Reinsurance News
Insurance customers want convenience, are open to new services that mitigate risks and believe that insurers should be tackling climate change proactively. That is according to a recent report by Guidewire which also found that the issue of data c...
Posted: Dec 16, 2022
Specialist re/insurance broker Miller is facing a lawsuit from Cardiff City Football Club following the 2019 death of Argentinian player Emiliano Sala for an alleged breach of duty by the broker. The 28-year-old Sala died in a plane crash over the...
Posted: Dec 16, 2022
Steadfast Group, the largest general insurance broking network and underwriting agency group in Australasia, has announced the appointment of Nigel Fitzgerald as Chief Operating Officer. Fitzgerald, who is currently the CEO of AIG Australia, will...
Posted: Dec 16, 2022
RiverStone International has announced that it has entered into loss portfolio transfer (LPT) reinsurance agreements with affiliates of AXIS Capital, which cover several of its professional lines and liability insurance portfolios, mostly in relat...
Posted: Dec 16, 2022
Reinsurance Group of America, a global life and health reinsurer, has completed a $1.7bn longevity swap transaction with Western & Southern Financial Group. According to the announcement, the transaction covers approximately 11,000 single prem...
Posted: Dec 16, 2022
Argo Group International Holdings, Ltd. has reported that its nominations for members of its Board of Directors where “overwhelmingly” voted in favour of by shareholders at its annual general meeting (AGM) this week. The win followed the withdrawa...
Posted: Dec 16, 2022
The Association of British Insurers (ABI) has said that the UK’s insurance industry contributed £17.2bn in tax between 2021 and 2022. This, said the association, is a ‘record’ amount, 6.9% higher than in 2019-2020, and makes up 2.1% of the governm...
Posted: Dec 16, 2022
The Trustee of the Barclays Bank UK Retirement Fund has insured £7 billion of liability against longevity risk, with reinsurance provided by an insurance subsidiary of Prudential Financial Inc. Global professional services firm Aon acted as lead a...
Posted: Dec 16, 2022
Phil Hobbs, President and Managing Director of Liberty Specialty Markets, has been elected as the new Chair of the International Underwriting Association (IUA). He replaces Rob Kuchinski, Head of Commercial Insurance at Zurich UK, who is retiring....
Posted: Dec 16, 2022
The European Commission (EC) proposals for liability framework could increase legal uncertainty, and would also likely reduce affordability and availability of insurance cover, said Insurance Europe. The organisation has recently published set of...
Posted: Dec 16, 2022
London-based B2B fintech Bondaval has raised $15 million in a Series A Round, led by Talis Capital. Investors in the round include existing shareholders Octopus Ventures, Insurtech Gateway, TrueSight, and Expa, as well as new investors, Talis Capi...
Posted: Dec 16, 2022
According to recent research by Momentive ai, commissioned by insurtech Cover Genius, property players demand convenience while poor customer outcomes incite a shift toward embedded insurance at the cost of traditional insurers. Cover Genius said:...
Posted: Dec 16, 2022
Dealmaking in the global M&A market is expected to remain active in 2023 despite ongoing uncertainty and major headwinds, with recession fears triggering a ‘lipstick effect’ as larger deals fall out of favour, according to WTW. Recent research...
Posted: Dec 16, 2022
AM Best has downgraded the credit ratings of Qatar Insurance Company Q.S.P.C. (QIC) , and its subsidiary Antares Re. The outlook of these ratings has been revised to stable from negative. The rating agency said it was switching the Financial Stren...
Posted: Dec 16, 2022
Consulting and actuarial firm Milliman has appointed Junaidi Amin as head of life insurance consulting in Indonesia. A statement from the firm said Amin moved into his role earlier this week. He will be based in Jakarta and joins the firm after le...
Posted: Dec 16, 2022
The Business Council of Co-operatives and Mutuals (BCCM) has unveiled its first voluntary code of conduct for operators of discretionary mutual funds (DMFs), amid renewed interest in the risk protection schemes as alternatives to traditional insur...
Posted: Dec 16, 2022
A new note from Swiss Re says that rising claims inflation, compounded by the demand-supply mismatch of reinsurance capacity in a rising interest rate environment, could contribute to an increase in the cost of providing insurance capacity in 2023...
Posted: Dec 15, 2022
Hannover Re and Munich Re are among reinsurers who have warned to cease underwriting any kind of risks related to the conflict in Ukraine from the start of next year, with other reinsurers thought to be taking a similar approach, suggests a recent...
Posted: Dec 15, 2022
The US branch of global reinsurer Munich Re has announced the retirement of Anthony J. Kuczinski as Chief Executive Officer (CEO) of Munich Re US P&C Companies and of Munich Re US Holding Inc. Kuczinski’s retirement will come into effect on De...
Posted: Dec 15, 2022
The US branch of global reinsurer Munich Re has announced the retirement of Anthony J. Kuczinski as Chief Executive Officer (CEO) of Munich Re US P&C Companies and of Munich Re US Holding Inc. Kuczinski’s retirement will come into effect on De...
Posted: Dec 15, 2022
Global rating agency AM Best has revised its market segment outlook on the Panama insurance industry to stable from negative. Best cited that this was due to the segment’s consistent technical results and improving macroeconomic environment. The r...
Posted: Dec 15, 2022
Provider of downtime insurance, Parametrix, is strengthening and expanding its operations in the United States with additional reinsurance capacity. The firm has announced that partners Hannover Re and certain underwriters from Lloyd’s, which incl...
Posted: Dec 15, 2022
Florida’s property insurance reform bill has been passed by the House and awaits a signature from State Governor Ron DeSantis, despite opposition from Democrats. The bill aims to create a $1 billion reinsurance fund, reduce litigation costs and ma...
Posted: Dec 15, 2022
The Bermuda Business Development Agency (BDA) board has unanimously elected Michael Hanson, of Carey Olsen, to be its new chair, with Susan Pateras, Chair of Apollo Bermuda, as the BDA’s deputy chair. The vote came at the BDA’s annual genera...
Posted: Dec 15, 2022
Bermuda International Long-Term Insurers and Reinsurers (BILTIR) has welcomed the decision of the Bermuda Monetary Authority (BMA) to make targeted enhancements to regulatory and supervisory regimes for commercial insurers. In a notice to the mark...
Posted: Dec 15, 2022