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Cyber breach costs to skyrocket with new European data regulation: Study

25th April 2017

Severe cyber breaches cost PLCs 1.8% of company value or £120 million, according to a new CGI study, and these figures are set to skyrocket in the future as General Data Protection Regulation in Europe requiring firms to reveal cyber breaches is rolled out - a move which could see European ... Read the full article

W. R. Berkley’s reinsurance unit falls to underwriting loss in the first-quarter

25th April 2017

W. R. Berkley Corporation's first-quarter 2017 financial results reveal a pre-tax net income decline in its reinsurance segment to roughly $4.6 million, with the firm reporting a reinsurance underwriting loss with a combined ratio of 112.9%, compared with 97.6% a year earlier. Gross premiums written in the firm's reinsurance unit declined by ... Read the full article

Bermudian re/insurers show resilience in soft market: ABIR

25th April 2017

The Association of Bermuda Insurers and Reinsurers (ABIR) has released last year's global underwriting results for its 21 member firms, showing it's been a successful year for the group, which enjoys a loss ratio decrease by 9.1 % compared with 2015. The 21 re/insurers reported net income of $10.2 billion in their ... Read the full article

JLT Specialty USA names Molly Nolan SVP

25th April 2017

A U.S. subsidiary of insurance and reinsurance brokerage JLT Group, JLT Specialty USA, has announced the appointment of Molly Nolan as Senior Vice President (SVP). With a focus on broking and client development, Nolan will be based in the firm's Boston office, and the new appointment further expands the company's specialty ... Read the full article

Rate of European reinsurance purchase to gradually decline: A.M. Best

25th April 2017

Commenting on A.M. Best's latest market briefings, senior director, Carlos Wong-Fupuy, said the trend of large European insurers increasingly ceding business to reinsurers to offset soft market conditions and Solvency II requirements is expected to slow in the coming year. European insurers had been relying on reinsurance to enlarge their capacity for product ... Read the full article

Neon adds Catherine Sethi to Property D&F team as a Senior Underwriter

25th April 2017

Neon Underwriting Limited (Neon) has announced the addition of Catherine Sethi within its Property Direct & Facultative (D&F) unit, as a Senior Underwriter in based in London. She joins Neon from Sirius International Insurance, where she aided the establishment of a new Property D&F book of business, alongside underwriting primary and excess of ... Read the full article

FCA investigation could raise regulatory risk for brokers: Credit Suisse

25th April 2017

After the UK financial conduct authority (FCA) revealed last week that it was investigating a number of UK insurance and reinsurance aviation brokers over the sharing and misuse of competitive and sensitive information, Credit Suisse analysts have warned of increased global regulatory risk. The FCA previously reported that it was ... Read the full article

AIR Worldwide launches new cyber risk application for re/insurance markets

24th April 2017

Catastrophe risk modeling firm AIR Worldwide today released ARC (Analytics of Risk from Cyber), a cyber risk modeling application that can evaluate any commercial policy, and measure aggregations of cyber risk within a company's portfolio, allowing for easy assessment of key firms' cyber risk from across the globe. The application uses ... Read the full article

Philippine reinsurer appoints former KPMG audit manager to Head of Finance

24th April 2017

The National Reinsurance Corporation of the Philippines (NRCP), has approved the appointment of Santino Santillano - former KPMG audit manager - to Head of Finance, at the Board of Directors meeting. Santillano is set to replace Claudia Karen Fidelino who was appointed to Officer-in-Charge of the Finance Department last month - where she'll reassume her duties ... Read the full article

Swiss Re adds three new experienced leaders to Board of Directors

24th April 2017

Reinsurance giant Swiss Re has revealed the addition of three new members to its Board of Directors, the re-election of all proposed Board Members, as well as an increase in regular dividend and a new public share buy-back programme, all approved by its shareholders. Swiss Re shareholders have approved the proposed election ... Read the full article

Markel becomes second syndicate to join Lloyd’s India platform: Reports

24th April 2017

Markel is set to become the second syndicate to join Lloyd's India operations, after the specialist insurance and reinsurance market kicked off its India market expansion in April with MS Amlin as the first syndicate to join its newly launched domestic India reinsurance branch, the India Express has reported. Markel International Underwriter, ... Read the full article

Cyber risk as a standalone market will increase re/insurance industry resilience: JLT

24th April 2017

Cyber risk insurance and reinsurance continues to develop in what's now a crucial time for the marketplace and buyers of cyber protection. And while there's ample available, and essential reinsurance capacity to address and support the issue, JLT Re believes considering cyber as a standalone line of business could create a ... Read the full article

Swiss Re’s Cyclone Debbie losses reveal Australian market share growth: Deutsche Bank

24th April 2017

Swiss Re was hit with a lion’s share of $350 million Cyclone Debbie losses in Q1, after the firm expanded its Australian market share to nearly double its 2011 size, said Deutsche Bank analysts in their Q1 European reinsurance market report. The $350 million Cyclone Debbie blow reveals a Swiss Re ... Read the full article

​Barbican launches online automated quote and bind system

24th April 2017

Barbican Insurance Group, which underwrites re/insurance predominantly through its Lloyd's syndicates, has launched a new technology platform that will automate quoting and binding of new business through certain distribution channels. With the launch of 'The Hub', as the platform is named, Barbican hopes the online, automated quote and bind system will ... Read the full article

Bermuda re/insurers profitability slips, organic growth a challenge: S&P

24th April 2017

For insurance and reinsurance companies in Bermuda, 2016 was a year of challenges and resulted in a sharp decline in return-on-equity (RoE), while organic growth remains difficult to find. Rating agency Standard & Poor's explains in its latest report that Bermudian re/insurance remains under pressure from a range of forces, with ... Read the full article

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