Intelligent Insurer News

Market digitalisation and the launch of the “Brexit-proof” Lloyd’s Brussels subsidiary were highlighted as ongoing initiatives that could help the specialist re/insurance market continue to turn around its performance, after CEO John Neal described the 2018 annual results as “not of the standard that we would expect”.

Norwegian aluminium and renewable energy company Norsk Hydro, which suffered a severe ransomware attack last week, has estimated that total losses from the incident have already reached 300-350 Norwegian crowns (nearly $40 million).

Broker Marsh has launched a new programme, called Cyber Catalyst, that brings together a number of leading insurers to evaluate cybersecurity offerings and address major cyber risks, such as data breach, business interruption, data theft or corruption, and cyber extortion.

UK P&I Club, a provider of protection and indemnity insurance to the international shipping community, has received approval from the Dutch financial regulator to establish a Brexit subsidiary in Rotterdam.

Arch Capital-backed Bermuda re/insurer Watford Holdings expects to start trading on the Nasdaq Global Market on March 28, having filed its registration statement with the US Securities and Exchange Commission.

Insurer Chubb has appointed Richard Porter as senior vice president, head of financial lines for Chubb Bermuda.

A volatile investment environment and a costly year for natural catastrophes drove an aggregated loss of £1 billion in 2018 at Lloyd's of London – but its results were still a significant improvement on 2017 when it lost double this amount.

Specialist Lloyd's insurer Neon will lead a newly established London political risks insurance consortium, with re/insurer MS Amlin becoming a joint agreement party.

Specialist insurance and reinsurance market Lloyd's of London has outlined a new "plan of action" to address reports of sexual harassment in the market and create a safe and inclusive working environment.

French insurer AXA Group has appointed Gilles Moëc as new group chief economist, reporting to AXA Investment Managers CEO Andrea Rossi.

French reinsurer SCOR has called on its shareholders to reject the draft resolution of its activist investor CIAM that suggested its CEO Denis Kessler be removed from the company's board of directors.

Insurtech startup Sayata Labs, a provider of risk assessment solution for the cyber insurance industry, has raised $6.5 million in seed funding.

Bermuda-based Hamilton Insurance Group's Lloyd's unit CEO Dermot O’Donohoe is leaving the company following its definitive agreement with Liberty Mutual to acquire Pembroke Managing Agency and Ironshore Europe DAC.

Insurer Aviva has agreed to a five-year capacity deal with UK-based insurtech Ripe Insurance.

French investment management firm CIAM, which holds 0.94 percent stake in SCOR, has submitted a draft resolution asking the reinsurer to oust its long-serving chief executive Denis Kessler from the company's board of directors at the next general meeting on April 26.

Coverys Managing Agency, the Lloyd’s managing agent of Syndicates 1975, 1991, 3330 and 1110, has appointed Caitlin Crist to the newly created role of head of claims of Coverys Syndicate 1975.

London and International Insurance Brokers’ Association (LIIBA) has elected Nick Cook, CEO of BMS Group, as its new deputy chairman.

International General Insurance Holdings chief executive officer Wasef Jabsheh lauded the insurer’s “solid performance” as the company's net profits rose substantially in 2018.

Berlin-based artificial intelligence (AI) powered insurtech start-up omni:us has appointed Joost Heideman as strategic advisor to help drive the company’s global expansion plans.

UK-based managing general agent (MGA) platform Volante Global has hired three senior underwriters to spearhead its entry into the Canadian market.