Daily Willis Review – January 19, 2018

Munich Re partners with Betterview
Munich Re has partnered with Betterview, a California- based AI startup, to supply drone imagery, analysis and reporting to Munich Re’s clients, Intelligent Insurer has reported.

Through the agreement, Munich Re will refer insurance company clients that can benefit from the building and property data, analysis and insights that Betterview offers for a fee.

Betterview also offers cloud-based software to organize, store and analyze the drone images it captures to support an insurance company’s underwriting inspection, loss control and claims adjustment processes.

Tim Brockett, Senior Vice-President, Munich Re, said: “We are always looking to collaborate and drive innovation activities with our insurance company clients.”

David Lyman and Dave Tobias, Co-Founders of Betterview, said: “We are extremely proud that Munich Re selected Betterview as its referral partner.

“With the close of our series seed funding round in September, Betterview is uniquely positioned to meet the evolving needs of Munich Re’s clients.”

RenaissanceRe acquires minority share in Catalina 
RenaissanceRe Ventures, a subsidiary of RenaissanceRe, has signed a definitive agreement to acquire a minority shareholding in Catalina Holdings (Bermuda).

The transaction is expected to close alongside the majority acquisition of Catalina by affiliates of Apollo Global Management (Apollo).

As part of the agreement, Aditya Dutt, President of Renaissance Underwriting Managers, will join the Catalina Board of Directors.

Chris Fagan, Chairman and Chief Executive of Catalina, said: “We’re delighted to welcome RenaissanceRe as shareholders in Catalina.

“They join us at time of significant opportunity to help us capitalize on the continued growth of the non-life legacy sector.”

Kevin O’Donnell, President and CEO of RenaissanceRe, said: “We are pleased to partner with Catalina as they have demonstrated a strong, consistent track record in managing legacy businesses.

“This transaction is consistent with our strategy to expand the suite of capabilities at our disposal to bring to our clients, through partnership with a proven industry leader.”

Neon strengthens Political and Credit Risk offering
Neon has expanded its Political and Credit Risk team, with new hires across underwriting and credit analysis, and entry into financial guarantee.

Paul Barrett is the third appointment to the Political and Credit Risk team, and joins the company from Arthur J. Gallagher.

Mr. Barrett joins Anthony Vaughan, Senior Credit Analyst, and Paul Carrington, Underwriter, who were both appointed to the team in late 2017.

In addition, Neon has broadened its Political and Credit Risk offering to include financial guarantee, and increased tenors for existing products.

Darren Lednor, Chief Underwriting Office, said: “Last year, we significantly strengthened our capabilities and this momentum has continued into 2018.

“Our expanded team now offers a greater breadth of coverage with the addition of Financial Guarantee and increased tenor length across a number of products.”

Martin Reith, Group Chief Executive, said: “The development of our Political & Credit Risk team and appetite aligns with Neon’s refreshed underwriting strategy of offering bespoke solutions that go beyond traditional parameters.”

ClimateWise appoints new Chair
ClimateWise, the group of 28 insurance industry leadership groups that is facilitated by the University of Cambridge, has appointed Dominic Christian, Executive Chairman of Aon Benfield, as its new Chair.

He succeeds outgoing Chair Maurice Tulloch, Chief Executive Officer of International Insurance at Aviva, whose term ended on December 31, 2017.

In his new role, Mr. Christian will provide support for ClimateWise by identifying commercial opportunities to help promote physical resilience to climate risk.

Tom Herbstein, Director of ClimateWise, said: “Dominic’s long and deep knowledge of insurance, coupled with his immense personal passion, makes him exceptionally well positioned to help us deliver a more sustainable insurance model.”

Mr. Christian said: “We need a proactive and collaborative response to tackle one of our most profound challenges – the widening climate risk protection gap. I have always admired ClimateWise for playing a unique leadership role in this critical area.”