Intelligent Insurer News

Broker Willis Towers Watson has appointed Iain Whittingham as a senior director to expand its insurance consulting and technology business.

Intermediaries such as brokers or managing general agents (MGAs) can prevent insurers from better understanding their clients’ needs and improving their products and services based on this, Lakshan De Silva, chief technology officer at technology firm Intellect SEEK, told Intelligent Insurer.

Insured losses from The Camp and Woolsey Wildfires are expected to reach between $9 billion and $13 billion, according to data provider RMS.

Tokio Marine Group is transferring its existing portfolio of policies written out of Continental European operations to its newly established subsidiary Tokio Marine Europe (TME) in Luxembourg in preparation for Brexit.

Bermuda-based specialist re/insurer Ascot has appointed John O’Brien as executive vice president and head of environmental.

UK-based Folgate Insurance Company has partnered with re/insurer MS Amlin to underwrite its business for 2019.

The European insurance sector faces challenges from non-insurance players which is likely to drive mergers and acquisitions (M&A) activity, according to a report by Moody’s.

Within the perimeters of the Camp Fire in Northern California and the Woolsey Fire in Southern California 23,044 homes with a total reconstruction cost value (RCV) of approximately $8.6 billion are at high or extreme risk of wildfire damage, according to CoreLogic estimates.

Specialty re/insurer Brit has unveiled a new multi-arrangement insurance special purpose vehicle to write general collateralised reinsurance for multiple cedants via Brit’s distribution network in the London market.

Japanese insurer Sompo benefitted from lower losses from natural catastrophes in North America in the six months ended Sept. 30, 2018 compared to the same period a year ago.

The majority of insurance groups that are affected by Brexit and rated by AM Best have either completed or initiated a transfer of their European Economic Area (EEA) business from their UK insurer to an affiliated EEA insurer under Part VII of the Financial Services and Markets Act 2000, according to the agency.

S&P Global Ratings expects the insured losses from wildfires in northern and southern California to be contained as an earnings event and for the reinsurance sector to be able to absorb the impact from these fires as well as recent hurricanes although catastrophe budgets will be strained.

State Farm and Farmers Insurance Group of Companies have the highest wildfire exposure in California where the Camp Fire and the Woolsey Fire are set to cause significant losses for insurers and reinsurers.

Berlin-based finleap, a company builder specialising in fintech, has raised €41.5 million in a new funding led by Chinese insurer Ping An‘s Global Voyager Fund.

Bermuda-based Sirius International Insurance Group CEO Allan Waters has called the third quarter 2018 results "disappointing" following the listing of the company on Nasdaq.

California’s deadliest wildfire in the state’s history, the Camp fire in Butte County, has claimed 63 fatalities and is contained to 40 percent, according to latest data from the California Department of Forestry and Fire Protection (Cal Fire).

California-based insurtech frim Hippo has secured $70 million in a funding round co-led by investment firm Felicis Ventures, and homebuilder Lennar Corporation.

The warning signals from 2017 are clear: the future success of our industry will depend on the strength of our partnerships and our ability to combine the knowledge and assets of each in order to develop innovative solutions, says Moses Ojeisekhoba of Swiss Re.

US personal lines insurer Allstate Corporation has estimated catastrophe losses for the month of October 2018 of $202 million, pre-tax ($160 million, after-tax), driven by hurricane Michael.

The partnership Hiscox’s online P&C insurer DirectAsia business has signed with Prudential Singapore, a subsidiary of UK-based Prudential, is set to accelerate growth at Hiscox’s DirectAsia business which is already exceeding 27 percent, according to Jefferies analysts.