Archive for November, 2018

Aon has hired long-time Asia Pacific reinsurance broking executive Richard Jones from Guy Carpenter, who joins the firm to become Executive Chairman of the Aon Reinsurance Solutions business in Asia.

The Chief Executive Officer of reinsurance broker JLT Re has departed the firm, leaving a gap which has been filled by Ross Howard, Chairman of the firm, who has also been lined up to become Vice Chairman of Guy Carpenter, once the JLT acquisition by Marsh & McLennan (MMC) has been completed.

The number of properties destroyed by the ongoing California wildfire outbreak has risen by another 8% since yesterday, with the total rising to 18,652 structures, across residential, commercial and other buildings types, largely driven by continued assessment of the Camp fire in Butte County.

International humanitarian movement the Red Cross is looking to the capital markets and the potential issuance of a parametric catastrophe bond to protect against volcanic risks, according to Adam Bornstein.

Insurance and reinsurance broker Aon aims to help corporates cover the intangible, with the launch of a new Non-Damage Business Interruption (NDBI) product that can utilise parametric indices, promising to respond to the evolution of business models and what matters most to globally active corporations.

Global reinsurance firm Swiss Re has newly identified an enormous $500 billion global property (catastrophe and non-catastrophe) and mortality risks protection gap, saying that this is an opportunity for insurance and reinsurance markets to boost global resilience.

Both India and Jamaica have been having discussions on disaster risk financing and risk transfer solutions, including ILS, with the World Bank and other international organisations, as the two countries look to put in place measures to ensure funding is quickly available when the most impactful natural disasters strike.

The London Market Group (LMG) said that it is encouraged to see the successful registration and launch of the first UK domiciled protected cell company (PCC) for collateralised reinsurance, as this is seen as the likely driver for future ILS market expansion.

The number of residential, commercial and other properties lost to the ongoing wildfire outbreak in California has risen by another 12% since yesterday, with the total number of structures reported as destroyed reaching 17,354, suggesting the industry loss for insurance, reinsurance and ILS market interests keeps rising.

Insurance and reinsurance firm AXA XL has acquired all third-party ownership interests in its already majority-owned insurance-linked securities (ILS) asset management affiliate, New Ocean Capital Management Limited.