Reinsurance News
Rating agency Moody’s has decided to change its outlook for global property and casualty (P&C) insurers to negative from stable, citing high claims inflation, the gradual return of claims frequencies to pre-pandemic levels, and rising reinsura...
Posted: Dec 05, 2022
Allianz Global Corporate & Specialty (AGCS) has appointed Chris Terry to be its new global product lead for structured insurance in alternative risk transfer (ART). In his new role, Terry will focus on further developing the ART underwriting s...
Posted: Dec 05, 2022
Broker firm Consilium has appointed Suzanne Bazire to be its new COO. The company, part of The Aventum Group, said that this was its third new senior leadership appointment in as many months. Bazire will be responsible for leading the operations f...
Posted: Dec 05, 2022
Mexico-based insurer Grupo Nacional Provincial (GNP), has appointed Alejandro Padilla Mariscal as Head of Reinsurance. GNP Seguros is one of the largest insurers in Mexico providing insurance policies that cover life, damage and accidents among ot...
Posted: Dec 05, 2022
Catastrophe focused underwriting manager ICAT (International Catastrophe Insurance Managers LLC), has appointed Ashleigh Cashman as Interim Leader of ICAT, effective immediately. While she steps into this role, Cashman will also be keeping her res...
Posted: Dec 05, 2022
AM Holding Company has announced the launch of AM Specialty Insurance Company (ASIC), an Arizona-authorised domestic excess and surplus (E&S) lines carrier and accredited reinsurer based in Dallas, Texas. According to the announcement, this ne...
Posted: Dec 05, 2022
A new note from WTW suggests that insurers should look at their reserving, investment, and pricing strategies, alongside their approach to portfolio management, in order to best place themselves in the current high-inflation environment. The artic...
Posted: Dec 05, 2022
Specialist reinsurance MGA, Connect Underwriting Limited, has announced the launch of Pixel Re, a new dedicated monoline reinsurance vehicle for global property and downstream energy risks. For attachments of typically USD 500 million and above, t...
Posted: Dec 05, 2022
R&Q has completed a loss portfolio transfer worth $60m to its a- (IX) rated carrier, Accredited. According to the firm, the reinsurance transaction provides the California-based pool with economic finality for approximately $60m of reserves re...
Posted: Dec 05, 2022
AXIS’ Environmental business unit has announced the launch of a Specialty Package Policy for manufacturers (SPPm). It offers an integrated environmental and general liability coverage for the manufacturing sector. Exposures covered by the new poli...
Posted: Dec 05, 2022
Fitch Ratings’ 2023 sector outlook for Spanish insurance is neutral, as the sector should maintain its strong credit fundamentals in both life and non-life insurance, according to the rating agency’s latest Outlook for the sector. Fitch expects te...
Posted: Dec 05, 2022
Marsh McLennan Agency (MMA), a subsidiary of Marsh, has announced the acquisition of McDonald Zaring Insurance (MZI), a US full-service agency located in Walla Walla, Washington. Terms of the acquisition were not disclosed. Founded in 1932, McDona...
Posted: Dec 05, 2022
A loss of nature and biodiversity is perceived as less of a risk in terms of its impact to the re/insurance industry than other factors within the next five years, says a new report from The Geneva Association. The organisation said that it had sp...
Posted: Dec 05, 2022
Allianz Commercial has announced the launch of a new model to provide a consistent and tailored approach to broker relationships. In the new model, brokers will be segmented into three tiers – identified as Broker Partners, Prime Partners or...
Posted: Dec 05, 2022
In the year it celebrates its 20th anniversary, the non-profit association Microinsurance Network (MiN), has welcomed 13 new institutional members, achieving more than 10% growth in membership for the second consecutive year. With these new 2022 a...
Posted: Dec 05, 2022
Swiss Re’s Chief Executive Officer Reinsurance Asia, Paul Murray spoke with Reinsurance News to share his thoughts on Swiss Re’s outlook for the upcoming Asia renewal season, as well as how he sees market conditions developing within reinsurance i...
Posted: Dec 02, 2022
Global credit rating agency AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a+” (Excellent)...
Posted: Dec 02, 2022
The US P&C industry recorded a $24.3 billion net underwriting loss in the first nine months of 2022, down $17.9 billion from the prior year period, according to data from AM Best. The rating agency noted that 8.4% growth in net earned premiums...
Posted: Dec 02, 2022
Jencap, an U.S. wholesaler specialising in Workers’ Compensation, has announced the appointment of Ben Beazley as Executive Vice President of National Accounts, Property. In his new role, Beazley will focus on the development and recruitment of ta...
Posted: Dec 02, 2022
Florida governor Ron DeSantis has reiterated his and his administration’s aim to improve the state’s insurance market in recent comments. DeSantis was speaking about the continuing work his administration is undertaking to stabilise the state’s in...
Posted: Dec 02, 2022
Arch has announced the promotion of Brian First to President of Arch Insurance North America from Chief Underwriting Officer (CUO) of Programs, Property and Specialty. In this newly created role, First’s will now have executive oversight over Arch...
Posted: Dec 02, 2022
According to a new report by Fitch Ratings, both US and Canadian life insurers are heading into 2023 in solid shape, despite more volatile capital markets and higher inflation drying up issuance in recent months. In the report, Fitch notes that th...
Posted: Dec 02, 2022
The Worldwide Broker Network (WBN), the world’s largest network of independent insurance brokers and employee benefits consultants, has appointed Alzbeta Gyulaffyova as Global Network Coordinator. Gyulaffyova, who will report to Global Operations,...
Posted: Dec 02, 2022
A new report by the Bermuda Monetary Authority (BMA) has concluded that use of artificial intelligence and machine learning technologies in the Bermuda re/insurance market is still currently in its infancy, but is set to pick up significantly over...
Posted: Dec 02, 2022
Legal & General Retirement America (LGRA) has completed a c.$145 million pension risk transfer (PRT) transaction with Rolls-Royce North America Inc. The deal, which closed in July, covered approximately 1,200 plan participants from the Retirem...
Posted: Dec 02, 2022