Reinsurance News
S&P Global Ratings has published a revised version of its proposed methodology for measuring the risk-based capital adequacy of re/insurers, noting that the new criteria could lead to credit rating actions on about 10% of ratings in the sector...
Posted: May 09, 2023
Reinsurance recoveries for Tower Limited, a New Zealand based insurance company, from flooding in Auckland and Cyclone Gabrielle may now hit as much as $276m according to the carrier’s recently updated loss estimates. The insurer had previou...
Posted: May 09, 2023
Corebridge Financial has reported a $459 million net loss for the first quarter of 2023, representing a 114% decrease compared to the same period last year. The company states that the change was largely driven by realized losses recorded for the...
Posted: May 09, 2023
Argo Group International Holdings, Ltd. has reported its financial results for Q1 of 2023, a combined ratio of 108.1% which has increased by 13.1% points, driven by a higher loss ratio. The loss ratio of 73.0% increased by 14% points, compared to...
Posted: May 09, 2023
“While 1.1 was quite uncertain, 1.4 was much more methodical, market and economic conditions and dynamics didn’t change dramatically, so the process was much more measured,” suggests Gianfranco Lot, Chief Underwriting Officer P&C R...
Posted: May 09, 2023
Core Specialty Insurance Holdings, Inc. and its subsidiaries has completed the integration of Hallmark Financial Services, Inc.’s Excess & Surplus Lines operations, with management and 170 employees of the Hallmark E&S business, based in D...
Posted: May 09, 2023
Ajit Jain, Vice Chairman of Insurance Operations at Berkshire Hathaway, has suggested that the firm’s property cat exposure is almost 50% more than it was half a year ago, adding, “We have written as much as our capacity will allow us...
Posted: May 09, 2023
P&C insurance holding company Kingstone Companies has estimated it will incur net pre-tax catastrophe losses for the first quarter of 2023 of $3.72 million. The losses for the period apply to Kingstone’s wholly-owned subsidiary, Kingstone Insu...
Posted: May 09, 2023
Global reinsurer Swiss Re is to provide reinsurance for a new index-based flood insurance solution in Kenya, which is set to be launched by Britam in partnership with Oxfam, and which aims to protect small-scale farmers from the impact of catastro...
Posted: May 09, 2023
The reason that Munich Re has been able to perform well despite losses that are attributable to the war in Ukraine, ongoing inflation, and high market losses due to natural disasters, was portfolio diversification, according to Joachim Wenning, th...
Posted: May 09, 2023
Beazley’s wholly-owned subsidiary, global cybersecurity firm Lodestone, has announced the hire of Alton Kizziah as its new Chief Executive Officer. Lodestone specialises in incident response, digital forensics, offensive security, and threat detec...
Posted: May 09, 2023
Monarch E&S Insurance Services, a division of Specialty Program Group LLC, has announced its acquisition of the assets of Commonwealth Underwriters, Ltd., a specialty lines MGA and wholesale broker that has a strong presence within key markets...
Posted: May 09, 2023
Iran has seized an oil tanker in the Strait of Hormuz in the second such incident in the region in a week, as tension with the United States continues, something the Russell Group says could lead to financial stress for the oil and maritime sector...
Posted: May 09, 2023
RSA Insurance has announced that it is to expand its marine offering with the launch of a new superyacht practice, led by Emily Grew, who will join as a Senior Yacht Underwriter in July. RSA states that superyacht ownership has grown significantly...
Posted: May 09, 2023
Distinguished Programs, a national insurance program manager, has announced the appointment of Kurt Meister to the role of Chief Sales Officer (CSO). As CSO Meister will lead strategic partnerships with national brokerages, establish a world-class...
Posted: May 09, 2023
Andrew Kay has been appointed president of Amwins Specialty Casualty Solutions (ASCS), part of Amwins Underwriting. He succeeds Munawar Ali, who led ASCS since its launch in 2011 and has moved into a new firm-level role focused on product developm...
Posted: May 08, 2023
Global rating agency AM Best has upgraded Long-Term Issuer Credit Rating (Long- Term ICR) to “bbb+” (Good) from “bbb” (Good) and the Long-Term Issue Credit Ratings (Long-Term IR) on the unsecured debt and preferred equity of Fairfax Financial Hold...
Posted: May 08, 2023
Simone Auer has been appointed to the role of Chief Risk Officer for Talanx, Hannover Re’s parent company. She succeeds Professor Dr Gerhard Stahl, the long-term head of Group Risk Management who will stay on with the Group as Research Advisor. Au...
Posted: May 08, 2023
Global specialty re/insurer Canopius Group has appointed Andrew Parker as Head of Treaty, Australia & New Zealand and Head of Casualty Treaty, Asia Pacific and Paul Wedlock as Head of Property Treaty, Australia & New Zealand, effective imm...
Posted: May 08, 2023
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, has reported a strong quarter of growth for its property and casualty (P&C) reinsurance operations, with premiums written rising by 30% in the period, with the inclus...
Posted: May 06, 2023
WTW, a global advisory, broking and solutions company has released its latest Insurance Marketplace Realities (IMR) report, showing that most coverage lines continue to demonstrate a stabilizing market trend that began in early to mid-2022. While...
Posted: May 05, 2023
Cyber insurer Resilience has promoted Tom Egglestone to the role of Global Head of Claims. Egglestone, who joined the firm in July 2022 as International Claims Leader, UK and Europe, will now be supporting Resilience’s clients globally within his...
Posted: May 05, 2023
New data from FEMA shows that its National Flood Insurance Program (NFIP) has paid out over $3.9 billion in claims related to Hurricane Ian to date, meaning the Agency is on the cusp of triggering the bottom layer of protection in its flood reinsu...
Posted: May 05, 2023
DUAL Europe has appointed Kajsa Peedu as Managing Director of DUAL Nordics. Peedu, who has 29 years of experience in the insurance industry, will be based in Stockholm, Sweden, and will also oversee operations in Norway and Denmark. This move is e...
Posted: May 05, 2023
The London Market Group’s (LMG) Data Council has appointed Nick Williams-Walker from Gallagher to lead its Technical Group. Williams-Walker, Chief Operating Officer of Gallagher’s Specialty division, has agreed to become the new Chair...
Posted: May 05, 2023