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Insurance Council of Australia raises Sydney hail loss estimate to AUD $1.27bn

18th April 2019

The Insurance Council of Australia (ICA) has increased its insured loss estimate to AUD $1.271 billion (USD $910 million) for the hailstorm that affected Sydney and New South Wales in December 2018. Almost 50% of the 136,424 insurance claims received after the hailstorm have already been resolved, according to the ICA. The ... Read the full article

Hannover Re to restrict underwriting for coal-based risks

18th April 2019

Hannover Re has announced that it plans to adopt a more restrictive underwriting policy for the reinsurance of coal-based risks in order to help combat climate change. As a general principle, the reinsurer will not provide coverage for any planned new coal-fired power plants or coal mines, and aims to no ... Read the full article

Thomas Brazil named CEO of Sompo International’s SI Insurance (Europe)

18th April 2019

Thomas Brazil, currently Senior Vice President (SVP), and Head of Europe Property Catastrophe Reinsurance at Sompo International, has been named Chief Executive Officer (CEO) of SI Insurance (Europe), SA. SI Insurance (Europe) is the insurer and reinsurer's platform for European Economic Area (EEA) insurance operations. In his new role, Brazil will ... Read the full article

Reinsurance supports premium growth, improved combined ratio for Travelers in Q1

18th April 2019

U.S. primary insurer Travelers has announced net written premium growth of 3% and an improved underlying combined ratio of 91.6% for the first-quarter of 2019, driven by a new catastrophe reinsurance treaty. Travelers' Q1 2019 results announcement reveals net income of $796 million and core income of $755 million, up 19% ... Read the full article

Heightened reinsurance use supports Japanese P&C players’ strong capitalisation: Moody’s

18th April 2019

Strong internal capital generation combined with an increased utilisation of reinsurance is expected to support the capitalisation of property and casualty (P&C) insurers in Japan over the next 12-18 months, reports financial services ratings agency, Moody's. Moody's maintains a stable outlook for Japanese P&C insurers, noting that capitalisation amongst players remains ... Read the full article

Swiss Re doubles share buy-back program to $2bn following shareholder approval

18th April 2019

Swiss Re shareholders have approved previously-announced plans to introduce a new public share buy-back program consisting of two CHF1 billion ($995,000) tranches, effectively doubling the amount previously returned to shareholders. Voting at the company's Annual General Meeting (AGM) in Zurich, shareholders also approved the Board of Directors’ proposals for a ... Read the full article

PERILS estimates Cyclone Dragi-Eberhard industry losses at €740mn

18th April 2019

Catastrophe loss data aggregator PERILS has released its initial industry loss estimate for Extratropical Cyclone Dragi-Eberhard, which puts insured property losses at €740 million. Dragi-Eberhard consisted of two low pressure systems that affected areas of the British Isles, and Western and Central Europe on 9 and 10 March 2019. Given the storms ... Read the full article

Silvestre promoted to Deputy General Manager for France, Liberty Specialty Markets

18th April 2019

A division of Liberty Mutual Insurance Group, Liberty Specialty Markets has announced the promotion of Emmanuel Silvestre to Deputy General Manager of its French business. Silvestre will be based in Paris and will report to General Manager for France, Richard Deguettes. He will also retain his responsibilities as Continental Europe Underwriting ... Read the full article

Munich Re names Michael Hauer CEO, Korea

18th April 2019

Global reinsurance giant Munich Re has appointed Michael Hauer to replace Ike Kim as Chief Executive Officer (CEO) for Korea, effective June 1st, 2019. After nine years as CEO for Korea, Kim is to leave the position and become Executive Director at Munich Re Korea. Hauer, who has been with the reinsurer ... Read the full article

FEMA returns to capital markets for $300m NFIP risk transfer

18th April 2019

The US Federal Emergency Management Agency (FEMA) has returned to the capital markets, entering into an agreement with Hannover Re (Ireland) Designated Activity Company (DAC) and securing $300 million of collateralised reinsurance protection for the National Flood Insurance Program (NFIP) from insurance-linked securities (ILS) investors. In August 2018, FEMA secured ... Read the full article

Canopius and AmTrust to merge Lloyd’s operations

18th April 2019

Canopius AG has announced the signing of a definitive sale and purchase agreement that will see its Lloyd's of London business merge with that of AmTrust at Lloyd's, subject to regulatory approval. The sale of AmTrust at Lloyd's, a division of AmTrust Financial, is expected to close in the third-quarter of ... Read the full article

SCOR Global P&C grows premiums by 9.6% at April renewals

18th April 2019

SCOR Global P&C, a division of the French reinsurance company, has announced that it grew its reinsurance premiums at the April renewals by 9.6% at constant exchange rates to €548 million. The reinsurer said that it benefitted from “broadly improving market conditions,” with catastrophe reinsurance treaties responding “rationally” in the aftermath ... Read the full article

Lloyd’s performance review to drive better marine energy results: analysts

18th April 2019

The intervention of the Lloyd’s Performance Management Directorate is expected to support better underwriting results for marine energy classes throughout 2019, according to analysts at Lloyd & Partners. The firm noted in its April 2019 quarterly energy newsletter that the performance review was not a one off event, with all syndicates ... Read the full article

InsurTech Amenity closes $18m Series B led by STARR Companies

18th April 2019

Amenity Analytics, a software company developing solutions using natural language processing (NLP) and machine learning, has secured $18 million in a Series B funding round led by STARR Companies and its Chief Executive Officer Hank Greenberg. Amenity says it plans to use the funding to expand its team and product development. NLP ... Read the full article

Protectionist trends a “significant barrier” for European re/insurers: Insurance Europe

17th April 2019

The use of protectionist measures in emerging countries remains a “significant barrier” to the ability of European re/insurers to place business in these regions, according to Insurance Europe. In a recent report, the European insurance and reinsurance federation highlighted concerns about protectionist trends in a number of high growth potential markets. For ... Read the full article

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