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The Hartford puts combined Harvey & Irma loss at up to $350 million

2nd October 2017

The Hartford has announced that it expects catastrophe losses of up to $375 million for the third-quarter of 2017, net of reinsurance, in light of the impacts of hurricanes Harvey and Irma. The company has produced a Q3 2017 catastrophe loss estimate of between $325 million and $375 million, before tax, ... Read the full article

SCOR enters into catastrophe reinsurance agreement for Iran

2nd October 2017

Global reinsurer SCOR has reached an agreement with the Central Insurance of Iran (CII) to provide catastrophe excess of loss reinsurance protection in the country, a move that supports the development of the country's insurance and reinsurance industry. Since the lifting of sanctions in Iran in January, 2016, the CII has ... Read the full article

AXIS acquires shares of Novae as deal nears completion

2nd October 2017

AXIS Capital Holdings Limited has now acquired the shares of Novae Group for 715 pence per share, and expects to secure management of the company no later than October 18th, 2017. AXIS announced in early July that it would acquire Novae Group, before increasing its offer by 2% in ... Read the full article

Capsicum Re bolsters cyber risk team with new appointment

2nd October 2017

Specialist reinsurance brokerage, Capsicum Re, has named Conrad Williams as the newest addition to its cyber risk team, effective immediately. Williams will report to Ian Newman and Samantha Thompson, partners at the firm's London property and specialty unit, and brings extensive cyber risk knowledge to the role. Williams has completed a four-year ... Read the full article

23 new members join B3i market testing phase

2nd October 2017

B3i, the blockchain insurance industry initiative, has announced that 23 new entrants have joined its Market Testing program, following the launch of a working market testing prototype at the meeting of the reinsurance industry in Monte-Carlo. The B3i initiative has attracted global interest, and the testing phase is scheduled to start ... Read the full article

AIG welcomes being taken off SIFI list, will benefit from lower expenses

2nd October 2017

Insurance giant American International Group, Inc. (AIG) has welcomed regulators decision to take the company off the list of financial organisations deemed as a Systemically Important Financial Institution (SIFI). AIG had been deemed an organisation of systemic importance due to the insurers market position during the 2008 financial crisis. Since then the ... Read the full article

Recent hurricanes could spark disputes over reinsurance hours clauses, warns Locke Lord

2nd October 2017

Global law firm, Locke Lord, has underlined the potential for reinsurance contract disputes surrounding hours clauses, in light of the impacts of recent hurricanes in the U.S. and the Caribbean. In a publication on the law firm's website, it raises the concern of disputes between insurers and reinsurers surrounding the hours ... Read the full article

Hiscox estimates loss from hurricanes Harvey & Irma at $225m

2nd October 2017

Specialist insurance and reinsurance firm Hiscox Ltd. has estimated its combined net loss from hurricane Harvey and hurricane Irma as approximately $225 million. Hiscox had previously pegged its hurricane Harvey only loss at around $150 million, suggesting that hurricane Irma is currently only thought to have added approximately $75 million ... Read the full article

ABIR reinsurers contribute $900m to Bermuda economy

29th September 2017

The Association of Bermuda Insurers and Reinsurers (ABIR) members contributed nearly $900 million to Bermuda’s Economy in 2016, according to the 12th annual member survey results published today by ABIR. This is up $52 million or 6% from 2015, however, the real impact of re/insurers on economy is “a multiple of that ... Read the full article

State Auto launches $25m InsurTech venture fund

29th September 2017

The innovation arm of State Automobile Mutual Insurance, State Auto Labs Corp, has launched a $25 million corporate venture fund, backed by Rev1 Ventures, to connect InsurTech and FinTech startups with capital technologists and insurance industry experts. The aim of the venture is to identify transformation technologies and solutions and invest ... Read the full article

Zurich backs Pen Underwriting in new motor capacity deal

29th September 2017

Zurich has agreed to a new deal to provide capacity for up to £150 million in premium over the next five years for Pen Underwriting motor capacity in the specialist area of hazardous and tanker transportation. Adam Shefras, Managing Director of Hazardous Goods & Environmental Industries at Pen Underwriting, said; “We’re delighted ... Read the full article

24Vision expands European presence with two new additions

29th September 2017

Provider of services to the global marine industry, 24Vision.Solutions, has announced expansion plans in Europe, with the appointments of two marine insurance industry specialists. Rocco Bozzelli, an experienced marine risk and insurance professional, joins the firm from Scorpio Shipping group, and has been appointed as Partner for 24Vision Shipping & Risk ... Read the full article

Aviva to sell stake in Italian joint venture JV for €265 million

29th September 2017

Insurer Aviva has announced plans to sell the entirety of its shareholding in its Italian joint venture, Avipop Assicurazioni S.p.A. (JV), to Banco BPM S.p.A (Banco BPM) for €265 million (£233 million). The acquisition also includes the wholly owned subsidiary of JV, Avipop Vita S.p.A, and the consideration is payable in cash ... Read the full article

Hurricane Maria to result in $30 billion insured loss: KCC

29th September 2017

Karen Clark & Company (KCC) has provided an insurance industry loss estimate of just under $30 billion for the damages caused by the impacts of hurricane Maria, with the majority of the loss coming from Puerto Rico. KCC's insured loss estimate is based on Version 1.0 of its high resolution Caribbean ... Read the full article

David Warfel named Head of Aviation, NA, AGCS

29th September 2017

The international specialist corporate insurance arm of insurer Allianz, Allianz Global Corporate & Specialty (AGCS), has announced that David Warfel will replace Mike Hansen as Head of Aviation, North America, effective October 1st, 2017. Warfel previously held the position of Head of Major Risks for Aviation at Allianz, a position he ... Read the full article

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