Reinsurance News
WR Berkley Corporation has named Lynn Neville as senior vice president for claims. Nevill is a new hire to the company, having been executive vice president and global head of insurance claims for Sompo International, a firm that she left in Novem...
Posted: Dec 07, 2022
CNA, a provider of commercial property and casualty insurance, has appointed Steve Goldman as Senior Vice President, Financial Lines and Healthcare. Goldman brings to CNA more than two decades of underwriting and risk management experience, servin...
Posted: Dec 07, 2022
Data collected by the Bermuda Monetary Authority (BMA) suggests that re/insurers in the area will incur gross claim losses of more than $13bn in payments to policyholders and cedants in the US due to Hurricane Ian. The BMA said that based on publi...
Posted: Dec 07, 2022
The co-founder and CEO of insurer Relm has said that the firm has allocated an undisclosed amount of its general reserve for claims arising from the implosion of crypto exchange FTX. Writing on the firm’s website, Joseph Ziolkowski said that it ha...
Posted: Dec 07, 2022
The Reinsurance Association of America (RAA) has conducted a survey of reinsurers’ statutory underwriting results, revealing that seventeen US property and casualty reinsurers underwrote $64bn of net premiums in the first nine months of 2022. In a...
Posted: Dec 07, 2022
A new study by the Bermuda Monetary Authority (BMA) on catastrophe modelling practices on the island has found a significant uptick in the proportion of insurers purchasing external catastrophe reinsurance. The BMA asked insurers how their cat ris...
Posted: Dec 07, 2022
A statement from the board of Sampo says that the firm is looking to undertake a strategic review of its life insurance subsidiary Mandatum. The company said that this followed steps in recent years to simplify Sampo Group as part of its strategic...
Posted: Dec 07, 2022
The Z Zurich Foundation has announced its latest initiative, the Urban Climate Resilience Program (UCRP), further scaling up its efforts to combat the negative impacts of climate change. The program consists of a four-step approach. Number one is...
Posted: Dec 07, 2022
Increased hardening of the renewable energy insurance market may cause a shift towards insurers covering asset damage, but not lost revenue, as a result of business interruption due to asset downtime, suggests provider of fire suppression technolo...
Posted: Dec 07, 2022
The Lloyd’s insurance and reinsurance market has “headroom” to grow its catastrophe book of business sensibly in the hardening market, according to Chief of Markets Patrick Tiernan. Tiernan was speaking this morning during his de...
Posted: Dec 07, 2022
A recent WTW survey reported that more than half of risk managers are significantly involved in their organisation’s ESG efforts, though 77% believe they should take a more active role in ESG strategy and initiatives. In WTW’s 2022 ESG Globa...
Posted: Dec 07, 2022
Fitch Ratings has downgraded its ratings on French reinsurer SCOR, citing continued weak financial performance, which has fallen short of the rating agency’s expectation for five year and has worsened this year. SCOR reported a net loss of €509 mi...
Posted: Dec 07, 2022
According to a recent note from Berenberg, Lancashire’s outlook for 2023 is more than strong, mainly thanks to its recent expansion into new lines of business such as casualty reinsurance. This expansion, said analysts, is effectively transforming...
Posted: Dec 07, 2022
Fitch Ratings suggests its sector outlook for the German non-life insurance market is deteriorating for 2023, as the firm expects inflationary pressure on property and liability claims to outweigh higher fixed-income investment yields. Further, Fi...
Posted: Dec 07, 2022
The new version of the Market Reform Contract, to be known as the MRC v3, will be released at the end of next year’s first quarter, together with the Core Data Record v3.2. This was the latest update Sheila Cameron, CEO of the Lloyd’s Market Assoc...
Posted: Dec 07, 2022
DeNexus Inc., a provider of cyber risk quantification and management tools for large industrial organizations, re/insurers and investors in insurance linked securities (ILS), has appointed Andrew A Luccitti as Chief Marketing Officer (CMO). Within...
Posted: Dec 07, 2022
NEXT Insurance a leading digital insurtech company has appointed Chris Rhodes as the company’s first Chief Insurance Officer. Within this role, Rhodes will use his extensive industry experience to focus on the insurance function to support p...
Posted: Dec 07, 2022
Global consulting and actuarial firm Milliman has released the latest version of its Arius insurtech software solution, a reserve analysis system for property and casualty insurers and large self-insureds. The new release provides significant enha...
Posted: Dec 07, 2022
According to Fitch Ratings, the Florida homeowners’ insurance market’s already uncertain position is set to weaken further with the destruction caused by Hurricane Ian, which is potentially the second-largest hurricane in terms of insured losses....
Posted: Dec 06, 2022
Global credit rating agency AM Best has announced it is maintaining its negative outlook on the US personal lines insurance segment for 2023. It was recently revised to negative in September 2022. According to the announcement, AM Best’s dec...
Posted: Dec 06, 2022
Amwins, a global distributor of specialty insurance products and services, has announced the appointment of Jennifer Nuest to the newly created position of transportation practice leader. Nuest has over a decade of transportation insurance industr...
Posted: Dec 06, 2022
Karen Clark & Company (KCC) has announced the launch of complete stochastic climate-conditioned catalogs for the weather-related perils most impacted by climate change, hurricanes, floods, and wildfires. There are five associated climate catal...
Posted: Dec 06, 2022
The bankruptcy of cryptocurrency exchange FTX is the latest example of a corporate collapse resulting from governance failures, and carries some tough lessons for insurers, according to AM Best. Although FTX is not an insurance company, the rating...
Posted: Dec 06, 2022
Artificial Intelligence (AI) and machine learning is a growing topic within both the insurance and reinsurance industry, with more companies using the technology to manage manual, low complexity workflows and dramatically increase operational effi...
Posted: Dec 06, 2022
Arbol, a global climate risk solutions platform, has announced its parametric reinsurance solution has delivered one of the first payouts for loss or damage attributed to Hurricane Ian. The $10 million payout to Centauri Insurance, a property and...
Posted: Dec 06, 2022