Intelligent Insurer News

Fannie Mae, the US government-backed financial institution that provides liquidity to the US mortgage markets by buying mortgages from lenders, is urging more reinsurers to consider participating on its risk transfer programme as it looks to further innovate in terms of the types of risk it is passing on.

In a world dominated by short-term gains, Holborn bucks the trend. As Holborn edges closer to celebrating 100 years in business next year, Berto Sciolla, one of its newer recruits, explained to APCIA Today what attracted him to the firm and what sets it apart.

Beazley is seeking a 10 percent uplift in pricing across its portfolio as an average and is prepared to walk away from business it deems unsustainable, Mark Vaughan, deputy head of treaty with responsibility for writing the US & International treaty account from London, told APCIA Today.

Munich Re says developments in data analytics and artificial intelligence have enabled it to discover hidden loss drivers and respond accordingly, for example by introducing loss-prevention measures or adjusting pricing.

David Barber, a Lloyd’s underwriter for 30 years specializing in US casualty business, is joining Fortegra Financial Corporation as the Chief Underwriting Officer for specialty lines in London.

Consultancy firms are being urged to square up to the potential challenges of Brexit and implement insurance measures to help stave off the many risks that could lie ahead.

Demand for secondary perils forecasts is growing, with a rise in interest from traditional reinsurers in the US and insurance-linked securities (ILS) funds, according to Chris Ewing, head of client management for Aon’s Impact Forecasting division.

Cyber is one of Munich Re’s main strategic growth areas, according to Doris Hopke, member of the board of management at the reinsurer. She said that while the cyber segment part of the firm’s market “is still small” the number of incidents is increasing rapidly, and the financial impact of these incidents is becoming more severe.

Positive premium development is expected on the German market in the year ahead, according to E+S Rückversicherung the Hannover Re subsidiary responsible for the group’s German business.

The reinsurance industry is adapting well to the changing shape of the global economy, said Richard Anson, head of ceded reinsurance at Antares.

VIG Re is benefiting from increased demand from buyers keen to work with a reinsurer that can offer something different and a low cost ratio, Johannes Martin Hartmann told Baden-Baden Today.

The re/insurance industry is too obsessed with embracing change and should remember what made it successful in the first place, according to Johannes Martin Hartmann, chairman of the board of directors at VIG Re.

Beach believes it is a great time to be a smaller broker, and is not daunted by the challenge of competing with the “big three”. 

Pressure on rates continues to be a considerable concern for the re/insurance industry ahead of the renewals season, with more than half of the respondents to a recent survey by Intelligent Insurer citing it as their biggest challenge.

Re/insurers are realising that pricing needs to adapt to the new risks presented by increasingly severe weather-related events, as Claudia Cordioli of Swiss Re explained to Baden-Baden Today.

Following its rating upgrade to ‘A’ last year, Sava Re is taking on more cat business and enjoying steady growth, as the firm’s Peter Skvarča and Edward Ottino tell Baden-Baden Today.

Edinburgh Council is to pay £1.1 million on an insurance policy protecting the tram extension against being delayed by a terrorist attack or a flood, the Edinburgh Evening News has reported.

InsurTech company CPP Group has launched a new cyber Insurance product, for SME businesses, on the Acturis insurance administration and trading platform.

Insurance companies are starting to treat vaping the same as tobacco smoking when assessing premiums for life insurance and mortgage protection policies, reports The Sunday Times.

Kingsbridge Group, a provider of specialist insurance services to skilled contractors, freelancers and the recruitment and utilities industries, has announced strong growth for the year to 31st January 2019.