Intelligent Insurer News

Lloyd's private capacity provider Helios Underwriting has acquired Advantage DCP, a limited liability member (LLV) of Lloyd's of London, for a consideration of up to £1.91 million.

The British Insurance Brokers Association (BIBA) has echoed the concerns of other bodies in arguing that the draft Brexit agreement revealed today (November 15) does not offer a solution for UK brokers trading with retail and commercial customers in Europe.

Former XL Catlin veteran Paul Jardine has joined the advisory board of insurtech startup AkinovA.

Swiss Re Corporate Solutions has provided the risk capacity for a so-called Solar Revenue Put, a credit enhancement that guarantees up to 95 percent of a solar project’s expected energy output, which has also been described as a new type of insurtech potentially worth billions.

PartnerRe’s third quarter results were hit hard by losses from Typhoons Jebi and Trami and Hurricane Florence as well as losses on its investment portfolio though its CEO was upbeat as its non-life unit reported an underwriting profit in the first nine months of the year.

Specialist insurer Hiscox has made three new appointments within its reinsurance and insurance-linked securities (ILS) division, including a new hire from Ariel Re.

Broker Marsh has launched a cloud-based digital broker platform for the affinity market.

B3i, the blockchain insurance industry initiative, is cooperating with RiskBlock Alliance in the development and setting of data standards for the insurance industry.

The chief executive of the London and International Insurance Brokers’ Association (LIIBA) has voiced concerns regarding the draft Brexit agreement reached by the UK and European Union.

The financial strength ratings of Maiden Re and its US operating subsidiary Maiden Reinsurance North America have been downgraded to B++ from A- by AM Best in response to strategic changes at the company.

Dutch insurance group Aegon will reappoint Alex Wynaendts as its chief executive officer (CEO) of the company - for another four-year term.

The Camp and Woolsey fires in California have now burned through more than 230,000 acres, destroyed more than 9,000 structures and damaged more than 150 structures since the blaze ignited on Thursday, November 8, according to AIR Worldwide.

Markel Corporation has completed its acquisition of Nephila Holdings, the biggest insurance-linked securities (ILS) manager in the world.

Dutch insurer NN Group enjoyed an increase in its profits in the third quarter of 2018 partly boosted by further cost savings as a result of its 2017 acquisition of Delta Lloyd.

P&C insurers face large claims from devastating California wildfires as losses are estimated to have reached between $3 and $6 billion, according to Moody’s.

RSA Insurance Group has revealed its plans to scale back London Market exposures and restructure its specialty and wholesale business following a strategic review of all of its portfolios.

American International Group (AIG) has renamed its legacy reinsurance portfolio DSA Re as Fortitude Group Holdings (Fortitude Re) following the completion of an acquisition of a 20 percent stake in the unit by private equity firm Carlyle Group.

Ohio-headquartered Nationwide Mutual Insurance Company is reducing its workforce by 1,100 positions in the US and will start laying off about 80 workers at its downtown Des Moines location, according to several regional news publications.

The International Accounting Standards Board (IASB) has voted to delay the implementation of IFRS 17 for one year to Jan. 1, 2022.

Citing Charles Darwin, SCOR CEO Denis Kessler believes that only the companies most responsive to change will survive in an increasingly complex and dynamic operating environment for reinsurers.