News

Insurance

Cyber security readiness ‘stalls’ as attacks intensify, finds insurer Hiscox

Global cyber security has “stalled” despite a sharp rise in attacks and soaring costs from the fall out, according to the Hiscox Cyber Readiness Report 2019.   24 April 2019

Alternative Risk Transfer

Prudential closes $2.6bn longevity reinsurance deals in pre-Brexit rush

Prudential Retirement, a unit of Prudential Financial, has completed approximately $2.6 billion in previously undisclosed longevity reinsurance contracts, assuming the longevity risks of about 16,000 pensioners, ahead of Brexit.   24 April 2019

Insurance

Aon merges construction and inland marine groups in growth strategy

Re/insurance broker Aon is merging its construction & engineering and inland marine teams into a single global unit within its reinsurance solutions business, in a move it hopes will enhance its growth opportunities.   24 April 2019

Insurance

Axon makes strategic move into Latin America with $10m backing from Asian partners

Specialty lines programme administrator Axon Underwriting has launched a new reinsurance unit, Axon Re, to expand its cargo and stock throughput reinsurance programme across Latin America.   24 April 2019

Insurance

Broker Brightside appoints new COO from Swinton Group

UK broker Brightside Group has appointed Richard Beaven as group chief operating officer (COO), reporting to group CEO Brendan McCafferty.   24 April 2019

Insurance

MarketScout invests in cyber insurtech start-up Wingman

MarketScout, the electronic insurance exchange and specialty managing general agent (MGA) in the US, has invested in cyber insurtech platform Wingman.   24 April 2019

Alternative Risk Transfer

FEMA grows NFIP flood reinsurance to $2.12bn with new $300m cat bond

The US Federal Emergency Management Agency (FEMA) has secured a $300 million reinsurance placement for the National Flood Insurance Program (NFIP) from the capital markets investors, brings the total flood cover to $2.12 billion.   23 April 2019

Insurance

Maiden at risk of Nasdaq delisting over share price

Nasdaq has warned reinsurer Maiden Holdings that it has failed to meet the stock market’s continued listing requirements and that it risks potentially being delisted.   23 April 2019

Insurance

Marsh, Guy Carpenter, JLT to merge LatAm facultative reinsurance under Andrew Perry

Broker Marsh & McLennan Companies (MMC) is merging the Latin American facultative reinsurance operations of its wholly owned subsidiaries Marsh and Guy Carpenter with that of Jardine Lloyd Thompson Group (JLT). The combined business will be known as Carpenter Marsh Fac Re.   23 April 2019

Insurance

Global reinsurance capital falls 5% in 2018, finds Willis Re

Capital earmarked for the global reinsurance industry fell by 5 percent in 2018, according to analysts at Willis Re.   23 April 2019

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