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S&P revises Lloyd’s outlook to negative in light of hurricane losses

12th October 2017

Global ratings agency, Standard & Poor's (S&P), has announced that it's revised its outlook for the Lloyd's of London marketplace to negative from stable, in light of losses experienced from recent hurricanes. Alongside revising its outlook for the Lloyd's market to negative, S&P has also affirmed its 'A+' insurer financial strength ... Read the full article

Guidewire Software to acquire P&C insurance software provider Cyence

12th October 2017

Software provider to Property and Casualty (P&C) insurers, Guidewire Software, has entered into an agreement to acquire Cyence, a software provider that uses data science and risk analytics to expand P&C insurers' underwriting capabilities to include previously uninsured risks. Cyence offers a data listening and risk analytics solution that combines curation ... Read the full article

Brokerslink & Safeonline launch facility for cyber risk management and insurance

12th October 2017

Brokerslink, an international network of brokers, has launched a new cyber risk management and insurance facility, called PoCydon, in collaboration with Safeonline, and which MS Amlin will provide the insurance wording. MS Amlin's cyber insurance wording is considered industry leading, and is backed up with active risk monitoring and threat detection ... Read the full article

Everest Re hires senior underwriters for London team

12th October 2017

Global reinsurer Everest Re has named Luke Armitage and Emma Gairdner as newly appointed senior underwriters, within the firm's London team. Armitage joins Everest Re’s London office as Senior Underwriter for Motor business, after having spent 10 years with Hiscox Insurance as Head of Actuarial Pricing, and bringing a total 25 ... Read the full article

Markel estimates losses of $503mn from Harvey, Irma, Maria, & Mexico quakes

12th October 2017

Markel Corporation has announced estimated third-quarter pre-tax underwriting losses of $503 million from the impacts of hurricanes Harvey, Irma, Maria, and the Mexico City earthquakes. The firm states that the estimate is net of reinstatement premiums, and is based on claims received to date, and industry loss estimates, from both the ... Read the full article

StarStone looks to improve wholesale broker efficiency/profitability with ESCAPE 1-2-3

12th October 2017

International specialty insurance firm, StarStone, recently announced the launch of a new online broker platform designed to significantly improve efficiencies and simplify product access, called ESCAPE 1-2-3. ESCAPE 1-2-3 expands on StarStone's U.S. wholesale brokers service for SME accounts, known as the ESCAPE portal, which was launched in 2010 and, the ... Read the full article

Blockchain will do for re/insurance what the internet did for information: IBM interview

12th October 2017

With the Blockchain Insurance Industry Initiative (B3i) in the market-beta testing phase of its reinsurance blockchain prototype and due to be deployed into production next year, Reinsurancene.ws spoke to IBM's Insurance Industry Global Managing Director, Sandip Patel, about which areas of the re/insurance value chain he expects will see real ... Read the full article

XL estimates $1.5 billion Q3 catastrophe loss

12th October 2017

Insurance and reinsurance firm XL Group, owner of the XL Catlin brand, has estimated that its losses from third-quarter catastrophes including hurricanes Harvey, Irma and Maria, will be around $1.5 billion before tax. XL forecasts $1.33 billion of losses from the hurricanes, Harvey, Irma and Maria, with the addition of other ... Read the full article

Gen Re partners with TrackActive to enhance health solutions for insurance industry

11th October 2017

Global reinsurer Gen Re is to collaborate with digital health provider, TrackActive, to deliver innovative and effective solutions to its life and health customers in the international insurance sector. TrackActive recently completed the Startupbootcamp InsurTech London accelerator programme, and the company has seen impressive take-up of its clinical software in numerous ... Read the full article

Reinsurers to take bulk of Universal’s $350-450m hurricane Irma impact

11th October 2017

Universal Insurance Holdings' Property & Casualty Insurance Company (UPCIC) has revealed estimated gross losses of $350-450 million from Hurricane Irma from across Florida and other Southeastern U.S. states. The insurer's reinsurance programme will cover the majority of losses, with the UPCIC only retaining its first event net pre-tax loss of $35 ... Read the full article

Arch announces series of senior reinsurance executive promotions

11th October 2017

Arch Capital has announced a string of promotions of senior executives within its Worldwide Reinsurance Group management. Arch Reinsurance Company President and Chief Executive Officer in the U.S. Jerome Halgan has been promoted to the role of Chief Executive Officer of Arch Reinsurance in Bermuda. Matt Dragonetti, currently Head of Property at ... Read the full article

Hiscox to increase 2018 syndicate capacity by £450m

11th October 2017

Hiscox has announced plans to increase its capacity by £450 million to a total £1.6 billion for 2018, in anticipation of a widespread market turn triggering improved market conditions, according to its Syndicate 33 business forecast for 2018. This comes as a response to the 2017 period of significant catastrophe activity ... Read the full article

Industry-first platform developed by IBM & MetLife to enhance insurers capabilities

11th October 2017

IBM has partnered with MetLife to develop a new platform for the global insurance industry on the IBM Cloud, designed to improve both the process and economics for product development, as well as enhancing underwriting and benefits delivery. The new, industry-first platform aims to assist insurers expansion into new products and ... Read the full article

Global losses from cyber attacks could reach $6 trillion, warns FBI’s former cyber head

11th October 2017

Annual, global losses from cyber attacks could reach as much as $6 trillion as the world continues to become more interconnected via advanced technology, such as the Internet of Things, according to cyber risk expert and former head of the FBI's cyber unit, James Trainor. Addressing an audience at the 2017 ... Read the full article

CelsiusPro & Aon Benfield extend partnership for weather risk solutions

11th October 2017

Swiss Insurtech firm CelsiusPro and Aon Benfield have renewed their partnership of data analysis and solution design for climate related risks. CelsiusPro specialises in offering parametric insurance solutions and weather derivatives to mitigate the risks of adverse weather and natural disasters, and since 2013 has provided Aon Benfield with risk analysis ... Read the full article

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