Reinsurance News

Robert Hands named Head of Australia, AXIS Re Strategic Partners

24th June 2019

AXIS Re, the global reinsurance division of Bermudian AXIS Capital Holdings Limited, has expanded AXIS Re Strategic Partners with the appointment of Robert Hands as Strategic Account Executive and Head of Australia. The appointment of Hands sees the expansion of AXIS Re Strategic Partners and, in his new role, Hands will ... Read the full article

New strategy will “revolutionise” Lloyd’s, says Carnegie-Brown

24th June 2019

The ideas comprising the new future at Lloyd’s strategy are set to “revolutionise” the way the insurance and reinsurance marketplace operate and serves customers, according to Lloyd’s of London Chairman Bruce Carnegie-Brown. Speaking at the Lloyd’s New York City Dinner this last week, Carnegie Brown told re/insurance industry executives how the ... Read the full article

Beazley appoints specialty treaty underwriter to product solutions team

24th June 2019

Specialist re/insurer Beazley has announced the appointment of Desiree Khoury as a specialty treaty underwriter within the Beazley Product solutions team, based in Los Angeles. Beazley Product Solutions designs customised specialist insurance cover backed by treaty reinsurance to support insurers and their policyholders. Khoury joins the division from NAS Insurance, where her ... Read the full article

Peru earthquake triggers partial $60mn cat bond pay-out, sources confirm

21st June 2019

It has been confirmed that Peru will receive a $60 million partial pay-out from its earthquake catastrophe bond, which was triggered by a magnitude 8.0 earthquake that hit the country on 26th May. Sources at our sister publication, Artemis, have verified that the $200 million IBRD CAR 120 Peru quake ... Read the full article

Universal Property enters Wisconsin

21st June 2019

Universal Property & Casualty Insurance Company (Universal Property), a wholly owned subsidiary of Universal Insurance Holdings, Inc., has successfully completed its expansion into Wisconsin. The insurer has announced that it has now received a Certificate of Authority in Wisconsin, meaning it has been approved to operate as a licensed insurance company ... Read the full article

Allstate reports catastrophe losses of $473mn for May

21st June 2019

The Allstate Corporation has announced that its estimated catastrophe losses for the month of May 2019 were $473 million, pre-tax ($374 million, after-tax). Catastrophe losses occurring in the month comprised 14 events at an estimated cost of $504 million, pre-tax ($398 million, after-tax). This was offset by favourable reserve re-estimates of prior ... Read the full article

Offshore energy insurance requirements may rise significantly in NZ

21st June 2019

The New Zealand Government has proposed plans to significantly increase the amount of insurance protection offshore oil and gas operators are required to have in order to drill off the country's coast, which in turn would generate demand for reinsurance. According to local news reports, Associate Transport Minister, Julie Anne Genter ... Read the full article

Reinsurance partnerships a “cornerstone” for Caribbean insurers: A.M. Best

21st June 2019

Reinsurance partnerships are the “cornerstone” that provides the capacity for insurers to profitably write business in the Caribbean, according to A.M. Best, and have allowed them to weather two years of heavy catastrophe losses with little to no major operational impact. Analysts noted that these longstanding partnerships have proven to be ... Read the full article

AXA XL enhances environmental pollution coverage for North America

21st June 2019

AXA XL has announced that its Environmental business in North America has added supplemental coverage to its Pollution and Remediation Legal Liability (PARLL) policy, providing additional protection against losses resulting from pollution. The enhanced policy includes coverage for third party claims for bodily injury, property damage and remediation expense, as well ... Read the full article

Aon targets improved customer engagement with Hi Marley partnership

21st June 2019

Global re/insurance brokerage Aon has entered into a strategic alliance with Hi Marley, an insurance-focused conversation platform that leverages industry-specific artificial intelligence (AI) and functionality to improve customer engagement. In response to policyholders demanding faster and more efficient ways to speak with their insurance company through the cycle of their policy, ... Read the full article

New Paradigm to host parametric re/insurance conference in 2020

21st June 2019

New Paradigm Group, the Florida-based developer of parametric insurance and risk transfer solutions, is due to host its first annual conference on parametric re/insurance in Miami Florida next year. Set for April 2020, the New Paradigm Global Parametric Insurance and Reinsurance Conference will be a forum for learning “how parametric insurance ... Read the full article

MPS, Everest & Asta to form Lloyd’s medical malpractice partnership

21st June 2019

The Medical Protection Society (MPS), an organisation that protects the careers, reputations and financial security of over 300,000 healthcare professionals, is partnering with global insurer Everest Insurance and Asta, the leading Lloyd’s third-party managing agency, to establish a Lloyd’s Special Purpose Arrangement (SPA). MPS says the move, set for a July ... Read the full article

AM Best revises Doha Insurance outlook to negative, reinsurance initiatives a factor

21st June 2019

A.M. Best has revised the outlooks from stable to negative of Doha Insurance Group Q.P.S.C., reflecting the continued deterioration of its underwriting performance, combined with concerns around its underwriting risk management practices. At the same time, A.M. Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer ... Read the full article

AIR Worldwide updates earthquake risk model for New Zealand

21st June 2019

AIR Worldwide, the catastrophe risk modelling firm owned by Verisk, has announced the release of its updated Earthquake Model for New Zealand, which incorporates the latest scientific research from the 2010-11 Canterbury and 2016 Kaikoura quakes. The model also factors in research from other earthquakes around the world, and captures the ... Read the full article

Australia opts to leave cyber cover out of Terrorism Insurance Act

21st June 2019

Australia has decided to leave out protection for cyber incidents from its Terrorism Insurance Act following a review into the $13.4 billion scheme, according to reports from itnews. Managed by the Treasury’s Australian Reinsurance Pool Corporation (ARPC), the Terrorism Insurance Act provides cover for losses involving commercial property, business interruption losses, ... Read the full article