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Exacerbated hard market is exposing “anachronistic” broking structure: report

22nd May 2020

A new report claims that a hard market exacerbated by the impacts of the COVID-19 pandemic is exposing the "hopelessly conflicted and untransparent broker system" that developed during a prolonged softened market state. Brokers receive up to 80% of their renumeration from insurers and just 20% from clients, says the report ... Read the full article

Tokio Marine Kiln syndicate forecasts dip on COVID-19

22nd May 2020

The latest Lloyd’s of London syndicate results and forecasts from Tokio Marine Kiln (TMK) show some downward movement in the forecasts for Syndicates 510 and 557 as a result of the COVID-19 pandemic. Starting with the 2018 year of account, Syndicate 510, with capacity of £1,136 million, saw its forecast range ... Read the full article

Neon’s Lloyd’s managing agency platform for sale in TigerRisk run process

22nd May 2020

The Lloyd's of London managing agency platform of in run-off Neon Underwriting, part of American Financial Group, Inc., is up for sale in a process being run by broker TigerRisk Partners, we understand. AFG had announced that it was to exit the Lloyd’s marketplace at the beginning of this year, ... Read the full article

MMC re-elects Board of Directors

22nd May 2020

Marsh & McLennan Companies (MMC), the insurance and reinsurance focused risk, strategy and people professional services firm, has revealed that its entire slate of 2020 director nominees were elected during its recent Stockholders' meeting. At the meeting, shareholders re-elected directors to serve for a one-year term expiring at the 2021 annual ... Read the full article

IRB Brasil Re eyeing competitors’ LatAm portfolios: Reports

22nd May 2020

It’s believed Brazilian reinsurer IRB Brasil Re is in advanced talks with rivals across Latin America as the firm looks to buy up portfolios and strengthen its position in the region. Reuters, citing two sources close to the reinsurer, says the move is an attempt to capitalise on decisions by rivals ... Read the full article

ABI rejects pub industry appeal for pandemic BI cover

22nd May 2020

In response to an open letter penned by a coalition of beer and pub businesses, the Association of British Insurers (ABI) has insisted that the UK re/insurance industry has no responsibility to pay business interruption (BI) claims related to the COVID-19 pandemic. The coalition letter, addressed to ABI Chair Jon Dye, ... Read the full article

NOAA forecasts above-normal Atlantic hurricane activity

22nd May 2020

Forecasters with the National Oceanic and Atmospheric Administration's (NOAA) Climate Prediction Centre have said there's a 60% chance of an above-normal Atlantic hurricane season, which officially starts on June 1st, 2020. Analysis conducted by the NOAA reveals that multiple climate factors indicate that an above-normal level of activity is most likely ... Read the full article

WTW appoints Johan Forsgård to new Nordics leadership role

22nd May 2020

Re/insurance broker Willis Towers Watson (WTW) has announced the appointment of Johan Forsgård as the leader of its new Nordics region structure. As Head of the Nordics, he will manage the newly formed region consisting of Sweden, Finland, Denmark, and Norway. Forsgård was previously Head of Sweden and Finland at WTW, having ... Read the full article

Insurance trade groups propose federal pandemic solution

22nd May 2020

A new, industry-backed federal program designed specifically to help businesses meet the financial challenges from future pandemics has been proposed by the National Association of Mutual Insurance Companies (NAMIC), the American Property Casualty Insurance Association (APCIA), and the Independent Insurance Agents & Brokers of America, Inc. (Big "I"). The new pandemic ... Read the full article

COVID-19 to increase drone use within insurance: GlobalData

22nd May 2020

Data and analytics specialist GlobalData is expecting drones to play a bigger role within the insurance space as coronavirus continues to change the way people and businesses interact. While it was anticipated that drone technology would eventually take off in the inspection of large areas, GlobalData notes how coronavirus is highlighting ... Read the full article

Eos closes Strategic InsurTech Fund, welcomes Tokio Marine & Direct Line

22nd May 2020

Eos Venture Partners has announced the close of its Strategic InsurTech Fund, which, invests in global InsurTech companies while at the same time promoting and facilitating engagement between incumbents and emerging tech providers. Established in 2016, Eos has offices in London and Philadelphia, and operates as a global independent Strategic Venture ... Read the full article

Steven Haasz to lead European expansion at INSTANDA

22nd May 2020

Cloud-based digital insurance platform INSTANDA has announced the appointment of Steven Haasz as Partnerships and European Accounts Director to lead the business’ global expansion. Haasz brings 30 years’ experience in broad financial services, with previous roles including Managing Director at Prudential European, Chief Operating Officer (COO) at Chubb Europe, and Global ... Read the full article

Insurtech platform provider EIS launches in the UK

22nd May 2020

San Francisco-based insurtech EIS has launched its coretech platform in the UK to help insurers offer a new generation of insurance products and services. EIS’ platform is designed to help UK carriers rapidly create and deploy new and innovative products and services via open APIs. This allows insurance companies to operate seamlessly ... Read the full article

Innovative tech & new markets suggest continued growth for L&G Re: CEO, Olunloyo

21st May 2020

L&G Re, the global reinsurance arm of L&G, has experienced rapid growth in recent years, and the life reinsurer’s increased focus on advanced technology points to continued expansion for the company and the wider pension risk transfer (PRT) market, according to Chief Executive Officer (CEO), Thomas Olunloyo. In an interview with ... Read the full article

Allstate reports $632mn cat losses for April

21st May 2020

US primary insurer Allstate Corporation has announced an estimated $632 million in pre-tax catastrophe losses for April 2020. Catastrophe losses, which came out to $499 million after tax, were driven by six events over the month. Together, these six events resulted in an estimated cost of $627 million pre-tax, or $495 million ... Read the full article

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