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JLT Re unveils P&C retention and policy partnership

Intelligent Insurer News - 10 November, 2017 - 10:51
Reinsurance broker and consultant JLT Re and CX Insurance Services have announced a new partnership for the launch of CXIS’s P&C retention and policy growth programme.

California wildfires costliest in history

Intelligent Insurer News - 9 November, 2017 - 16:20
A major wildfire outbreak that erupted in portions of California starting during the month of October is set to become the costliest insured wildfire in history, according to the Aon Benfield’s Global Catastrophe Recap report for October.

Munich Re faces 2017 profit of around €350m instead of €2.0-2.4bn

Intelligent Insurer News - 9 November, 2017 - 15:09
Munich Re expects around €350 million net profit for the full year of 2017 subject to fourth quarter developments but sees significant signs of improvement in the operating environment for 2018, chief financial officer Jörg Schneider suggested.

Travelers expects up to $675m Q4 pre-tax loss from California wildfires

Intelligent Insurer News - 9 November, 2017 - 15:03
The Travelers Companies estimated fourth-quarter catastrophe losses related to the California wildfires, including estimated recoveries from reinsurance, to be in the range of $525 million to $675 million pre-tax.

OneBeacon sale bumps up White Mountain Q3 results

Intelligent Insurer News - 9 November, 2017 - 14:50
White Mountains has posted a jump in its third-quarter results, driven by the sale of specialty insurer OneBeacon.

Emerging Asian markets embracing insurtech faster than developed peers

Intelligent Insurer News - 9 November, 2017 - 14:11
Insurers in emerging markets - such as China and other Asian markets - are introducing innovative insurtech solutions at a faster rate than those in more developed markets, according to a Willis Towers Watson study.

Insurtech start-up introduces drone package for property claims

Intelligent Insurer News - 9 November, 2017 - 14:08
Insurtech start-up Betterview has released a commercial drone inspection package to allow insurers to capture, organise and analyse imagery of buildings and property.

AmTrust divests further while posting Q3 loss

Intelligent Insurer News - 9 November, 2017 - 10:06
Specialty property/casualty insurer AmTrust Financial Services is further divesting assets to strengthen its capital position while reporting a loss for the third quarter.

Third Point Re chair to step down; successor revealed

Intelligent Insurer News - 9 November, 2017 - 09:58
Bermuda-based Third Point Reinsurance has announced that John Berger, chairman of the board of directors, will be stepping down at the end of the term.

Zurich results steady but anticipates improvements in pricing

Intelligent Insurer News - 9 November, 2017 - 09:58
Zurich Insurance Group posted a steady set of results for the first nine months of the year but said that it anticipated improvements in pricing now on the back of the recent heavy cat losses in North America.

Chaucer and Markel back Newbridge on political violence & terrorism capacity

Intelligent Insurer News - 9 November, 2017 - 09:57
Newbridge Risk Partners, an underwriting cell on the Castel MGA formation platform, has secured a new binder with Lloyd’s and London company market capacity to support the continuing growth of its political violence and terrorism insurance and reinsurance business.

Former Axis Re CEO joins National General board

Intelligent Insurer News - 9 November, 2017 - 09:57
Jay Nichols, the former chief executive officer of Axis Re, has joined New York-based specialty personal lines insurer National General Holdings as an independent member of the board of directors.

Zurich North America names new head of alternative markets

Intelligent Insurer News - 9 November, 2017 - 09:57
Zurich North America has appointed David Putz to lead its alternative markets division. He will assume the role currently held by Kathleen Savio, who will transition to Zurich North America CEO.

Rates force Beazley to shrink reinsurance unit in first nine months

Intelligent Insurer News - 9 November, 2017 - 09:35
Beazley enjoyed strong growth overall in the first nine months of 2017 but its reinsurance division shrank as the company reduced it because of continued rate decreases – a trend it expects to reverse on cat business, at least, because of the recent heavy losses in North America.

Munich Re posts €1.4bn loss for Q3

Intelligent Insurer News - 9 November, 2017 - 07:57
Munich Re incurred a net loss of €1.4 billion in the third quarter of 2017 due to the impact of natural catastrophes in North America but expects “significant” market recovery.

Hannover Re expects €800m profit in 2017 despite nat cat losses: CFO

Intelligent Insurer News - 8 November, 2017 - 15:49
Hannover Re expects a net profit of €800 million for the full year of 2017 after the reinsurer sells off its listed equity portfolio, despite nat cat losses exceeding its large loss budget.

Chubb appoints head of global services, complex multinational UK and Ireland

Intelligent Insurer News - 8 November, 2017 - 15:34
Insurer Chubb has appointed Barry Beard as head of global services and complex multinational UK and Ireland (UK&I).

MAI CEE names group employee benefits leader

Intelligent Insurer News - 8 November, 2017 - 15:33
MAI CEE, an independent insurance broker in Central and Eastern Europe, has appointed Ewelina Jaworska as group employee benefits leader.

AIG reveals new NA General Insurance and Lexington CEOs

Intelligent Insurer News - 8 November, 2017 - 10:14
American International Group (AIG) has appointed Lex Baugh as CEO of North America General Insurance.

Zurich offloads German legacy medical malpractice book to Catalina

Intelligent Insurer News - 8 November, 2017 - 10:14
Switzerland-based Zurich Insurance Group has entered into a definitive agreement with Catalina Insurance Ireland to transfer its German legacy medical malpractice liabilities portfolio.

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