Hiscox is the latest insurer to sign up to Xchanging’s Fees Direct+, a management system for handling fee settlement.
Switzerland-based insurer Helvetia Group has posted solid growth in 2013 driven largely by its Swiss home market, which saw 9.9% growth, but with Germany, Austria and France also recording positive growth.
Renewable energy underwriter GCube has launched a Political Risk Insurance (PRI) offering as demand for political and credit coverage increases.
JLT has expanded its Latin American presence by establishing JLT Re Argentina based in Buenos Aires, The new venture will be headed by Matias Rosales, formerly general manager of Cooper Gay Argentina.
Willis North America has strengthened its Arizona operations by appointing Carolyn Smith as managing partner. She succeeds K Wagner who has taken up the position of national partner west region.
The reinsurance market is in the midst of some of the biggest turmoil it has seen for decades and traditional players should be cautious about diversifying too quickly into lines they may not understand as they try to remain relevant to clients.
The increasing severity and frequency of losses in some fast-growing countries highlights the need for further investment buy the insurance industry in developing risk models for some of these regions.
Some re/insurance brokers are increasingly channelling premium to a smaller number of larger carriers. While this is sometimes at the behest of cedants, it is also occurring because of exclusive agreements they have with selected players.
A rapidly growing number of smaller cedants, thus far ignored on the basis of their size by the true insurance-linked securities (ILS) markets, are working with other providers of alternative forms of reinsurance to supplement their existing programmes with a growing amount of collateralised coverage.