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Digital tech revolution could increase casualty catastrophe risk

17th August 2017

Casualty catastrophe reinsurers could be hit with higher claims costs as legislation for software and app manufacturers evolves to shift the focus onto consumer contractual protections in coming years. Willis Towers Watson's Pete Thomas, Reinsurance and risk management expert, warned of the potential impact to reinsurers of expected upcoming legislative changes ... Read the full article

Cincinnati expands high-end clients programme to Washington & Massachusetts

17th August 2017

The Cincinnati Insurance company has expanded its Executive Capstone programme for high net worth personal insurance clients to Massachusetts and Washington. The Executive Capstone programme offers cover features, limits, and options to tailor insurance for clients with homes valued at more than $1 million, yachts, high-end cars, collector cars and personal articles. The ... Read the full article

QBE rationalises reinsurance, saves $350m+, makes greater use of Equator Re

17th August 2017

Australian headquartered insurance and reinsurance group QBE has rationalised its reinsurance spend in 2017, saving over $350 million so far as it restructured its program and made greater use of its Equator Re captive reinsurer. QBE has recognised annualised reinsurance cost savings of over $350 million, thanks to premium rate reductions, ... Read the full article

2017 H1 global catastrophe losses far below average: Swiss Re

17th August 2017

The first half of 2017 has been well below average for catastrophe losses which reached just $44 billion in H1, just 37% of last year's $117 billion for the same period, according to Swiss Re's preliminary sigma estimates. Fewer and less intense weather events were experienced this year so far globally; ... Read the full article

Hymans Robertson appoints Richard Purcell to Technical & Innovation Lead

17th August 2017

Actuarial and advisory consultancy Hymans Robertson, which deals with longevity risk transfer and longevity reinsurance or swap transactions, has appointed Richard Purcell to the role of Technical and Innovation Lead within its Life and Financial Services practice. Emma McWilliam, Head of Life and Financial Services at Hymans Robertson, welcomed Purcell to ... Read the full article

Chubb rehires Barbara Sandelands to lead North America unit

17th August 2017

Chubb has named Barbara Sandelands Executive Vice President (EVP) and Customarq Package Product Manager for its North America Commercial Insurance division. As EVP she'll lead the product, system development, and distribution management of the Customarq package policy, which offers middle market clients property and liability insurance protection through 48 offices throughout the U. S. ... Read the full article

Berkshire Hathaway capacity to back medical professional liability facility

17th August 2017

Berkshire Hathaway's MedPro Group has announced plans to expand its underwriting of clinical solutions risks that extend beyond U.S. borders through participating in the U.S. Jurisdiction medical professional liability facility of The Medical Professional Liability Company (The MPLC). Warren Buffett's insurance and reinsurance group Berkshire Hathaway will put capacity to work ... Read the full article

PartnerRe offloads New York unit

17th August 2017

According to SEC filings from both companies, reinsurance firm PartnerRe is to sell its PartnerRe Insurance Company of New York entity to workers compensation specialists Employers Group, Inc. The unit is being sold to Nevada-headquartered Employers Group for a purchase price equal to the statutory capital and surplus of PartnerRe Insurance ... Read the full article

Navigators appoints former Chubb executive James Rhyner to U.S. unit President

17th August 2017

The Navigators Group has named James Rhyner, joining from an executive role with Chubb, as new President of the firm's U.S. underwriting operation - the Navigators Pro division of Navigators Management Company. As Navigators' continues to grow its U.S. management and professional liability product lines, Rhyner will head up its U.S. directors and officers (D&O) ... Read the full article

Swiss Re Corporate Solutions targets Contingency and Sports Personal Accident business

17th August 2017

Swiss Re Corporate Solutions, the commercial and primary insurance arm of reinsurance giant Swiss Re, is targeting a new line of business with the creation of a team to underwrite global Contingency and Sports Personal Accident risks. To lead the new team, Swiss Re Corporate Solutions has appointed Jonathan Cole as ... Read the full article

European reinsurers’ cat budgets strong, only a very large loss will turn pricing: RBC

17th August 2017

With the peak of the Atlantic hurricane season approaching uncertainty remains for European reinsurers driven by the potential for large losses, but with annual catastrophe budgets being relatively high, only the most severe loss event would start a turn in the market, according to RBC Capital Markets. Based on historical data, September ... Read the full article

MGA Crop Pro gets approval to offer U.S. agriculture cover

16th August 2017

Crop pro Insurance, a new managing general agent, (MGA), has received Standard Reinsurance Agreement (SRA) approval from the U.S. Department of Agriculture (USDA) making the firm one of just 16 companies with official permission to participate in the Federal Crop Insurance Programme. The Federal Crop Insurance Corporation is managed by the ... Read the full article

Liberty Specialty Markets promotes CUO Moore to lead firm

16th August 2017

Matthew Moore is taking over the leadership of Liberty Specialty Markets, in a move that had been planned as the previous President and Managing Director Nick Metcalf was planning to step down. Moore commented on his promotion; “I am delighted to be leading LSM in its next phase of evolution. I ... Read the full article

Greenlight Capital Re appoints Michael Belfatti to COO

16th August 2017

Hedge fund backed specialist property and casualty reinsurer Greenlight Re today announced Michael Belfatti's appointment to the newly created position of Chief Operating Officer (COO), effective from September 1. As COO, Belfatti will oversee the firm's pricing, actuarial and risk management functions, and spearheading data collection, analytics and technology efforts across ... Read the full article

MS&AD Insurance buys stake in Australian life & annuities firm Challenger

16th August 2017

Japanese insurance group MS&AD Insurance Holdings, the parent of the Mitsui Sumitomo insurance entities, has bought a stake in an Australian life and annuities specialist as it looks for further diversification. Japanese insurance groups have been investing in operations around the globe as they look to diversify their businesses away from ... Read the full article

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