Reinsurance News
According to analysts at Fitch Ratings, German public-sector insurers’ non-life underwriting profitability is likely to weaken in 2023, which will be driven by higher reinsurance prices and claims inflation. Fitch noted that it forecasts a net com...
Posted: Mar 17, 2023
Intermap Technologies, a leader in 3D geospatial products and intelligence solutions, has announced that multiple European insurers have agreed to expand their five-year contracts with an aggregate additional value of over $1.3 million. The $1.3 m...
Posted: Mar 17, 2023
Venbrook Group, LLC, a large independent insurance distribution and services firm in the US, has promoted Brenda Sherman to Executive Vice President of Business Development and Strategic Alliances. Having served as a Venbrook executive since 2015,...
Posted: Mar 17, 2023
The record global natural catastrophe losses between 2017-22 are a “wake-up call” for the industry to “better assess, manage, and transfer” the risks of future climate-related events, saids Mohsen Rahnama, CEO of Moody’s RMS. Writing in the...
Posted: Mar 16, 2023
Insurance industry intermediary Specialist Risk Group (SRG) has announced the acquisition of mid-market commercial broker Consort Insurance. The deal, which is subject to regulatory approval, will see Consort Managing Director Danny Harwood and hi...
Posted: Mar 16, 2023
According to a report from Aon’s Reinsurance Solutions, Latin America continues to present reinsurers with a host of diversification and growth opportunities. Aon’s report suggests the renewal outcomes in Latin America varied by territ...
Posted: Mar 16, 2023
Florida’s Citizens Property Insurance Corporation, the property insurer of last resort for the Florida market, has returned to the capital markets for a new, multi-year industry loss catastrophe bond transaction, as it prepares to merge its...
Posted: Mar 16, 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for February of $211 million or $167 million, after tax. Catastrophe losses for February events were estimated at $241 million, and related to nine events primarily from wind...
Posted: Mar 16, 2023
US specialty insurer Assurant, Inc. has announced the appointment of Rajiv Basu, former senior partner in Deloitte’s Insurance Practice, to its Board of Directors. Basu brings four decades of global finance and financial services industry expertis...
Posted: Mar 16, 2023
Reinsurer Echo Re, a wholly owned subsidiary of the German DEVK Group, has announced it has expanded its usage of ADEPT to drive efficient data exchange with Aon. According to the announcement, the extended integration of the ACORD Data Exchange P...
Posted: Mar 16, 2023
Considering the risks to asset/liability duration matching, credit losses and insured losses, analysts at Jefferies have concluded that there is limited downside risk to UK insurers following the failure of the Silicon Valley Bank (SVB). According...
Posted: Mar 16, 2023
Hymans Robertson, a leading pensions and financial services consultancy, has made two hires within its expanding Risk Transfer team. The company has appointed both Paula Haughton and Harry Allen, who both bring a strong level of expertise towards...
Posted: Mar 16, 2023
Interest in microinsurance is growing as governments and businesses are recognising the need for these products mainly after Covid-19 and climate related catastrophes, this situation has created a great opportunity for re/insurers to diversify the...
Posted: Mar 16, 2023
Berenberg has reported that AXA should face relatively low exposure to the collapse of Silicon Valley Bank (SVB) and the shockwaves this crisis has sent through the banking sector. Analysts note that AXA has €66 million invested in senior bonds of...
Posted: Mar 16, 2023
VIG Re has published its preliminary financial results for 2022 reporting an “all-time highs” performance with a pre-tax profit of €30.7m, a 19.7% gross written premium (GWP) increase, to €792.3m, and an improved net combined ratio of 91.9%. The r...
Posted: Mar 16, 2023
The African Risk Capacity Group and the Government of Djibouti have signed the first-ever multi-year, multi-peril agreement on the African continent to protect the most climate-vulnerable communities. The agreement means that Djibouti now has acce...
Posted: Mar 16, 2023
Fitch Ratings has reported that the initial analysis of rated U.S. insurers’ exposures to now-failed banks (Silicon Valley Bank, Silvergate and Signature Bank) are modest. Fitch-rated insurance entities’ direct investment exposure to the failed ba...
Posted: Mar 16, 2023
Global reinsurance giant Swiss Re has cited a “very strong” capital position and has maintained that its businesses remain “well-positioned for the future” as part of its 2022 Annual Report. The report was published ahead of the reinsurer’s upcomi...
Posted: Mar 16, 2023
Essent Group has announced the promotion of David B. Weinstock to the role of Senior Vice President, Chief Financial Officer (CFO). Weinstock has served as the firm’s interim CFO since June 28, 2022, and as Vice President and Chief Accountin...
Posted: Mar 16, 2023
Maiden Holdings Ltd., has reported a net income of $36.2 million for the fourth quarter of 2022 compared to net income of $16.2 million from the fourth quarter of 2021. The firm’s reported net income for Q4 is also a huge improvement from its $8.2...
Posted: Mar 16, 2023
Tom Wakefield is set to become the CEO of reinsurance broker Gallagher Re, after James Kent was promoted to a new role within Gallagher, as CEO of Global Insurance Strategic Relationships. Kent will take responsibility for establishing and driving...
Posted: Mar 16, 2023
Markel International, a subsidiary of Markel Corporation, has bolstered its global downstream energy team with two new appointments. James Keens has been named senior downstream energy underwriter in London, and JJ Wong has been named downstream e...
Posted: Mar 16, 2023
InsurTech firm, Joyn Insurance has announced that insurance industry executive Jim Hackbarth will be joining its Board as its first independent Director. An experienced veteran within the industry, Hackbarth was most recently President and CEO of...
Posted: Mar 16, 2023
In an interview with the Financial Times (FT), Michael Steel, General Manager of Moody’s RMS, suggested that a combination of better analysis, new forms of loss prevention and higher prices should encourage reinsurers to take more risk amid the al...
Posted: Mar 15, 2023
Software company Porch Group has had to revise its previously issued financial statements for the first three quarters of 2022, after identifying an “error” in the accounting of its reinsurance arrangements. As a result of this error, the company...
Posted: Mar 15, 2023