Reinsurance News
Universal Insurance Holdings has announced the appointment of William Degnan as Chief Claims Officer. Degnan was previously Executive Vice President, Claims of Alder Adjusting Corporation, Universal’s wholly owned claims adjusting subsidiary. As C...
Posted: Oct 20, 2022
According to a report from Munich Re, inflation is set to remain high in 2023, leading to a bleaker economic outlook for Europe as mixed crises are causing unprecedented levels of complexity in the business environment for re/insurers worldwide. T...
Posted: Oct 20, 2022
Specialist insurance provider CFC has hired George Beattie to be its new head of innovation. The firm said that Beattie, in his new role, will be leveraging its technology and data science. He begins in January 2023 and joins CFC from Beazley wher...
Posted: Oct 20, 2022
Activist investors are seeking shareholder support to elect two new directors to Argo’s Board in order to address what they label as “years of underperformance and poor decision-making” at the company. Capital Returns Master, Ltd., a Cayman Island...
Posted: Oct 20, 2022
US primary insurer Allstate has announced that it expects to incur a net loss between $675 million and $725 million for the third quarter of 2022, largely due to the impacts of Hurricane Ian. Catastrophe losses for the third quarter, net of reinsu...
Posted: Oct 20, 2022
A recent report from Jefferies suggests it is “inevitable” that reinsurance prices will not only rise at the upcoming January renewals, but will also accelerate their momentum year-on-year. Jefferies attributes this assessment to a hig...
Posted: Oct 20, 2022
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced estimated catastrophe losses of $650 million for the third quarter of 2022, of which the majority, or $540 million relates to hurricane Ian. Alongside Ian, losses from other catastr...
Posted: Oct 20, 2022
Global insurance and reinsurance group Everest Re has pre-announced an estimated $730 million of catastrophe losses for the third-quarter of 2022, $600 million of which are related to hurricane Ian. For hurricane Ian, Everest Re said that its loss...
Posted: Oct 20, 2022
Actuarial Risk Management (ARM) has announced the addition of Charles (Chuck) Chacosky as managing director consulting actuary. As a senior member of the ARM network of actuaries, Chacosky will work to enhance the financial reporting and regulator...
Posted: Oct 20, 2022
Rising Edge, a London-based directors’ and officers’ (D&O) Managing General Agent (MGA), and insurance broker, TMF Group have partnered together to create a “market-changing” project to improve tax collection efficiency post bind. They created...
Posted: Oct 20, 2022
ReSource Pro, a market leader in business process solutions for the insurance industry, has acquired MIS Insurance Services LLC., a software solutions company that provides an integrated suite of web-based services to the commercial property and c...
Posted: Oct 20, 2022
Data and analytics company, Russell Group has appointed former CEO of weather analytics and insights modelling firm MetSwift, James Banasik, as Head of Connected Risk. Banasik’s appointment is part of a strategic transformation by Russell Group to...
Posted: Oct 20, 2022
U.S primary insurer Travelers has now accumulated $1.4 billion of qualifying losses for the retention of $2 billion on its property aggregate catastrophe excess of loss treaty, as the carrier booked losses of $326 million related to hurricane Ian...
Posted: Oct 19, 2022
Hurricane Fiona is estimated to have caused $660 million in insured damages, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), making it the costliest extreme weather event ever recorded in Atlantic Canada. L...
Posted: Oct 19, 2022
International financial services company Great-West Lifeco has announced that it will record a provision of US $100 million for estimated reinsurance claims expected to result from Hurricane Ian. Lifeco mainly has interests in life insurance, heal...
Posted: Oct 19, 2022
Berkshire Hathaway has officially announced the completion of its acquisition of Alleghany, having received all regulatory approvals earlier this week. It was first announced in March that Warren Buffett’s insurance and reinsurance firm had reache...
Posted: Oct 19, 2022
French reinsurer SCOR has appointed David Guest as Head of Crisis Management for SCOR UK and the SCOR Syndicate. His remit will include Terrorism and Political Violence and is effective 24 October, 2022. Within this role, Guest will be based in Lo...
Posted: Oct 19, 2022
Reinsurance broker, Guy Carpenter has announced it has expanded its capabilities in the delegated authority arena. It is welcoming three new members to its GC Access team and forming a new collaboration with Guy Carpenter’s Ratings Advisory Servic...
Posted: Oct 19, 2022
According to a report from AM Best, publicly traded insurers have reported more than $200bn of unrealised losses on their fixed-income portfolios through the second quarter of 2022, as rising interest rates have diminished bond values. The report...
Posted: Oct 19, 2022
Allianz Commercial has announced that it has appointed David Carey to the newly created position of managing director, mid-market, effective from April 2023, subject to regulatory approval. Within this role, he will hold responsibility for leading...
Posted: Oct 19, 2022
Primary insurance group The Travelers Companies, Inc. has reported a 31% year-on-year dip in net income to $454 million for the third quarter of 2022, but despite experiencing a higher catastrophe load in the period, driven by hurricane Ian, the f...
Posted: Oct 19, 2022
Aspida Life Re, a Bermuda-based life and annuity reinsurance company, has announced that David Florian has been named as its new Chief Executive Officer (CEO). He brings over three decades of industry experience and over two decades of leadership...
Posted: Oct 19, 2022
Leaders at reinsurance giant Swiss Re continue to see strong and rising demand for reinsurance protection across all lines and regions on the back of the current high inflationary environment. This morning, Swiss Re hosted a media briefing ahead o...
Posted: Oct 19, 2022
HDI Global Specialty (HDI) has announced that Mark Fleiser, former General Manager of its Australian operations, has been promoted to Managing Director of its Australian branch. Fleiser’s appointment is effective immediately. Within his role as Ge...
Posted: Oct 19, 2022
The Insurance Council of Australia (ICA) has declared an Insurance Catastrophe for Victoria, Tasmania and New South Wales. The three states are suffering the impacts of severe weather and flooding that started last week. The ICA’s Catastrophe decl...
Posted: Oct 19, 2022