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PCS designates and monitors Capital One data breach

7th August 2019

Following the Capital One hacking and data breach, which is among the largest ever in the banking and financial world, Property Claim Services (PCS) is monitoring the event for cyber catastrophe implications. This is according to PCS Co-Head, Tom Johansmeyer, who told Reinsurance News that this sort of development can take ... Read the full article

Munich Re names Steven Chang CEO, Greater China

5th August 2019

Reinsurance giant Munich Re has announced the appointment of Steven Chang as Chief Executive Officer (CEO) of Greater China, effective August 1st, 2019. Chang will be based in Beijing, and will lead Munich Re's non-life business and operations in the Greater China region, which includes mainland China, Taiwan, Hong Kong and ... Read the full article

Chubb launches new Pro ERM solution

5th August 2019

Insurer and reinsurer Chubb has announced the launch of Pro ERM, a new comprehensive offering which combines Miscellaneous Professional Liability, Media Liability, Cyber Liability, and first-party Cyber coverages with extensive loss mitigation and incident response services. Chubb states that Pro ERM, which combines numerous covers into a single policy, is an ... Read the full article

Willis Towers Watson acquires specialist M&A broker Risk Capital Advisors

1st August 2019

Willis Towers Watson said this morning that it has acquired Risk Capital Advisors, a leading mergers & acquisitions broking specialist focused on business in Australia, New Zealand and South Africa. Adding to its specialist insurance and reinsurance broking capabilities and broadening its reach globally, has been part of the strategy for ... Read the full article

Capital One data breach puts $400m insurance tower on-watch

31st July 2019

Capital One, the U.S. and global banking and personal finance group, has disclosed a $400 million cyber insurance tower that the market is now watching closely, following its hacking and loss of data for more than 100 million of its customers. Capital One said on July 29th that an individual accessed ... Read the full article

ABIR member premiums written reach $100bn high

31st July 2019

Gross premiums written by members of the Association of Bermuda Insurers and Reinsurers (ABIR) exceeded US $100 billion, according to data on the group's 2018 global underwriting results. ABIR reported on 21 of its 23 member companies, who write insurance and reinsurance business from underwriting centres across Bermuda, Europe, Asia, and ... Read the full article

M&A to accelerate as insurers respond to evolving client demand: Deloitte

23rd July 2019

Analysis by Deloitte claims that the majority of insurers expect that merger and acquisition (M&A) activity will drive more than half of the insurance industry's growth over the next five years. Responses from Deloitte's survey of 200 insurance leaders across the EMEA region shows that 72% of survey respondents expect the ... Read the full article

Fractal becomes QOMPLX, raises $78.6m Series A led by Cannae & Motive Partners

23rd July 2019

Fractal Industries Inc., the financial technology firm with a focus on insurance, cyber security and quantitative finance has rebranded itself as QOMPLX™ and announced a $78.6 million Series A financing led by Cannae Holdings, Inc. and Motive Partners. QOMPLX, as it shall now be known, describes itself as an intelligent decision ... Read the full article

Generali (GC&C) appoints Head of Engineering Underwriting for Asia

19th July 2019

Generali Global Corporate & Commercial (GC&C), a subsidiary of the Italian insurance giant, has announced the promotion of Dawood Yeung to Head of Engineering Underwriting for GC&C Asia. Effective from June 1, Yeung is responsible for overseeing GC&C’s Engineering business across the regional market. He has over 19 years of international experience ... Read the full article

AkinovA launches new funding round, expands investor base

15th July 2019

AkinovA, an electronic marketplace for the transfer and trading of insurance risk, has launched a Series B investment round and revealed a previously undisclosed investor in its last round of funding. Previous investors in the firm include Hiscox and the venture capital arm of MS&AD. Now, AkinovA has added Israel-based venture capital ... Read the full article

BI a potential source of premium growth for commercial insurers in Japan: Swiss Re Institute

12th July 2019

Commercial insurance premiums in Japan are expected to increase by 4.4% in 2019, and over the long-term, business interruption (BI) cover is anticipated to be a source of expansion for the commercial insurance space in the region, according to Swiss Re Institute. Expected premium growth in the commercial insurance sector in ... Read the full article

Marriott faces £99mn GDPR fine days after record BA penalty

10th July 2019

Marriott International, the multinational hotel chain, is facing a £99.2 million fine for non-compliance with data protection laws following a 2018 cyber attack that exposed personal data on 339 million guest records. The Information Commissioner’s Office (ICO) notified Marriott of its intentions just days after levelling a record £183 ... Read the full article

British Airways fine just the beginning for data privacy regulation, says Fifth Step CEO

10th July 2019

The landmark £183 million fine imposed on British Airways should come as no surprise and may represent only the beginning of more stringent data privacy regulation, according to Darren Wray, CEO at Fifth Step, a business management firm for the re/insurance industry. The Information Commissioner’s Office (ICO) imposed the penalty ... Read the full article

New Hannover Re CEO has “embraced” reinsurers’ culture: Analysts

9th July 2019

Jean-Jacques Henchoz, the newly-appointed Chief Executive Officer of reinsurance giant Hannover Re, appears to have embraced the company’s culture and is expected to maintain a consistent approach to capital management and underwriting, according to analysts from Morgan Stanley. An Annual General Meeting of Hannover Re in May saw Jean-Jacques Henchoz ... Read the full article

Mortgage reinsurance growth is a gradual, educational process: Capsicum Re’s Rance, Scarratt

8th July 2019

The mortgage reinsurance market appears to be set on a growth path, and as companies increasingly look to leverage the vast amounts of available data, education remains an essential part of the landscape, according to Capsicum Re’s Steven Rance and Freddie Scarratt. Prior to the financial crisis the U.S. mortgage insurance ... Read the full article