By offering underwriters and brokers an uninterrupted insight into business processes, blockchain has transformed insurance, Ryan Rugg, global head of insurance for software firm R3, told the Insurtech Insights conference.
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Our outlook for the life/annuity segment remains Stable, as improvements in risk-adjusted capitalization help prepare the L/A segment for economic and regulatory uncertainty ahead.
Liverpool Victoria Friendly Society Ltd. announced it will convert from a friendly society as the separation of its general insurance business progresses ahead of schedule, said the group’s chief executive officer.
The insurance industry’s focus on Environmental, Social and Governance factors is likely to remain an area of interest for the foreseeable future, driven in part by investors, consumers and regulatory authorities.
AM Best's Mosher: Strong Companies Need Strong Leaders
Startupbootcamp InsurTech’s VanderLinden: Insurers must implement incremental innovation and disruptive innovation at the same time.
The European Commission has approved the acquisition of Jardine Lloyd Thompson Group plc by Marsh & McLennan Cos. Inc. — making it possible for the two brokers to close on their tie-up in about a week.
John Neal, chief executive officer of Lloyd’s, has responded to published accounts of ongoing sexual harassment in the workplace in the London insurance market.
March 25, 2019 Full Story
Suncorp Sells Australian Nonlife Insurance Broking BusinessSuncorp Group Ltd. has divested its general insurance broking business in Australia as part of the group’s efforts to further simplify its business.
PICC Property & Casualty Co. Net Falls 21.8% in 2018PICC Property & Casualty Co. Ltd. reported a 21.8% drop in net profit to 15.5 billion yuan (US$2.35 billion) in 2018, amid intense market competition and significant catastrophe impact, according to China’s largest nonlife insurer.
Milliman Consultant: Captive Board Members Need Crash Courses in RiskMichael Meehan, a consultant at Milliman, said board members of captive insurance organizations often know more about the sponsoring organization’s activities than they do about risk and insurance, putting the onus on them to educate themselves. Meehan spoke with AM BestTV at the Captive Insurance Companies Association’s International Conference in Tucson, Arizona.
Swiss Re Confirms Coverage Participation in Crashed Ethiopian Airlines PlaneSwiss Re confirmed it participated in manufacturer liability cover and was a co-insurer of Ethiopian Airlines, which lost a Boeing 737 in a crash.
Greenberg Traurig Partner: Insurers Stepping Up Efforts to Head Off #MeToo ClaimsPaul Ranis, partner, Greenberg Traurig, said preventing workplace harassment issues means moving beyond employee handbooks and focusing on changing company cultures. Ranis spoke with AM BestTV at the 2019 Philadelphia Reinsurance Symposium.
Sage VP: Captives, Reinsurers Aligning Investments With ESG PrinciplesGregory Cobb, vice president, investment strategy, Sage Advisory, said insurers of all types are showing greater interest in aligning their investment portfolios with sustainability, environmental, social, governance and similar standards. Cobb spoke with AM BestTV at the Captive Insurance Companies Association’s International Conference in Tucson, Arizona.
New Jersey Switches to State-Based Health Insurance ExchangeNew Jersey Gov. Phil Murphy is moving the state from the federal health insurance exchange into a state-based system.
Study Says Reinsurance Plan Would Cut Colorado Health Care Costs 23%A study commissioned by the Colorado Division of Insurance has found a state reinsurance program could save consumers on the individual health insurance market $250 million by cutting payments to providers.
Lloyd’s Chief Risk Officer to Leave Post at End of MarchHilary Weaver, chief risk officer at Lloyd’s, will be stepping down at the end of March after 16 years, the company said in a statement.
FWD Confirms Talks to Acquire Thailand’s SCB Life Business, Completes Takaful Acquisition in MalaysiaHong Kong-based FWD Group has confirmed it is in negotiations with Thailand’s Siam Commercial Bank about a potential acquisition of the bank’s life insurance operations.
International General Insurance CEO: Market Conditions Present New OpportunitiesInternational General Insurance Holdings Ltd. saw a “strong recovery” in 2018 from catastrophe losses in the previous year
PICC Group’s Investment Chief Under Disciplinary InvestigationPICC Investment Holding Co. Ltd.’s senior executive Hong Liu is under disciplinary investigation, according to a statement from the Central Commission for Discipline Inspection of the Communist Party of China and the National Supervisory Commission
RenaissanceRe Completes $1.5 Billion Tokio Millennium Re AcquisitionRenaissanceRe Holdings Ltd. has completed its acquisition of Tokio Millennium Re. The deal enhances RenaissanceRe’s product selection and access to attractive risk, according to President and Chief Executive Officer Kevin O’Donnell.
Willis Re Appoints Head of London Market Reinsurance ClaimsWillis Re said Steve Robson has joined the company as head of London market reinsurance claims, effective immediately.
Strategist to London Conference: Blockchain Has Transformed InsuranceBy offering underwriters and brokers an uninterrupted insight into business processes, blockchain has transformed insurance, Ryan Rugg, global head of insurance for software firm R3, told the Insurtech Insights conference in London.
Liverpool Victoria Friendly Society to Convert to Company Limited by GuaranteeLiverpool Victoria Friendly Society Ltd. announced it will convert from a friendly society as the separation of its general insurance business progresses ahead of schedule, said the group’s chief executive officer.
US Senate to Question PBMs, Including Cigna and UnitedHealth, Over Drug PricingA U.S. Senate committee has invited five of the country’s largest pharmacy benefits managers — including units from Cigna Corp., and UnitedHealth Group — to testify April 3 on how they arrive at the prices for drugs delivered through their PBM networks.
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