Reinsurance News
Specialist insurer Beazley has released its trading statement for the first nine months of 2022. The firm said that it had seen gross written premiums rise by 22%, compared to the first nine months of 2021. Meanwhile, it said premium rates on rene...
Posted: Nov 11, 2022
It’s likely the hardest market in reinsurance since the aftermath of 2005, but as Hurricane Ian’s impacts accelerate the trend with additional firming anticipated for the months ahead, it’s important for underwriters not to get c...
Posted: Nov 11, 2022
The U.S. Federal Emergency Management Agency (FEMA) has estimated that Hurricane Ian could drive National Flood Insurance Program (NFIP) losses of between $3.5 billion to $5.3 billion, including loss adjustment expenses, which at the mid-point wou...
Posted: Nov 11, 2022
Strategic Risk Solutions has announced its latest expansion in Europe with a new office located in Paris as the demand for exceptional captive management services continues to cultivate. The firm adds that with the Paris office, in addition to the...
Posted: Nov 11, 2022
US re/insurer Markel Corporation has announced the launch of an enhanced life sciences product liability offering which is also now available on admitted paper. The offering provides broader access to partners and insureds by delivering specialize...
Posted: Nov 11, 2022
Brookfield Reinsurance recorded a net income of $223 million for the third quarter of 2022 compared to a net loss of $6 million from the third quarter of 2021. The company said in a release that in the quarter they recognized $159 million of Distr...
Posted: Nov 11, 2022
SiriusPoint’s CEO Scott Egan has said that the firm must be disciplined in its risk appetite and nimble in its approach to the market as it looks to restructure its underwriting platform following a net loss of $98 million for the Q3 period. Siriu...
Posted: Nov 10, 2022
Re/insurance broking firm, Arthur J. Gallagher & Co has announced it has acquired North Carolina-based PIUS Limited and its affiliate Newlight Capital. Terms of the transaction were not disclosed. Patent Insurance Underwriting Services (PIUS)...
Posted: Nov 10, 2022
Advisory and broking solutions company, WTW has named Adrian Hicks Head of Mid-Market and Real Estate for North American business placed in London and the international market. In his new role, Hicks will be responsible for establishing and execut...
Posted: Nov 10, 2022
Novatae Risk Group, a full-service wholesale insurance broker, managing general agency (MGA) and programme manager, has acquired fellow, Dallas-based brokerage firm MarketScout Corporation, and announced the latter’s Founder and Chief Execut...
Posted: Nov 10, 2022
Pen Underwriting has announced a new UK strategic partnership with Paladin Cyber to arm brokers and their clients with cyber risk management tools to tackle cybercrime and reduce the risk of data loss, extortion, and exfiltration. A statement from...
Posted: Nov 10, 2022
Reinsurance broker Guy Carpenter has announced the launch of MetaRisk Live, a new tool to enable real-time reinsurance strategy optimization. With MetaRisk Live clients will be able to evaluate instantly the impact of changes to their reinsurance...
Posted: Nov 10, 2022
United Insurance Holdings Corp (UPC Insurance) has reported a net loss of $70.9 million for the third quarter of 2022, compared to a net loss of $14.3 million in 2021. UPC Insurance specified that the loss was driven by decreased gross written pre...
Posted: Nov 10, 2022
American Equity has said it is going into a long-term partnership with multi-asset platform 26North. A statement from the firm says that American Equity already holds a strategic investment in 26North. However, the new partnership will see Anant B...
Posted: Nov 10, 2022
The segregation of different areas of expertise within issuing carriers and the decoupling of risk is a trend that will accelerate in the reinsurance industry as it is cost effective and gives consumers and investors more opportunity, according to...
Posted: Nov 10, 2022
Enstar has completed a loss portfolio transfer with underwriting firm Argo to reinsure a number of its direct US casualty insurance portfolios relating to accident years 2011 to 2019. Enstar’s subsidiary covers ground up reserves of $746m and an a...
Posted: Nov 10, 2022
Italy-headquartered insurer Generali has reported Gross Written Premiums rose to €59.8bn in the third quarter of 2022, citing continued growth in the P&C segment. The net result for the quarter stood at €2,233 million, compared to €2,250 milli...
Posted: Nov 10, 2022
Lockton Re has hired Ben Ryan as a senior broker within its non-marine retrocession and property specialty team in London. The firm said in a statement that Ryan began his career as part of the graduate programme at Aon’s reinsurance solutions. He...
Posted: Nov 10, 2022
Allianz has released its Q3 results, saying that operating profit grew by 7.4% in the period to reach €3.5bn. The firm also said, through a statement on its website, that total revenues rose 1.3% in the period to reach €34.8bn. It attributed the g...
Posted: Nov 10, 2022
Zurich has released its Q3 results, saying that gross written premiums in its property and casualty segment were up 8%, compared to the same period in 2021. The firm said in a statement that gross written premiums in property and casualty for the...
Posted: Nov 10, 2022
RenaissanceRe has announced the appointments of David Marra to EVP, Group Chief Underwriting Officer and Chief Executive Officer of Renaissance Reinsurance U.S., and Ross Curtis to EVP, Chief Portfolio Officer, effective January 1, 2023. David Mar...
Posted: Nov 10, 2022
Bermuda-based PartnerRe has reported a net loss of $387 million for the third quarter of 2022 as the firm records a non-life underwriting loss of $100 million on the back of losses related to Hurricane Ian of $300 million, and unrealised losses on...
Posted: Nov 10, 2022
Hurricane Ian is expected to have an “immediate and substantial” impact on the excess and surplus (E&S) lines property market, according to the latest edition of the REDY Index by CRC Group. The Index shows that the property catastrophe market...
Posted: Nov 10, 2022
Global advisory, broking and solutions company, WTW, has appointed Andy Blasher as a Global Client Advocate in its Corporate Risk and Broking (CRB) business. Blasher brings over 25 years of brokerage and carrier experience to the company. In his n...
Posted: Nov 10, 2022
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance’s Global Risk Solutions division, has appointed Alfonso Garcia Larriu General Manager Insurance, Spain. Based in Madrid, Garcia Larriu will report to Kadidja Sinz, Head of LSM Centr...
Posted: Nov 10, 2022