Insurance

Oneglobal Broking, the commercial insurance and reinsurance brokerage owned by investor JC Flowers, has opened its first Bermuda broking office and announced two key hires. Having now received regulatory approval for the opening of its Bermuda office, OneGlobal has announced the hiring of Craig Douglas (most recently at RFIB), named Executive Director, Oneglobal Bermuda, who…

A European Commission study looking at the insurability of nuclear third-party liability risks (NTPL) and availability of capacity to support them, found that insurance-linked securities (ILS) market sources say capital would be available, under the right structures and terms. The European Commission study on nuclear third-party liability risks was undertaken during 2018-19 and one important…

Flood risk insurtech company FloodFlash, which offers an innovative sensor-based approach to support parametric flood insurance triggers, has beaten its own record on rapid claims payment, paying out to one policyholder within ten hours for the impacts of flooding during UK storm Christoph. FloodFlash highlighted its new catastrophe claims payout record today, saying that the…

The industry sees a high chance that in order for Aon’s acquisition of rival Willis Towers Watson to go ahead, divestment will be required and a sale of reinsurance broking unit Willis Re is seen as a likely outcome. Our sister publication Reinsurance News polled its readers and 73% of the industry participants that responded…

The global catastrophe protection gap reached 64% in 2020 as roughly $171 billion of natural catastrophe and severe weather losses were not covered by insurance and reinsurance, one of the largest brokers Aon has said. Aon’s latest annual catastrophe report highlights climate influences on a significant number of impactful events in 2020 and the brokers’…

SCOR Investment Partners, , the asset management company of the global reinsurance group SCOR, won a new investment mandate from the roughly $20 billion City of Zurich Pension Fund in recent weeks. The City of Zurich Pension Fund is one of the largest in Switzerland and operates pensions and other insurance benefits for all employees…

Our readers forecast more than $12 billion of catastrophe bond issuance in 2021, which would see the market setting another new record. But in terms of which area of insurance-linked securities (ILS) is likely to grow fastest, the collateralized reinsurance market is forecast to outpace cat bond market growth this year. We surveyed our readers…

The World Bank has approved $500 million of funding for Indonesia to help the country enhance its financial response to natural disasters, climate risks, and health-related shocks, with the use of risk pooling, and insurance or reinsurance instruments at the heart of the plan. Between 2014 and 2018, the central government of Indonesia has spent…