Intelligent Insurer News

McLarens, a global loss adjuster specialising in complex and commercial claims, has expanded its property loss adjusting division with an office in Perth, Australia while appointing Desmond Lee as executive loss adjuster.

The US cyber insurance premiums expanded 37 percent year on year to $1.84 billion in 2017, according to Aon’s US Cyber Market Update report.

Swiss Re Capital Markets has structured and placed the issuance of $350 million of insurance-linked securities by Frontline Re on behalf of Frontline Insurance.

ACORD, the global standards-setting body for the insurance industry, has released the industry’s ‘first standard’ for cyber data breach.

Reinsurance is used increasingly for earnings protection and volatility reduction by insurers whose purchasing is guided by “risk appetite statements” deployed to optimize capital management and profitability targets, according to a survey of insurers by Willis Towers Watson.

Many insurtech firms are very similar in their scope and function to managing general agents – and could benefit from being part of the Managing General Agents' Association (MGAA).

Re/insurer MS Amlin has hired senior Aon executive Brecht van Hoorebeke to develop and grow its war business across continental Europe.

Bermuda-based Horseshoe Group has appointed Jean-Bernard Crozet as senior vice president – advisory services and head of London office.

Property/casualty insurer Travelers Europe has launched a new standalone cyber insurance product for businesses in the UK and Ireland.

At least 100 people have died in Japan as record rainfall caused flooding and landslides in western Japan, according to news reports.

Paul Jardine, previously Catlin’s chief operating officer and now responsible for XL Group’s communications & marketing function, claims and distribution strategy, is the favourite candidate for Inga Beale’s successor as CEO of Lloyd’s of London, according to a survey by Intelligent Insurer.

Powerful thunderstorms led to extensive damage across parts of the Central and Eastern United States from June 29 to July 4, causing economic and insured losses expected to well exceed $100 million, according to Aon’s Weekly Cat Report.

The Generali deal which will see the Italian insurer sell its unit Generali Leben would be the largest run-off deal in Germany to date in what will be a growing theme in the German life insurance market, according to Fitch Ratings.

Broker Willis Towers Watson has appointed Jeremy Wall as head of global FINEX, the financial and executive risk division of its corporate risk & broking business.

Specialist Lloyd's insurer Neon has appointed Bill Bevan as senior underwriter for its bloodstock and livestock division.

Specialist commercial insurer CNA Hardy has appointed Rhonda Buege as head of specialty business unit.

Italian insurer Generali has agreed to sell 89.9 percent of life insurer Generali Leben in Germany to Viridium Gruppe, which is owned by London-based private equity firm Cinven and German reinsurer Hannover Re.

Everest Re Group has hired a Swiss Re executive to head up its global aerospace reinsurance unit.

Global insurance premiums increased 1.5 percent to nearly $5 trillion in 2017, after rising 2.2 percent in 2016, according to the annually published "world insurance" sigma report. It also revealed that global life premiums increased 0.5 percent in 2017, while global non-life premiums rose 2.8 percent. Growth in both the life and non-life sectors slowed.

China will represent the most significant factor in insurance growth in the coming years though profitability will remain under pressure as long as interest rates remain low, economists from Swiss Re have said in the annually published "world insurance" sigma report in a segment specifically examining the data over the last 50 years.