject to regulatory approval. Weatherstone joins Ascent from Arch where he was responsible for building the UK & international direct underwriting operations as Chief Executive Officer (CEO) of Arch Insurance London (AICE) and Arch Underwriting at Lloyd’s (AUAL). Prior to ... Read the full article
Maiden expands InsurTech initiative with innovation solutions team
23rd March 2018
Maiden Holdings has announced that its Technology Innovation Initiative will benefit from the addition of a new innovation solutions team, which will help customers leverage new re/insurance technologies. The new team, which will be led by Colin Fitt, Maiden’s Senior Vice President of Corporate Development, will support customers as they identify, ... Read the full article
XL Catlin adopts online marine claims reporting tool for North America
23rd March 2018
XL Catlin has adopted an online claims reporting tool to enhance marine insurance claims reporting in North America. Powered by RightIndem, XL Catlin’s new reporting tool streamlines the notification of loss process, enabling clients to immediately share details and visual information about an incident to start the claims management process. Anne Marie Elder, ... Read the full article
Nassau Re launches first re/insurance product under new brand
23rd March 2018
Nassau Re has announced the launch of a new single-premium multi-year guarantee annuity (MYGA), which will be the first new addition to its re/insurance offerings since its acquisition of Phoenix in 2016. The new product, called Nassau MYAnnuity (5X, 7X), will renew the company’s focus on consumer value and choice, and ... Read the full article
Hannover Re unit partners with blockchain superannuation start-up
23rd March 2018
Hannover Life Re Australasia will be partnering with GROW Super, an Australian start-up superannuation fund, to explore innovative approaches to providing group insurance using blockchain technology. GROW Super, which launched in May 2017, will use R3’s Corda blockchain infrastructure to apply distributed ledger technology to group re/insurance and deliver improved customer ... Read the full article
Claude Lefebvre to leave Hamilton Re
23rd March 2018
Bermudian reinsurer Hamilton Re has announced that Claude Lefebvre, current Chief Underwriting Officer (CUO), Partnerships & Casualty Reinsurance, is to leave the firm in order to pursue other interests. Lefebvre was a founding member of Hamilton Re, the Bermuda platform of insurer and reinsurer Hamilton Insurance Group, and will stay on ... Read the full article
Marsh’s Roy White appointed Chair of LIIBA
23rd March 2018
Chairman of UK Specialties at broker Marsh, Roy White, has been appointed as the new Chair of the Board of the London & International Insurance Brokers' Association (LIIBA), succeeding Arthur J Gallagher's Andrew Agnew. Agnew leaves the post after two years, and White takes up the position after previously serving as ... Read the full article
Nathan Shanaghy to replace David Ledger as COO, Aon UK Ltd
23rd March 2018
Current Chief Operating Officer (COO) of Aon Risk Solutions UK and the London Global Broking Centre, Nathan Shanaghy, has been appointed COO of Aon UK Ltd, reporting to Julie Page, Chief Executive Officer (CEO) of Aon UK Ltd. He succeeds David Ledger, who is set to retire at the end of ... Read the full article
Swiss Re partners with MassMutual’s LifeScore Labs on risk assessment algorithm
23rd March 2018
Swiss Re has announced that it will collaborate with LifeScore Labs, a subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), to support a new standards-based algorithmic risk scoring solution for the life re/insurance industry, called LifeScore360. LifeScore360 will be offered as an additional analytics option for Magnum, Swiss Re’s existing automated ... Read the full article
Monetary Authority of Singapore promotes sustainability and technology in re/insurance
23rd March 2018
In a recent speech at the General Insurance Association of Singapore Annual General Meeting Luncheon, Daniel Wang, Executive Director of the Monetary Authority of Singapore (MAS) suggested that MAS will be working closely with re/insurers to promote sustainability and technological innovation in the industry. According to Wang, MAS will encourage re/insurers ... Read the full article
Validus Specialty and Eagle Ocean America collaborate on U.S vessel cover
23rd March 2018
Validus Specialty Underwriting Services has announced that its Marine & Upstream Energy re/insurance team will collaborate with Eagle Ocean America to provide a new range of U.S vessel operator cover. The partnership will allow Eagle Ocean America, which is a full-service insurance facility operated by Eagle Ocean Agencies, to offer new ... Read the full article
Why AI is a game changer for reinsurance: Denis Kessler
22nd March 2018
As the Digital Revolution automates physical labour and drives the computerization of cognitive tasks through the rise of Artificial Intelligence (AI), Chairman and Chief Executive Officer (CEO) of SCOR, Denis Kessler, commented in a recent report that AI and data collection will completely alter asymmetries in insurance transactions and refocus ... Read the full article
Beazley’s Chief Underwriting Officer Neil Maidment to retire
22nd March 2018
Beazley has announced that Chief Underwriting Officer (CUO) Neil Maidment will be retiring at the end of this year and is due to be succeeded by Adrian Cox, who has been running Beazley specialty lines, since 2008. Maidment has been with the company since 1990 and has served as CUO ... Read the full article
Pool Re terror cover to expand as UK Gov changes law
22nd March 2018
Pool Re has commended the UK Government on its commitment to amend the 1993 Reinsurance (Acts of Terrorism) Act to allow the company to cover non-damage business interruption losses that result from acts of terrorism. Currently, in the event of a terrorist attack, Pool Re is only able to reimburse businesses ... Read the full article
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