Swiss Re has helped structure an innovative flood index insurance product that will cover almost 2,000 poor families living in the Char areas of the Sirajganj district of Bangladesh.
According to preliminary estimates by sigma, the research arm of Swiss Re, insured losses globally from natural catastrophes and man-made disasters amounted to some $20 billion in the first half of 2013 with flooding being the biggest contributor to these losses.
Companies now rank cyber security risks as greater than natural disasters and other major business risks according to a new study by Experian Data Breach Resolution and the Ponemon Institute.
Run-off specialist Catalina Holdings (Bermuda) will now acquire American Safety Reinsurance (ASRe), a Bermuda subsidiary of American Safety Holdings, which is itself merging with financial services holding company Fairfax Financial Holdings, displacing Tower Group International on the deal.
Xuber, Xchanging’s insurance software business, has appointed two senior members to its US team.
DUAL, the underwriting arm of Hyperion Insurance Group, has appointed Damian Crowe, who joins the financial institutions division in London as a senior underwriter.
Equinox Global, the Lloyd’s cover holder specialising in trade credit insurance, has announced Joe McNamara as vice president – Credit and Political Risk, at Equinox Global in New York and Dagmar Böhning as underwriting manager, at Equinox Global in Hamburg, Germany.
Specialist insurer, Markel has appointed Matthew Cannock as managing director of Markel International in Singapore. Cannock will replace Peter Phillips, who has led Markel’s operations in Asia Pacific since 2007.
BMS Associates has appointed Dane Douetil as its new group chief executive officer.
Endurance Specialty Holdings has hired Stuart Pattison to lead its US law firm practice. He joins from CNA Insurance where, from 2000 to 2013, he served as both an underwriter and as the leader of CNA’s large law firm group.