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Reinsurance broker news, analysis and insight, covering reinsurance broker market trends and opportunities.

Consider parametric solutions for the more intangible losses: GC’s Franco

22nd November 2019

While parametric insurance solutions provide rapid payout post-event, offering welcomed transactional speed and transparency, risk transfer mechanisms that are structured this way might be best-suited to covering direct and well-defined physical damage, according to Guillermo Franco, Global Head of Cat Risk Research at reinsurance broker Guy Carpenter. Under a parametric insurance ... Read the full article

John Drzik steps down as head of Marsh division, takes advisory role

22nd November 2019

Global re/insurance brokerage Marsh has announced that John Drzik will step back from his full time responsibilities as President of the Global Risk and Digital (GR&D) division, effective January 1, 2020. Drzik will, however, remain involved with the business as a senior advisor, working with John Doyle, President and CEO of ... Read the full article

Aon Securities launches Randolph Re for private cat bond placements

22nd November 2019

Aon Securities, the investment banking division of re/insurance brokerage Aon plc, has announced the launch of its new private placement catastrophe bond platform, Randolph Re. Randolph Re broadens the scope of Aon’s insurance-linked securities (ILS) offering, providing clients with a dedicated platform for private placement transactions above $25 million in issuance ... Read the full article

Risk Strategies acquires Missouri brokerage Thomas McGee Group

21st November 2019

Risk Strategies, a privately held US insurance broker and risk management firm, has acquired Thomas McGee Group, a US full-service insurance brokerage headquartered in Missouri. TMG, with specialty capabilities for large accounts, group and single parent captives, and focused risk management services, also enjoys a national reputation in the surety business, ... Read the full article

Ransomware incidents up threefold in 2019, as costs escalate: Aon

20th November 2019

Ransomware incidents rates have increased threefold since Q4 2018, according to a new report from Aon, with average costs escalating at a similar rate. The Cyber Practice Group of Aon’s Reinsurance Solutions business found that the costs of ransomware attacks continued to increase across all sectors this year, with payments tripling ... Read the full article

Global Risk Partners acquires London broker Gauntlet

19th November 2019

Global Risk Partners (GRP), an investment vehicle aimed at insurance brokers and managing general agents, has acquired Gauntlet Insurance Services, a private client broker that specialises in high value assets. Based in London, Gauntlet is responsible for covering assets valued at more than £8 billion, such as historic, fine town and ... Read the full article

AXA to underwrite THB’s Fleet UK product

19th November 2019

Global insurer AXA is to underwrite Lloyd’s wholesale broker THB’s Fleet UK product, as part of a new partnership deal. THB says the decision to pair with AXA originates from wanting to partner with a fleet insurer that values underwriting expertise, as well as AXA’s commitment to offering flexible solutions for ... Read the full article

Lockton hires two from JLT for new APAC Transactional Risks Division

18th November 2019

Global insurance and reinsurance broker Lockton has launched a new Asia Pacific (APAC) Transactional Risks Division, and has appointed Will Seccombe as Business Leader based in Hong Kong, and Mindy Ng as Vice President, based in Singapore. Seccombe brings 30 years of experience in the insurance sector to Lockton, having joined ... Read the full article

Property market still hardening, set to persist through 2020: WTW

18th November 2019

Pricing conditions in the property re/insurance market have continued to harden over and above baseline predictions, with rate increases set to persist through 2020, according to broker Willis Towers Watson (WTW). The current “micro-hard market” has produced pricing increases of between 50% and 100%, according to WTW’s numbers, with some challenged ... Read the full article

Ransomware losses driving cyber rates up: Willis Towers Watson

15th November 2019

Primary and excess cyber renewals are now averaging premium increases in the 5-10% range, driven by an explosion of ransomware losses during the second half of 2019, according to re/insurance broker Willis Towers Watson (WTW). Analysts noted that the uptick in losses has been prompting carriers to re-evaluate their positions in ... Read the full article

EPIC Insurance Brokers wraps up Prime Risk deal

15th November 2019

EPIC Insurance Brokers and Consultants, a retail property and casualty broker and employee benefits consultant, has closed its purchase of Atlanta-headquartered Prime Risk. The deal was first announced in October and will see Prime Risk Partners operate as Prime Risk Partners – an EPIC Company. The firm’s operating leadership and insurance professionals ... Read the full article

Arch & Marsh develop $150mn policy for crypto security firm Ledger

15th November 2019

Arch Insurance (UK) Limited and Marsh have collaborated to provide a customised crime insurance program that covers digital assets secured by the Ledger Vault platform. Ledger Vault is a core business unit of Ledger, a security firm for cryptocurrencies and blockchain applications. It provides information technology infrastructure for financial institutions to securely ... Read the full article

Risk Strategies acquires Ohio brokerage Zito Insurance Agency

14th November 2019

Risk Strategies, a privately held US insurance broker and risk management firm, has acquired Zito Insurance Agency, a full-service insurance brokerage headquartered in Mentor, Ohio. Established in 1963, Zito employs 36 people and provides property and casualty (P&C) and life and health insurance services to both individuals and business across a ... Read the full article

Aon study identifies “many desirable areas” for re/insurance growth

14th November 2019

Aon’s latest Insurance Risk Study has identified “many desirable areas for profitable growth” in the global property casualty re/insurance market, based on favourable combined ratios and variation in results across different countries. The study, now in its 14th year, focuses on many issues related to risk, encompassing the growth dynamics, emerging ... Read the full article

Hub International acquires Canada’s Carey Corp

14th November 2019

Global insurance brokerage Hub International has announced the acquisition of the assets of Canada-based, independent employee benefits consulting firm, W.R. Carey Corporation (Carey Corp). Following the transaction, of which the terms have not been disclosed, actuary Bill Carey alongside all of the employees of Carey Corp will join Hub International Manitoba ... Read the full article

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