Industry News

  Hurricane-Image - SF

Estimated Insured Losses for Hurricane Michael Are $6 to $10 Billion

Catastrophe risk modeling firm AIR Worldwide estimates insured wind and storm surge losses for Hurricane Michael will be between $6 billion and $10 billion.
October 18, 2018 Read More
  Upward Bar Graph - SF

General Commercial Lines Hardening, According to IVANS

IVANS has announced the "IVANS Index: Premium Renewal Rate Index" third-quarter results. The results showcased an increase in premium renewal rate change across nearly all of the commercial lines of business compared to the second quarter, except for businessowners policy and workers compensation.
October 15, 2018 Read More
  Globe Circuit Board 480x377

Willis Towers Watson Enters into a Global InsurTech Partnership

Plug and Play and Willis Towers Watson have entered into a global InsurTech partnership. The agreement extends Willis Towers Watson's access to early-stage InsurTech startups across all of Plug and Play's InsurTech platforms, which include Beijing, Munich, New York, Silicon Valley, Singapore, and Tokyo.
October 12, 2018 Read More
  Beach Hurricane 480x377

Best's Briefing: Considers Hurricane Michael Catastrophe Losses

Although Florida's insurance market-share leaders possess strong levels of risk-adjusted capitalization that should provide a buffer against Hurricane Michael losses, insurers, reinsurers, and insurance-linked securities investors could face significant losses, according to a new A.M. Best briefing.
October 12, 2018 Read More
  Risk Transfer Button

Allianz Restructures Its Alternative Risk Transfer Line

Allianz Global Corporate & Specialty will restructure its alternative risk transfer (ART) line of business into two teams. ART Chief Underwriting Officer Richard Boyd will head up the capital solutions insurance-linked markets team. The remaining ART practice groups will be led by Michael Hohmann.
October 11, 2018 Read More
  free webinar-SF-30938212

"You Own an Insurance Company, Now What?" Free Captive Insurance Webinar

Join Management Services International for a complimentary captive insurance webinar, "Captives 2.0: You Own an Insurance Company, Now What?," that will take place on Thursday, October 18, 2018. The course begins at 2:00 p.m. (EDT) and will be hosted by Jeremy Colombik.
October 10, 2018 Read More
  Healthcare Costs 480x377

Greenlight Re Invests in Healthcare Benefits Administrator

Greenlight Re has invested in Sana Benefits, an Austin-based third-party administrator startup focused on the self-insured healthcare market in the United States. Sana Benefits helps small-to-medium-sized businesses access employee benefit plans to self-insure their employees.
October 09, 2018 Read More
  Risk Management

FERMA Says Risk Managers Play Major Role in Business Transformation

In a statement from the 2018 European Risk Management Seminar, the Federation of European Risk Management Associations (FERMA) said demand for sustainability, good corporate behavior, and rapid digitization are leading to profound changes in organizations and the work of risk managers.
October 09, 2018 Read More
  Global Pricing-SF

Man-Made Risks Forecast To Cost World's Cities $320 Billion Annually

Man-made risks like cyber crime, interstate conflicts, or market crashes are a bigger threat to economic output than natural disasters such as hurricanes, floods, earthquakes, and volcanoes, putting an estimated $320.1 billion of global gross domestic product at risk on average each year, according to Lloyd's.
October 08, 2018 Read More
  Culture SF

Ignoring Culture Is Not an Option in M&A Transactions

Mercer's mergers and acquisitions (M&A) readiness research report, titled "Mitigating Culture Risk to Drive Deal Value," found that 43 percent of M&A transactions worldwide experienced such serious culture issues that deals were delayed or terminated or purchase prices were negatively impacted. In addition, 67 percent experienced delayed synergy realization due to culture issues.
October 05, 2018 Read More
  Increasing Digital Graph 480x377

Reinsurance M&A Driven by Strong Competition and Scale Benefits

Consolidation of the global reinsurance industry will continue, as intense market competition and capital levels drive mergers and acquisitions (M&A), while smaller players lacking scale and diversification see further pressure on growth and profitability, Fitch Ratings said.
October 05, 2018 Read More
  Bermuda Flag 480x377

Bermuda Accounted for 63 Percent of ILS Issued during First Quarter

According to Bermuda Monetary Authority's "Bermuda Insurance-Linked Securities (ILS) Market Report" for the first quarter of 2018, the island remained the leading jurisdiction for ILS issuance, representing 75 percent of the global outstanding ILS capacity at the end of the quarter ($24.8 of $33.3 billion total global capacity).
October 04, 2018 Read More
  Handshake Contract 480x377

Randall & Quilter Acquires Captive Insurance Company

Randall & Quilter Investment Holdings Ltd. will acquire Western Captive Insurance Company Designated Activity Company, the Irish-domiciled captive insurance company of the Coffey Group of companies in Ireland.
October 03, 2018 Read More
  handshake blockchain-SF

Marsh and IBM To Use Blockchain Proof of Insurance through Salesforce

Marsh is expanding its collaboration with IBM to provide clients with wider access to the industry's first commercial blockchain solution for proof of insurance.
October 02, 2018 Read More
  CICR Image-SF

October "CICR" Looks at Hints into IRS "Views" on Captives

Don't miss the October issue of "Captive Insurance Company Reports" (CICR), where Charles "Chaz" Lavelle, senior partner at Bingham Greenebaum Doll LLP, looks at two Internal Revenue Service (IRS) documents that provide "hints" into how the IRS views captives.
October 02, 2018 Read More
  Applause-SF

Kroll Bond Rating Agency Nominated for Rating Agency of the Year

Kroll Bond Rating Agency (KBRA) was recently nominated as rating agency of the year at the 11th Annual Reactions North America Awards dinner. This was the first time KBRA was nominated since entering the space 2 years ago due to the expansive growth in the sector.
October 01, 2018 Read More
  Profit Increase SF

Excess and Surplus Lines Market Poised To Make Underwriting Profit

Modest recovery is expected to continue for the US excess and surplus lines insurance market, which will provide a boost for US property-casualty insurance companies that have significant operations in this specialty segment.
September 28, 2018 Read More
  Innovation Lightbulb SF

Adverse Risk Selection May Affect Insurers That Do Not Innovate

A significant majority of insurers understand that innovation is increasingly becoming a differentiator in the global marketplace, according to an A.M. Best survey of its rated entities.
September 28, 2018 Read More
  Illustration: man and woman shaking hands in front of world map

New Middle-Market Group Captive Insurance Company Launched

Ohio-based Hylant Group Inc. has formed a new Tennessee-domiciled group captive insurance company for middle-market businesses.
September 27, 2018 Read More
  Windstorm 480x377

Hurricane Florence May Be Material for the NFIP

Fitch Ratings expects Hurricane Florence to result in substantial insured losses from water-related claims, which are likely to be incurred by the National Flood Insurance Program (NFIP), private flood insurers, and auto insurers, with a modest level of losses ceded to the traditional reinsurance and insurance-linked securities markets.
September 26, 2018 Read More