Reinsurance News

Insurance and reinsurance broker Aon has announced a reorganisation of the Global ReSpecialty leadership, with Bob Bisset stepping into a new role of UK Growth Leader at Aon, while Peter Stubbings has been hired from Guy Carpenter to replace him as CEO.

The two main California wildfires that burnt in recent weeks, the Carr and Mendocino Complex wildfires, have between them already resulted in over $845 million of insurance claims, according to the local Commissioner.

Japan and its insurance industry may be facing billion of dollars of losses from the impacts of yesterday’s magnitude 6.7 earthquake in Hokkaido and recent typhoon Jebi, which was the strongest storm to hit the Japanese mainland in 25 years.

Occam Underwriting, the specialty lines-focussed managing general agent (MGA) that was previously known as Sciemus, has appointed Dr Alan Punter, who was formerly the CEO of Aon Capital Markets Ltd. to its Board.

A newly launched unit at global insurance and reinsurance brokerage Aon will target under-insurance opportunities, helping clients including governments to address insurable protection gaps, in work that will include close cooperation with the Aon Securities capital markets and ILS team.

It was further growth of the alternative reinsurance capital and insurance-linked securities (ILS) market that drove an increase in overall reinsurer capital at the end of the first-half of 2018, according to Willis Re, but this comes against a backdrop of further deterioration for underlying reinsurer returns-on-equity (RoE’s).

The magnitude 6.7 earthquake that struck the Sapporo region of Hokkaido, Japan early this morning is not anticipated to cause any losses to the catastrophe bond market, despite as much as 8% of outstanding cat bond risk capital could be exposed to an earthquake striking the country.

Brian Duperreault, the CEO of insurance giant American International Group (AIG), said yesterday that he sees “huge potential” for using the insurance-linked securities (ILS) market more at the firm.

At least two people have died and currently over 30 unaccounted for following a strong magnitude 6.7 earthquake that struck the Sapporo area of Hokkaido in Japan this morning, causing damage to property, infrastructure and landslides that have engulfed more dwellings.

Digital risk trading insurtech start-up Akinova, which promises a digital platform for trading insurance and reinsurance risks and will begin with an industry-loss warranty (ILW) type product, has appointed Thomas Heise of Insurance Income Strategies (IIS) to its advisory board.