Reinsurance News
Cyber-attack more of a threat to re/insurance industry than nat cats, warns Inga Beale
19th January 2018
The re/insurance industry's biggest threat is no longer natural disasters but successful cyber-attackers, and companies across all sectors must do more to defend themselves against the growing cyber threat, warns Lloyd's of London Chief Executive Officer (CEO), Inga Beale. Speaking at the Asian Financial Forum, Beale highlighted the potentially huge costs ... Read the full article
Protective in reinsurance agreement to acquire Liberty Life and Annuity operations
19th January 2018
Dai-ichi Life Holdings, Inc.'s wholly owned U.S. subsidiary, Protective Life Corporation (Protective), has entered into a reinsurance agreement with Lincoln Financial Group, under which its life and annuity subsidiaries will acquire all of the life and annuity business of Liberty Life Assurance Company of Boston (Liberty Life). Protective subsidiaries, Protective Life ... Read the full article
Foreign reinsurers likely to call for level playing field in India: Reports
19th January 2018
According to industry reports, foreign reinsurance companies operating in India are likely to call on the Insurance Regulatory and Development Authority of India (IRDAI) to ensure their local branches are treated on par with domestic reinsurers. The IRDAI announced last week in an exposure draft on reinsurance regulation, that Indian reinsurers will continue ... Read the full article
Aioi Nissay Dowa to acquire remaining shares in Box Innovation
19th January 2018
Part of MS&AD, Aioi Nissay Dowa Insurance Europe (the ANDIE Group), has revealed plans to acquire the remaining 24.99% of shares in Box Innovation Group Limited (BIGL), with plans to fully integrate the business within the ANDIE Group sometime during 2018. The ANDIE Group acquired 75.01% of the shares in BIGL, ... Read the full article
JLT Re launches economic capital modelling solution ANSER
19th January 2018
Reinsurance broker JLT Re has launched its own economic capital modelling solution for clients, named ANSER, ANalytics Software for the Evaluation of Risk. ANSER has been developed with the help of Ultimate Risk Solutions (URS), a leading independent economic capital modelling (ECM) software developer and has been designed to provide a ... Read the full article
BI, cyber & larger nat cat losses top global business risks in 2018: Allianz
19th January 2018
Business interruption (BI), cyber incidents and larger losses from natural catastrophe events are the top three business risks globally in 2018, according to the latest Allianz Risk Barometer. The Allianz 2018 Risk Barometer, which includes responses from over 1,900 risk experts from 80 countries, ranks BI as the number one business ... Read the full article
E&S renewal rates could rise 20% to 30% on loss affected accounts: Guy Carpenter
19th January 2018
The U.S. excess & surplus (E&S) lines property catastrophe reinsurance renewals in the second-quarter of 2018 could see rate increases of as much as 20% or 30%, for certain loss affected accounts, according to broker Guy Carpenter. Discussing the state of the excess and surplus (E&S) lines segment of the re/insurance ... Read the full article
RenaissanceRe takes minority shareholding in run-off specialist Catalina
19th January 2018
Bermudian reinsurance firm RenaissanceRe is to make a minority shareholding investment in non-life insurance and reinsurance run-off and consolidation specialist Catalina Holdings. RenaissanceRe will become a minority shareholder in Catalina, with the share investment being made through the reinsurers Ventures unit. Aditya Dutt, President of Renaissance Underwriting Managers, Ltd., will take ... Read the full article
Radian enhances reinsurance at renewal after proposed changes to PMIERs
18th January 2018
Radian Group subsidiary, Radian Guaranty, has announced enhancements to its Single-Premium Mortgage Insurance (MI) Reinsurance Program, in response to proposed changes to Private Mortgage Insurer Eligibility Requirements (PMIERs). The enhancements include an increased cession of business for its single-premium MI quota share reinsurance arrangement, which it entered into in 2016, from 35% to ... Read the full article
AI to replace 90% of Mitsui Sumitomo Insurance sales office work in 2018
18th January 2018
90% of Mitsui Sumitomo insurance sales staff office work is set to be replaced by Artificial Intelligence next year, driving an expected 20% reduction in the firm's overall workload. Mitsui Sumitomo Insurance's sales division will use AI for responding to inquiries from customers or agents and processing insurance applications. The implementation of ... Read the full article
Clyde & Co hires two former Mayer Brown lawyers as insurance partners
18th January 2018
Mandip Sagoo and Angus Duncan have joined Clyde & Co as new London insurance partners, both joining from Mayer Brown. Sagoo has extensive experience advising insurers in connection with complex financial institutions, D&O, professional indemnity and warranty & indemnity claims, while Duncan brings experience in acting for insurers in the financial ... Read the full article
LMA’s Worldwide Property Panel appoints Markel’s Dean Pitts as Chairman
18th January 2018
The Lloyd's Market Association's (LMA) Worldwide Property Panel has named Dean Pitts, Managing Director - Property Open Market at Markel, as its new Chairman, replacing the outgoing Nick Jones of Apollo. The Worldwide Property Panel leads on numerous issues impacting Lloyd's of London managing agents and syndicates, on behalf of the ... Read the full article
Paul Woodward joins JLT Specialty as Head of NA Casualty from Marsh
18th January 2018
Insurance and reinsurance brokerage JLT Group subsidiary, JLT Specialty, has announced the appointment of Paul Woodward as Head of North American Casualty. Woodward joins JLT Specialty from Marsh, having previously worked for JLT until 2011. In his new role he will work closely with the broker's international team, with the aim ... Read the full article
Fourth industrial revolution poised to transform re/insurance: Amit Tiwari, Xceedance
18th January 2018
The fourth industrial revolution (4IR) continues to gain traction, resulting in a wave of smart and connected technologies which look set to transform the global insurance and reinsurance industry, according to Amit Tiwari, Chief Technology Officer, Xceedance. In an interview with Reinsurance News, Tiwari discussed re/insurance operations in the era of ... Read the full article
Liberty Specialty Markets appoints Chris Hall to Senior Underwriter
18th January 2018
Liberty Specialty Markets (LSM) has appointed Chris Hall to Senior Underwriter to head up the development of a new trade finance insurance initiative in the firm's London headquarters. In his new role, he will report to LSM’s Head of Underwriting and Strategic Development – Global Financial Risks, Andrew Beechey. Beechey commented on ... Read the full article
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