Reinsurance News
A new Aon report has estimated that global insured losses caused by natural disasters exceeded $130 billion in 2022, mainly driven by Hurricane Ian, which is the second-costliest event on record from an insurance perspective. The 2023 Weather, Cli...
Posted: Jan 25, 2023
Cyber risk solutions firm Resilience has announced that Dan Rance will be joining as Head of Bermuda and Global Head of Large Accounts. Resilience states that the appointment will help it secure the capacity to support large enterprise clients who...
Posted: Jan 25, 2023
The Hanover Insurance Group has announced the expansion of its casualty offering with the launch of a specialty general liability solution. The firm suggests that with the new offering, its agents and brokers can provide an admitted general liabil...
Posted: Jan 25, 2023
Global catastrophe and risk modelling solutions firm, Moody’s RMS estimates total US economic losses from the recent California flooding to be between $5-7 billion. This estimate reflects inland flood impacts for the US, which includes damage to i...
Posted: Jan 25, 2023
Global catastrophe and risk modelling solutions firm, Moody’s RMS estimates total US economic losses from the recent California flooding to be between $5-7 billion. This estimate reflects inland flood impacts for the US, which includes damage to i...
Posted: Jan 25, 2023
Analysts at Aon have said they expect demand for all forms of alternative capital to remain elevated throughout 2023 as insurers and reinsurers look to mitigate both macro-economic and reinsurance market challenges. In a new report on January rein...
Posted: Jan 25, 2023
Specialty managing general agent (MGA), Nexus Underwriting has appointed Justin Darlea as Assistant Vice President, Product Recall, in its Specialty Casualty business. Darlea joins Nexus Underwriting from Starr Insurance Companies, where he held t...
Posted: Jan 25, 2023
Munich Re has partnered with e-invoicing solutions provider, Unifiedpost Group, to provide invoice financing to the users of Unifiedpost’s SME platform Banqup. The strategic partnership, acting through Ireland-based Talaria One DAC, will co-create...
Posted: Jan 25, 2023
Horace Mann Educators Corporation has announced that it expects Q4 2022 Property & Casualty segment loss between $25 million and $29 million following a “significant impact from late-in-quarter severe weather.” The firm’s Pre...
Posted: Jan 25, 2023
London-headquartered insurer Aviva has provided an update on its general insurance lines for the fourth quarter of the year, including £50 million of losses from severe weather last month. The company reported that its general insurance businesses...
Posted: Jan 25, 2023
Beazley has appointed former Swiss Re executive Fred Kleiterp to the role of European General Manager as the firm continues its growth across Europe. Kleiterp will join the company on 1 June 2023 and will additionally become a member of the Execut...
Posted: Jan 25, 2023
Swiss Re Corporate Solutions, the commercial direct risk underwriting arm of Swiss Re, has appointed Nina Arquint as CEO Europe, Middle East & Africa (EMEA). She succeeds Fred Kleiterp who will start a new venture with Beazley. In her new role...
Posted: Jan 25, 2023
A judgment from the Court of Appeal could hamper the government’s attempts to maintain downward pressure on the cost of motor injuries in the UK, global law firm Clyde & Co has warned. Eighteen months after the government introduced reforms to...
Posted: Jan 25, 2023
Analysts at Goldman Sachs expect underwriters to hold more risk on their own balance sheets going forward, rather than assuming the large increases to reinsurance and retrocession coverage that materialised at the recent January renewals. Reflecti...
Posted: Jan 25, 2023
A recent report from Jefferies suggests that UK insurance claim inflation across the market is worse than feared, which has a knock-on effect to reinsurers in inflating claims and losses. The firms UK motor insurance tracker showed that new busine...
Posted: Jan 25, 2023
The Lloyd’s Market Association (LMA) has updated and replaced a number of its cyber war clauses related to the involvement of states and sovereign actors in cyber attacks and other operations. In particular, the LMA has focused the updates a...
Posted: Jan 25, 2023
Bermuda-headquartered property and casualty reinsurance group Conduit Holdings, owner of Conduit Re, has reported continued expansion at the recent January renewals, adding 60% in premiums and now looking forward to more rate momentum through 2023...
Posted: Jan 25, 2023
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Bart De Wilde to lead its growing property underwriting team and portfolio in Switzerland. He brings over two decades of industry experience towards the role. He joins BHSI from Holcim Lt...
Posted: Jan 25, 2023
Allianz Partners UK & Ireland has appointed Marcus Latchford as its new Chief Sales and Distribution Officer (CSO). Within his new role, Latchford will lead both the sales and distribution teams at Allianz Partners. He will also report to Tim...
Posted: Jan 25, 2023
Chaucer has doubled its re/insurance business in Dubai since 2020 as well as the size of its re/insurance book, said the group in a recent announcement. The Dubai office has gone from strength to strength since Chaucer MENA opened its doors in 201...
Posted: Jan 25, 2023
Given the continued ‘model miss’ of the recent catastrophes, Mark Bernacki, Chief Underwriting Officer of Amwins, has suggested that the industry should “absolutely” move to less model dependency. In his interview with Reinsurance News, Bernacki g...
Posted: Jan 24, 2023
Nippon Life has agreed to invest an additional commitment of $1bn in Resolution Life, a global life and annuity insurance consolidation business. The news comes after Resolution Life and asset manager Blackstone announced their strategic partnersh...
Posted: Jan 24, 2023
Everest Insurance, the primary insurance division of Everest Re Group, has announced the appointment of Timothy Powell as Head of Financial Lines. According to the announcement, he will succeed Christian Colombera who will assume the role of Manag...
Posted: Jan 24, 2023
US primary insurer Travelers has disclosed that its investment in Fidelis includes a quota share arrangement, which its management says will allow the firm to “participate in the hard market.” Travelers made a strategic minority invest...
Posted: Jan 24, 2023
US primary insurer Travelers has disclosed details of its reinsurance renewals for 2022, which include a higher attachment point for its occurrence catastrophe excess-of-loss (XoL) program, as well as the apparent non-renewal of its aggregate cata...
Posted: Jan 24, 2023