Reinsurance News
Global reinsurance giant Munich Re has reported losses related to Hurricane Ian within its property and casualty reinsurance business of roughly €1.6 billion after retrocession, based on an insurance industry market loss of around $60 billion (exc...
Posted: Oct 21, 2022
Cincinnati Financial Corporation has announced that its consolidated Q3 results are expected to include pretax catastrophe losses of approximately $252m, representing an impact on the Q3 2022 combined ratio of approximately 13.9 percentage points,...
Posted: Oct 21, 2022
Westland Insurance has announced that Jamie Lyons will assume the role of President & CEO effective January 1, 2023, with current CEO Jason Wubs transitioning to the newly created role of Vice Chair, Head of Mergers & Acquisitions and Stra...
Posted: Oct 21, 2022
MS Amlin Underwriting Limited (MS AUL) has been fined £9,695,000, imposed by the Prudential Regulation Authority (PRA), for failing to comply with its regulatory obligations relating to its governance and oversight of underwriting, underwriting co...
Posted: Oct 21, 2022
Palomar has said that it is to use its reinsurance cover to offset losses arising from Hurricane Ian in Q3 2022. The firm said that it was looking at estimated pre-tax catastrophe losses of $12.5m, net of reinsurance, for the third quarter of 2022...
Posted: Oct 21, 2022
Insurtech firm Accelerant has hired Jay Green to be its new global chief financial officer. Green will begin in his new role at the start of November and will lead the company’s worldwide financial planning and analysis as well as investor relatio...
Posted: Oct 21, 2022
A new MGA has been launched in London a short distance from Lloyd’s market. Specialty MGA UK has been created with a focus on providing additional capacity for specialty lines of businesses and hard to place risks. According to the announcement, a...
Posted: Oct 21, 2022
According to Claudia Hasse, Chief Executive Manager at Munich Re, given the accumulation potential the firm sees in cyber re/insurance, it plans to increase cover prices in Germany and Europe. Hasse, who is responsible for Non-Life business in Ger...
Posted: Oct 21, 2022
Bermuda-based re/insurer AXIS Capital has announced pre-tax catastrophe and weather-related losses of $212 million for the third quarter of 2022, of which $160 million relates to Hurricane Ian. AXIS says that its net loss estimate for Ian is consi...
Posted: Oct 21, 2022
The Lloyd’s Market Association (LMA) has appointed three senior market leaders to its Board. The three new Board members are Jane Warren, Chief Underwriting Officer, Liberty Specialty Markets, Alex Powell, CEO, AEGIS London, and Richard Milner, CE...
Posted: Oct 21, 2022
Bermuda-headquartered international legacy group, Compre has announced that it has signed agreements to acquire the Irish subsidiary of Covéa, Medical Insurance Company DAC (MIC), which provided general liability insurance covering professional me...
Posted: Oct 21, 2022
Allianz Global Corporate & Specialty (AGCS) has announced the appointment of Mark Whayling as the new Entertainment Global Product Lead for the Live sector, effective immediately. Whayling was most recently Senior Underwriter, Live Entertainme...
Posted: Oct 21, 2022
Skyward Specialty Insurance Group Inc. has announced that it has elected Kate Terry and Marcia Dall to its Board of Directors effective immediately. Terry is the co-founder and chief operating officer of Surround Group Inc., a property and casualt...
Posted: Oct 21, 2022
Specialty insurer Fusion has announced the appointments of Hui Ling Wong as Senior Partner, and Yen Lin Ee as Partner, in Mergers and Acquisitions (M&A) Underwriting. Hui Ling joins the Fusion team in Hong Kong as Senior Partner and is well re...
Posted: Oct 21, 2022
Swiss Re’s latest SONAR edition has identified eroding consumer trust in governments, public health institutions and medical science as an emerging risk. It also highlights that this lack of trust is inevitably spilling into how consumers vi...
Posted: Oct 20, 2022
Volante Global, an international managing general agent platform and Lloyd’s Syndicate, has announced the launch of Volante (DIFC) at Dubai International Financial Centre (DIFC), the global financial centre in the Middle East, Africa and South Asi...
Posted: Oct 20, 2022
The impact of Hurricane Ian on an already stressed property market is expected to be significant and contribute to a much more challenging 1/1 renewals, but further tightening in the catastrophe space could be a tailwind for reinsurance broker Guy...
Posted: Oct 20, 2022
Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has announced an investment in Safely, a provider of short-term rental protection. The short-term home rental market has grown rapidly as seen with the rise of booking platforms like...
Posted: Oct 20, 2022
Property and casualty insurance company The Hanover Insurance Group has announced a preliminary estimate for third quarter catastrophe losses of approximately $90m, before taxes, or 6.8 points of net earned premiums. In a statement, the firm said...
Posted: Oct 20, 2022
P&C insurance company Chubb has appointed Bill Hazelton as Executive Vice President, Head of North America Industry Practices. In this newly created role Hazelton will focus on providing extensive industry-focused insurance coverages, risk eng...
Posted: Oct 20, 2022
The scope and intensity of Hurricane Ian have pushed potential insured flood losses above the median with reinsurers and auto carriers on the hook, according to analysts at Morgan Stanley. Cat model estimates for Hurricane Ian’s flood-based...
Posted: Oct 20, 2022
With the recent launch of the Amazon Insurance Store, Amazon could become a “serious threat” to the ‘big four’ price comparison sites of household insurance – Compare the Market, Go Compare, MoneySuperMaket, and Confused.com – ruling t...
Posted: Oct 20, 2022
Inver Re, The Ardonagh Group’s reinsurance broker, has announced the appointment of Chris Carney to the new role of Head of Commercial Operations. Carney holds over three decades of insurance experience, including time spent at Marsh UK as COO of...
Posted: Oct 20, 2022
Global brokerage Marsh McLennan (MMC) has reported a solid set of results for the third quarter of 2022, supported by underlying revenue growth of 7% at its reinsurance arm, Guy Carpenter. Across the business, MMC’s consolidated revenue in Q...
Posted: Oct 20, 2022
The Supervisory Board of Munich Re has announced that it has appointed Dr Thomas Blunck as the Chair of the Reinsurance Committee of the Group’s Board of Management with effect from January 1, 2023. Blunck will succeed Dr Torsten Jeworrek, who wil...
Posted: Oct 20, 2022