Intelligent Insurer News

Zurich North America has hired Allied World's Paul Lavelle as chief claims officer. He succeeds Steve Hatch, who retired earlier in August.

Bermuda-based specialty re/insurer AXIS Capital Holdings has appointed Linda Ventresca to the newly created position of chief strategy officer.

Property/casualty insurer Chubb has established a major accounts division in the Asia Pacific region to be headed by Doug White, who is currently the country president of Hong Kong, Taiwan & Macau.

A group of 18 US property/casualty reinsurers wrote $30.1 billion of net premiums during the six-months ended June 30, 2018, compared to $22.5 billion for the same period in 2017, according to data released by the Reinsurance Association of America (RAA).

London & International Insurance Brokers’ Association (LIIBA) chairman Roy White has written to the UK’s prime minister Theresa May to drive attention to the fact that insurance intermediates do not have an equivalence framework in place to allow for business continuity after the UK leaves the EU.

Hannover Re’s CEO Ulrich Wallin is stepping down and retiring in May 2019 after more than 35 years at the reinsurer. He will be replaced by Swiss Re’s Jean-Jacques Henchoz.

Bermuda-based Enstar Group has entered into a five year unsecured $600 million revolving credit facility with a group of lenders to fund acquisitions as well as for “general purposes.”

Insurance premiums generated by emerging insurtech services will exceed $400 billion by 2023, up from an estimated $187 billion in 2018, according to a study by Juniper Research.

Chubb has surpassed American International Group (AIG) to become the largest cyber underwriter in the US, according to data by AM Best.

ZhongAn International, a subsidiary of China's first internet-based insurer ZhongAn Online P&C Insurance, has receive a strategic investment from the Japanese investor SoftBank Vision Fund.

Independent Lloyd’s broker AFL Insurance Brokers has replaced its current chief financial officer (CFO) Keely Dalfen with a new hire from Towergate.

Jacob Scherer, Jr., chief insurance officer and executive vice president of property/casualty insurance group The Cincinnati Insurance Company, is to retire in August 2019.

Re/insurer XL Catlin has appointed Chris Kopser to lead its global risk management insurance North America division as president.

A modeled single-event cyber catastrophe would generate “meaningful to significant” gross losses for three of the top 20 cyber insurance providers, ranging from 15 percent to 119 percent of these companies’ estimated 2022 policyholder surplus under a stress-test scenario, according to AM Best.

Industry insured losses from the flooding in western Japan caused by excessive rainfall from June 28 to July 8, 2018, will be between ¥284 billion ($2.6 billion) and ¥423 billion ($4.0 billion), according to catastrophe modelling firm AIR Worldwide.

Insurtech companies have a unique opportunity to engrain diversity into their businesses from an early stage, says Gareth Eggle, principal, Eggle Consulting, who will chair a panel at Intelligent InsurTECH Europe 2018.

The chairman of the CATCo Reinsurance Opportunities Fund is expecting further rate decreases in the January 2019 renewals following challenging 2018 renewals.