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AXA-backed insurtech Sayata Labs launches with $6.5mn in funding

26th March 2019

Sayata Labs, a new insurtech start-up focused on cyber risk assessment for insurers and SMBs, has announced today that it has launched with $6.5 million in seed funding. The Tel Aviv-based company is already partnering with re/insurance broker AXA to enhance its cyber risk capabilities, while Israeli venture capital firm Elron ... Read the full article

Technology is Swiss Re’s solution to market challenges: Ojeisekhoba

25th March 2019

Swiss Re views the integration of new technologies as both a critical opportunity for growth and the solution to many of the challenging market conditions that have tested the re/insurance industry in recent years. This is according to Moses Ojeisekhoba, CEO of Reinsurance at Swiss Re, who told Reinsurance News that ... Read the full article

Preservation Capital completes investment in US MGA Cove

18th March 2019

Preservation Capital Partners, the private equity firm that purchased cyber and specialty lines managing general agent (MGA) Ascent Underwriting last year, has completed its previously-announced strategic investment in Cove Programs, a US construction-focused MGA. The completion of this deal means Preservation Capital now manages $200 million gross written premium ... Read the full article

Re/insurers must rethink approach to tougher Asian market, says WTW

18th March 2019

Global insurance and reinsurance broker Willis Towers Watson (WTW) has underlined challenges for insurers in Asia, warning that the dominance of large and complex risks in the Asian commercial insurance segment is revealing that current business models are unsustainable. 2018 was an active year for catastrophe activity across Asia, with numerous ... Read the full article

Pembroke & Ironshore sale removes business overlap, says Liberty Mutual

18th March 2019

Liberty Mutual has said that its decision to sell Pembroke Managing Agency Limited and Ironshore Europe DAC (IEDAC) to Hamilton Insurance Group, Ltd. will remove business overlap resulting from its 2017 acquisition of Ironshore. The transaction, which was announced on March 14, will see Hamilton take over the Pembroke platform ... Read the full article

Munich Re leads placement of £2.3bn Pool Re retro program

1st March 2019

The UK’s government-backed mutual terrorism reinsurer Pool Re has renewed its 2019 retrocessional reinsurance program, at an expanded size, that covers property damage arising from nuclear, biological, chemical, and radiological attacks; those arising from cyber-triggered terrorist losses; as well as conventional terrorist acts. The £2.3 billion program, which is provided on ... Read the full article

Pool Re completes first terrorism cat bond, securing £75mn retro cover

26th February 2019

Pool Re, the UK’s government-backed terrorism reinsurer, has completed what it claims to be the first-ever standalone terrorism catastrophe bond, providing £75 million of retrocession protection for losses in excess of £500 million. The bond, which was issued through special-purpose vehicle Baltic PCC Ltd, is designed to move UK taxpayers even ... Read the full article

London Market discipline pays back Hiscox in 2018

25th February 2019

Hiscox has reported that its profit before tax increased substantially in 2018 to $137.4 million despite the impacts of catastrophes on its reinsurance and insurance-linked securities (ILS) business, driven mainly by the improved performance of its London Market operations. Overall, Hiscox saw its profit increase three-fold to more than $137 million ... Read the full article

Value of InsurTech deals up by 155% in Q4: Willis Towers Watson

25th February 2019

Global insurance and reinsurance broker, Willis Towers Watson, has said that the number of InsurTech deals announced globally in Q4 2018 increased by 24% to 63, with a total value of $1.59 billion, which is growth of 155% on the same period in 2017. This is according to the broker's Quarterly ... Read the full article

Swiss Re names Anette Bronder as Chief Operating Officer

21st February 2019

Swiss Re has announced the appointment of Anette Bronder as Group Chief Operating Officer (COO) and member of the Group Executive Committee, effective 1 July 2019. She will succeed outgoing COO Thomas Wellauer, who is retiring at the end of June. Bronder joins Swiss Re from T-Systems International, where she was a ... Read the full article

PCS enhances U.S catastrophe loss estimates with county-level resolution

20th February 2019

Property Claims Services (PCS), a Verisk Analytics business, is now offering county-level resolution for U.S catastrophe events with insured losses of at least $1 billion. The enhanced level of granularity is available for immediate use and will also be applied retrospectively to Hurricanes Harvey, Irma and Maria, along with five other ... Read the full article

Preservation Capital follows up Ascent deal with investment in U.S MGA Cove

19th February 2019

Preservation Capital Partners, the private equity firm that purchased cyber and specialty lines managing general agent (MGA) Ascent Underwriting last year, has announced a strategic investment in Cove Programs, a U.S construction-focused MGA. Alongside an undisclosed financial investment, the agreement will see executives from Ascent and Cove come together to drive ... Read the full article

MS Amlin launches all risks policy for the tech sector

13th February 2019

MS Amlin, the insurance and reinsurance group owned by top-10 firm MS&AD, has launched an all risks insurance policy specially designed for the technology sector. Recognising the need for coverage that fits the operations of the tech sector, MS Amlin has responded with a product that encompasses a broad range of ... Read the full article

InsurTech firm Agile to represent StarStone across all Syndicate 1301 specialty business

12th February 2019

InsurTech underwriting agency, Agile Underwriting Services Pty Ltd, has been announced as a representative agent for international specialty insurer, StarStone in Australia and New Zealand. Since StarStone launched its Australian underwriting business in 2016, Agile has been a strategic partner, and this appointment follows a strategic review by StarStone. Under the partnership, Agile ... Read the full article

Berkshire Hathaway to launch three-page insurance product for small businesses

11th February 2019

The Insurance Group of Warren Buffett's conglomerate Berkshire Hathaway has announced the launch of a concise and comprehensive three-page insurance product for small businesses called THREE. The company hopes to cut down the lengthy and time-consuming processes currently required for a small U.S business to secure the necessary cover. THREE provides insurance ... Read the full article