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Influence of InsurTech being felt in personal lines insurance: Conning

2nd June 2017

The rise of innovative technology and the resulting increased investment into technology-focused business models is impacting all industries of the world, including numerous areas of the insurance and reinsurance value chain and business systems. FinTech and InsurTech have become increasingly common words across the risk transfer industry, as a need for greater efficiency ... Read the full article

Reinsurers express regret at Trump’s exit of the Paris Climate Agreement

2nd June 2017

Reinsurance giants Swiss Re and Munich Re have added their voices to the growing international condemnation of Trump’s decision to exit the Paris Climate Agreement. The Swiss reinsurer -  which has been researching climate change and its effects for the past 30 years - said; "we can say: it is a ... Read the full article

Universal subsidiaries finalise 2017 reinsurance programmes, reduce retentions

2nd June 2017

Universal Insurance Holdings, Inc. subsidiaries have announced the completion of their 2017-2018 reinsurance programmes, which includes participation from Nephila Capital (via Allianz Risk Transfer), Everest Re, RenaissanceRe, Chubb Tempest Re and a number of Lloyd's of London syndicates. Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty ... Read the full article

Greenlight Capital Re names Simon Burton as its new CEO

2nd June 2017

Cayman Islands domiciled specialty reinsurer, Greenlight Capital Re, Ltd., has announced Simon Burton as its new Chief Executive Officer (CEO), effective July 1st, 2017. Burton succeeds Leonard Goldberg who is to step down as interim CEO but will remain on the firm's Board of Directors. The company has announced that Burton will also join ... Read the full article

Ergo sees greater annual profit contribution to Munich Re

2nd June 2017

Ergo Group, the primary insurer of reinsurance giant Munich Re, has revealed plans to generate increasing profit for the reinsurer moving forward after the successful restructuring of its operations. After launching a full-scale restructuring project in 2016 the Ergo Group is now structured to operate more efficiently, with the firm citing ... Read the full article

Second wave of savvy InsurTechs to follow industry shakeup: Report

2nd June 2017

Business consulting expert Oliver Wyman has produced a joint report with InsurTech investor Policen Direkt that looks at over 1,000 InsurTechs and relevant players to provide guidance on which activities and business models are the most likely to flourish in coming years. The report concludes that after tech start-ups saw a ... Read the full article

Willis Towers Watson and Roost to set up Home Telematics Consortium

2nd June 2017

Insurance and reinsurance broker Willis Towers Watson has entered into an agreement with Roost - innovator in smart home technology - to establish a Home Telematics Consortium with 5-10 U.S. insurance carriers to help connect property insurers to the Internet of Things. The aim of the consortium is to combine household ... Read the full article

HCI secures 2017 reinsurance programme

2nd June 2017

HCI Group's insurance Subsidiary, Homeowners Choice Property & Casualty Insurance Company (Homeowners Choice), has completed its reinsurance placement for the 2017-2018 year, announcing a comprehensive programme that provides cover against hurricanes and other catastrophic losses up to $968 million for a first event. The first event element of the programme covers a probable ... Read the full article

Insurance is the “ultimate community product” for social resilience: ICMIF CEO

2nd June 2017

Insurance and reinsurance is far more than just a policy and the capabilities and capacity of the risk transfer industry must be utilised to increase global disaster resilience, stressed Shaun Tarbuck, Chief Executive Officer (CEO) of the International Cooperative and Mutual Insurance Federation (ICMIF). As part of the Global Platform for Disaster Risk ... Read the full article

Reinsurance rate declines accelerated at June renewal: JLT Re

2nd June 2017

The pace of decline across pricing and rate in the reinsurance market accelerated at the June 1st 2017 renewal, according to broker JLT Re, with rates down as much as 10% in places, and averaging a 5% decline. It's not the news reinsurers were looking for, but the excess levels of ... Read the full article

TWIA prepared for hurricane season with comprehensive reinsurance programme

1st June 2017

The Texas Windstorm Insurance Association (TWIA) has announced that it's financially prepared for the 2017 hurricane season with a comprehensive reinsurance programme, that includes two catastrophe bond transactions. TWIA's 2017 reinsurance programme runs from June 1st 2017 to May 31st, 2018, and provides the entity with $4.9 billion in total aggregate funding. This is ... Read the full article

Caribbean insurers take advantage of soft reinsurance market: A.M. Best

1st June 2017

Overall, the Caribbean insurance market remained profitable in 2016 despite the region's high exposure to a variety of natural catastrophe events, helped by the softening reinsurance pricing landscape and the high use of reinsurance protection amongst Caribbean firms, says A.M. Best. International rating agency A.M. Best has underlined the high use of ... Read the full article

Munich Re buys another wind farm, to further diversify investments

1st June 2017

Global reinsurance firm Munich Re has signed an agreement with Eolus, the Swedish wind power developer, which will see all the shares in a wind farm development being acquired by the reinsurers MEAG asset management unit. Investment returns remain vital to reinsurers, perhaps more so in the low yield environment, but ... Read the full article

Reinsurers should work against rising tide of protectionism: Inga Beale

1st June 2017

Lloyd's Chief Executive Officer (CEO) Inga Beale has urged reinsurers to get to work against the trend of growing protectionism, citing increasing obstacles confronting reinsurers as barriers to international trade continue to go up across the globe, in the European re/insurance federation's latest annual report. "We need to continue our engagement and ... Read the full article

Kaikoura earthquake losses “well within reinsurance limits” – RBNZ

1st June 2017

Losses due to the Kaikoura, New Zealand earthquake, the magnitude 7.8 tremblor that occurred on the 14th November 2016, are seen as "well within reinsurance limits" for insurers operating in the country, according to the Reserve Bank of New Zealand. "While there is substantial uncertainty over the claim costs, they appear ... Read the full article

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