Reinsurance News
Oversold reinsurance shares to make a come-back in 2018: reports
31st January 2018
The sale of reinsurance shares that came in the wake of one of the most active catastrophe years has reached its peak with the sector now being marked as oversold by the Buckingham research group who believe reinsurers will outperform over 2018 as they show pricing improvement. Analysts said reinsurance stocks ... Read the full article
Chubb appoints Ignacio Borja to Spain & Portugal Country President
31st January 2018
Chubb has appointed Ignacio Borja to Madrid-based Country President for Spain and Portugal (Iberia), reporting to newly-appointed Division President for Continental Europe, Adam Clifford. As Country President, Borja will be responsible for managing the performance, strategy and development of Chubb's Property and Casualty, Accident and Health and Consumer Lines operations in ... Read the full article
Guy Carpenter CEO Peter Hearn calls for more transparent cat modeling
31st January 2018
Guy Carpenter's Chief Executive Officer, Peter Hearn, made a case for greater industry-wide adoption of the open source catastrophe model, saying it improves firms' management of risk, adding better products and protection to the marketplace and benefiting the entire re/insurance value chain. “For over 25 years, these models have led us ... Read the full article
Auto-executing smart contracts may be “most exciting” blockchain application: Morgan Stanley
31st January 2018
Auto-executing smart contracts may be the most exciting blockchain application for the insurance industry, bringing the potential to move from simple binary triggers such as flight delay insurance to more complex IoT sensor triggered contracts, according to Morgan Stanley. Although the insurance industry is relatively late in looking at blockchain's potential, ... Read the full article
LMA Academy expands with launch of international programmes
31st January 2018
The LMA Academy plans to expand internationally with a range of technical programmes and courses to be launched in Singapore, Toronto and Vancouver. Programmes will be launched in Singapore in March (in conjunction with Lloyd’s); Toronto and Vancouver in May, and Chicago in July, offering delegates technical training and knowledge and the ... Read the full article
Demand for bulk purchase annuity business potentially huge: Fitch
31st January 2018
Bulk purchase annuity (BPA) business is becoming increasingly important to the UK life insurance industry, and Fitch Ratings believes BPAs are a key growth area within the UK life sector over the coming years. BPA business is growing in importance to the UK life sector, with established providers continuing to complete ... Read the full article
Munich Re’s HSB Group leads $16.5mn funding round for AI firm Mnubo
31st January 2018
Led by Munich Re's HSB Group, Mnubo has raised $16.5 million in an oversubscribed Series B financing bid to fund manufacturers' uptake of its SmartObjects IoT Analytics and Data Science solutions. Other investors in the internet of Things (IoT) Data Analytics and Artificial Intelligence (AI) company's funding bid include White Star ... Read the full article
ARC & UN partner to increase Africa insurance penetration
31st January 2018
The African Risk Capacity (ARC), an agency of the African Union, and the United Nations Economic Commission for Africa (ECA) have announced a new partnership to improve resilience in African states through increasing insurance protection against climate risks. In the partnership, ARC and ECA plan to embed risk management investments into ... Read the full article
Swiss Re opens Asia regional headquarters & appoints Board of Directors
31st January 2018
Swiss Re has announced the launch of its new regional headquarters in Singapore, Swiss Re Asia Pte, and has appointed a new regional Board of Directors to head up Asia operations. Lim Siong Guan, former Group President of GIC, and now Advisor to the GIC Group Executive Committee, was named as ... Read the full article
Mississippi insurance commissioner calls on wind pool to spend less on reinsurance
31st January 2018
Mississippi's insurance Commissioner, Mike Chaney, is looking to remove a tax subsidy and authority from the state's insurer of last resort, the Mississippi Underwriting Association (widely known as the wind pool), stating that the pool spends too much on reinsurance protection. According to an Associated Press article, Chaney is pushing a ... Read the full article
Pioneer appoints Aaron Sternstein to Healthcare unit Vice President
31st January 2018
Pioneer Underwriters has announced the appointment of Aaron Sternstein as Vice President in its Allied Healthcare division, reporting to Jim Stewart, Senior Vice President of Allied Healthcare. Stewart said; “since launching our Allied Healthcare division in 2015, we have built a well-developed platform and established a leading book of business. "Aaron’s product ... Read the full article
California wildfires could blow out European reinsurers Q4 cat budgets: JP Morgan
30th January 2018
The California wildfires, which caused an estimated $12.5 billion in insured losses, are likely to fully blow out European reinsurers Q4 catastrophe budgets, according to JP Morgan. The European reinsurance sector will be challenged by catastrophe losses that are forecast to be slightly above the quarterly budget, after the California wildfires ... Read the full article
Nephila looks to expand weather risk business with Nephila Climate launch
30th January 2018
Nephila Holdings Ltd, the parent company of the world's largest insurance and reinsurance-linked fund manager, Nephila Capital Ltd, has expanded its weather and ESG-driven operations with the launch of Nephila Climate (NCx), a new specialty unit dedicated to weather risk transfer and climate resilience solutions. Nephila has announced that head of its ... Read the full article
Berkshire Hathaway, Amazon & JP Morgan partner to address U.S. employee healthcare
30th January 2018
Warren Buffett's Berkshire Hathaway, Amazon, and JPMorgan Chase & Co. have announced a new partnership to address healthcare for their U.S. employees, designed to improve employee satisfaction and to lower costs. The partnership, which combines the knowledge and expertise of the three companies, will focus on its objective via an independent company ... Read the full article
California insurers told to honour wildfire-related mudslide claims
30th January 2018
California Insurance Commissioner Dave Jones has issued a formal notice to all property and casualty insurers as a reminder to honour mudslide, landslide, and debris flow claims if the wildfire can be shown to be the cause. "Californians have suffered greatly with all of the devastating losses from wildfires that struck ... Read the full article
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