Reinsurance News
Terrorism reinsurance
Aon and Chubb partner on new terrorism and political violence policy
10th July 2018
Re/insurance broker Aon plc has collaborated with Chubb Limited and Lloyd’s to develop a new stand-alone terrorism and political violence solution, called Platinum, which addresses the demands of an increasingly regulated market. Platinum has been designed for multinational clients looking to fulfil local regulatory requirements in all territories they operate in, ... Read the full article
Pool Re names Tracey Paul as Chief Strategy and Communications Officer
3rd July 2018
Pool Re, the UK’s government-backed terrorism reinsurer, has appointed Tracey Paul to the newly-created position of Chief Strategy and Communications Officer. Paul has more than 20 years of strategic communications experience and will take up her new position with immediate effect, reporting directly to Julian Enoizi, Chief Executive Officer (CEO) at ... Read the full article
EPUL positions new terrorism cover as alternative to Pool Re
12th June 2018
London-headquartered commercial property MGA European Property Underwriting Limited (EPUL) has announced the launch of a flexible UK and Northern Ireland terrorism solution meant to offer a more cost-effective alternative to Pool Re. With a minimum premium of £25, compared to £100 under Pool Re, the new terrorism policy provides material damage ... Read the full article
XL Catlin develops terror cover for auto fleets
8th June 2018
XL Catlin has launched a new insurance solution called Auto Terror Protect for companies with fleets of vehicles that could be used as a weapon in a terrorist attack. The product will be targeted at fleet operators, vehicle rental companies, haulage and logistics companies, and is designed as a contingent umbrella ... Read the full article
Salisbury attack exposes business interruption protection gap, reports Pool Re
3rd May 2018
Pool Re, the UK’s government-backed terrorism reinsurer, has reported that the losses suffered by Salisbury businesses in the wake of the nerve agent attack against Sergei and Yulia Skripal have exposed an oversight in the way re/insurers cover terrorism risks. The company’s latest Terrorism Frequency Report, which coincided with the 25th ... Read the full article
ARPC prepares for fifth triennial Terrorism Insurance Act review
2nd May 2018
The Australian Reinsurance Pool Corporation (ARPC), a government-backed terror risk reinsurance venture, is preparing for any changes that may be proposed by the Australian Treasury’s 2018 Triennial Review of its Terrorism Insurance Act 2003 (TI Act). The TI Act requires that a review be conducted at least once every three years ... Read the full article
Changing terror risk landscape pressures re/insurers to broaden appetites: JLT
2nd May 2018
The emergence of new terror-related risks continues to drive an increasingly complex and diverse terror risk landscape, adding pressure to insurers and reinsurers to develop new solutions and adopt new approaches to tackle the threat, according to insurance and reinsurance broker JLT. JLT has launched a new Viewpoint Report, which explores ... Read the full article
Pool Re exploring capital market retro options with help of Guy Carpenter
27th April 2018
Pool Re has appointed GC Securities, the capital markets and insurance-linked securities (ILS) arm of reinsurance broker Guy Carpenter, to act as its ILS advisor and placement agent as it assesses its options in the capital markets. Pool Re, which is the UK’s government-backed mutual terrorism reinsurance facility, began exploring the ... Read the full article
Global political risks becoming increasingly volatile: Aon
17th April 2018
Aon has reported that global political volatility is leading to increased political violence and political risk, with the likelihood of interstate conflict, terrorism, and general political and economic disruption all increasing. Aon’s 2018 Risk Maps report found that political violence risks are rising globally due to geopolitical tensions, a weakening of ... Read the full article
Reinsurance demand will rise as terror risk landscape shifts: A.M. Best
16th April 2018
In a recent special report, A.M. Best has predicted that insurers will increasingly rely on reinsurance as the nature of terrorism changes and expands, and as the future of federal backstops become uncertain. In recent years, the nature of high-profile attacks has shifted from property damage to ‘lone wolf’ attacks designed ... Read the full article
Pool Re terror cover to expand as UK Gov changes law
22nd March 2018
Pool Re has commended the UK Government on its commitment to amend the 1993 Reinsurance (Acts of Terrorism) Act to allow the company to cover non-damage business interruption losses that result from acts of terrorism. Currently, in the event of a terrorist attack, Pool Re is only able to reimburse businesses ... Read the full article
Liberty Specialty Markets promotes Joanna Hitchcock to Terrorism Underwriter
21st March 2018
Liberty Specialty Markets (LSM) has promoted Joanna Hitchcock to the newly created role of Paris-based Terrorism Underwriter as part of a strategy to grow its European Terrorism account. Hitchcock was promoted from a role as Assistant Underwriter for Terrorism in London. In her new Paris based role, Hitchcock will meet brokers and attend ... Read the full article
Aon Benfield names new heads of Capital Advisory and Terrorism Specialty units
7th March 2018
Reinsurance broker Aon Benfield has announced the appointment of Eric Paire and Emma Karhan from Guy Carpenter, with the former set to lead its Capital Advisory unit, and the latter being named Head of Terrorism Specialty and Reinsurer Relationships in London. Reporting to Aon's Nick Frankland, UK Chief Executive Officer (CEO), Eric ... Read the full article
Pool Re upsizes retrocession program to £2.1bn, includes cyber terror
1st March 2018
The UK's government-backed mutual terrorism reinsurer Pool Re has renewed its retrocessional reinsurance program at an expanded size and with the inclusion of coverage for cyber terrorism events, a risk the reinsurer has been promising to include within its offering. The retrocession program was increased in size by £100 million ... Read the full article
Pool Re launches Vulnerability Self-Assessment Tool
14th February 2018
Pool Re has announced the launch of the Vulnerability Self-Assessment Tool (VSAT), a risk self-assessment tool that enables Pool Re member insurers to offer a 5% premium discount to insureds which implement risk mitigation measures. VSAT is available to all Pool Re member insurers for risks falling due on or after ... Read the full article