Reinsurance News
Global reinsurance giant Swiss Re expects to report a net loss of $500 million for the third quarter of 2022 on the back of hurricane Ian related claims of a huge $1.3 billion, net of reinsurance and before tax. Swiss Re is the first large, global...
Posted: Oct 18, 2022
In a move to replace an exiting capacity source, London-based specialist MGA, K2 International is to raise capital for additional reinsurance and possibly US retrocession and industry loss warranties (ILW) underwriting in 2023. The structure of th...
Posted: Oct 18, 2022
European boutique Managing General Agent (MGA), Alta Signa Europe B.V. has announced that its Italian operation, Alta Signa Italy, has successfully launched into writing primary directors’ and officers’ (D&O) insurance. Alta Signa Italy is add...
Posted: Oct 18, 2022
Insurtech and parametric cargo insurance platform, Otonomi has announced that it has closed a $3.4 million funding round to build a first-to-market blockchain-powered parametric cargo platform. The funding round was led by ATX Ventures, followed...
Posted: Oct 18, 2022
Singapore-based insurtech firm bolttech has completed Series B investment. The firm said in a statement that the round was led by Tokio Marine and other shareholders, and now values bolttech at an up-round valuation of approximately $1.5bn. This c...
Posted: Oct 18, 2022
The latest edition of Aon’s Reinsurance Aggregate (ARA) reveals that gross and net property and casualty (P&C) re/insurance premiums, as well as underwriting profit, increased for the group of re/insurers in the broker’s universe i...
Posted: Oct 17, 2022
Analysts at Fitch Ratings have increased their estimate for re/insurance industry losses from Hurricane Ian to a range of $35 billion to $55 billion. The new range represents an increase on the estimate of $25 billion to $40 billion previously rel...
Posted: Oct 17, 2022
Lloyd’s re/insurer MS Amlin Underwriting Limited (MS AUL) has announced that the court has sided with it in the outcome of a legal dispute with UK pub group Stonegate regarding COVID business interruption claims. In June of this year, Stonegate mo...
Posted: Oct 17, 2022
Rating agency AM Best has announced that it is revising its outlook for Costa Rica’s insurance industry to stable from negative. The rating agency stated that this owed to the recovery in business volume, contained loss ratios in the non-life mark...
Posted: Oct 17, 2022
Global data analytics provider, Verisk, has appointed Reid Stanway as Chief Digital Officer of Specialty Business Solutions. In this role, Stanway will work with insurance market participants to navigate the increasingly complex world of digital t...
Posted: Oct 17, 2022
According to a report from Moody’s, Hurricane Ian will inflict a heavy toll on Florida-only insurers, which have already been struggling with poor profitability, high claims litigation costs, weak capitalisation, inflation, and increased rei...
Posted: Oct 17, 2022
Everest Re Group Ltd. has appointed Shawn Austin as Senior Vice President, Head of Accident and Health for North America, effective October 24, 2022. Within this role, Austin will be based in New York where he will report directly to Everest Group...
Posted: Oct 17, 2022
Australian insurers IAG and Suncorp have both announced that they have lowered their COVID business interruption (BI) reserve provisions after a recent court ruling on the issue. Last week, the High Court of Australia opted to deny special leave t...
Posted: Oct 17, 2022
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Mary Bruce-Kahn to the role of Chief Executive in Singapore. Bruce-Kahn joined BHSI in January as Regional Head of Operations & IT. According to the announcement she will retain this...
Posted: Oct 17, 2022
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance’s Global Risk Solutions division, has appointed Markus Hefel to the role of General Manager of LSM Switzerland. According to the announcement, Hefel promotion is subject to regulato...
Posted: Oct 17, 2022
KBRA has downgraded its ratings for United Insurance Holdings Corp.’s (UPC Insurance) property and casualty (P&C) subsidiary in the wake of Hurricane Ian and after United announced it will incur $36.4 million of Q3 losses from the storm. The r...
Posted: Oct 17, 2022
Everest Insurance, the insurance division of Everest Re Group, has said it is expanding further into the European market through the opening of new branches in France and Germany. The firm said in a statement that the two branches would be in Pari...
Posted: Oct 17, 2022
All regulatory approvals relating to the proposed acquisition of Alleghany Corporation by Berkshire Hathaway have now been received. The deal is expected to complete on October 19th, 2022, subject to the satisfaction of customary closing condition...
Posted: Oct 17, 2022
According to re/insurance broker Gallagher, airline insurance conditions remain relatively stable despite the ongoing uncertainty around losses and other notable challenges. The firm adds that there are no immediate indications that there will be...
Posted: Oct 17, 2022
Analysts at KBW say they are expecting to see a broad decline in specialty reinsurers’ core loss ratio year-on-year, as they assess the market in the wake of Hurricane Ian and amid the challenging interest rate environment. Looking at the implicat...
Posted: Oct 17, 2022
Rating agency, AM Best has revised the outlooks to Negative from Stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Peak Reinsurance Company Limited (Hong Kong) and its...
Posted: Oct 17, 2022
Everspan Group and Specialty Program Group (SPG) have announced a partnership, under which the former will support the latter’s newly launched habitational excess casualty program, HABX. A joint statement from the two firms says that HABX addresse...
Posted: Oct 17, 2022
Analysts at KBRA have said that Hurricane Ian could result in a capital impact to some reinsurers, depending on the ultimate magnitude of their losses from the event. The firm said that “all insurers with exposure” in the areas affected by Ian wil...
Posted: Oct 14, 2022
The Alabama Center for Insurance Information and Research (ACIIR) at the University of Alabama’s Culverhouse College of Business has released a report measuring the economic value of using FORTIFIED Multifamily, a voluntary beyond-code const...
Posted: Oct 14, 2022
Citizens Property Insurance has released a statement urging its policyholders recovering from Hurricane Ian to protect themselves from fraud and abuse by contacting their agent or Citizens first as they work through the recovery process. The compa...
Posted: Oct 14, 2022