Daily Willis Review – January 15, 2018

Storm Eleanor/Burglind insured losses could reach $1.9 billion: AIR Worldwide
AIR Worldwide estimates insured losses from winter storm Eleanor/Burglind will reach between €1 billion ($1.2 billion) and €1.6 billion ($1.9 billion).

The majority of losses are expected in Germany, France, the UK, Belgium, Switzerland, and the Netherlands.

Winter storm Eleanor, known as Burglind in Germany, had wind gusts reaching up to 100 mph and flooding was reported in impacted countries including Germany and France.

Structural damages are reported in Ireland, the UK, France, and Germany, where roofs were damaged or blown off, scaffolding was stripped from buildings, and signage was destroyed.

Included in AIR’s modeled insured loss estimate is insured physical damage from wind to property, both structures and their contents, and losses to insured forestry in Finland, Norway, and Sweden.

Not included in AIR’s modeled insured loss estimate is losses due to coastal or inland flooding, business interruption and additional living expenses (ALE) for residential claims for all modeled countries, except the UK, losses to uninsured properties, losses to infrastructure and demand surge.

RGA and RenaissanceRe launch Langhorne Re
Reinsurance Group of America (RGA) has partnered with RenaissanceRe Holdings to launch Langhorne Re, a global reinsurer targeting large in-force life and annuity blocks.

It said the new reinsurer has secured $780 million of equity capital commitments, including from RGA and RenaissanceRe.

Langhorne Re will allow RGA and RenaissanceRe to purchase large in-force life and annuity blocks, enabling clients to de-risk and optimize their capital management.

Scott Cochran, Executive Vice President, Corporate Development and Acquisitions, RGA, said: “Powered by the complementary and industry-leading capabilities of RGA and RenaissanceRe, Langhorne Re is uniquely positioned to provide competitive and flexible solutions that expand RGA’s existing client offerings.”

Aditya K. Dutt, President, Renaissance Underwriting Managers, said: “RenaissanceRe’s experience with managing third party capital and sophisticated risk management combined with RGA’s experience in the life market make this a very attractive partnership.”

Verisk launches personal lines flood insurance program
Verisk has launched a new personal lines flood insurance program designed to make flood coverage widely available to homeowners anywhere in the U.S., through its ISO business.

The new ISO personal lines flood program will enable insurers to enter the private flood insurance market, the company said.

It will offer broad and flexible coverage options in a template similar to the standard homeowners policy that is already familiar to most consumers.

Through the program, insurers will be able to offer coverages and deductibles with options to include additional living expenses, other structures on a property, and damage to personal property in a belowground area.

Marc Treacy, Managing Director of flood at ISO, said: “This program presents a new opportunity for insurers to grow their homeowners book by providing robust flood risk protection to an underserved segment.

“Innovative insurers can be at the forefront of market disruption with a comprehensive property risk solution that provides needed insurance to new customers and fresh coverage options for existing customers.”

“Innovative insurers can be at the forefront of market disruption with a comprehensive property risk solution that provides needed insurance to new customers and fresh coverage options for existing customers.”

Zurich appoints Germany CEO
Zurich has appointed Carsten Schildknecht as Chief Executive Officer of the Zurich Group Germany, effective February 1, 2018, Reinsurance News has reported.

Dr. Schildknecht succeeds current CEO, Marcus Nagel, who has decided to leave the company to face new professional challenges.

Mr. Nagel joined the company in 2008 and has been responsible for the overall business as CEO of the Zurich Group in Germany since 2016.

Most recently Dr. Schildknecht served as Group Chief Operating Officer and member of the Group Management Committee of the Generali Insurance Group.

Gary Shaughnessy, Zurich CEO Europe, Middle East & Africa, said: “I’m delighted that Zurich continues to attract top talent, and Carsten Schildknecht will continue to drive profitable business growth in Germany and help us drive our strategy of innovation and simplification in the interests of our clients, with extensive expertise in FinTech.