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UK's Saga strikes reinsurance deal with Hannover Re

Intelligent Insurer News - 12 February, 2018 - 09:25
Saga, a UK-based specialist insurer for life after 50, has entered into a new quota share arrangement with German insurer Hannover Re as well as with its current reinsurance partner NewRe, part of the Munich Re Group.

Former RSG MGA CEO resurfaces at Ascot/Ethos

Intelligent Insurer News - 12 February, 2018 - 09:24
Ascot Group has appointed Jerry Tegan, former president and CEO of RSG Underwriting Managers, as the executive chairman of Ethos Specialty Insurance Services.

Sirius Group secures $300m credit facility

Intelligent Insurer News - 12 February, 2018 - 09:23
Bermuda-based Sirius International Insurance Group has entered into a three-year $300 million senior unsecured revolving credit facility through its indirectly wholly-owned subsidiary Sirius International Group.

Insurers playing catch-up in embracing technology

Intelligent Insurer News - 12 February, 2018 - 07:46
It is insurers’ claims departments that will benefit most from the progress towards automation and machine learning that is being made, says Elena Rasa, chief underwriting officer, Gruppo Zurich Italy.

AIG reports $6.7bn Q4 loss due to US tax reform

Intelligent Insurer News - 9 February, 2018 - 09:59
American International Group (AIG) reported a net loss of $6.66 billion for the fourth quarter of 2017, compared to a net loss of $3.04 billion in the prior-year quarter.

Talcott sale drives The Hartford $3.7bn Q4 loss

Intelligent Insurer News - 9 February, 2018 - 09:58
US property/casualty insurer The Hartford reported a net loss of $3.7 billion for the fourth quarter 2017, primarily due to a $3.1 billion loss on discontinued operations related to the agreement in December to sell Talcott Resolution and a $877 million charge due to the reduction in the US corporate tax rate.

Mapfre absorbs €183.8m cat losses in 2017

Intelligent Insurer News - 9 February, 2018 - 09:56
Spain-based Mapfre has reported natural catastrophe losses of €183.8 million for 2017, of which €58.2 million were absorbed by Mapfre Re.

Wearables to streamline insurance underwriting: SCOR

Intelligent Insurer News - 9 February, 2018 - 09:43
As technology evolves, reliable data from wearable devices should streamline and accelerate life insurance underwriting, SCOR said in a Feb. 9 blog.

Losses from January windstorms exceed $2bn in Europe

Intelligent Insurer News - 9 February, 2018 - 09:26
Windstorms Friederike, Eleanor and Carmen which hit Western and Central Europe in January are expected to cost European insurers more than $2 billion losses, according to Aon Benfield.

Sompo International buys Italian firm to expand agribusiness

Intelligent Insurer News - 9 February, 2018 - 09:26
Bermuda-based property and casualty re/insurer Sompo International is acquiring Italian agriculture insurance specialty company A&A, according to a Feb. 8 press release.

Marsh & McLennan acquires US brokerage firm Highsmith

Intelligent Insurer News - 9 February, 2018 - 09:25
Marsh & McLennan Agency (MMA), the middle market agency subsidiary of Marsh, has acquired Highsmith Insurance, a Raleigh, North Carolina-based independent insurance brokerage firm.

SCOR shunned large proportional deals at renewals

Intelligent Insurer News - 8 February, 2018 - 15:43
SCOR declined opportunities to grow in proportional reinsurance at the January renewals because it perceived rates as inadequate. This is in contrast with some of its competitors including Munich Re, which have signed some large proportional deals.

Willis Towers Watson grows reinsurance segment by 5% YOY in Q4 2018

Intelligent Insurer News - 8 February, 2018 - 14:23
Willis Towers Watson has grown the commissions and fees of its reinsurance business (Investment, Risk & Reinsurance) by 5 percent year on year in the fourth quarter of 2017 to $300 million. Organically, the recorded growth in the segment was 4 percent.

XL shares jump on takeover news

Intelligent Insurer News - 8 February, 2018 - 13:27
Shares of Bermuda-based insurer XL Group jumped following news that it is attracting interest from rivals including Allianz of Germany.

Hiscox reveals management restructure to tap retail market growth

Intelligent Insurer News - 8 February, 2018 - 13:19
Specialist insurer Hiscox is changing its group management structure to build on growth momentum in its retail businesses, according to a Feb. 8 press release.

AXIS grows reinsurance segment by 62% YOY in Q4

Intelligent Insurer News - 8 February, 2018 - 13:17
Bermuda-based AXIS grew gross premiums written in its reinsurance segment by 62 percent year on year in the fourth quarter of 2017 excluding the Novae acquisition.

Brokerslink replaces CEO

Intelligent Insurer News - 8 February, 2018 - 13:16
Brokerslink, a global network of independent brokers, has appointed Jacqueline Legrand as its new CEO.

SCOR improves rates by 3% at January renewals

Intelligent Insurer News - 8 February, 2018 - 09:58
French reinsurer SCOR improved risk-adjusted pricing by 3 percent at the January 2018 renewals compared to 2017.

Swiss Re in talks to sell minority stake

Intelligent Insurer News - 8 February, 2018 - 09:56
Zurich-based reinsurance giant Swiss Re is in talks with Japanese conglomerate SoftBank Group regarding a potential minority investment in the reinsurer, according to a Feb. 7 statement.

Beazley reports 8% reinsurance price rise in US at January renewals

Intelligent Insurer News - 8 February, 2018 - 09:55
A record-breaking catastrophe year 2017 has allowed Beazley to increase reinsurance prices by 3 percent in non-US business and 8 percent in US business at January 2018 renewals.

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