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Munich Re leads Pool Re’s £2.3bn terrorism retrocession placement

by | Mar 1, 2019 | , , ,

The retrocession is structured as an aggregate excess of loss treaty which will attach if Pool Re’s losses, individually or in aggregate, exceed £500 million in any year, after member insurers’ combined retention of £250 million per event or £410 million in aggregate. The £2.3 billion total reflects a further annual increase, up from £2.1 billion in 2018, as Pool Re continues to return UK terrorism risk to commercial markets. All of the capacity is written on a 3-year contractual basis.

US Supreme Court rejects Tobacco Firms’ Appeal on Smoker Lawsuits

by | Feb 28, 2019 | ,

The justices on rejected appeals by units of Altria Group Inc. and British American Tobacco Plc in eight cases that totaled more than $120 million in awards to smokers and their family members.The appeals, which argued that the companies weren’t being given a fair chance to mount a defense, were similar to previous industry bids turned away by the high court in recent years.

First Singapore Cat Bond sets stage for ILS  expansion in Asia-Pacific 

by | Feb 28, 2019 |

Ng Yao Loong, Assistant Managing Director, Development and International Group, MAS, said, “The IAG cat bond issuance is a significant milestone in the development of Singapore’s ILS market. It demonstrates the growing capabilities of the Singapore financial sector in delivering such innovative capital market solutions. The (re)insurance industry, multilateral organizations and sovereigns are now able to tap additional risk transfer mechanisms to better address Asia’s disaster protection needs.” 

63 InsurTech deals totalling $1.59 billion unveiled globally in Q4, 2018

by | Feb 26, 2019 | ,

Dr Andrew Johnston, Global Head of InsurTech at Willis Re, says: “Cyber is a multifaceted, ever-evolving phenomenon. The appropriate response to this is to task our industry with an equally multifaceted approach. Rather than trying to specialise and excel in each tenet required, InsurTechs offer our industry a huge opportunity through strategic commercial partnering to allow incumbent insurance firms the ability to become part of a broader, more resilient jigsaw puzzle.”

True North acquires 51 % in Max Bupa Health Insurance from Max India

by | Feb 26, 2019 | ,

The all cash transaction values Max Bupa at an enterprise value of Rs. 1,001 crore and is subject to requisite regulatory approvals. Bupa, the existing joint venture partner in Max Bupa, remains committed to the joint venture and will continue to play an active role in the company as before through its Board positions and knowledge exchange initiatives.

At the conclusion of the transaction,True North will nominate directors on Max Bupa’s Board, while Max India’s nominated directors will step down. The use of the Max brand will be phased out over a period of two years and replaced with a suitable name. The Bupa brand name will continue as before.

Zurich’s new acquisition accelerates its delivery of innovative solutions

by | Feb 26, 2019 | , ,

“This acquisition exemplifies our customer-led spirit of innovation that Zurich continues to foster as we apply customer insights to develop new ways to augment our own capabilities with companies ready to deliver innovative products and services that meet our customers’ needs now and in the future,” said Anurag Batta, head of Strategy, Innovation and Business Development for Zurich North America.