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Two more reinsurers apply to IRDAI to establish Indian operations

17th October 2017

According to the Insurance Regulatory and Development Authority of India (IRDAI), it has received two applications from reinsurance companies to begin operations in the country, as well as three applications from non-life insurers. "We have received three applications for non-life insurance and two from reinsurance companies who want to set their ... Read the full article

Chevrel joins VIG Re from PartnerRe to lead Western Europe team

17th October 2017

Patrick Chevrel is to join reinsurer VIG Re from Bermuda's PartnerRe to lead a newly established underwriting team for Western Europe, reporting to Chief Executive Officer (CEO) of the Czech Republic domiciled reinsurer, Johannes Martin Hartmann. Chevrel will lead the new business unit, and have responsibility for developing the firm's business with ... Read the full article

Demand for BI & supply chain cyber coverage up, says Munich Re & Beazley

17th October 2017

Demand for holistic cyber cover for business interruption (BI) and supply chain risks has surged, report Beazley and Munich Re after having joined forces to offer complex cyber risk cover through their Vector partnership. "Since we established Vector, we’ve seen a significant shift in the pattern of demand for cyber cover," ... Read the full article

Insurers participating in M&A activity in 2016 underperformed: Willis

17th October 2017

Insurers undertaking M&As underperformed their non-acquisitive counterparts last year as megadeals, political instability and strong equity markets impacted carriers' transactions, according to Willis Towers Watson's Insurance M&A Performance Tracker. Acquirers lagged behind the Willis performance index by 6.4 % in the six month period before the deal’s announcement to the six ... Read the full article

XL Group acquires 20% stake in Indian broker

17th October 2017

XL Group has expanded its Indian market presence with the acquisition of a minority 20% stake in Indian re/insurance broker, Mahindra Insurance Brokers (MIBL), a subsidiary of Mahindra & Mahindra Financial Services (M&M). The acquisition values the broker at about $200 million. XL is to buy 15% of the equity stake from existing ... Read the full article

Early estimates put storm Ophelia losses at up to $941 million: Reports

17th October 2017

According to industry reports, Storm Ophelia, which battered parts of Ireland recently, could drive losses in the range of €500 million (US$588mn) to €800 million (US$941mn), but it remains too early to tell if the event will lead to higher insurance premiums. The storm claimed the lives of at least three ... Read the full article

DARAG appoints Tullio Ferruci to DARAG Italia CEO

17th October 2017

European run-off insurer DARAG has named Tullio Ferrucci as Chief Executive Officer (CEO) of DARAG Italia, following the firm's acquisition of ERGO Assicurazioni in 2016. Following the acquisition of ERGO Assicurazioni, DARAG expects to expand its activity in Italy, which Stuart Davies, Chairman of DARAG, said is one of the firm's ... Read the full article

Aspen warns of $340mn underwriting loss in Q3 on back of hurricanes

17th October 2017

Aspen Insurance has revealed pre-tax losses from Hurricanes Harvey, Irma and Maria of $310 million, net of reinsurance and reinstatement premiums. The Mexican earthquakes and other loss events contributed to an additional $50 million in pre-tax losses, net of reinsurance and reinstatement premiums. Aspen's reinsurance segment was hit with the majority of ... Read the full article

Willis appoints Neil Irwin to leader of CEEMEA

17th October 2017

Willis Towers Watson has appointed industry veteran Neil Irwin to a Dubai-based role as leader of the Central and Eastern Europe, Middle East, and Africa (CEEMEA) region. In his new role, he will assume leadership of a diverse and high-growth region with around 2,300 colleagues in more than 40 countries, as ... Read the full article

Argo estimates Q3 cat losses of up to $110 million

17th October 2017

Specialty insurer and reinsurer, Argo Group International Holdings, Ltd., has announced estimated catastrophe losses for the third-quarter of 2017 of between $85 million and $110 million, pre-tax and net of reinsurance, reinstatement premiums and expected profit commissions. The reinsurer attributes much of the loss to hurricanes Harvey, Irma, and Maria, as ... Read the full article

Hiscox Re and ILS looks to narrow flood protection gap with FloodXtra

17th October 2017

In an effort to address the flood protection gap (disparity between economic and insured losses post-event), Hiscox Re and ILS has launched FloodXtra, a new solution for U.S. personal lines flood insurers. The flood protection gap in the U.S. was highlighted recently by hurricanes Harvey and Irma, a reminder to the ... Read the full article

James River Group pegs Harvey, Irma, Maria loss at $10 million

16th October 2017

Bermuda-based insurance holdings company, James River Group Holdings, has put its pre-tax losses from the combined impacts of hurricanes Harvey, Irma and Maria in the third-quarter, at an estimated $10 million. The estimation is net of reinsurance and reinstatement premiums, and the company notes that the approximate $10 million figure is ... Read the full article

Up to 15,000 structures worth nearly $14 billion at risk from Cali wildfires: RMS

16th October 2017

RMS estimates economic losses for the still raging California wildfires will range from $3 billion to $6 billion, but fire progression perimeters show total exposures from the California wildfires could reach as much as 15,000 structures worth around $14 billion. The fires ignited on October 8th and 9th and have since burned ... Read the full article

Milliman & MicroInsurance Centre announce merger

16th October 2017

MicroInsurance Centre (MIC) has joined global consulting and actuarial firm, Milliman, in a move to accelerate and expand the firms' microinsurance reach and capabilities. The transaction aims to accelerate MIC's progress towards the goal of generating access to microinsurance products for 3 billion low-income people globally, and expands Milliman's capacity for ... Read the full article

Megan Hodge joins TigerRisk as Partner & Head of Client Strategy

16th October 2017

Reinsurance brokerage, TigerRisk Partners LLC, has announced that Megan Stewart Hodge has joined the firm as a Partner and as Head of Client Strategy, a newly created role. In her new role, Hodge will be responsible for optimising the value TigerRisk provides for its clients, through a holistic approach that incorporates ... Read the full article

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