Reinsurance News
Aviation
Boeing losses could become “major event” for re/insurers: Deutsche Bank
25th March 2019
Losses resulting from the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max 8 aircraft have the potential to spread throughout the industry and become a “major event” for re/insurers, according to analysts at Deutsche Bank. The firm stated that the complexity of the case means claims could come ... Read the full article
Munich Re expects €120mn Boeing/Ethiopian Airlines loss
22nd March 2019
Munich Re is expecting to incur losses in the range of €100 million to €120 million as a result of the recent Ethiopian Airlines crash and subsequent grounding of Boeing’s 737 Max aircraft. Speaking at a press conference this week, Munich Re’s CEO of Reinsurance, Torsten Jeworrek, said that the firm ... Read the full article
Swiss Re confirmed as co-insurer for Boeing & Ethiopian Airlines
18th March 2019
Swiss Re has confirmed that it is one of the minor insurance providers for Boeing Co, as well as for Ethiopian Airlines, both of which face large claims following a fatal plane crash on March 10. Boeing was pressured into grounding its entire fleet of 737 Max 8 aircraft last ... Read the full article
Boeing suspends entire 737 fleet as more crash evidence emerges
14th March 2019
Boeing has temporarily suspended its entire global fleet of 737 Max aircraft after investigators uncovered new evidence from the fatal Ethiopian Airlines crash on March 10. The U.S, which had previously held out while many other countries banned the aircraft, said that it had received “new information and physical evidence” that ... Read the full article
Starr Insurance launches new aviation division in Brazil
12th December 2018
Starr Insurance Companies has announced that its Brazilian business, Starr International Brasil Seguradora S.A. (Starr Brazil), has obtained a local license to offer aviation insurance. It also revealed that Fernanda Strachino has joined Starr Brazil to head the new aviation division. Fernanda is an aviation specialist underwriter with more than 16 years’ ... Read the full article
THB appoints Matthew Gould as Senior Broker for aviation team
5th September 2018
Specialist re/insurance broker, THB, has appointed Matthew Gould as Senior Broker for its aviation team, effective immediately. He will report to Tom Thompson, THB’s Director of aviation. This announcement follows the new multi-sector UK strategy announced last week by Darren Nightingale, Chief Executive Officer of THB MET, which encompasses the Lloyd’s ... Read the full article
Starr Insurance to acquire Aspen’s aviation business
7th August 2018
Starr Insurance Companies has announced that it has entered into an agreement to acquire the renewal rights of Aspen Insurance’s aviation business. Under the terms of the agreement, Starr will manage all underwriting and claims administration on current business, in addition to managing the run-off of Aspen’s aviation claims and reserves ... Read the full article
Aviation market to remain stable through 2018: JLT Specialty
30th July 2018
JLT Specialty, a division of global insurance and reinsurance broker JLT Group, has noted continued underwriting discipline in the aviation insurance market so far in 2018, a trend that supports upwards pricing pressure during renewals in a relatively stable marketplace. After the analysis of second-quarter 2018 market conditions, as well as ... Read the full article
Everest Re hires Georgios Toulkeridis from Swiss Re as Head of Aerospace
5th July 2018
Everest Re Group has appointed Georgios Toulkeridis, former Head of Aviation and Space R/I at Swiss Re, as Global Head of Aerospace Reinsurance. Toulkeridis will join Everest’s Zurich office, and will be tasked with leading the development and execution of its underwriting strategy for Aviation and Space. Additionally, he will be responsible ... Read the full article
XL Catlin expands aviation insurance product to Mexico
25th June 2018
XL Catlin has expanded its aviation insurance offerings to Mexico and is to initially focus on general aviation hull and liability risks. Having established a presence in Latin America, Brazil, the U.S. and Canada, XL considers this expansion as the next step in aiding general aviation clients manage risk in the ... Read the full article
AGCS partners with ParaZero on drone safety systems
27th April 2018
Allianz Global Corporate & Specialty (AGCS), the specialist corporate re/insurer of Allianz Group, has partnered with Israel-based drone safety systems company ParaZero to reduce risks related to commercial Unmanned Aircraft Systems (UAS). AGCS plans to offer pricing incentives and preferential conditions to clients using ParaZero products, initially in the U.S market ... Read the full article
Sompo International hires Cove from Qatar Re to lead aviation reinsurance
9th April 2018
Sompo International, the Bermuda headquartered specialty lines and reinsurance unit of Sompo Holdings, has hired Patrick Cove from rival Qatar Re to become the firms new Global Head of Aviation Reinsurance business. Cove joins the Sompo International Global Specialty Reinsurance Team and takes on responsibility for reinsurance business in the airline ... Read the full article
Beazley’s Dirk Froese elected to LMA Aviation Committee
29th March 2018
A recent Lloyd’s ballot has elected Dirk Froese, Head of Aviation at Beazley, to the Lloyd’s Market Association’s (LMA) Aviation Committee for a term of four years. Froese will join re-elected committee members Peter Wakefield, Head of Aviation at Chaucer, and Christopher Collins, Head of Aviation at Talbot, in providing a ... Read the full article
Willis Towers Watson launches cyber solution for aviation industry
27th February 2018
Willis Towers Watson has launched a tailored cyber insurance solution for the general aviation industry, Willis Towers Watson Aerospace Cyber Guard. The product is available to North American-based general aviation companies, including charter operators, tour operators, flying clubs, flight schools, fixed-based operators, maintenance repair operators, small aviation-related manufacturing and fleet management ... Read the full article
Munich Re & easyJet develop business interruption cover for flight cancellation risks
9th January 2018
Reinsurance giant Munich Re and low-cost carrier airline easyJet have collaborated to create a new insurance product that is designed to provide business interruption style coverage to airlines when major flight cancellation issues occur. The comprehensive cover is being described as the first product to protect airlines against the costs of ... Read the full article