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Aon’s reinsurance broking revenues soar in Q1

4th May 2018

Reinsurance broking revenues at Aon plc soared in the first-quarter of 2018, with the firm reporting a 100% increase year-on-year, on a reported basis, as its Aon Benfield unit led a 3% organic revenue increase across the insurance and reinsurance broking group. Aon reported that its reinsurance business under the Aon ... Read the full article

U.S D&O liability underwriting results lowest in seven years: Fitch

4th May 2018

Fitch Ratings has reported that U.S Director and Officers (D&O) liability re/insurance underwriting results for 2017 fell to their worst level since 2011. D&O has historically been a more volatile product line than many other Property and Casualty (P&C) products, and claims risk in private and non-profit organisations has expanded in ... Read the full article

Willis Re appoints Andrew Vince as Head of Global Engineering practice

4th May 2018

Willis Re has announced the appointment of Andrew Vince as Head of its Global Engineering practice. Vince joins Willis Re from Trans Re, where he has served since 2008, most recently as Manager of Engineering Treaty and Onshore Energy. Tony Melia, Chief Executive Officer (CEO) of Willis Re International, said: "Andrew is ... Read the full article

SCOR promotes Redmond Murphy to CEO of Global Life Reinsurance Ireland

4th May 2018

SCOR has announced the appointment of Redmond Murphy as Chief Executive Officer (CEO) of SCOR Global Life Reinsurance Ireland (SGLRI). Murphy will now be responsible for leading the SGLRI entity and driving the strategic direction of the business, as well as managing all the activities of the local team, including finance, ... Read the full article

No clear indication SoftBank talks will result in a transaction: Swiss Re CFO

4th May 2018

While the negotiations between Swiss Re and SoftBank are still ongoing, according to the reinsurance firms CFO John Dacey, there is "no clear indication" that any deal will be struck and the pair are no closer to a deal, but he also wouldn't be drawn on whether talks with other ... Read the full article

Premium growth, strong returns in reinsurance & an accounting hit for Swiss Re

4th May 2018

Global reinsurance firm Swiss Re reported its first-quarter results this morning, revealing strong growth in premiums written, improved returns in P&C reinsurance and an accounting hit, without which the reinsurers income would have been up year-on-year. Swiss Re has reported group net income for Q1 2018 of $457 million, down on ... Read the full article

Some 2017 cat losses not developing as expected: RenRe’s O’Donnell

3rd May 2018

As insurers and reinsurers continue to assess the 2017 catastrophe events, the President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe, Kevin O'Donnell, has highlighted the uniqueness of the events, explaining that some losses have not emerged as expected. Speaking during the firm's first-quarter 2018 earnings call, O'Donnell provided some ... Read the full article

Marsh and Validus collaborate on new U.S fintech policy

3rd May 2018

Re/insurance broker and risk management firm Marsh has collaborated with Validus Specialty, an underwriter of professional liability solutions, to develop FINTECH Protect, a financial and professional re/insurance solution that manages the growing risks of U.S-based fintech companies. Unlike traditional forms of re/insurance for financial and technology industries, FINTECH Protect offers comprehensive ... Read the full article

April storms cause $85mn insured loss across Ontario and Quebec

3rd May 2018

The Insurance Bureau of Canada (IBC) has reported that an early April storm, which tracked across the Eastern provinces of Ontario and Quebec, has resulted in over CAD $85 million (USD $66 million) in insured losses. This figure also brings the total insured losses from severe weather damage over the past ... Read the full article

Reinsurers exposed to Direct Line losses as weather budget exhausted

3rd May 2018

Direct Line Insurance Group PLC has reported that the UK’s ‘Beast from the East’ cold spell over February and March has already utilised the company’s full annual weather budget, potentially exposing reinsurers to any further weather-related losses the company suffers over 2018. UK primary insurer Direct Line, which also sells home ... Read the full article

RMS develops new risk model for Japanese Earthquakes and Tsunamis

3rd May 2018

Risk modelling and analytics firm RMS has developed a new high definition risk model for Japanese Earthquakes and Tsunamis in collaboration with local experts, scientific agencies, and re/insurers. RMS's Japan Earthquake and Tsunami High Definition (HD) model leverages detailed damage statistics and claims data from recent events, and considers research from ... Read the full article

Canopius appoints Construction and Engineering Underwriter

3rd May 2018

Global specialty lines re/insurer Canopius has announced the appointment of John Shaw as Construction and Engineering Underwriter. Shaw joins Canopius from QBE, where he has served since 2014, most recently as Construction Underwriting Manager for Northern Australia. Spencer Pearce, Head of Heavy Industry & Construction at Canopius, commented: “We are really pleased ... Read the full article

Salisbury attack exposes business interruption protection gap, reports Pool Re

3rd May 2018

Pool Re, the UK’s government-backed terrorism reinsurer, has reported that the losses suffered by Salisbury businesses in the wake of the nerve agent attack against Sergei and Yulia Skripal have exposed an oversight in the way re/insurers cover terrorism risks. The company’s latest Terrorism Frequency Report, which coincided with the 25th ... Read the full article

Westfield first re/insurer to adopt new Verisk and Duck Creek integration

3rd May 2018

Westfield has become the first re/insurer to take advantage of a new integration developed by Verisk and Duck Creek Technologies, which significantly simplifies the implementation of data and analytics for commercial lines underwriters. The new technology will connect Verisk’s commercial lines underwriting information through Duck Creek Anywhere Managed Integrations, a subscription-based ... Read the full article

PwC works with Early Metrics to scale-up promising InsurTech businesses

3rd May 2018

PwC and Early Metrics, a ratings agency for start-ups and innovative SMEs, are launching a collaborative programme to support high potential scale-up InsurTech businesses by promoting mutually beneficial relationships with established re/insurance organisations. The Scale | InsurTech programme currently consists of nine promising international InsurTech businesses that have been selected to ... Read the full article

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