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Arthur J. Gallagher targeted in ransomware attack

29th September 2020

International insurance brokerage firm Arthur J. Gallagher & Co has confirmed that it was the target of a ransomware attack on September 26th. The firm said the incident impacted a “limited portion” of its internal systems, and does not expect it to have a material impact on its operations or financial ... Read the full article

CoreLogic & Munich Re partner on climate risk modelling

24th September 2020

Property information and analytics provider CoreLogic has partnered with Munich Re to model climate risk exposures for individual properties in Australia and New Zealand. The partnership will combine Munich Re’s climate analytical capabilities with CoreLogic’s property data coverage and connection to banking, valuation, insurance and real estate systems. Together, they will aim ... Read the full article

ABIR members contribute $830mn to Bermuda economy in 2019

24th September 2020

The Association of Bermuda Insurers and Reinsurers (ABIR) has announced the results of its 15th annual ABIR Bermuda Economic Substance Survey. The survey showed that ABIR members contributed over $830 million to the Bermuda economy, up $15 million from calendar year 2018. ABIR members invested more than $131 million on local ... Read the full article

Remote working triggers rise in phishing attacks over Q2: Beazley

18th September 2020

The growing reliance on remote working due to the COVID-19 pandemic has triggered a rise in phishing and social engineering scams over Q2, according to specialist re/insurer Beazley. These kinds of email attacks had been on the decline from Q4 2019 to Q1 2020, but the arrival of the global pandemic ... Read the full article

Xceedance and Oasis LMF offer exposure analysis for US perils

17th September 2020

Re/insurance service provider Xceedance has teamed up with the Oasis Loss Modelling Framework (Oasis LMF) to offer on-demand exposure analysis and results for three key US catastrophe perils. In partnership with model providers CoreLogic, Fathom, and Applied Research Associates (ARA), the Xceedance-Oasis LMF services provide loss metrics for US earthquake, flood, ... Read the full article

Beazley adds four underwriters in APAC to support growth

15th September 2020

Specialist insurer and reinsurer, Beazley, has added four underwriters to its Asia Pacific operations in order to support continued growth in the region. Both Dindson Phua and Mike Lu have joined the firm's international financial lines team, while Reeta Ambaram has joined the specialty treaty team. Additionally, Jordan Schwarz is to ... Read the full article

Reinsurance price increases “absolutely essential” in 2021: Hannover Re

14th September 2020

Against the backdrop of ongoing COVID-19 losses and a low interest rate environment, Hannover Re has argued that continued reinsurance rate increases are “absolutely essential” next year. In a new release that was planned for this year’s cancelled Monte Carlo meet-up, Hannover Re says it anticipates “significant price increases” spanning the ... Read the full article

Aston Lark acquires Lloyd’s broker Brunel Professions

11th September 2020

Chartered insurance broker Aston Lark has announced the acquisition of Lloyd’s broker Brunel Professions. Established in 2005, Brunel Professions specialises in PII, D&O and Cyber Insurance. The company also provides an in-house specialist claims handling and risk management service. Commenting on the acquisition, Peter Blanc, Aston Lark Group CEO, said, “I’m delighted to ... Read the full article

Beazley enhances BBR, MediaTech policies for businesses in Canada

10th September 2020

Specialist insurer Beazley has announced a series of enhancements to its Beazley Breach Response and MediaTech policies for businesses in Canada. The insurer has streamlined key policy wordings and integrated cyber extortion, business interruption, dependent business interruption and eCrime coverages into the main policy, rather than being added by endorsement. The BBR ... Read the full article

Munich Re endorses state-backed pools for pandemic risk

8th September 2020

Munich Re has argued that pandemic risks are “not insurable by the private sector alone” and has endorsed the use of state-backed risk pools to mitigate their impact. The reinsurer notes that the coronavirus pandemic has highlighted how vulnerable the world still is to very large risks, and says that more ... Read the full article

Insurance Europe sees key industry opportunities in COVID-19 pandemic

8th September 2020

A new report by Insurance Europe considers a number of industry takeaways from COVID-19 as opportunities for re/insurers to evolve and strengthen against future challenges. For example, COVID-19 has demonstrated the importance of clear contractual wording and, more broadly, confirmed that the information provision to consumers is both key and an area ... Read the full article

“Undisputed” re/insurance market hardening to persist: Jeworrek, Munich Re

7th September 2020

Re/insurance market hardening, in relation to price increases and renewed discussions around terms and conditions (T&Cs), is expected for "probably the next two years, or even a bit longer," according to Torsten Jeworrek, Chief Executive Officer (CEO) of Reinsurance at Munich Re. With the annual, September meeting of the reinsurance industry ... Read the full article

UK Treasury launches review into Pool Re

3rd September 2020

The UK Treasury has announced the launch of its latest five-year review of Pool Re, the country’s government-backed terrorism reinsurer. The review will aim to ensure the good functioning of the UK’s terrorism re/insurance market, proper protection of public interests, and Pool Re’s proposed strategic direction for the next five years. It ... Read the full article

Reinsurance broker Ed hires from Paragon

28th August 2020

Reinsurance, wholesale and speciality broker, Ed, has announced the appointment of John Head as a broker and producer, effective immediately. Head will support the growth of the professional and executive risk portfolio, a key area of focus and development for the global reinsurance broker, and further strengthen the firm’s cyber offering. He ... Read the full article

Arceo adds Thomas Gamble as EVP, Global Chief Distribution Officer

19th August 2020

Risk analytics provider for the cyber re/insurance market Arceo has appointed Thomas Gamble as Executive Vice President, Global Chief Distribution Officer. Gamble was previously a National Brokerage Leader for Arch Insurance Group, and previously built and led the carrier's D&O practice. He also served as President of the Global Mergers & Acquisitions ... Read the full article