Intelligent Insurer News

Russian National Reinsurance Company (RNRC) aims to expand into China, India, the Middle East and Africa to increase income from premiums and diversify beyond Russia, Reuters cited the chief executive as saying.

The EU and the US are signing the bilateral agreement on insurance and reinsurance today, the European Commission said on Sept. 22.

Internet-only insurer ZhongAn Online Property & Casualty Insurance priced its initial public offering (IPO) at the top of an indicated range, raising $1.5 billion in Hong Kong, Reuters reported on Sept. 22.

The way in which insurance companies operate is the polar opposite of Generation Y (millennials), a generation synonymous with technology and social media.

Lloyd’s third-party managing agent Asta said on Sept. 22 that it received “in principle” approval from the Lloyd’s Franchise Board to establish and manage Agora syndicate 3268.

Bermuda-based PartnerRe said on Sept. 21 that it entered into a joint strategic cooperation agreement with fintech firm RemitRadar.

Pioneer Underwriters and Lloyd’s third party managing agent Asta have received “in principle” approval from Lloyd’s to establish a syndicate.

Personal lines property/casualty insurer The Allstate Corporation said on Sept. 21 that it estimates its catastrophe losses, net of reinsurance recoveries, for the month of August 2017 at $593 million, pre-tax.

Specialist insurer Markel International has as appointed Oliver Atkin as underwriter in its equine team.

The Ardonagh Group, the new insurance intermediary that brings together Autonet, Chase Templeton, Direct Group, Price Forbes and Towergate has improved its profitability in the first six months of 2017.

Insurers can benefit from new technology that allows them to validate the authenticity of a photograph – something especially helpful in the claims process.

Kanye West, through attorneys of his touring company Very Good Touring denied “each and every allegation and mischaracterization in the counterclaim” made by Lloyd’s syndicates with respect to a cancelled tour.

Pan-Asian life insurance group AIA said on Sept. 21 that it reached an agreement with the Commonwealth Bank of Australia to acquire CommInsure Life and Sovereign, CBA’s life insurance business in Australia and life and health insurance businesses in New Zealand.

Hurricane Maria took direct aim at Puerto Rico on Wednesday, Sept. 20, thrashing some islands already left in ruins by Hurricane Irma, and razing areas that had previously escaped damage, according to catastrophe modelling firm AIR Worldwide.

The ongoing friction between customers and their insurers has led to a “huge degradation of trust”.

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has shuffled its leadership team with four senior appointments.

The magnitude 7.1 earthquake that struck near Mexico City on Sept. 19 afternoon has caused major damage, according to a Sept. 20 AM Best report.

Zurich North America CEO Mike Foley will retire from Zurich in 2018, after a decade in this role.

TransRe has appointed Miguels Canals to join its cyber team, based in New York.

Property and casualty re/insurer XL Catlin said on Sept. 20 that it is expanding its political risk underwriting capabilities in Iberia with the appointment of Santiago Herrero as head of political risk, credit & bond (PRCB) - Iberia.