Intelligent Insurer News

Ratings agency AM Best has assigned a financial strength rating of A (Excellent) with a ‘stable’ outlook to Brit Reinsurance (Bermuda), a wholly-owned subsidiary of specialty re/insurer Brit, reflecting a "very strong" balance sheet.

Accounting standard IFRS 17 is more realistic and consistent than the standard it replaces, IFRS 4, and will show how lower interest rates are hurting insurers.

The US arm of Italian insurer Generali Group has launched a new specialty insurance division focused on warranty services and solutions.

AXA Liabilities Managers (AXA LM), the non-life re/insurance legacy firm, has acquired the non-life legacy portfolio of Munich Re Malaysia. The portfolio transfer will become effective on October 1, 2019.

Berkshire Hathaway Specialty Insurance (BHSI) has expanded its leadership team in France with the appointment of Katell Pouliquen as head of claims, Louis du Ché as head of property, and Ludovic Ruiller as head of environmental.

International General Insurance (IGI) is to focus on workplace harassment as it hosts the Dive In festival in Jordan later this month.

Markel Corporation has hired Hamilton's Brenton Slade as president of Lodgepine Capital Management, its new retrocessional insurance linked securities (ILS) fund based in Bermuda.

London-based cyber and specialty lines managing general agent Ascent Underwriting and Cove Programs, a US construction-focused MGA, has appointed Paul Western as group chief underwriting officer (CUO).

Coverys Managing Agency, the Lloyd’s managing agent of Syndicates 1975, 1991 and 3330, has appointed David Hipkin as a non-executive director.

BMS has announced the retirement of chief actuary Dave Spiegler, as it makes changes to its US reinsurance actuarial and analytics team.

US reinsurance broker Holborn Corporation has appointed Paul Hoska as senior vice president, based in Kansas, as it seeks to grow further in the midwest region.

A majority of board members and senior executives with responsibility for their organisation’s cyber risk management spent “less than a day in the last year” focusing on cyber risk issues, according to a survey from insurance broker Marsh and tech company Microsoft.

Pricing, cost reduction and other “bread and butter” issues are the top concerns for chief risk officers (CROs) within Lloyd’s managing agencies.

Reinsurance firm Trust Re, headquartered in the Kingdom of Bahrain, has strengthened its executive management team with new appointments and formed a new executive committee.

The Willis Research Network (WRN) is partnering with Mitiga Solutions to enable airlines and airports to better manage the impact of natural hazards to air traffic management and aviation operations.

Gallagher has hired prominent aviation market veteran Steve Wilkinson as head of claims at its global aerospace practice.

David Sansom has been appointed chief risk officer at Lloyd’s, as the market also confirmed the departure of Annette Andrews, its chief people officer.

Lloyd’s of London has posted a £2.3 billion profit before tax for the first six months of 2019, prompting CEO John Neal to emphasise the importance of “maintaining momentum” and the need for ‘brave choices’ in the future.

US insurer Frederick Mutual has signed up for Betterview's property analytics, saying it gives them a better understanding of risk.

The ongoing global uncertainties, including the current trade tensions, will continue to impact all marine lines of business, specifically cargo and offshore energy, predicts the International Union of Marine Insurance (IUMI), which represents 43 marine market insurance and reinsurance associations globally.