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Cyber influence on insurer ratings mostly gradual: Fitch

November 13, 2017 by Canadian Underwriter

The influence of cyber risk on insurer ratings is likely to be gradual, Fitch Ratings has reported. Cyber insurance represents a relatively small percentage of insurers’ business and insurers are taking a cautious approach to growing coverage, given the uncertainty

News ClaimsInsuranceReinsuranceTechnology

Willis Re supports B3i blockchain insurance industry initiative

October 2, 2017 by Canadian Underwriter

Willis Re is supporting the B3i initiative – the global blockchain effort launched last fall – by becoming a member and taking part in its prototype market testing phase. The announcement follows the successful launch of a working market testing

News Mergers and AqcuisitionsTechnology

Insurers increasingly concerned about “silent cyber” exposure: Willis Re poll

September 12, 2017 by Canadian Underwriter

About half of polled insurance industry practitioners see the risk of “silent cyber” exposure – potential cyber-related losses due to silent coverage from insurance policies not specifically designed to cover cyber risk – as growing over the coming year, according

News AppointmentsInsuranceReinsurance

James Kent appointed to lead Willis Re as John Cavanagh announces retirement

July 7, 2017 by Canadian Underwriter

Willis Re, the reinsurance business of global advisory, broking and solutions company Willis Towers Watson (WTW), has announced that James Kent will succeed John Cavanagh as he steps down from his position as global CEO. Cavanagh will retire from WTW

News InsuranceMarkets / CoveragesMergers and AqcuisitionsTechnology

Willis Towers Watson and Roost to establish home telematics consortium of 5-10 U.S. carriers

May 31, 2017 by Canadian Underwriter

Willis Towers Watson (WTW) announced on Wednesday that it has entered into an agreement with Roost, an innovator in smart home technology, to establish a “home telematics consortium” of five to 10 insurance carriers. WTW, the global advisory, broking and

News InsuranceMarkets / CoveragesProductsTechnology

Insurtech funding in Q1 2017 sees 64% drop from Q1 2016 to US$283 million: Willis Towers Watson Securities

May 2, 2017 by Canadian Underwriter

Insurtech funding in the first quarter of this year saw funding volume of US$283 million, a 64% drop from the first quarter of 2016’s total of US$783 million, likely the result of “start-ups moving from fundraising to product launch stage,”

News CatastrophesClimate ChangeInsuranceMarkets / CoveragesMergers and AqcuisitionsReinsurance

Risk to U.S. property from severe convective storms as high as from hurricanes: Willis Re

March 20, 2017 by Canadian Underwriter

Severe convective storms (SCS) posed as much risk to property in the United States as hurricanes between 2003 and 2015, with the average annual loss from SCS amounting to US$11.23 billion compared to US$11.28 billion from hurricanes. So concludes a

News InsuranceMarkets / CoveragesMergers and Aqcuisitions

Fairfax-Allied World deal among the ‘most noteworthy’ of recent insurance M&A announcements: Willis Re

January 3, 2017 by Canadian Underwriter

The merger agreement between Fairfax Financial Holdings Ltd. and Allied World Assurance Company Holdings AG – announced Dec. 18 – reflects “the view that the new U.S. government may provide a more favorable corporate tax environment” and demonstrates “that scale

News CatastrophesInsuranceMarkets / CoveragesMergers and Aqcuisitions

Widespread reinsurance pricing stabilization remains elusive: Willis Re

July 4, 2016 by Canadian Underwriter

Any indication of widespread reinsurance pricing stabilization remains elusive amidst an environment of continuing market softening in the June/July renewal season, lack of catastrophe losses and abundant capacity across virtually all classes and territories, notes a new report issued Friday

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Traditional reinsurance capital dropped 3.5% in 2015 from 2014: Willis Re

April 27, 2016 by Canadian Underwriter

2015 saw a 3.5% reduction in traditional capital dedicated to reinsurance, down US$13 billion from US$370 billion at year-end 2014, according to the latest Reinsurance Market Report from Willis Re, the reinsurance business of global advisory, broking and solutions company

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Cyber risk data ‘not all that robust,’ Willis Re speaker tells ICRMC

April 4, 2016 Greg Meckbach, Associate Editor

Cyber insurance has evolved considerably since 1999 but commercial insurers lack standardization in cyber policies and there is not a lot of data available for underwriters, a speaker suggested at a recent conference. For cyber risk, “the data is not

News CatastrophesEarnings / RatingsInsuranceMarkets / CoveragesMergers and Aqcuisitions

Reinsurance demand uptick despite price softening, reinsurers may not grant more concessions: Willis Re

April 4, 2016 by Canadian Underwriter

Encouraging signs for reinsurers are coming to light despite reinsurance rates falling for the fourth consecutive year at the Apr. 1, renewals, suggests Willis Re suggests in its latest 1st View Reinsurance Renewals report. “Amidst a gloomy picture of sustained