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Reinsurance News
28th February 2020
UK government-backed terrorism reinsurer Pool Re has announced that the Office for National Statistics (ONS) has completed a classification assessment of the mutual. The ONS has independently judged that Pool Re should be classified to the central government subsector. Pool Re noted that the classification is only a statistical matter and will ... Read the full article
12th February 2020
Tokio Marine Kiln, part of global insurance group Tokio Marine, has announced the appointment of Charlotte Pritchard as an underwriter within its Special Risks team. Pritchard joins the company from Barbican Insurance Group, where she has worked since 2017 as an underwriter specialising in malicious acts including terrorism and political violence. She ... Read the full article
7th February 2020
The Australian Reinsurance Pool Corporation (ARPC), the Australian government's terrorism reinsurance agency, has announced that it has secured a larger retrocession reinsurance program for the 2020 calendar year. The ARPC has secured AUD 3.45 billion (USD 2.33 billion) of retrocession reinsurance protection at a reduced rate for 2020, up on ... Read the full article
3rd February 2020
Insurer and reinsurer Chubb has launched a new Non Damage Terrorism Solutions policy offering designed to bridge gaps in traditional terrorism business interruption policies. The new product is a single policy offering protection against non damage business interruption, plus employee and customer care assistance as a result of a terrorism loss. Chubb ... Read the full article
20th January 2020
UK government-backed terrorism reinsurer, Pool Re, has announced the appointment of Chris Medhurst-Cocksworth as Head of Risk Management within Pool Re Solutions. In his new role, Medhurst-Cocksworth will be tasked with leading the risk management services offered by Pool Re Solutions, a recently established specialist unit designed to help UK insurers ... Read the full article
6th January 2020
UK government-backed terrorism reinsurer Pool Re is introducing a series of changes aimed at improving the accessibility of terrorism insurance for businesses in the UK. The reinsurer has expanded its definition of an SME to include firms with assets of up to £5 million, more than double the previous figure of ... Read the full article
2nd December 2019
The Lloyd’s Market Association (LMA) has published a letter to its members warning of “continued uncertainty” around the US Terrorism Risk Insurance Act (TRIA), which is currently set to expire in December 2020. The LMA said it was confident that the renewal will be achieved in good time in advance of ... Read the full article
25th November 2019
Fidelis Insurance, the privately owned Bermuda-based holding company, has added Kayley Stewart to its Fidelis Underwriting Limited (FUL) London underwriting team as part of a push to build out its Terrorism and Political Violence account. Stewart arrives at Fidelis from Liberty, where she most recently served as a senior underwriter. She has ... Read the full article
20th November 2019
The Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is set to go before the U.S. Senate after legislation extending the bill for seven years easily passed through the U.S. House of Representatives. The bill, which was initially passed in 2002 in the aftermath of the September 11 attacks, received strong bipartisan ... Read the full article
11th November 2019
Further collaboration and discussion is needed around the response to, and definition of, cyber terrorism, while more broadly, divergent views around the insurability of cyber risk remains across the commercial market. This is according to delegates that attended the 2019 International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference, held in ... Read the full article
21st October 2019
Uncertainty regarding the future of the US Terrorism Risk Insurance Protection and Reauthorization Act (TRIPRA) may impact the “nature and availability" of re/insurance coverage, according to Emil Metropoulos, Terrorism Center of Excellence Practice Leader at Guy Carpenter. Metropoulos does not foresee major resistance to a reauthorisation of TRIPRA, which is currently ... Read the full article
18th October 2019
Specialty insurer StarStone has announced the appointment of Henry Gillingham as head of war & terrorism within its crisis management division. Gillingham will be based in London and is set to join in the first half of 2020. He joins from Talbot Underwriting, where he most recently served as a senior ... Read the full article
18th October 2019
In the event that the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) is not renewed at the end of next year, insurers continue to take appropriate risk management measures, including the increased purchase of reinsurance protection, according to A.M. Best. Signed by President Obama in January 2015, TRIPRA extended the expiration ... Read the full article
17th October 2019
John Doyle, President and CEO at Marsh, has warned that a failure to renew the Terrorism Risk Insurance Program Reauthorization Act (TRIPRA) could cause a “domino effect” of price increases across multiple re/insurance lines. Doyle recently testified before the United States House Committee on Financial Services to advocate for a timely ... Read the full article
10th October 2019
The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) has collaborated with the Geneva Association (GA) on the launch of a joint task force on cyber terrorism and cyber warfare. The launch of this new task force was announced at the IFTRIP 2019 International Conference in Brussels, Belgium. The initial findings ... Read the full article
