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Losses from Californian wildfires reach $3-6bn: Moody’s

Intelligent Insurer News - 14 November, 2018 - 15:38
P&C insurers face large claims from devastating California wildfires as losses are estimated to have reached between $3 and $6 billion, according to Moody’s.

RSA restructures London market business, exits three lines as profits slump

Intelligent Insurer News - 14 November, 2018 - 15:37
RSA Insurance Group has revealed its plans to scale back London Market exposures and restructure its specialty and wholesale business following a strategic review of all of its portfolios.

AIG rebrands legacy reinsurance unit following Carlyle Group deal

Intelligent Insurer News - 14 November, 2018 - 15:31
American International Group (AIG) has renamed its legacy reinsurance portfolio DSA Re as Fortitude Group Holdings (Fortitude Re) following the completion of an acquisition of a 20 percent stake in the unit by private equity firm Carlyle Group.

Nationwide insurance to cut 1,100 US jobs

Intelligent Insurer News - 14 November, 2018 - 15:31
Ohio-headquartered Nationwide Mutual Insurance Company is reducing its workforce by 1,100 positions in the US and will start laying off about 80 workers at its downtown Des Moines location, according to several regional news publications.

Implementation of IFRS 17 delayed by one year

Intelligent Insurer News - 14 November, 2018 - 15:30
The International Accounting Standards Board (IASB) has voted to delay the implementation of IFRS 17 for one year to Jan. 1, 2022.

SCOR’s Kessler predicts the end of dinosaurs

Intelligent Insurer News - 14 November, 2018 - 14:47
Citing Charles Darwin, SCOR CEO Denis Kessler believes that only the companies most responsive to change will survive in an increasingly complex and dynamic operating environment for reinsurers.

California wildfires to cause record losses: AM Best

Intelligent Insurer News - 14 November, 2018 - 10:51
Wildfire losses in California will reach record levels in 2018 after three different fires erupted in November and will force insurers to re-price and reassess their California exposures, according to AM Best estimates.

Covéa CEO resigns from SCOR board

Intelligent Insurer News - 14 November, 2018 - 10:51
Covéa chairman and CEO Thierry Derez has resigned from SCOR’s board of directors after SCOR CEO Denis Kessler had asked him to step down.

Enstar creates Cayman insurer following Maiden deal

Intelligent Insurer News - 14 November, 2018 - 10:46
Enstar is creating a Cayman Islands-licensed insurance company (the Retrocessionaire) as a subsidiary of the group following the retrocession deal with Maiden Holdings.

Willis mulls Central Asian market growth with new Kazakhstan operation

Intelligent Insurer News - 14 November, 2018 - 10:46
Broker Willis Towers Watson has opened a new re/insurance operation in Kazakhstan to expand its presence in what it recognises as the "key Central Asian growth market".

QBE sells Farmers Union business to National General

Intelligent Insurer News - 14 November, 2018 - 10:42
Specialist insurer QBE North America is selling its Farmers Union Insurance business to National General Holdings as part of its strategy to reinforce focus on its core offerings and improve future earnings profile.

Hamilton Re poaches head of risk XS from Hiscox

Intelligent Insurer News - 14 November, 2018 - 10:41
Bermuda-based Hamilton Re has appointed David Roache to the newly-created position of senior vice president, head of risk XS.

Antares partners with insurtech Concirrus to increase profitability at Lloyd's

Intelligent Insurer News - 14 November, 2018 - 10:41
Antares, a Lloyd’s managing agent and member of the QIC Group, has partnered with London-based insurtech Concirrus to drive data-driven underwriting at Lloyd’s.

Everest hires from OneBeacon, Starr for private/not-for-profit group

Intelligent Insurer News - 14 November, 2018 - 10:41
Everest Insurance has hired OneBeacon and Starr executives for its Everest Specialty Underwriters Private Company/Not-for-Profit group.

Trend to bespoke products drives AFL into Zodiac acquisition

Intelligent Insurer News - 13 November, 2018 - 14:13
A trend toward bespoke insurance products driven by available technology and data is one of the reasons why Lloyd’s broker AFL Insurance Brokers decided to acquire US-based Zodiac Insurance Services, AFL CEO Bob Finch, told Intelligent Insurer.

Lloyd’s approves Arcus 1856 business plan for 2019

Intelligent Insurer News - 13 November, 2018 - 14:01
Lloyd’s has approved the 2019 business plan of Arcus 1856 syndicate with an increase in property insurance capacity.

Zurich partners with insurtech Greater Than

Intelligent Insurer News - 13 November, 2018 - 14:00
Zurich Insurance UK has partnered with insurtech firm Greater Than to implement Greater Than’s artificial intelligence (AI)-based, digital risk assessment platform on the entire Sixt car fleet in Ireland.

AXA adds Brexit cover to management liability product

Intelligent Insurer News - 13 November, 2018 - 13:27
French insurer AXA has upgraded its management liability product to include Brexit cover.

California fires risk $18bn property reconstruction cost

Intelligent Insurer News - 13 November, 2018 - 10:58
The Camp and Woolsey fires in Northern and Southern California are putting 48,390 homes at high or extreme risk of wildfire damage with a total reconstruction cost value (RCV) of approximately $18 billion, according to data provider CoreLogic.

Marsh combines specialty unit with JLT, reshuffles management

Intelligent Insurer News - 13 November, 2018 - 10:58
Marsh is combining the specialty teams of Marsh and Jardine Lloyd Thompson Group to create the Marsh-JLT Specialty unit, effective upon closing of the transaction between Marsh’s parent company, Marsh & McLennan Companies (MMC) and JLT.

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