Reinsurance News
Oxbridge Re has appointed Dwight Merren as a director within the firm, according to a form filed with the US’s Securities and Exchange Commission (SEC). The form says that Merren is joining as Kris Persaud departs the company, following his resign...
Posted: Nov 18, 2022
Analysts at Lloyd’s managing agent Argenta believe that Lloyd’s syndicates could still provide “respectable” returns to capital for underwriting members for the 2022 year, despite the impacts of Hurricane Ian. The comments came as part of Argenta’...
Posted: Nov 18, 2022
Specialty property and casualty (P&C) re/insurance provider Sompo International has reported that its underwriting profits increased by 57% to $367 million for the first half of the 2022 fiscal year. As a result, its revised forecasts for the...
Posted: Nov 18, 2022
Chubb Limited has received regulatory approval from the China Banking and Insurance Regulatory Commission to increase its ownership in Huatai Insurance Group Company Limited from 47.3% to 83.2%. In November 2019, Chubb announced that it had increa...
Posted: Nov 18, 2022
The total claims amount relating to Hurricane Ian, based on data from major European, American, and Bermudian insurers, are near the $20 billion mark, but with the largest industry loss estimates from the storm at around $70 billion, there could b...
Posted: Nov 18, 2022
AXA XL Insurance’s Professional Liability team has announced that it has built out its regional underwriting management structure, by promoting five to Region Leader positions. The firms new Regional Leaders include Rob Martin, Ed Perry, Kat...
Posted: Nov 18, 2022
S&P has downgraded SCOR SE’s long-term issuer credit and financial strength ratings to ‘A+’. In moving SCOR from its previous rating of ‘AA-‘, S&P cited weak results at this point in 2022, along with droughts in Brazil, high natural catast...
Posted: Nov 18, 2022
Dealmakers continued with a “frenzy” of transactions over the latter half of 2021 and into 2022, leading to both positives and negatives in the transactional risk market, according to the latest market update from re/insurance broker Lockton. PwC...
Posted: Nov 18, 2022
A new report from Fitch Ratings says that the earnings of Europe’s four main reinsurers fell over the first nine months of this year, compared to the same period in 2021. The firm said that this was because of higher natural catastrophe losses, we...
Posted: Nov 18, 2022
Analysts at Risk Placement Services (RPS) have outlined the effects on the energy insurance industry following the OPEC+ meeting in early October where it agreed to a 2 million barrel per day (BPD) oil output cut. RPS notes that the decision was m...
Posted: Nov 18, 2022
Guernsey Finance has appointed William Lewis Business Development Representative for the Insurance Sector. According to the announcement, this is the first time a sector-specific Business Development Representative has been appointed, with objecti...
Posted: Nov 18, 2022
Pan-African (re)insurer Africa Specialty Risks (ASR) has entered a partnership agreement with Moroccan reinsurer Société Centrale de Réassurance (SCR). A joint statement said that the pair will be combining capacities to write multi-business line...
Posted: Nov 18, 2022
Green Shield Risk Solutions, provider of risk mitigation strategies for catastrophe prone properties, has announced a $6.6 million investment to support the expansion of its risk mitigation solutions. According to the announcement, the investment...
Posted: Nov 18, 2022
Activists from the WWF and Insure Our Future campaigns have said that the Platform for Carbon Accounting Financials and the Net-Zero Insurance Alliance protocol violates the Race to Net Zero and UNHLEG recommendations. These statements came soon a...
Posted: Nov 18, 2022
The Forum of Insurance Lawyers (FOIL) has announced that Nicola Critchley, Partner at DWF, has been elected as President, taking over from Stuart Hardy, Partner at BLM Law. Critchley sits on FOIL’s Costs SFT and was also Treasurer of FOIL, and has...
Posted: Nov 18, 2022
Broking and solutions company, WTW has announced the launch of a new sovereign risk management programme developed to help Indonesia plan and implement an orderly long-term low carbon transition. The announcement was made during the G20 Leaders’ S...
Posted: Nov 18, 2022
The recent and dramatic collapse of FTX, the Bahamas-based cryptocurrency exchange launched in 2019 by Sam Bankman-Fried, is likely to result in years of litigation in numerous jurisdictions, according to Dan Wyatt, Partner at RPC, an internationa...
Posted: Nov 17, 2022
Fitch Ratings has said that Florida Citizens Property Insurance Corporation and the Florida Hurricane Catastrophe Fund do not face near-term risks to their capacity to service debt as a result of expected losses arising from Hurricane Ian. However...
Posted: Nov 17, 2022
US primary insurer Allstate has announced that it increased auto rates by 14.0% across 15 locations during the month of October in response to inflationary increases to loss costs. Jess Merten, Chief Financial Officer at Allstate, said that this m...
Posted: Nov 17, 2022
The UK Government has received widespread approval from the insurance and reinsurance industry today after Chancellor Jeremy Hunt promised that scrapping of certain EU rules in Solvency II reforms will “unlock tens of billions of pounds of investm...
Posted: Nov 17, 2022
Trium Cyber syndicate 1322 has been given final approval by Lloyd’s. The third-party managing agent Asta said that the risk carrier had received permission to commence underwriting business on or after 1 January. It said that Trium Cyber plans to...
Posted: Nov 17, 2022
Ivans Index has reported that year-over-year average premium renewal rates remain up for the majority of commercial lines in Q3, while month-over-month rates experience variable changes. Q3 2022 showed premium renewal rate change for all major com...
Posted: Nov 17, 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has provided a modelled estimate of its ultimate losses from recent hurricane Nicole, pegging the total at $62.5 million. The sum is a modelled estimate of indemnity losse...
Posted: Nov 17, 2022
WTW has collaborated with Liberty Specialty Markets (LSM) and Markel to launch the pilot phase of a new digital commercial insurance platform. The venture between the three companies will aim to help improve connectivity, giving brokers flexible t...
Posted: Nov 17, 2022
Austria’s UNIQA Insurance Group has reported that premiums written grew by 4.3% in Q3 of 2022 to €5,033.1 million, with increases recorded across all business lines. Premiums written in property and casualty insurance rose by 5.5% to €2,832....
Posted: Nov 17, 2022