Intelligent Insurer News

California’s Carr and Mendocino complex fires’ claimes top $845 million and are now counted among the most destructive wildfires in the state's history, according to California’s Insurance Commissioner Dave Jones.

The industrial internet of things (IIoT) market is already estimated to be worth $146 billion, and that’s expected to grow to $232 billion in the next five years, according to researchers.

Recent natural catastrophes are likely to have only limited impact on reinsurers as the bulk of the losses will be borne by primary insurers, according to S&P Global Ratings.

Aggregate net income of the reinsurance sector increased nearly 75 percent year on year to $14.5 billion in the first half of 2018, according to Willis Towers Watson.

Bermuda-based re/insurer Sompo International Holdings is launching a global financial and professional lines platform encompassing insurance and reinsurance capabilities.

Everest Insurance, the specialty insurance division of Bermuda-based Everest Re Group, has hired former Guy Carpenter head of innovation and product development Don Mango.

Broker Aon’s reinsurance solutions business has launched its public private enterprise (PPE) specialty practice to address the global insurance protection gap.

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has appointed Ronan Gerety as general manager of insurance in Germany. He will be based in Cologne.

Arch Insurance, part of Bermuda-based re/insurer Arch Capital Group, has hired AIG's Valerie Turpin as executive vice president (EVP) and head of US property.

Specialty managing general agent (MGA) Nexus Group has completed the acquisition of Huntington Underwriting (HUL), a structured solutions underwriting manager operating out of Labuan International Business and Financial Centre, Malaysia.

American International Group (AIG) CEO Brian Duperreault is in the process of reducing volatility of the company’s portfolio and insurance-linked securities (ILS) capabilities acquired through the Validus takeover are expected to help to reach this goal.

SCOR Global P&C will be organised around three business units plus transverse functions, which will all cooperate for clients’ benefit, according to a corporate presentation.

As part of a reorganisation of its Global P&C operations, SCOR has revealed a number of key appointments.

Chicago-based commercial insurer CNA has appointed Michael Costonis as its new chief operations officer (COO), responsible for leading all information technology, analytics and operations functions across the organisation.

Broker Lockton has launched a new investment banking and capital markets operation in New York and has appointed Vishal Jhaveri as its CEO.

Lloyd’s Asia has signed a memorandum of understanding (MoU) with the Intellectual Property Office of Singapore (IPOS) to expand the portfolio for intellectual property (IP) insurance products.

Munich Re reclaimed the No. 1 position from Swiss Re in AM Best’s 2018 annual ranking of the Top 50 Global Reinsurance groups.

Brona Magee has been appointed deputy CEO of SCOR Global Life and joins the group's executive committee.

Specialist insurer Markel Corporation has appointed Jennifer Chang as underwriter and senior risk analyst in its trade credit and political risk operation in New York.

Bermuda-based Catalina Holdings has appointed Parri Spector director of mergers and acquisitions (M&A) and reinsurance transactions.