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Barbican partners with FICO to offer cyber risk assessment tool

22nd January 2018

The Barbican Insurance Group has partnered with software analytics provider FICO to offer a cyber threat monitoring and vulnerability assessment solution, the FICO Enterprise Security Store Portrait (FICO ESS Portrait). Barbican will now provide all its cyber insurance clients with a free subscription to the product. Graeme King, business group leader for ... Read the full article

U.S. tax reform could benefit European reinsurers at mid-year renewals

19th January 2018

U.S. tax reform could be a positive for European reinsurers' June and July renewals, as it carries the potential to level the taxation playing field with Bermudians who have traditionally had the upper hand on U.S. natural catastrophe business, according to Deutsche Bank. The July renewals, which focus on U.S. reinsurance ... Read the full article

Ecosystems a “huge opportunity for insurers who can react fast”: McKinsey

19th January 2018

The rise of ecosystems is a "huge opportunity for insurers who can react fast" with those who can respond quickly to the changes required by the digital technology era being most likely to gain a competitive advantage over their counterparts, said McKinsey & Company in a report on the rise ... Read the full article

JLT Specialty USA to open headquarters in Chicago

19th January 2018

JLT Specialty USA has named Chicago as its chosen base for U.S Headquarters in a joint announcement with Rahm Emanuel, saying Chicago has been a "critical part" of the firm's expansion. Michael Rice, Chief Executive Officer (CEO), JLT Specialty USA, said Chicago became an obvious choice for investment "given its impressive infrastructure, ... Read the full article

Hymans Robertson names Baljit Khatra as Risk Transfer Consultant

19th January 2018

Hymans Robertson has announced the appointment of qualified and FCA regulated actuary Baljit Khatra as Risk Transfer Consultant, set to and be based in the firm’s Birmingham office. Khatra will be based in Birmingham and joins after over 7 years at Mercer where he held a significant role within their strategic ... Read the full article

Cyber-attack more of a threat to re/insurance industry than nat cats, warns Inga Beale

19th January 2018

The re/insurance industry's biggest threat is no longer natural disasters but successful cyber-attackers, and companies across all sectors must do more to defend themselves against the growing cyber threat, warns Lloyd's of London Chief Executive Officer (CEO), Inga Beale. Speaking at the Asian Financial Forum, Beale highlighted the potentially huge costs ... Read the full article

Protective in reinsurance agreement to acquire Liberty Life and Annuity operations

19th January 2018

Dai-ichi Life Holdings, Inc.'s wholly owned U.S. subsidiary, Protective Life Corporation (Protective), has entered into a reinsurance agreement with Lincoln Financial Group, under which its life and annuity subsidiaries will acquire all of the life and annuity business of Liberty Life Assurance Company of Boston (Liberty Life). Protective subsidiaries, Protective Life ... Read the full article

Foreign reinsurers likely to call for level playing field in India: Reports

19th January 2018

According to industry reports, foreign reinsurance companies operating in India are likely to call on the Insurance Regulatory and Development Authority of India (IRDAI) to ensure their local branches are treated on par with domestic reinsurers. The IRDAI announced last week in an exposure draft on reinsurance regulation, that Indian reinsurers will continue ... Read the full article

Aioi Nissay Dowa to acquire remaining shares in Box Innovation

19th January 2018

Part of MS&AD, Aioi Nissay Dowa Insurance Europe (the ANDIE Group), has revealed plans to acquire the remaining 24.99% of shares in Box Innovation Group Limited (BIGL), with plans to fully integrate the business within the ANDIE Group sometime during 2018. The ANDIE Group acquired 75.01% of the shares in BIGL, ... Read the full article

JLT Re launches economic capital modelling solution ANSER

19th January 2018

Reinsurance broker JLT Re has launched its own economic capital modelling solution for clients, named ANSER, ANalytics Software for the Evaluation of Risk. ANSER has been developed with the help of Ultimate Risk Solutions (URS), a leading independent economic capital modelling (ECM) software developer and has been designed to provide a ... Read the full article

BI, cyber & larger nat cat losses top global business risks in 2018: Allianz

19th January 2018

Business interruption (BI), cyber incidents and larger losses from natural catastrophe events are the top three business risks globally in 2018, according to the latest Allianz Risk Barometer. The Allianz 2018 Risk Barometer, which includes responses from over 1,900 risk experts from 80 countries, ranks BI as the number one business ... Read the full article

E&S renewal rates could rise 20% to 30% on loss affected accounts: Guy Carpenter

19th January 2018

The U.S. excess & surplus (E&S) lines property catastrophe reinsurance renewals in the second-quarter of 2018 could see rate increases of as much as 20% or 30%, for certain loss affected accounts, according to broker Guy Carpenter. Discussing the state of the excess and surplus (E&S) lines segment of the re/insurance ... Read the full article

RenaissanceRe takes minority shareholding in run-off specialist Catalina

19th January 2018

Bermudian reinsurance firm RenaissanceRe is to make a minority shareholding investment in non-life insurance and reinsurance run-off and consolidation specialist Catalina Holdings. RenaissanceRe will become a minority shareholder in Catalina, with the share investment being made through the reinsurers Ventures unit. Aditya Dutt, President of Renaissance Underwriting Managers, Ltd., will take ... Read the full article

Radian enhances reinsurance at renewal after proposed changes to PMIERs

18th January 2018

Radian Group subsidiary, Radian Guaranty, has announced enhancements to its Single-Premium Mortgage Insurance (MI) Reinsurance Program, in response to proposed changes to Private Mortgage Insurer Eligibility Requirements (PMIERs). The enhancements include an increased cession of business for its single-premium MI quota share reinsurance arrangement, which it entered into in 2016, from 35% to ... Read the full article

AI to replace 90% of Mitsui Sumitomo Insurance sales office work in 2018

18th January 2018

90% of Mitsui Sumitomo insurance sales staff office work is set to be replaced by Artificial Intelligence next year, driving an expected 20% reduction in the firm's overall workload. Mitsui Sumitomo Insurance's sales division will use AI for responding to inquiries from customers or agents and processing insurance applications. The implementation of ... Read the full article

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