Intelligent Insurer News

Singapore Reinsurance had a profitable first quarter of 2018, with a profit before tax of $5.94 million, an increase of 13.4 percent year-on-year.

Re/insurance broker Miller has expanded its credit and political risks unit with the hiring of Marsh and RKH Specialty executives, Oscar Moseley and Rosie Denee, in London.

Coverfox, an online insurtech startup based in Mumbai, has raised $22 million in Series funding, led by International Finance Corp (IFC) and Transamerica.

Insurance firm Starr Companies has made several leadership promotions for the New York region and casualty business units.

Standard Insurance Company has entered into a strategic partnership with Plug and Play Insurtech, a startup accelerator and open innovation platform.

US insurer WR Berkley has appointed James Gilbert as an executive vice president with oversight responsibility for certain of the company’s operating units.

Blocksure has developed a revolutionary insurance operating system covering sales, administration, and claims and built on blockchain technology, as chief executive Ranvir Saggu explains to Intelligent Insurer.

e2Value talks about its web-based property valuation tool that leverages both intelligent automation and AI, as CEO Todd Rissel tells Intelligent Insurer.

American International Group (AIG) is creating two new insurance companies, one in the UK and one in Luxembourg and is splitting the European business among them ahead of the UK leaving the EU.

US personal lines insurer Allstate Corporation estimated catastrophe losses at $361 million, pre-tax, and $285 million after-tax, for the first quarter 2018.

Insurance broker Ardonagh has boosted its income in 2017 by 11 percent year on year to £536 million driven by acquisitions.

Italian insurer Generali is selling its entire stake in Belgium-based subsidiary, primarily focused on the life segment, for a cash consideration of €540 million.

Wang Yincheng, former president of the state-owned People's Insurance Company of China (PICC), has pleaded guilty in a trial on the charge of accepting bribes, according to an April 16 report by the country’s official press agency Xinhua.

Arch Capital Group’s US mortgage insurance operation Arch Mortgage Insurance Company (Arch MI) secured $374,460,000 of indemnity reinsurance from Bellemeade Re 2018-1, a special purpose insurer.

London-based Envelop Risk, a newly-launched global specialty cyber insurance analytics and underwriting firm, has appointed Aritra Chatterjee as its chief underwriting officer.

A hypothetical magnitude 7.0 earthquake epicentered in Oakland would damage more than a million homes and less than 10 percent of total residential losses would be insured because of a low residential earthquake insurance take-up in the Bay Area, according to a scenario developed by the US Geological Survey (USGS).

US specialty insurer RLI is “off to an excellent start in 2018” with a 91 combined ratio and continued strong organic growth across much of the product portfolio, CEO Jonathan Michael commented the first quarter 2018 results.

Ensurance, a construction and engineering managing general agency (MGA) and Lloyd’s coverholder, has launched a combined construction liability product, backed by Faraday Syndicate 435 at Lloyd’s.

AXIS Re, the reinsurance arm of Bermuda-based AXIS Capital Holdings, has appointed AIG's Megan Thomas as chief underwriting officer, responsible for product and portfolio management within AXIS Re.

Specialist commercial insurer CNA Hardy has gained authorisation to set up operations in Labuan, Malaysia, expanding its presence in Asia.