Intelligent Insurer News

Given some of the headlines and predictions of big rate hikes in the aftermath of the 2017 cat losses in the US, most buyers will be pleased with what remains a relatively stable environment for rates as they head to Monte Carlo, Mark O’Riordan, group reinsurance director at Ecclesiastical, told Monte Carlo Today.

Guy Carpenter has launched a new unit dedicated to helping insurers identify insurtech startups suitable to work with—eliminating much of the time, effort and risk currently associated with this process.

Although the insurance-linked securities (ILS) sector responded well to the cat losses of 2017, lessons will be learned in the aftermath of those events as the sector continues to mature and evolve, Bill Dubinsky, head of ILS at Willis Re, told Monte Carlo Today.

Insurance-linked securities (ILS) are expanding into new perils following investors’ appetite, and London might benefit from this growth potential following the introduction of a new regulatory framework, Jean-Louis Monnier, Swiss Re Capital Markets global co-head of ILS, told Monte Carlo Today.

The recent new wave of consolidation has shown a further trend towards more companies operating so-called hybrid business models, whereby they write both insurance and reinsurance. Such a model can generate useful synergies, but it is also one of many factors driving consolidation, Torsten Jeworrek, member of Munich Re’s Board of Management, told Monte Carlo Today.

A year on from hurricanes Harvey, Irma and Maria (HIM), perhaps the biggest surprise of these events was the wide disparity in the loss estimates for each storm, Karen Clark, co-founder and CEO of Karen Clark & Company (KCC) and one of the pioneers of risk models, told Monte Carlo Today.

The transfer of flood risk to the private markets in the US has made great progress but some simple changes to federal and state laws would trigger another big leap forward, according to Frank Nutter, president of the Reinsurance Association of America (RAA).

India remains a land of opportunity for reinsurers—but those that collaborate and innovate will benefit the most, says Devesh Srivastava, general manager of GIC Re.

The relentless evolution of insurtech will ultimately mean job losses and potentially a decline in the requirement for reinsurance globally, Clive O’Connell, partner and head of insurance and reinsurance at law firm McCarthy Denning, told Monte Carlo Today.

Lloyd’s profitability review is being described as the biggest shakeup of the market since reconstruction in the 1990s. As syndicates are forced to pare back capacity, it could have far-reaching consequences well beyond the market itself, as Intelligent Insurer reports.

John Neal has been appointed as the CEO of Lloyd’s of London following a meeting of the Council of Lloyd’s.

John Neal, the former boss of Australia-based insurer QBE Insurance Group who lost his job last year following a shock profit warning, is likely to be appointed as the new chief executive of Lloyd’s of London, according to a Sept. 7 Financial Times report citing “people familiar with the matter”.

Italian insurer Generali has entered into an exclusive negotiations with the shareholders of Sycomore Asset Management to acquire a majority stake in the company and enter into a strategic partnership.

Broker Aon’s reinsurance solutions business has made a new senior hire and a series of role changes within its UK leadership team based in London.

Japan's property/casualty insurer Tokio Marine Holding has entered into a definitive agreement to acquire a 22.5 percent stake in South African insurer Hollard Holdings and Hollard International for 5 billion rand ($328 million) in cash and is looking for additional M&A targets.

Property/casualty insurer Chubb has appointed Mike Berry to serve as head of surety for Europe, and Jamal Griffith as head of surety for the UK and Ireland.

Re/insurer XL Catlin has launched a new space insurance coverage for satellite owners, manufacturers and launch providers that it claims will be a game changer for the aerospace industry.

P&C reinsurance buyers said they expected reinsurance prices to remain flat or fall slightly during 2019, reflecting intense competitive pressure amid increased take-up of alternative capital and abundant total capacity, according to a Moody’s survey.

Bermuda-based Randall & Quilter (R&Q) Investment Holdings has revealed a corporate restructuring to create a new division comprising of its US and European programme management businesses.

The catastrophe bond limit on-risk has reached $30 billion during the 12 months to June 30, 2018 – an increase of $4.2 billion from the prior year period, and a new record for the sector, Aon noted in the report titled 'Alternative Capital Fortifies Its Position'.