It was in May 2019 when Insurance Business reported on Lloyd’s of London’s proposal to merge its council and franchise board into a single governing body for the Lloyd’s market and the corporation. Now, despite it being unable to hold a full contested election process due to the coronavirus lockdown, the centuries-old exchange has introduced the new line-up which is effective June 01.… Read More
Reinsurance specialist Guy Carpenter & Company, a subsidiary of Marsh & McLennan Companies, has entered into an exclusive multi-year agreement with technology and engineering company Synthetik to enhance its proprietary terrorism modelling product Sunstone.… Read More
“Climate change is happening,” said Thomas Holzheu, Chief Economist for the Americas, Swiss Re Institute. “We have observed the rise of average temperatures and sea levels are rising. We also observe longer and more frequent heat waves, more erratic rain patterns and more extreme weather events. These climate change patterns are affecting catastrophe (CAT) events.
“Where we see particular evidence of increased losses is in secondary perils, such as wildfires, tornadoes, inland rainfall, and flooding from severe rainfall events, some of which are linked to primary perils. For example, we’re seeing more and more losses from hurricanes that are tied
Tokio Marine HCC has completed the acquisition of specialist renewable energy underwriter GCube, after the deal was announced in March.… Read More