Intelligent Insurer News

Lloyd’s Lab, the global insurance market’s new innovation accelerator, has opened its doors following a global search for technology talent that drew more than 200 applications from 36 countries.

Optimism over a turn in the global reinsurance market after the 2017 catastrophes quickly diminished as the January 1 and midyear renewals proved disappointing, providing minimal pricing increases to reinsurers and leaving market dynamics relatively unchanged, according to a new AM Best report.

China's reinsurers are investing in technology and systems to support a rapid expansion of nonmotor and, in particular, catastrophe insurance in the country. These business lines will help sustain growth, although they could expose the sector to more profit volatility.

Guy Carpenter has hired a new head of strategy and client engagement within its international and global specialties divisions, with effect from October.

RSA Insurance Group's new European office in Luxembourg will be led by Richard Turner who previously oversaw the company's EU business from the UK, and has relocated to take up the role.

CCR Re has enjoyed strong growth since it was launched in January 2017. For the first half of 2018, it posted premium income of €381 million, a 12 percent increase on the same period a year earlier, and net profit of € 17 million, equal to its profit for the whole of 2017.

A $250 billion industry loss may be needed to turn the market after a combination of hurricanes, earthquakes and wildfires costing the insurance industry over $140 billion in 2017 resulted in only moderate rate increases, according to broker JLT.

Swiss Re has announced that its UK & Ireland (UKI) CEO Frank O'Neill has decided to leave the reinsurer to pursue an opportunity outside the company.

Insurance group Tokio Marine Holdings (TMH) has appointed Munich Re's Daljitt Barn to the newly-created post of global head of cyber risk.

Everest Insurance, the specialty insurance division of Bermuda-based Everest Re Group, has hired Lloyd’s chief commercial officer Vincent Vandendael as CEO of Everest Insurance international.

People's Insurance Company of China (PICC) has partnered with Shanghai-based blockchain platform VeChain and risk management firm DNV GL to create new blockchain insurance solutions aimed at bringing digital transformation to the insurance industry.

Specialty re/insurer Canopius has signed an underwriting partnership with credit and political risk managing general agent (MGA) Anvil Underwriting.

NewRe, a wholly owned subsidiary of Munich Re, has appointed Artur Klinger as new chief underwriting officer for the property and casualty business.

Global specialist insurer Hiscox is introducing a customer messaging solution from Boston, Massachusetts-based insurtech firm Hi Marley for AI-powered claims handling communications.

New York-based multi-line regional property and casualty insurer Kingstone has partnered with California-based home telematics company Roost.

Talbot Underwriting, a subsidiary of AIG (previously Validus Holdings) which operates within the Lloyd's Insurance Market through Syndicate 1183, has hired Shawn Foreman for global accident & health (A&H) team as class underwriter, based in London.

Markel Corporation is to acquire Nephila Holdings in a deal that will create an entity with assets under management between Nephila and Markel CATCo of some $19 billion.

Bermuda-based Enstar Group is acquiring Maiden Reinsurance North America from a subsidiary of Maiden Holdings.

Lloyd’s chief commercial officer Vincent Vandendael has decided to leave the corporation after almost six years to become CEO international at Everest Insurance in early 2019.

AM Best has placed the financial strength rating and the long-term issuer credit ratings (ICRs) for Maiden Reinsurance, and its affiliate Maiden Reinsurance North America under review with negative implications following the announcement that the renewal rights for its US diversified business were being sold to TransRe.