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Pen Underwriting’s innovative escape of water claims process could save industry almost £100m a year

North America14-10-2019Insurance news, Reinsurance News, Specialty

A new escape of water claims process devised and delivered by specialist insurance business Pen Underwriting, in partnership with third-party administrator Davies Group, has the potential to reduce related industry indemnity spend by almost £100 million a year, Pen Underwriting said.

Economic development expected to deteriorate significantly worldwide: Statista

Global14-10-2019Insurance news, Reinsurance News

Economic development is expected to deteriorate significantly from +32 percent currently to -5 percent worldwide according to a new study by German online statistics portal Statista.

Pillar one OECD digital tax proposals 'not relevant' for insurance sector: Insurance Europe

Global14-10-2019Insurance news, Reinsurance News

The insurance industry has no need for the supplementary regulations proposed by the Organisation for Economic Co-operation and Development's (OECD) for the so-called “pillar one” of its programme of work to develop a consensus solution to the taxation challenges arising from the digitalisation of the economy, according to a position paper published today by Insurance Europe, the European insurance and reinsurance federation.

MedPro Group acquires renewal rights for Swiss Re Corporate Solutions healthcare professional liability business

North America14-10-2019Insurance news, Reinsurance News

Healthcare liability insurer MedPro Group (MedPro) has entered into a definitive agreement with Swiss Re Corporate Solutions (SRCS) to acquire the renewal rights to SRCS’s healthcare professional liability book of business effective October 11, 2019.

Globe Underwriting appoints Dan Watson as senior engineering underwriter

UK14-10-2019Insurance news, Reinsurance News

Globe Underwriting, the UK based managing general agent, has appointed Dan Watson as senior engineering underwriter.

Startup consultancy GreenKite offers range of support services for insurers

North America14-10-2019Insurance news, Reinsurance News

Independent consultancy firm GreenKite has launched, dedicated to providing advice, support and solutions for the Insurance and financial services industry.

Property/casualty insurance industry’s surplus of $802.2bn sets new record in first-half 2019

North America14-10-2019Insurance news, Reinsurance News

Private US property/casualty insurers’ surplus reached a new record of $802.2 billion in the first half of 2019, pushed up by insurers’ income and unrealised capital gains, according to Verisk, a data analytics provider, and the American Property Casualty Insurance Association (APCIA).

Rick Montgomerie and Charlie Vaughan to leave Markel CATCo; launching new investment manager Chard Re

North America14-10-2019Alternative Risk Transfer News, Insurance news, Reinsurance News

Rick Montgomerie and Charlie Vaughan, the portfolio managers for Markel CATCo Investment Management’s Aquilo Fund, are leaving the company to establish a new investment manager and fund — Chard Re Investment Management. Elizabeth Simmons, the fund's underwriter, will also be leaving to join Chard Re, which is intended to launch January 1, 2020.

Problems with long-term care insurance thrust General Electric and long-term care industry into spotlight

North America14-10-2019Insurance news, Reinsurance News

Developing problems with long-term care insurance have thrust General Electric (GE) and the wider long-term care industry into the spotlight, according to Erik Miller and Jason Hopper, associate directors with AM Best.

Nancy Goodwin and Alejandro Benavides take senior roles at Combined Insurance

North America14-10-2019Insurance news, Reinsurance News

Combined Insurance, a provider of voluntary supplemental accident, disability, health and life insurance products, and a Chubb company, has made two new senior leadership appointments.

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