Intelligent Insurer News

Mike Reynolds, CEO of JLT Re has stepped down from his position.

Italian insurer Generali wants to invest around €1 billion in internal strategic initiatives for innovation and digital transformation as part of its 2021 three-year strategic plan.

Arch Insurance has appointed Hugh Sturgess as the new CEO of Arch Insurance International, succeeding Matt Shulman who was recently named CEO of Arch Insurance North America.

The US insurance industry has only limited exposure to PG&E Corporation, the California utility whose equipment is being investigated as having a potential role in the deadly Camp Fire, according to AM Best.

Fitch Ratings sees ongoing pressure on underwriting margins and expects catastrophe claims to continue to undermine insurers’ operating stability.

Syndicate Research Limited (SRL) has affirmed the A- (Good) Continuity Opinion of Lloyd's syndicate 2003 but has changed the outlook for the Continuity Opinion from stable to negative in light of the syndicate’s recent 5-year average performance relative to its Continuity Opinion peer group.

Re/insurance broker Aon has appointed Richard Jones as executive chairman of its reinsurance solutions business in Asia.

Reinsurance broker Guy Carpenter & Company, a wholly owned subsidiary of Marsh & McLennan Companies, has appointed Ross Howard, chairman of JLT Re, to become vice chairman of Guy Carpenter.

Chubb and Travelers are expected to bear the highest losses from the wildfires in north and south California, according to KBW research.

Losses from the ongoing California wildfires will likely negatively impact fourth-quarter earnings of companies with material property exposure in the state, Fitch Ratings said.

Global premiums in non-life and life businesses are forecast to grow by around 3 percent annually in 2019 and 2020 while the expansion in emerging Asia will be three times higher, according to the latest Swiss Re sigma report.

Global fundraising for insurtech startups has already reached an all-time high in volume in 2018 as of October with 204 deals, following 202 deals in the full year of 2017 and 174 transactions in 2016, according to the latest The Insurtech M&A Market Report by Hampleton Partners.

A fundamental transformation of the insurance business is under way, driven by technology and innovation, and insurers must seek to drive co-created value through global networks, says Indranil Nath of DXC Technology.

Silicon Valley-based Venture capital firm Plug and Play Ventures has invested in California-based artificial intelligence (AI) startup Betterview.

Broker Aon has launched an intangible asset insurance cover in line with the change in business models.

Beazley syndicate 3623 and Aegis syndicate 1225 are leading the ranking of electronic placement adoption at Lloyd’s, according to a new table published for the first time by the London Market Group.

Syndicates at Lloyd’s have accepted 29.6 percent of in scope risks through electronic placement in the third quarter of 2018, exceeding the target of 20 percent, according to the board of PPL (Placing Platform Limited).

Willis Towers Watson has appointed Victor Ganzi as new chairman of the board, succeeding James McCann who is completing his three-year term at the end of the year.

Run-off specialist DARAG has completed the acquisition of SOBC Services, a company focused on the sourcing, acquisition and management of insurance entities and portfolios in run off in the US, Bermuda and Caribbean.

Bermuda-based AXA XL's reinsurance operation has completed the acquisition of all third party ownership interests in New Ocean Capital Management, its majority-owned asset management affiliate.