Reinsurance News
According to a report from AM Best, US private passenger auto insurers recorded an underwriting loss of more than $4bn in 2021, and with a rapidly worsening loss ratio through first-half 2022, the firm expects that carriers’ operating margins will...
Posted: Nov 16, 2022
Specialist financial guarantee insurer Build America Mutual (BAM) has secured $150 million of fully collateralized reinsurance via a third issuance through its Bermuda special purpose insurer (SPI), Fidus Re. Following this transaction, BAM’...
Posted: Nov 16, 2022
SCOR has announced that its Board of Directors has decided, upon the proposal of the Nomination Committee, to co-opt Martine Gerow, CFO of American Express Global Business Travel, as a director, replacing Kory Sorenson. Gerow, a French and America...
Posted: Nov 16, 2022
BOC Aviation, a Dublin-based aircraft lessor, has begun legal action against 16 insurance companies, including Lloyd’s of London, Chubb European Group, AIG Europe and Swiss Re, over losses linked to Russia-Ukraine war, according to a Reuters repor...
Posted: Nov 16, 2022
Financial giant Zurich has set new financial targets for itself, which it plans to achieve between 2023 and 2025. The firm said in a statement that it was looking to boost business operating profit after tax return on equity (BOPAT ROE) to more th...
Posted: Nov 16, 2022
Allianz Re has appointed Thorsten Fromhold as Chief Group Reinsurance Buyer (CGRB), effective January 1, 2023. The role will form a new, dedicated function within the Board of Allianz Re, separate from assumed business. In his role Fromhold will b...
Posted: Nov 16, 2022
Analysts at S&P Global Ratings note in a new report that EMEA insurers are facing a “perfect storm” of capital market volatility, recessionary risks and heightened inflation, even as rising interest rates support investment income. But Credit...
Posted: Nov 16, 2022
Beazley, the specialist insurer, has completed its previously announced share issuance, raising gross proceeds of roughly £350 million (£337m net) to support organic growth and fund attractive underwriting opportunities, while maintaining a strong...
Posted: Nov 16, 2022
MGA firm iprism has acquired Metier Underwriting. The latter, officially named Metier Trading Limited (MTL), specialises in hard-to-place contractor liabilities in construction and are experienced in the leisure, events, and security industries. T...
Posted: Nov 16, 2022
Global insurTech Novidea, has appointed Matt Richards as its new Head of UK Delivery. Within this role, Richards will have overall responsibility for UK customer deliveries to ensure that Novidea consistently meets its customer requirements, as we...
Posted: Nov 16, 2022
Allianz has appointed James Maxwell to be its new risk director for its commercial business. Reporting to Allianz Holdings chief risk officer, John Berry, Maxwell will have responsibility for overseeing all risk matters within the Commercial lines...
Posted: Nov 16, 2022
AM Best is maintaining its estimate for net asbestos losses at $100 billion and environmental losses at $46 billion as of year-end 2021, adding that given the relatively high but declining level of both paid and incurred losses, its estimate of ul...
Posted: Nov 16, 2022
Blink Parametric has announced that it has entered into an agreement which will see one of its flagship parametric products embedded across all Salaam Takaful Limited travel insurance policies. Recognised as one of the leading Takaful operators in...
Posted: Nov 16, 2022
The Insurance Council of Australia has declared a ‘Significant Event’ for parts of Central West NSW impacted by the flooding that began on Saturday, 12 November. The ICA has also announced that its catastrophe processes have been activ...
Posted: Nov 16, 2022
Specialist insurer Beazley plans to issue 60,959,017 new ordinary shares of five pence each to raise gross proceeds of £385 million, alongside an additional retail share issuance, as the company looks to take advantage of “attractive underwr...
Posted: Nov 15, 2022
A discussion with Sven Althoff, Member of the Executive Board at Hannover Re, has left analysts at JP Morgan confident that reinsurance pricing should materially improve into next year, with positive dynamics anticipated in all classes of business...
Posted: Nov 15, 2022
Skyward Specialty Insurance Group and Understory Inc. have partnered to launch a new insurance solution to help U.S. automotive dealerships control the rising cost and instability of inventory coverage. The new solution combines Understory’s...
Posted: Nov 15, 2022
Delos Insurance Solutions, a catastrophe insurance managing general agency (MGA) with a focus on California wildfire risks, has announced the launch of a new program to expand wildfire insurance options for California homeowners. It will also prov...
Posted: Nov 15, 2022
Domenico Lup has been appointed Chief Executive Officer (CEO) of Allianz Trade in ASEAN, with effect from 1 December 2022. In his new role, Lup will be responsible for overseeing the trade credit insurer’s growth developments in six ASEAN co...
Posted: Nov 15, 2022
SCOR Investment Partners has appointed Claire Harding to be its new director of global consultant relation. The firm made the announcement on LinkedIn, where Alexandre Jaegle, head of sales for the company, welcomed her onboard. Louis Bourrousse,...
Posted: Nov 15, 2022
The Kestrel Group, a strategic entity created to service program managers, MGAs, reinsurers and reinsurance brokers, has appointed Dan Dijak to be its new senior vice president of business development. Dijak joined the firm at the beginning of the...
Posted: Nov 15, 2022
In Heritage’s Q3 earnings call, Ernie Garateix, CEO, suggested that the firm is raising its rates and evaluating its portfolio as the cost of reinsurance increases alongside capacity constraints. Garateix commented, “Getting appropriate rate...
Posted: Nov 15, 2022
Liberty Mutual Insurance has appointed Mike Gosselin as Global Leader, Energy & Transition Risk, where he will report to Global Risk Solutions President, Insurance Solutions, Elizabeth Geary. Based in London, Gosselin brings more than 25 years...
Posted: Nov 15, 2022
The Vulnerable 20 Group of Finance Ministers (V20) of 58 climate vulnerable economies and the Group of Seven (G7) have launched the Global Shield against Climate Risks, an initiative for pre-arranged financial support designed to be deployed durin...
Posted: Nov 15, 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has released a revised projection of $3.8 billion of direct losses and loss adjustment expenses from Hurricane Ian, of which it expects $1.4 billion to be ceded to private...
Posted: Nov 15, 2022