Zurich closes RCIS acquisition
Zurich American Insurance Company has closed the deal acquiring leading US crop insurance business Rural Community Insurance Services (RCIS). The Zurich Insurance Group firm acquired 100 per cent of Rural Community Insurance Agency Inc. and its subsidiary Rural Community Insurance Company.
The business was bought from Wells Fargo & Co and expands Zurich’s portfolio of commercial insurance products in North America. RCIS will continue to offer federal crop insurance programs and private crop insurance products. It will remain as a standalone unit within Zurich North America Commercial’s Programs & Direct Markets business unit.
Reinsurers’ combined ratio holds steady
The combined ratio of major reinsurers has held steady for the third year despite another uptick in the expense ratio.
Aon Benfield’s Aggregate Report shows that the combined ratio averaged 92.5 per cent in the decade since Hurricane Katrina.
In original reporting currencies, two-thirds of the constituents achieved growth in property and casualty premiums in 2015. P&C underwriting profit fell by 9 per cent to USD15.1 billion, of which 55 per cent was derived from favorable prior year loss reserve development.
Aon Benfield estimates that total global reinsurer capital, which comprises capital both from the traditional and alternative markets, stood at USD565 billion at December 31, 2015 – a reduction of 2 per cent relative to the end of 2014.
What is LARP and why should you care?
If you are not interested in dressing up as a wizard, monster or extra-terrestrial then you may not be familiar with LARP but it’s a growing leisure activity across North America – offering potential business for insurers.
LARP – or live action role play – is fantasy adventure gameplay where participants dress us as characters to act out battles and other scenarios; and insurance is an important component of the events.
The risk to participants is low but due to gameplay taking place in outdoor locations such as forests there is always the chance of an accident.
“Generally you have two plans. You have to have a liability plan, and then you have to have a health/accident plan,” Joseph Valenti, owner and ruler of NERO LARP, the most extensive LARPing organization in the US told atlasobscura.com
Some insurers are offering coverage specifically targeted at LARPing; specialty sports risk insurer Westpoint Insurance Group of Illinois for example.
On its website Westpoint says: “Without proper protection, you, your LARPing program and everyone involved in the program can sustain extremely expensive medical costs or expensive litigation when someone is injured during a LARPing event.”
