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Swiss Re posts 9M $468m net loss after nat cat events

Intelligent Insurer News - 2 November, 2017 - 09:55
Swiss Re reported a net loss of $468 million for the first nine months of 2017 after a net income of $3.0 billion in the same period of 2016, reflecting the $3.6 billion expected insurance claims from hurricanes Harvey, Irma, Maria, and the Mexico earthquakes.

Broker AFL expands surety, trade credit with Munich Re hire

Intelligent Insurer News - 2 November, 2017 - 09:47
AFL Insurance Brokers (AFL) is expanding its surety and trade credit capabilities with the appointment of Nathalie Gordon as director of surety.

RSA reports ‘challenges’ in wholesale, international commercial markets

Intelligent Insurer News - 2 November, 2017 - 09:33
UK-based RSA is experiencing “challenges in wholesale and international commercial markets from US and Caribbean cat activity,” according to a Nov. 2, 2017 trading update.

Asia Capital Re boss says it will not seek new buyers after sale talks fall through

Intelligent Insurer News - 1 November, 2017 - 20:00
The acting chief executive of Asia Capital Re (ACR) has confirmed that the company has made a joint decision with Shenzhen Qianhai Financial Holdings and Shenzhen Investment Holdings to terminate its $1 billion sale—but he stressed that it is business as normal for the reinsurer.

Asia is ahead of game in use of open architecture platforms for insurtech

Intelligent Insurer News - 1 November, 2017 - 20:00
The development of collaborative open architecture platforms in the insurtech space has the potential to offer insurers huge growth—and the maturity of this concept is ahead of the game in Asia, Paul Mang, global CEO of analytics at Aon and Aon Benfield, told SIRC Today.

IAG insurtech hub aims to drive innovation in Singapore

Intelligent Insurer News - 1 November, 2017 - 20:00
Singapore has one of the most developed fintech landscapes in the world and a growing insurtech scene, which Insurance Australia Group (IAG) aims to help develop through its insurtech startup, Firemark Labs, James Orchard, executive general manager of innovation at IAG, told SIRC Today.

Keep your discipline when innovating

Intelligent Insurer News - 1 November, 2017 - 20:00
Insurers must not get wrapped up in the hype around technology and must instead ensure they innovate and invest in technology in a disciplined way, as Paul Mang, Aon’s global CEO of analytics, explains to SIRC Today.

Reinsurers grapple with ‘new world disorder’

Intelligent Insurer News - 1 November, 2017 - 20:00
There is a strong push back against globalisation in some parts of the world, which creates challenges for reinsurers—but also potential opportunities in the future.

2018 will be year of blockchain for insurers

Intelligent Insurer News - 1 November, 2017 - 20:00
Blockchain has the potential to completely change the way the industry looks at the supply chain, David Piesse, chief risk officer at Guardtime, told SIRC Today.

Swiss Re eyes agriculture growth in Asia

Intelligent Insurer News - 1 November, 2017 - 20:00
Instead of exploring new lines of business in Asia, the priority should be to insure more people and help close the protection gap, Jayne Plunkett, chief executive officer for reinsurance in Asia at Swiss Re, told SIRC Today.

IoT, AI and enhanced data to transform re/insurance

Intelligent Insurer News - 1 November, 2017 - 20:00
Much of the focus at SIRC this week has been around renewals and capacity, and not enough attention has been given to the importance of the emergence of new technologies, which Tony Hobrow, CEO for Asia Pacific at VenturesOne, said will ultimately transform the insurance and reinsurance sectors.

Robust capitalisation helps global reinsurers weather the storms

Intelligent Insurer News - 1 November, 2017 - 20:00
The recent catastrophe losses have changed the market dynamics: rates will increase, benefiting a sector that S&P Global Ratings views as robustly capitalised overall, as David Masters of S&P Global Ratings explains to SIRC Today.

‘A long way to go’ to close the gap

Intelligent Insurer News - 1 November, 2017 - 20:00
There is still a long way to go on closing the protection gap in Asia-Pacific, and unfortunately it may well take large scale events as seen in some of the largest catastrophe buying regions in the world to change market behaviour, Mark Newman, CEO of Sompo Canopius Asia-Pacific, Middle East and North Africa, told SIRC Today.

Blenheim Syndicate hires from Munich Re, Tamesis for new reinsurance lines

Intelligent Insurer News - 1 November, 2017 - 15:21
Blenheim Underwriting Limited (Syndicate 5886) has launched its accident and health and specialty reinsurance divisions as part of its recently approved 2018 business plan, according to a Nov. 1 statement.

India, Saudi Arabia, Indonesia to lead 2017-2025 P&C growth

Intelligent Insurer News - 1 November, 2017 - 15:02
India is expected to be among the countries experiencing the highest growth in P&C insurance in the coming years, followed by Saudi Arabia and Indonesia, according to the latest Quarterly InsurTech Briefing Q3 2017 by Willis Towers Watson.

JLT joins London Market electronic placing platform

Intelligent Insurer News - 1 November, 2017 - 14:21
Broker JLT has joined the London Market’s electronic placing platform Placing Platform Limited, according to an Oct. 30 statement.

Ryan Specialty completes acquisition of Oxford Insurance Services

Intelligent Insurer News - 1 November, 2017 - 13:50
Specialty insurance and risk management solutions provider Ryan Specialty Group has completed the acquisition of the assets and operations of wholesale insurance brokerage Oxford Insurance Services, according to a Nov. 1 statement.

R&Q strikes motor agreement with Forestry Insurance Company

Intelligent Insurer News - 1 November, 2017 - 10:30
Property/casualty insurer Accredited Surety and Casualty Company (ASC), a subsidiary of Randall & Quilter (R&Q), has stricken an agreement with Forestry Insurance Company for its commercial auto liability business in South Carolina and Georgia.

Aon completes €295m Unirobe Meeùs Groep acquisition

Intelligent Insurer News - 1 November, 2017 - 10:23
Aon Groep Nederland completed its acquisition of Unirobe Meeùs Group (UMG) from Aegon for €295 million, according to a Nov. 1 statement.

Beazley launches financial lines products in Asia

Intelligent Insurer News - 1 November, 2017 - 10:16
Specialist insurer Beazley has launched two comprehensive suites of financial lines products in Asia, according to a Nov. 1 statement.

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