Reinsurance News

IUA adds exclusion clauses for silent cyber risks

6th June 2019

The International Underwriting Association (IUA) has published two new London Market model clauses to help underwriters manage cyber losses and address issues related to non-affirmative cover. The Cyber Loss Absolute Exclusion Clause provides re/insurers with an option to exclude any loss arising from the use of a computer system, network or ... Read the full article

Eurobase adds Mark Broadhurst as Group Director of Insurance

6th June 2019

Eurobase International Group, an international software and service provider to financial institutions, has announced the appointment of Mark Broadhurst as Director of Insurance, adding him as a member of the Group Board. Broadhurst, who joins with over 28 years’ experience and strong industry knowledge of the insurance sector, was previously European ... Read the full article

A.M. Best changes credit ratings of INTEGRAND following regulatory action

6th June 2019

A.M. Best has changed the credit ratings of Puerto Rico-based P&C re/insurer, INTEGRAND Assurance Company, following a recent court decision that placed the firm under regulatory supervision primarily as a result of Hurricane Maria loss development. In response to the regulatory action, A.M. Best has removed from under review with negative implications ... Read the full article

Legal & General enters £4.6bn bulk annuity deal with Rolls Royce

6th June 2019

Legal and General Assurance Society Limited has entered into a partial buy-in to buyout bulk annuity transaction with the Rolls-Royce UK Pension Fund (RRPF) worth £4.6 billion. The deal, which Legal & General claims is the largest UK bulk annuity transaction to date, will secure the benefits of around 33,000 in-payment ... Read the full article

Validus Re CEO, Kean Driscoll joins AIG CUO office

6th June 2019

Insurer and reinsurer AIG has appointed Validus Re Chief Executive Officer (CEO), Kean Driscoll, Global Chief Underwriting Officer (CUO) for Property and Agriculture, General Insurance. At the same time, Alexander Baugh has been named Global CUO for Casualty and Financial Lines, General Insurance. Both appointments are effective immediately, and in these ... Read the full article

Norsk Hydro expecting $69m hit from cyber attack

6th June 2019

The cyber attack that hit aluminium manufacturing giant Norsk Hydro in March could cost the company as much as $69 million over the first two quarters of 2019. Norsk Hydro had previously disclosed that it expected to lose between NOK400 million and NOK450 million (US$46 million and $52 million). According to ... Read the full article

Kansai Airport recovers over 75% of Typhoon Jebi loss from insurance

6th June 2019

Japan’s Kansai Airport has reported that it has recovered from its insurance program more than 75% of the losses it incurred as a result of Typhoon Jebi. Jebi is thought to have caused a profit decrease and disaster losses totalling 8.1 billion yen (US $75 million) in fiscal 2018 alone, but ... Read the full article

BMS takes investments from major institutions at $636mn valuation

5th June 2019

UK headquartered brokerage BMS Group has announced that it's secured a significant investment from British Columbia Investment Management Corporation (BCI) and Preservation Capital Partners (PCP). The investment values BMS at £500 million (USD 636 million) and is expected to close in the third-quarter of 2019, subject to regulatory approvals. The BMS management ... Read the full article

AXA Climate to offer parametric insurance for hail storms

5th June 2019

AXA Climate, the specialist parametric risk transfer division of AXA, has announced the launch of a new parametric coverage that aims to protect businesses from hail losses. The product, called Hail Protection, is reportedly the first of its kind and has already been rolled out as a pilot product in Colorado, ... Read the full article

WTW launches new venture capital, growth board initiatives

5th June 2019

Global re/insurance brokerage Willis Towers Watson has announced the launch of two initiatives designed to spur organic and inorganic growth. WTW Strategic Ventures, the first of the two initiatives, will look to make early-stage investments in innovative companies. It’s hoped these kinds of investments will unlock new growth possibilities in relevant businesses ... Read the full article

Fathom launches updated US flood model via ModEx platform

5th June 2019

Flood risk modeller Fathom has announced the launch of its updated US flood model, Fathom-US, via multi-vendor catastrophe risk modelling platform ModEx. Fathom-US incorporates the latest datasets available in order to model flood risk across river channels of all sizes, and for both fluvial and pluvial perils. The model has also been ... Read the full article

New tech allowing more captives to profit from third-party risks: Marsh report

5th June 2019

The number of captive insurers writing third-party business is rising as new technologies expand the ways in which organisations can deliver insurance solutions, says re/insurance brokerage Marsh in a new report. By underwriting third-party risks in a captive, parent companies can bring in additional premium and generate profits should the captive ... Read the full article

Aon partners with CyberCube to improve risk aggregation management

5th June 2019

Global re/insurance broker Aon has selected CyberCube’s analytics platform to help improve its cyber aggregation risk modelling capabilities and deliver better solutions to its insurance carrier clients. CyberCube’s cyber risk-modeling platform will enable Aon to support its clients on accumulation risk management and exposure management at a time when carriers are ... Read the full article

UK Gov consults industry on insurance premium tax avoidance

5th June 2019

The UK Government is consulting with re/insurers in a push to address potential issues regarding the avoidance of insurance premium tax (IPT), as well as the artificial manipulation of fees. HM Revenues & Customs (HMRC) explained that IPT is under review due to some significant changes in the way the insurance ... Read the full article

Generali Belgium re-named following €540m Athora acquisition

5th June 2019

With its €540 million acquisition having been completed in January, Generali Belgium S.A. has officially been re-named Athora Belgium S.A. The name change represents the final stage in the purchase of Generali Belgium by Athora Holding, first announced in April 2018. Officially, Generali Belgium has been part of Athora since 2 January ... Read the full article