Operations/tech
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Majority shareholder Fosun will continue to hold the remaining 86.7% of shares. -
Guy Carpenter will rebrand as Marsh Re, as a new central tech/operations unit is created.
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The ILS services specialist has worked in the ILS market in Bermuda for 10 years.
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It is understood that CyberCube has been considering a sale of the business.
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Insurers must write policies in high-risk areas in order to incorporate the model.
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The fund’s ILS portfolio is split between 70% property cat and 30% cyber risk.
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The business offers parametric windstorm coverage.
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Indirect exposure to cat risk through long-term investors gives Markel optionality.
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HCI will now consist of two operating units – the other being its four underwriting entities.
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The broker also plans to hire from LSN Re and Aon Re, as part of a build-out of its team in the French capital.
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The company’s reinsurance premiums ceded fell by 58% to $149mn.
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Fee income fell by 42% to $25.1mn in Q3 over the prior-year quarter.
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Artex said the solution should allow for the expansion of services in the Middle East and Africa.
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Better performance data and clarity around entry are key, report says.
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Relentless focus on annual outcomes provides a packaging that doesn’t fit the purpose.
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Revenue, country and industry sector drive modelled output divergence.
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Exposure updates played a greater role than expected.
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The vulnerability updates are the biggest driver of loss changes.
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SCS accounted for nearly two-thirds of global first-half catastrophe losses.
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Demex said its RCR Re platform enables cedants to buy reinsurance for secondary peril risks that aggregate over time.
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The largest loss of the year outside the US was the Australia flooding in February and March.
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The modelling firm has introduced a slew of tweaks and new additions to its nat-cat suite.
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Lenders, business owners and investors can assess the impact of climate driven shifts.
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The company aims to make its services more recognisable
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As new modelling tools emerge, we look at the benchmarks that ILS managers believe are appropriate for long-term stress tests and the shorter-term challenges.
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Dimosthenis Tsaknias is to lead the InsurTech’s worldwide flood modelling.
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Version 21.0 of the model will become available to clients on June 23.
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A global survey finds vast disparities in measures for cyber, regulation and climate risks.
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The firm’s climate change models will allow users to model their portfolios under the four different emission pathways adopted by the Intergovernmental Panel on Climate Change.
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The catastrophe modeller made the estimate using a new climate change risk model.
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Vantage aims to bring capital to bear on risks beyond property cat.
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The models will be available in June initially for North Atlantic hurricane, Europe inland flood and Europe windstorm.
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The Convex CEO also outlined difficulties facing the pandemic working group.
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Purchasing the analytics firm will help Willis meet growing demand for climate change services.
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Mohit Pande says insurers’ models are failing to take into account the impact of Atlantic Multidecadal Oscillation on storm frequency.
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The risk modeling firm said damage caused in Antigua, Cuba, and the Dominican Republic would contribute about $200mn to the onshore claims count.
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The modelling agency noted that an easing of the restrictions would reduce this percentage.
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Modelling firms said there were too many variables to quantify the impact, but many factors could escalate claims.
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Latest loss estimate comes after the company had estimated Faxai losses of $5bn to $9bn.
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This cohort will spend 10 weeks working on technological solutions designed to improve the efficiency of the market.
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The model will also capture sub-perils including ground-shaking liquefaction, landslide, tsunami and fire following earthquakes.
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The firm said its new platform would be “open and flexible”.
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The overwhelming majority of claims have come out of Bay County, the Florida Office of Insurance Regulation said.
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The EUR90mn Italian multi-peril cat bond from Unipol will only be partly placed in the cat bond market, sources said.
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People moves in the industry in the past month.
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AIR Worldwide put the direct losses from the incident at between $200mn and $600mn.
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The fund begins reimbursing insurers after industry losses have reached around $7.3bn.
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This is the final estimate for the cyclone, which hit Europe a year ago.
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The insurer said the range is consistent with industry insured losses of up to $20bn from the recent blazes.
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The government also said it is exploring the possibility of issuing a cat bond in the near future.
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The estimate is in line with modelled loss estimates.
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The modelling firm puts a 1-in-100-year global aggregate catastrophe loss at nearly $271bn.
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Chubb and Travelers also face losses of around $400mn each should total insured losses hit $10bn, the analyst said.
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CoreLogic’s analysis puts nearly 50,000 homes at “high or extreme” risk from the two largest fires in California.
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The AlphaCat CEO will assist AIG with the use of modelling technologies.
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Some 5 percent of the total claims filed to date were lodged in counties beyond the 15 closest to Michael’s strike.
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The loss aggregator has announced the launch of Wind-Jeannie Australia, as well as updating its Wind-Jeannie Europe platform.
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The Bay and Gulf counties in Florida are likely to the bear the brunt of Hurricane Michael losses.
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The Category 4 hurricane is strong enough to trigger the $110mn class C layer of Mexico's 2017 Multicat.
