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Antares Announces Leadership Team for New Commercial Division

Article 0 Comments Antares Global Management Ltd. announced three key appointments for its new Commercial Division, which comprises Syndicate 1274 and Bermuda-based Antares Re. Antares announced in November that it was restructuring its underwriting operations by spitting its Bermuda and UK re/insurance businesses into Commercial and Retail divisions. The Commercial unit is led by Mark Graham, CEO of the Antares Commercial Division, while Pantelis Koulovasilopoulos is the CEO of the new Retail division. (The Retail division includes the recently launched UK-based insurer, Antares Insurance Co. Ltd., which is focusing on retail business primarily through established MGAs in the UK.) Martin Campbell, James Glynn and James Thomas (l to r) In the Commercial division, Graham is being supported by a new leadership team of three divisional heads, as follows: Martin Campbell has been appointed head of the Casualty FinPro Division, and chair of the Antares Underwriting Committee. He will also take on the role of acting head of the Reinsurance Division. Campbell will, subject to board and regulatory approval processes, also be appointed to the Antares Managing Agency Ltd. (AMAL) board as AMAL’s chief underwriting officer. Additionally, subject to Lloyd’s approval, Campbell will be designated active underwriter for Syndicate 1274. He...

Severe weather drives insured losses above USD 100 billion for 5th consecutive year, says Swiss Re Institute 0

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Severe weather drives insured losses above USD 100 billion for 5th consecutive year, says Swiss Re Institute

Estimated insured losses from natural catastrophes on track to exceed USD 135 billion in 2024 Hurricane Helene and Hurricane Milton severely impacted the US, resulting in estimated insured losses approaching USD 50 billion Major floods hit Europe and the Middle East, causing estimated insured losses of close to USD 13 billion as of today Armonk, NY (Dec. 5, 2024) – With 1.54°C above the pre-industrial average, 2024 is set to become the hottest year on record. A warming climate favours the occurrence of many of the natural catastrophes observed in 2024. Europe, in particular, has experienced intense flooding in 2024, resulting in the second-highest insured losses from floods in the region ever, according to Swiss Re Institute’s estimates. The US has been affected by two major hurricanes and a high frequency of severe thunderstorms, making up at least two thirds of 2024’s global insured losses of more than USD 135 billion as of today’s estimates. Balz Grollimund, Swiss Re’s Head Catastrophe Perils, says: “For the fifth consecutive year, insured losses from natural catastrophes break the USD-100-billion mark. Much of this increasing loss burden results from value concentration in urban areas, economic growth, and increasing rebuilding costs. By favouring the conditions leading to many of this year’s...

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Aviva CEO Amanda Blanc Conquers Detractors and Direct Line

Article 0 Comments Amanda Blanc is determined to steer Aviva Plc to one of the biggest takeovers in its history, a highlight in a storied insurance career where she’s stood up to challenges including activist shareholders and sexist barbs. If her £3.6 billion ($4.6 billion) plan to combine Aviva with Direct Line Insurance Group Plc that was announced on Friday goes through, it’ll be her largest acquisition on record and the highlight of more than four years of work to transform the insurer — while handing Aviva a rival company run by one of her former lieutenants. Blanc, one of the City of London’s most influential women, has until Christmas to firm up the transaction, which took several price bumps to get Direct Line’s approval. Direct Line would be Aviva’s biggest deal since the purchase of Friends Life in 2014, bringing in 3 million motor insurance customers and a chance to cut costs and capital. It could also shield the business from being swallowed by another competitor during a flurry of insurance deals. “This is a major tactical move, one that will bolster Aviva’s personal lines business in the UK. It will help Amanda strengthen Aviva as the UK’s national...

Watches of Switzerland Group and Zillion Partner to Offer an Embedded Insurance Benefit to Clients at Point of Sale 0

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Watches of Switzerland Group and Zillion Partner to Offer an Embedded Insurance Benefit to Clients at Point of Sale

Clients can enjoy instant watch and jewelry coverage before leaving the showroom Boston, MA (Dec. 3, 2024) – Watches of Switzerland Group, a business built on delivering world-class client experiences, has partnered with leading embedded insurance provider Zillion to offer a valuable client benefit at point of sale. Watches of Switzerland clients can now enjoy instant coverage for their watch and jewelry purchases with one click on mobile, and without applications, appraisals or app downloads. The frictionless benefit enables an elevated client experience and exceeds the expectations of discerning consumers. Focused on how it makes clients feel throughout every interaction with its brands, Watches of Switzerland has a reputation for unsurpassed excellence and unparalleled service. The company has partnered with Zillion to further enhance client care by offering a peace of mind coverage benefit with concierge service. “Exceptional client experiences are at the heart of everything we do,” says Lorcan McCabe, Regional Director of Watches of Switzerland. “Zillion’s innovative product and white glove service aligns with our commitment to providing best in class services to our clients. It also complements how we strive to go above and beyond, even before our client walks through the door of one of our...

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‘Large Number’ of Americans’ Metadata Stolen by Chinese Hackers, Says Official

Article 0 Comments A large number of Americans’ metadata has been stolen in the sweeping cyberespionage campaign carried out by a Chinese hacking group dubbed “Salt Typhoon,” a senior U.S. official told journalists on Wednesday. The official declined to provide specific figures but noted that China’s access to America’s telecommunications infrastructure was broad and that the hacking was still ongoing. “We believe a large number of Americans’ metadata was taken,” said the official, who spoke to reporters on condition that their name be withheld. Pushed on whether that might include every American cell phone’s records, the official said: “We do not believe it’s every cell phone in the country, but we believe it’s potentially a large number of individuals that the Chinese government was focused on.” Dozens of companies across the world had been hit by the hackers, the official said, including “at least” eight telecommunications and telecom infrastructure firms in the United States. U.S. officials have previously alleged the hackers targeted Verizon, AT&T, T-Mobile, Lumen and others. T-Mobile has said no customer data was compromised in its case and Lumen said there is no evidence customer data was accessed on its network but, in at least some other cases,...

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Why Savers Need Help Estimating the True Cost of Retirement

There is a persistent difference where households who are guessing tend to overestimate required savings at lower income levels and underestimate required savings at higher income levels. The difference could be due to a variety of factors, but one potential culprit is the progressive nature of Social Security retirement benefits, which replace a higher portion of wages at lower income levels. This effect becomes clearer in the following chart, which compares the ratio of the median divided by the income level, for different income levels. Source: EBRI 2024 RCS, author’s calculations The estimated and guessing trendlines cross at about the $100,000 total household income level. This suggests that lower-income households who are guessing about required retirement savings could be oversaving and those with higher incomes could be undersaving. The following chart looks at the behaviors taken among workers who attempted to estimate required savings. Source: EBRI 2024 RCS, author’s calculations. Trying to figure out required savings had a number of notable positive benefits, in particular saving more for retirement, which 52% of respondents noted doing. Additionally, 29% of respondents noted researching other ways to save, 24% of respondents noted paying down debt, and 22% of respondents noted enrolling in their...

Customer Satisfaction with Digital Claims Process Surges as Insurance Carriers Load New Features onto Apps: J.D. Power 0

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Customer Satisfaction with Digital Claims Process Surges as Insurance Carriers Load New Features onto Apps: J.D. Power

Digital Claims Reporting Now Outperforms Phone-Based Communication: J.D. Power 2024 U.S. Claims Digital Experience Study Troy, MI (Dec. 3, 2024) – Auto and home insurers have spent the past year adding dozens of new features and refinements to their mobile apps, such as automatic collision reporting capabilities, enhanced image upload and body shop selection tools. According to the J.D. Power 2024 U.S. Claims Digital Experience Study,SM these investments are resulting in significantly higher customer satisfaction scores. Overall satisfaction with the digital insurance claims process is 871 (on a 1,000-point scale), up 17 points from 2023. “The digital channel has now surpassed traditional phone-based communication as the most satisfying way for insurance customers to submit a new claim,” said Mark Garrett, director of global insurance intelligence at J.D. Power. “After years of slow growth in the usage of digital channels for claims reporting, insurers’ investments into developing these tools and promoting usage have really paid off as more insureds than ever are using them. Auto and home insurers have finally gotten the digital formula right with streamlined reporting tools, proactive updates and well-designed apps. However, the industry still has some work to do when it comes to helping insureds navigate between...

Allianz Partners, Uber and Indeez launch Vehicle Interruption Cover for Uber drivers in UK 0

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Allianz Partners, Uber and Indeez launch Vehicle Interruption Cover for Uber drivers in UK

Vehicle Interruption Cover aims to provide benefits and protection for Uber drivers in the UK when their car is off the road The UK is the first market to unveil this benefit for Uber drivers Product offered in a joint collaboration with the insurtech Indeez London, UK (Dec. 3, 2024) – Allianz Partners, a leader in B2B2C assistance and insurance, and Uber, the largest ridesharing company worldwide, have joined forces to offer digital insurance and income protection for Uber drivers in the UK, orchestrated by the insurtech Indeez. The new product ‘Vehicle Interruption Cover’ will help Uber drivers protect their income if they are unable to work because their car is off the road. Vehicle Interruption Cover (VIC) will be available to all Uber drivers operating in the UK and enrolled in the Uber Pro programme. Access to the cover is via a subscription to the Uber driver app and is supported by an end-to-end digital user experience powered by Indeez’s technology platform. Vehicle Interruption Cover is the latest addition to the ’Partners Protection Programme’ available to the Uber driver community through Allianz Partners and Uber. This financial protection is offered alongside benefits such as workplace accident & injury cover,...

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People Moves: O’Connell to Lead Aon’s Reinsurance Global Cyber Strategy; Flude New CEO of Lancashire Insurance US; Hippo Names Collins CMO

Article 0 Comments Aon Names O’Connell as Global Cyber Strategy and Growth Leader Robert O’Connell Aon plc named Robert O’Connell as global cyber strategy and growth leader, executive managing director, within its Reinsurance Solutions business. O’Connell will be based in New York. Previously, O’Connell served as CEO of Bermuda-based Cyber Re Limited and Platform Labs, specializing in cyber underwriting, data science and analytics. In conjunction with O’Connell’s appointment at Aon, Platform Labs has agreed to transfer ownership of its advanced intellectual property portfolio, encompassing multiple cyber-related data science technologies and provisional patent applications registered with the United States Patent and Trademark Office. Senior Leadership Changes at Lancashire Insurance US James Flude Lancashire Holdings Limited, headquartered in Hamilton, Bermuda, made several changes in its Lancashire Insurance U.S. leadership to take effect during the second quarter of 2025. The company appointed James Flude as CEO of Lancashire Insurance U.S. Flude, who will relocate to the U.S., is currently group chief underwriting officer, insurance and joined Lancashire in January 2014. He also served as chief underwriting officer for Lancashire Insurance Company (UK) Limited. Huw Jones Lancashire appointed Huw Jones to the new role of chief underwriting officer for Lancashire U.S. Jones has been...

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Americans Grow More Committed to Emergency Savings: Survey

Overall, 52% of respondents say they’ve had an emergency fund for more than two years, while 19% have had a fund open for between one and two years. Some 6% started saving for emergencies within the past three months, leaving 23% who started between four and 11 months ago. Among the 37% of respondents who don’t have an emergency fund, 86% said that they don’t have extra money to set aside. “Although this reflects their financial reality and feelings of financial instability, there’s an opportunity for employers to provide education on the basics of emergency funds,” the report suggests. “For example, 12% of employees don’t know how to create an emergency fund, and 4% don’t think they need one.” Fully 54% of respondents say they have previously tapped their retirement account for emergency financial needs — even though 63% reported that they have emergency savings. “This tells us that workers’ current emergency savings might not be sufficient, or that they may be unaware of the consequences of early retirement account withdrawals,” the report warns. “We always recommend having at least six months of expenses saved for a solid financial safety net. That may not be possible for everyone, but saving...