Reinsurance News
Powell Brown, President & CEO of US broker firm Brown & Brown, has warned of late-running renewals and challenging changes to reinsurance prices and terms following Hurricane Ian. Speaking during a Q3 earnings call, Brown said that reinsur...
Posted: Oct 26, 2022
The Insurance Council of Australia has said the new Federal budget has laid the foundations for a significant and bold new start to the approach taken by governments to improve community and household resilience to worsening extreme weather. In it...
Posted: Oct 26, 2022
Fitch Ratings has announced that it has upgraded W.R. Berkley Corporation’s property and casualty (P&C) operating subsidiaries Insurer Financial Strength ratings to ‘AA-‘ (Very Strong) from ‘A+’. At the same time, Fitch has also upgraded Berkl...
Posted: Oct 26, 2022
The American Property Casualty Insurance Association has released a report demonstrating how auto insurance claims inflation continues to outpace the underlying consumer price index at a rate much faster than increases in premiums. The research co...
Posted: Oct 26, 2022
Following the events of Hurricane Ian, the reinsurance industry is sitting on the cusp of a far harder market for pricing heading into 2023, suggests a report from JP Morgan. The report observes that it is difficult to truly assess how much prices...
Posted: Oct 26, 2022
Bermuda-based managing general agent Banyan Risk has partnered with SPAC-focused financial advisory firm Zukin Certification Services to offer a service that helps companies go public. Zukin’s service, the Reasonable Basis Review (RBR), is designe...
Posted: Oct 26, 2022
Moody’s has downgraded its outlook on the UK property and casualty (P&C) insurance sector from stable to negative, reflecting the adverse impact of high inflation on underwriting profitability. The rating agency anticipates that P&C price...
Posted: Oct 26, 2022
Fintech firm Acrisure is to acquire the firms Sutton Winson and Sutton Specialist Risks (SSR). Both deals are subject to FCA approval and are expected to close within the next few weeks. This year, the firm says that it has completed or has under...
Posted: Oct 26, 2022
BitSight has released results from an independent study which found fourteen BitSight analytics, including the BitSight Security Rating, and thirteen BitSight risk vectors, to be correlated with cybersecurity incidents. The study was conducted by...
Posted: Oct 26, 2022
Moody’s has affirmed the ratings of Aviva, AXA UK, L&G, and M&G, saying that the insurance financial strength ratings (IFSR) of the first three are still ‘stable’, while that of M&G remains ‘negative’. A statement from Moody’s said tha...
Posted: Oct 26, 2022
Greenlight Capital Re and Greenlight Reinsurance have announced that Laura Accurso, General Counsel, Corporate Secretary, and Chief Compliance Officer will separate from the firm – where she has worked for over 11 years – effective as...
Posted: Oct 26, 2022
The Australian Prudential Regulation Authority (APRA) has released the findings of its review into the robustness of the general insurance industry’s approach to risk management following the BI issues during the peak of the pandemic, where...
Posted: Oct 26, 2022
Chubb is reporting that its net income in Q3 2022 was $812m, down from $1.83bn in Q3 2021. The firm is also reporting that net income between the two periods fell from $6.4bn to $4bn. It said that net income in the quarter was adversely impacted b...
Posted: Oct 26, 2022
US specialty insurer Assurant, Inc. has announced expected pre-tax catastrophe losses of $124 million for the third quarter of 2022 primarily related to Hurricane Ian, which includes the $80 million per-event retention and $35 million of reinstate...
Posted: Oct 26, 2022
Climate change is becoming the number one concern around the world, according to AXA’s Future Risks Report 2022, with geopolitical risks coming in second place. The report also found that the feeling of vulnerability to certain risks has bee...
Posted: Oct 26, 2022
QIC subsidiary Antares Managing Agency has announced that Antares Syndicate 1274’s 2023 business plan has received formal approval from the Lloyd’s Capital and Planning Group. Syndicate 1274’s Syndicate Business Forecast includes a 16% increase in...
Posted: Oct 26, 2022
According to GlobalData, the Chinese general insurance market is set to grow at a compound annual growth rate (CAGR) of 7.2% from CNY1,367.7bn ($212.1bn) in 2021 to CNY1,943.1bn ($304.4bn) in 2026, in terms of direct written premiums (DWP). Despit...
Posted: Oct 26, 2022
JBA Risk Management has launched a set of global climate change tools enabling the (re)insurance market, risk managers, and lenders to understand future flood risk in any country in the world. The suite of tools consists of new customisable Climat...
Posted: Oct 26, 2022
Global broking business, Brokerslink, has announced that it has added Associated Insurance Consultants (AIC) from the United Arab Emirates (UAE) to its global network as an affiliate, giving the network local broking expertise in eight Middle East...
Posted: Oct 26, 2022
CyberCube has announced that it has launched the world’s first set of detailed Exposure Databases to enable re/insurers and brokers to perform a wide range of benchmarking, sensitivity, and real-time analyses for cyber risks. The Exposure Database...
Posted: Oct 26, 2022
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed revisions to the country’s rules for the order of preference on reinsurance business, which could see alterations to GIC Re’s right to first refusal. A new exposure d...
Posted: Oct 26, 2022
Bermuda-based specialty P&C insurer Argo is being sued by a group of investors, who claim that they were misled on major aspects of the company’s performance metrics, which have resulted in a significant drop in stock prices. Argo’s stock pric...
Posted: Oct 25, 2022
IQUW, a property and specialty re/insurer, has announced the strengthening of its Professional Lines team with the appointment of Sam Waltier as Underwriter. In his new role Waltier will be reporting to ristram Prior, Senior Underwriter, Financial...
Posted: Oct 25, 2022
The suspension of Boeing’s 737 MAX fleet following two crashes in 2018 and 2019 is now thought to be one of the single biggest aviation insurance claims in history, according to analysts at AviationSource, with reinsurers and retrocession underwri...
Posted: Oct 25, 2022
AmTrust Financial Services, Inc. has acquired the middle market management liability business of DUAL North America. The acquisition includes DUAL North America’s underwriting team and renewal rights to its portfolio. As part of the transaction, s...
Posted: Oct 25, 2022