Reinsurance News
Marsh appoints Jamie Saunders to cyber risk strategic advisor
27th October 2017
Marsh has named former Director of the National Cyber Crime Unit at the National Crime Agency (NCA), Jamie Saunders, as new strategic adviser on cyber risk management for UK specialist cyber security within the Client Advisory Services division. In his newly-created London based role, Dr Saunders will provide strategic cyber security ... Read the full article
Toa Re and Barbican approved ‘in principal’ to set up Lloyd’s SPA
27th October 2017
Japanese reinsurer, Toa Reinsurance Company, and Barbican Insurance Group have received 'in principle' approval from the Lloyd's of London Franchise Board to launch Toa Re Special Purpose Arrangement (SPA 6132), which will be backed by Toa Re. After final approval has been received, the new SPA will begin underwriting on January 1st, ... Read the full article
AIR puts California wildfires insured loss at up to $3 billion
27th October 2017
Global catastrophe risk modeller, AIR Worldwide, has provided an insurance industry loss estimate for the California wildfires, of between $2 billion and $3 billion. The fires started in early October, 2017, and AIR's estimate includes insured losses from the Tubbs, Pocket, Nuns, Atlas, Redwood, and Sulphur fires in California, and includes damages ... Read the full article
Spike in insured losses will change market mindset: JLT Re
27th October 2017
JLT Re expects the recent spike in insured loss activity to change perceptions of risk and the overall mindset of the market as well as impact property catastrophe pricing. The broker said in its latest Viewpoint report the market will feel a considerable impact of the combined total losses for Harvey, ... Read the full article
PRA proposes Solvency II implementation reform, which could raise costs for re/insurers
27th October 2017
Both the implementation and adoption of Solvency II regulation has been expensive for insurers and reinsurers, and proposed amendments to the implementation process by the Prudential Regulation Authority (PRA) could drive costs even higher, despite potentially simplifying the process. The PRA has released the first of its series of consultation papers ... Read the full article
Protectionism creates dangerous risk concentrations
26th October 2017
The European insurance federation, Insurance Europe, highlighted the dangers protectionist policies - widespread across a range of African, South American and Asian countries - pose to the jurisdictions they aim to protect in a recent briefing on protectionism. Regions with protectionist measures in insurance and reinsurance can concentrate risk in the ... Read the full article
Alex Veys to replace David Astor as Hiscox Chief Investment Officer
26th October 2017
International insurer and reinsurer, Hiscox, has named Alex Veys as its new Chief Investment Officer (CIO), to replace David Astor, who is retiring in 2018. Veys will join the firm in December, 2017, and work alongside Astor until he retires in July, 2018, after 15 years with Hiscox. Veys brings more than ... Read the full article
Firms’ intangible assets still vastly unprotected: Aon & Ponemon Institute
26th October 2017
Many enterprises lag behind the protocols for doing business in the tech-era; firms recognise the growing value of intangible assets but continue to disproportionately spend four times more budget on insurance for Property, Plant and Equipment (PP&E) risks, according to a report by Aon and the Ponemon Institute. As historical tangible ... Read the full article
Agricultural insurance needed in underdeveloped Nigerian market: Reports
26th October 2017
Africa Re, the World Bank, and the federal government are collaborating to improve insurance penetration levels among farmers through affordable insurance packages, Ken Aghoghovbia, Chief Operating Officer/Deputy Managing Director, of Africa Re said in an interview with Nigeria Today. Increased agricultural insurance penetration is expected to play a crucial role in ... Read the full article
Roughly 40% of SCOR’s gross Q3 cat losses covered by retro
26th October 2017
France domiciled insurer and reinsurer, SCOR, made use of efficient retrocession protection to mitigate the impacts of high catastrophe losses in the third-quarter of 2017, however, the firm still recorded a pre-tax net loss of €598 million for the period. Global insurers and reinsurers have started to reveal their third-quarter and ... Read the full article
Commercial auto & A&E “areas of concern” for U.S. P/C reserve adequacy
26th October 2017
In 2016 the U.S. property/casualty industry experienced an overall favourable prior-period loss reserve development for the 11th consecutive calendar year although loss reserve adequacy weakened slightly from 2015, said Fitch Ratings in the segment’s reserve development report. Core industry reserves from accident years 2007-2016 are expected to be somewhat redundant, but ... Read the full article
Arch secures $368mn of mortgage reinsurance through new ILS transaction
26th October 2017
Arch Capital Group's mortgage insurance (MI) business has secured $368 million of indemnity reinsurance protection via the capital markets from Bellemeade Re 2017-1 Ltd., a special purpose insurance vehicle. The latest issuance under the Bellemeade Re vehicle is the largest yet and a first for Arch's Mortgage Group, and is ... Read the full article
GDPR pushes cyber risk to business leaders’ top concern
26th October 2017
With the European Union’s General Data Protection Regulation (GDPR) due to take effect in May 2018, cyber risk has been pushed to the top of the corporate risk agenda for businesses throughout Europe, according to a survey of over 1,300 senior executives by Marsh. The GDPR is a new legal framework with ... Read the full article
PERILS ups October 2016 Italy earthquake insured losses to $246mn
26th October 2017
PERILS has placed the final loss estimate for the 2016 October earthquake series in central Italy at U.S. $245.6 million, nearly double its January loss estimate of U.S. $146 million, which was issued three months after the event. The three major earthquakes with moment magnitudes of Mw 5.4, 5.9 and 6.5 ... Read the full article
Aspen launches efficiency and cost-cutting drive
26th October 2017
Hot on the heels of reporting a net loss for the third-quarter of -$253.8 million due to the major catastrophe activity and hurricanes, insurance and reinsurance player Aspen Insurance Holdings Limited has announced an efficiency and cost-cutting drive. Clearly Aspen recognises that cost-of-capital is now key in the ... Read the full article
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