Cyber-attack or data breach is considered to be one of the most...
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Issuance of cat bonds set to hit a record this year
Catastrophe bonds are generally issued by insurers looking to pass...
53rd GST Council- No tax on co-insurance and reinsurance commission, Rs 25,000 crore demand notices on Indian re/insurers revoked
(LtoR)- Sanjay Malhotra, Revenue Secretary, Nirmala Sitharaman,...
Stephen Catlin launches a specialty entity for complex risks,invests $1.8bn capital
Stephen Catlin said: “The launch of Convex distils vast industry experience and client focus to create the insurance company of the future. We begin unencumbered by legacy but rich with expertise and the strength of independence. There is evidence of pricing momentum in many classes and we are well equipped to prosper in a challenging market. We are thrilled to have the support of Onex and our co-investors and believe they will be valuable partners to us as we build our business.
“We do write a lot of agriculture business and it contributes to about 40% of our business in India”
At Swiss Re, we believe that there are many ways we can operate to help address or close the protection gap in India. For instance, infrastructure is a pillar that we will be focusing on, as there are many opportunities in engineering and construction that require capacity in India.
Activist fund fails to oust CEO of reinsurer SCOR
Shareholders approved Kessler’s 6.5 million euro ($7.2 million) pay package by a much thinner margin, with 54 percent voting in favor of his compensation for 2018. They approved his 2019 compensation with almost the same margin.
Lloyd’s of London plots new course as storm clouds gather
London is still the largest centre for commercial insurance and reinsurance, but Singapore, Bermuda and Switzerland grew by 4 percent, 1 percent and 0.6 percent respectively each year from 2013 to 2015, while London shrank 0.3 percent, the report said.
When hackers strike, property insurance may not offer protection
Many companies have long-standing property insurance policies that offer a payout if a cyberattack results in physical damage, but they may not cover financial damage. Many of those policies were bought years ago, before cyberattacks became almost routine, and the terms and conditions haven’t been updated, according to Lori Bailey, Zurich’s global head of cyber risk, talking about the overall market for cyber insurance. That creates uncertainty for insurers and policyholders.
Canopius and AmTrust Lloyd’s merger agreement signed
From 1 January 2020, Canopius plans to merge its Syndicate 4444 with AmTrust Syndicate 1861 under the management of Canopius Managing Agents. As part of the transaction, AmTrust Financial Services Inc. will become a significant minority shareholder in Canopius.
Global reinsurance industry capital at USD 462 billion in 2018
The largest component of this figure is the total shareholders’ equity of the 32 reinsurance companies tracked in the Willis Reinsurance Index which was down 10 per cent to USD 335.7 billion, reversing growth of 8 per cent in 2017
French insurer Covea seeks acquisitions targets on reinsurance
Unlisted Covea, which holds an 8.17 percent stake in French resinsurer SCOR, has said it didn’t plan to increase its stake in the reinsurer after a attempt to take the firm over went sour a few months ago.
Hannover Re scales back its exposure to coal-fired power plants
Furthermore, the Group has set itself the goal of no longer covering any coal-based risks in connection with power generation in its entire property and casualty reinsurance portfolio from the year 2038 onwards.
Munich Re Syndicate Singapore expands its Asian partnership
NECTAR’s professional line products are offered under the trading name of Nectar PRO, which is the Financial Lines business unit focused on emerging Asian markets in South East Asia and Indian sub-continent