Intelligent Insurer News

The chairman of the CATCo Reinsurance Opportunities Fund is expecting further rate decreases in the January 2019 renewals following challenging 2018 renewals.

International General Insurance Holdings (IGIH) grew gross premiums written by 20 percent year on year to $165.87 million in the first six months of 2018, driven by all major lines of business.

Industrial lines insurer HDI Global has been impacted by numerous property claims in the first six months of 2018, leading to a decline in underwriting results.

Swiss Re is one of the main insurers for the Rome-based company Autostrade per l’Italia that operated the stretch of highway where the Morandi Bridge in Genoa collapsed, according to an Aug. 17 Reuters report.

S&P Global Ratings has revised its outlook to positive from stable on Argo Group US and its subsidiaries, reflecting the potential for further advancement in Argo's enterprise risk management (ERM) programme and progress in the company's strategic initiatives that result in improved underwriting earnings.

DL Dale & Others, syndicate 2525, a specialist employers' and third-party liability Lloyd's insurer, has appointed Nick Ryan as London market claims manager.

Cyber insurance offerings and premium volumes have expanded sizeably and accumulation risks need to be addressed in the context of a hyperconnected digital world, the Geneva Association warns.

Aon has appointed Brian Wanat as chief broking officer of US commercial risk solutions.

ACORD, the global standards body for the insurance industry, has launched a toolkit to support the application of data standards for global reinsurance and large commercial risks

Heavy rainfall triggered flooding and landslides in the state of Kerala between August 8-16, causing an estimated preliminary economic loss of INR83 billion ($1.2 billion), but the figure is likely to rise, according to Aon’s Weekly Cat Report.

A Chinese court has rejected an appeal by Anbang Insurance Group’s former chairman Wu Xiaohui against a conviction for fundraising fraud and embezzlement that led to an 18-year jail sentence and confiscation of ¥10.5 billion ($1.52 billion), according to an Aug. 16 Reuters report.

Continental Europe is ripe for an expansion of managing general agents (MGAs) and Ryan Specialty Group (RSG) is willing to take advantage of the growth potential for niche products in the region, Michael Rice, chairman and CEO of RSG Underwriting Managers (RSGUM), and Peter McKenna, CEO of RSG Europe, tell Intelligent Insurer.

US personal lines insurer Allstate Corporation has estimated catastrophe losses for the month of July 2018 at $262 million, pre-tax and $207 million after-tax.

The National Reinsurance Corporation of the Philippines (Nat Re) has appointed Allan Rossi Santos as its new president and CEO effective Aug. 16, 2018, succeeding Augusto Hidalgo III.

Australia-based QBE has benefitted from improvements in its North American operations in the first half of 2018 while the European unit’s performance weighed on results.

Legacy acquirer DARAG has appointed James Halley as group chief financial officer, effective Sept. 3, 2018.

Total global economic and insured losses from disasters fell significantly in the first half of 2018 compared to the same period a year ago, according to the latest Swiss Re’s sigma estimates.

Improved underwriting performance of the Dutch non-life business, private equity dividends at Netherlands Life and lower expenses have driven NN Group’s operating result up 25.6 percent year on year in the second quarter of 2018 to €508 million.

Dutch insurer NN Group has appointed Fabian Rupprecht as CEO international insurance replacing Robin Spencer who stepped down effective June 1, 2018 to join Prudential Corporation Asia (PCA), a business unit of Prudential, as chief operating officer.

Dutch NN Group has reached an agreement to acquire Aegon's life insurance business in the Czech Republic and Aegon's life insurance and pension businesses in Slovakia for a total consideration of €155 million.