Reinsurance News
Your search for “cyber insurance”
Hiscox expects continued rate momentum, eyes growth in 2018
26th February 2018
In what was a challenging year for the global reinsurance industry, re/insurer Hiscox saw its Hiscox Re & ILS segment remain profitable in 2017, with management anticipating further rate increases in 2018, as well as growth across all parts of the business. Hiscox saw its overall, pre-tax profit fall to £30.8 ... Read the full article
Repeatability of innovative solutions needed to expand risk transfer: PCS
21st February 2018
The traditional and alternative reinsurance industry has a solid track record of innovation, but as seen with risks like cyber and terror, sustainability and adoption has proved more challenging, suggesting a need for risk transfer solutions that support repeatability, according to Property Claim Services (PCS), a Verisk Analytics business. PCS has ... Read the full article
Everest Re expands financial lines with a Private Company unit
21st February 2018
Reinsurer Everest Re has expanded the Everest Insurance Financial Lines division of Everest Specialty Underwriters (ESU), with a Private Company/Not-For-Profit unit, set to be led by Salvatore Collura. The Private Company aims to design creative insurance solutions to protect companies and management from shareholder disputes and employment-related issues to cyber threats. Everest ... Read the full article
Coverys Syndicate 1975 appoints Stephanie Crowther to underwriter
7th February 2018
Coverys Syndicate 1975 has named Stephanie Crowther as underwriter for its specialist medical professional liability account with effect from February 2018. Robin McCoy, Chief Executive Officer, Coverys Managing Agency, commented on the appointment; “we are delighted that Stephanie is joining us to work alongside Keith Bryceland to help build out the ... Read the full article
Hannover Re says renewals give it a “solid platform” for 2018
7th February 2018
After the impacts of major catastrophe loss events in 2017 the January 2018 reinsurance renewals and the associated increase in rates available have allowed German reinsurer Hannover Re to put in place, what the CEO terms, a "solid platform" for achieving its targets in 2018. Hannover Re has reported that it ... Read the full article
Public-private sector partnerships critical to the UK’s resilience to terror attacks: Pool Re
6th February 2018
Pool Re has launched a new Terrorism Frequency Report, produced by the scheme’s Terrorism Risk and Analysis Centre (TRAC), designed to provide Pool Re Members and stakeholders with a record and analysis of recent terrorist attacks, while underlining the importance of public-private sector partnerships when addressing the risks. Julian Enoizi, Chief Executive ... Read the full article
U.S. and EU regulators to focus on strengthening cooperation
2nd February 2018
In the first of three events designed to strengthen U.S. and EU regulatory cooperation, the National Association of Insurance Commissioners (NAIC) and the European Insurance and Occupational Pensions Authority (EIOPA) discussed bilateral updates to regulatory and market developments. The forum was held prior to the seventh EU-U.S. Insurance Symposium and hosted by ... Read the full article
BIBA Manifesto calls for action to narrow protection gaps
2nd February 2018
The British Insurance Brokers' Association (BIBA) has released its 2018 Manifesto, Engaging, which calls for improved access to insurance solutions in an effort to narrow the region's protection gap (disparity between economic and insured losses post-event). The protection gap is viewed as one of the insurance and reinsurance industry's biggest challenges ... Read the full article
Guy Carpenter CEO Peter Hearn calls for more transparent cat modeling
31st January 2018
Guy Carpenter's Chief Executive Officer, Peter Hearn, made a case for greater industry-wide adoption of the open source catastrophe model, saying it improves firms' management of risk, adding better products and protection to the marketplace and benefiting the entire re/insurance value chain. “For over 25 years, these models have led us ... Read the full article
Aspen CEO “deeply disappointed” with 2017 performance
26th January 2018
Chris O’Kane, Chief Executive Officer, Aspen Insurance (CEO) said the firm is "deeply disappointed" with its financial performance in 2017 after the firm reported a pre-tax loss estimate of $135 million from California wildfires, net of reinsurance and reinstatement premiums,and a $245 million underwriting loss in Q4. Aspen's Q4 losses from ... Read the full article
Preservation Capital completes Ascent Underwriting acquisition
25th January 2018
Preservation Capital Partners has completed its acquisition of cyber and specialty lines managing general agent (MGA), Ascent Underwriting, having received approval from the Financial Conduct Authority (FCA). Under the transaction, the existing Ascent management team will retain a substantial shareholding in the company, and will continue to manage the business through ... Read the full article
Lloyd’s eyes “terrific” growth prospects in India market
25th January 2018
Speaking to the India Economic Times Lloyd's Chief Executive Officer (CEO) Inga Beale called India "a fantastic opportunity" with "terrific" growth prospects, as Lloyd's looks to expand local syndicates and increase its current $220 million annual India market revenue. "Whether the growth in insurance line is driven by government action or ... Read the full article
Ascent Underwriting launches liability cover for healthcare professionals
24th January 2018
Managing general agent Ascent Underwriting has announced the launch of a professional liability product for allied health practitioners and facilities in the U.S. Ascent’s Allied Health product combines comprehensive cyber cover, Regulatory Billings coverage and medical liability insurance for healthcare professionals under a single policy. Gareth Tungatt, Chief Underwriting officer at Ascent, ... Read the full article
LMA’s Worldwide Property Panel appoints Markel’s Dean Pitts as Chairman
18th January 2018
The Lloyd's Market Association's (LMA) Worldwide Property Panel has named Dean Pitts, Managing Director - Property Open Market at Markel, as its new Chairman, replacing the outgoing Nick Jones of Apollo. The Worldwide Property Panel leads on numerous issues impacting Lloyd's of London managing agents and syndicates, on behalf of the ... Read the full article
Extreme weather seen as top 2018 global risk: WEF
17th January 2018
Environmental risks are at the top of the World Economic Forum's (WEF) Global Risk Perception Survey for the second year running, though the interconnected nature of risks observed in 2018 are believed to threaten the system on which economies and international relations are based. The WEF's Global risks report highlighted the ... Read the full article