Reinsurance News
Motor re/insurers set for disruption as autonomous vehicles gain popularity
23rd October 2017
Autonomous vehicles are likely to be a major disruptive force to motor re/insurers, bringing an expected reduction in the risk pool which would decrease motor premiums and downsize the motor insurance market over the long-term, according to J.P. Morgan analysts. In an assessment of the long-term implications of autonomous vehicles for ... Read the full article
RMS hires ex-Munich Re board member Ludger Arnoldussen
23rd October 2017
Catastrophe risk modelling and analytics firm RMS has announced the hiring of Dr. Ludger Arnoldussen, previously a board member at reinsurance firm Munich Re, in a move designed to strengthen the firms position in Europe. Dr. Arnoldussen has a long history in business development across both insurance and reinsurance sectors, most ... Read the full article
CoreLogic estimates hurricane Nate property losses of up to $1.35 billion
20th October 2017
Global catastrophe risk modeller, CoreLogic, has provided an initial insured and uninsured loss total estimate for damages from both wind and flood following the impacts of hurricane Nate, of between $600 million and $1.35 billion. According to CoreLogic estimates, most of the loss relates to wind damage from Nate, which struck the ... Read the full article
China Life acquires Allianz Taiwan life portfolio
20th October 2017
Allianz Taiwan Life Insurance has reached an agreement to sell part of its traditional life insurance portfolio to China Life Insurance, as the firm pursues a strategy to actively manage its Taiwan life portfolio for more capital-efficient solutions. The transaction includes a portfolio of approximately 78,000 policies with a guaranteed interest ... Read the full article
Greig Woodring & Steve McGill elected to The Hartford’s Board
20th October 2017
The Hartford has elected Greig Woodring and Steve McGill to the company's Board of Directors to succeed Charlie Strauss and Patrick Swygert, who will not stand for re-election in May 2018 upon reaching mandatory retirement age. The appointments are effective from December 20th, 2017. The Hartford’s Chairman and Chief Executive Officer (CEO), Christopher Swift, ... Read the full article
AIG UK underwrites first Shariah-compliant W&I policy in London M&A market
20th October 2017
AIG UK has underwritten the first Shariah-compliant Warranty and Indemnity (W&I) insurance policy issued in the London M&A insurance market, through Cobolt Underwriting's 'Islamic Window' solution. The buyer of the £5 million W&I policy is a Gulf based financial institution run on Shariah principles, which sought out Shariah-compliant financing to fund ... Read the full article
Cohen & Company hires former Twelve Capital exec as Managing Director
20th October 2017
Cohen & Company, LLC has named John Butler as the new Managing Director of U.S. Insurance Asset Management Platform and Global ILS Programme, with effect from November 1st, 2017. Butler joins from Twelve Capital, a Swiss-based insurance specialist and asset manager, where he most recently served as Managing Partner and Head ... Read the full article
P&C soft market trend continues despite severe Q3 cat losses: CreditSights
20th October 2017
The aggregation of severe re/insurance losses from the recent natural catastrophes across North and South America are not significant enough to impact the current trend of the P&C reinsurance market softening, according to CreditSights analysts. P&C reinsurance continues to be characterised by an excess supply of capital, while primary insurers have ... Read the full article
Aon Benfield expands Siccardi’s role to EMEA & UK Head of Client Services
20th October 2017
Aon Benfield, the global reinsurance arm of international broker Aon, has announced the appointment of Leonora Siccardi as EMEA & UK Head of Client Services, based in London. Siccardi will report to Maggie Westdale, Chief Financial Officer (CFO) of Aon Benfield, Richard Posgate, Co-Chief Executive Officer (CEO) of EMEA, Aon Benfield, ... Read the full article
California insurers report preliminary $1 billion+ wildfire losses
20th October 2017
Preliminary wildfire loss estimates from eight California insurers has reached $1.045 billion after over 7,000 structures have been either damaged or destroyed, the California Department of Insurance reported. The losses are for damages to commercial and residential structures, personal and commercial vehicles, and agricultural equipment, and the numbers are expected to ... Read the full article
Meteo Protect gets Lloyd’s coverholder approval
20th October 2017
Weather risk broker Meteo Protect has received Lloyd's of London Coverholder approval with authority to underwrite and issue policies on behalf of Lloyd's syndicates. Meteo Protect’s Coverholder status connects it with Lloyd's worldwide specialist insurance and reinsurance market, offering the broker "a wealth of new opportunities to provide weather index-based insurance to ... Read the full article
Sompo Holdings racks up $617mn HIM & Mexico quake losses
20th October 2017
Sompo Holdings has racked up losses from the August and September hurricanes that devastated the East Coast of the U.S. and the Caribbean, and the two major Mexico earthquakes, of $617 million (JPY 70bn), pre-tax. Hurricanes Harvey and Irma accounted for the Japanese carrier's heaviest losses with $211.6 million (JPY 24bn) ... Read the full article
Ironshore Hong Kong reveals commercial legal expense mitigation cover
20th October 2017
Ironshore Hong Kong has introduced a specialty professional lines product that offers protection for After-the-Event Legal Expenses providing coverage for parties subject to expense losses following commercial litigation action to help mitigate loss exposure. The coverage, which is standardized within the U.K. legal community, has been adapted specifically for the Hong ... Read the full article
Swiss Re estimates $3.6bn of losses from HIM and Mexico quakes
20th October 2017
Global reinsurance giant Swiss Re has released estimated catastrophe losses for the third-quarter of $3.6 billion, driven by hurricanes Harvey, Irma and Maria, and the Mexico earthquakes. The figure is based on a total market insured loss of $95 billion from the three hurricanes and earthquakes in Mexico, and is net ... Read the full article
Re/insurance essential to managing today’s megatrends: Industry experts
20th October 2017
The megatrends of today's world are driving new and additional risks to economies in all regions, highlighting the necessity and value of re/insurance protection in mitigating the risks and increasing global resilience. Speaking as part of a panel at the recently held Guernsey Insurance Forum in London, PwC's Global InsurTech Leader, ... Read the full article
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