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Hurricane Sally losses will largely fall to NFIP: AM Best

18th September 2020

Analysts at AM Best do not expect Hurricane Sally to constitute a major insurance industry loss due to its large flood component, which will mainly be covered by the US National Flood Insurance Program (NFIP). Hurricane Sally made landfall on the US Gulf Coast early on Wednesday morning, dropping massive amounts ... Read the full article

FEMA commences 2021 NFIP reinsurance renewal process

18th September 2020

The Federal Emergency Management Agency (FEMA) has returned to the traditional market and begun its procurement of reinsurance for the National Flood Insurance Program (NFIP), to be effective on or about January 1st, 2021. After testing the market with a limited placement in 2016, FEMA's NFIP has been leveraging reinsurance protection, ... Read the full article

Allstate pegs August cat losses at $985mn

18th September 2020

US primary insurer Allstate has estimated its catastrophe losses for the month of August at $985 million, pre-tax. Losses during the period consisted of 11 events at an estimated cost of $969 million, pre-tax, plus unfavorable prior period reserve reestimates. Estimated catastrophe losses for the month include a $430 million impact of ... Read the full article

Hannover Re notes challenging, but improving conditions in Europe

18th September 2020

In a recent webinar, Hannover Re explored how the market conditions in Europe are currently challenging but are still expect to improve in 2021. The reinsurer has predicted that, in Germany in 2021 there will be a lower growth rate in the primary insurance market in comparison to prior years. The result ... Read the full article

Convex names Paskin & Butt as CEO’s of core underwriting subsidiaries

18th September 2020

International speciality insurer and reinsurer, Convex Group Limited, has announced the appointment of Matt Paskin as Chief Executive Officer (CEO) of Convex Re Limited (Bermuda) and Theo Butt as CEO of Convex Insurance UK Limited (London). Both of these roles were previously held by Convex Co-Founder and Group Deputy CEO, Paul ... Read the full article

DUAL Asset enters DUAL strategic partnership with Accredited Insurance

18th September 2020

DUAL Asset, part of Hyperion Insurance Group's underwriting arm DUAL, has announced a long-term partnership with specialist program manager Accredited Insurance (Europe), for its UK legal indemnity insurance business. The deal will see Accredited's UK Branch join DUAL Asset’s online comparison sites. DUAL Asset’s online quote and buy portal provides a range ... Read the full article

Challenges from COVID-19 expected to continue for Asia-Pacific: AM Best

18th September 2020

A new report from financial services ratings agency, AM Best explores how the challenges from COVID-19 are expected to continue evolving for the Asia-Pacific reinsurance sector. In the report, “Global Reinsurers Maintain Equilibrium Through COVID-19 Turbulence,” it notes that the Asia-Pacific region remains an important growth and diversification play for international ... Read the full article

Marine market sees modest recovery but future uncertain: IUMI

18th September 2020

The International Union of Marine Insurance (IUMI) has noted a modest recovery in the marine re/insurance market during the 2019 underwriting year, but warns that the future of the market remains uncertain due to the COVID-19 pandemic. IUMI estimates that marine underwriting premiums totalled $28.7 billion in 2019, representing a 0.9% ... Read the full article

Combined Aon / WTW to foster a new standard of client leadership & innovation

17th September 2020

The "once-in-a-generation" combination of global insurance and reinsurance brokers, Aon and Willis Towers Watson (WTW), will deliver distinctive client insight, advanced analytical capabilities, and superior outcomes, according to Greg Case, Chief Executive Officer (CEO) of Aon and John Haley, CEO of WTW. Following weeks of speculation, Aon confirmed back in ... Read the full article

Guy Carpenter partners with insurtech RiskGenius on silent cyber risk

17th September 2020

Guy Carpenter, the reinsurance arm of global broker Marsh, has established a partnership with insurtech RiskGenius to help evaluate potential silent cyber exposure. The partnership will provide clients with a means of assessing their silent cyber exposure at scale, while generating risk insights designed to support a greater understanding of silent ... Read the full article

Blenheim parent secures £80mn investment from Alchemy

17th September 2020

White Bear Capital, the parent company of Lloyd's syndicate Blenheim, is to receive an investment of £80 million from Alchemy Special Opportunities Fund IV, a closed private equity fund managed by Alchemy Partners. As part of the deal Alchemy will take a substantial stake in the group alongside the staff and existing investor ... Read the full article

Phinsys launches Inform, a new finance data dashboard

17th September 2020

Finance automation software provider Phinsys has announced the launch of Inform, a new finance data dashboard designed to allow insurers to aggregate their finance data and optimise it for accurate reporting and analysis. Phinsys says the dashboard enables finance and actuarial teams to see the granular data they need for individual ... Read the full article

Xceedance and Oasis LMF offer exposure analysis for US perils

17th September 2020

Re/insurance service provider Xceedance has teamed up with the Oasis Loss Modelling Framework (Oasis LMF) to offer on-demand exposure analysis and results for three key US catastrophe perils. In partnership with model providers CoreLogic, Fathom, and Applied Research Associates (ARA), the Xceedance-Oasis LMF services provide loss metrics for US earthquake, flood, ... Read the full article

New wildfire regulations introduced for Californian insurers

17th September 2020

A series of new regulations will be introduced to Californian insurers due to the current wildfires which are continuing to burn across California. Insurance Commissioner Ricardo Lara has scheduled an investigatory hearing on Monday, October 19. The hearing will take place in order to initiate a series of regulatory actions that ... Read the full article

Industry viewed pandemic risk through too narrow a prism: SCOR’s Kessler

17th September 2020

For the most part, pandemic had historically been viewed as a life catastrophe exposure, but the COVID-19 outbreak has shone a light on the potential impacts of a pandemic on the global property & casualty (P&C) sector. In a keynote held this morning as part of insurer and reinsurer SCOR's virtual ... Read the full article

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