Reinsurance News
Specialty insurer RLI is estimating its pre-tax catastrophic losses arising from Hurricane Ian will fall somewhere between $38m and $42m. This figure, the firm said in a statement, will be reflected in Q3 2022. It added that this range is net of r...
Posted: Oct 14, 2022
AXA XL is expected to produce an underwriting profit despite losses caused by Hurricane Ian, according to a recent report by analysts at JP Morgan. Ahead of the release of the third quarter Activity Indicators on 2nd November JP Morgan is lowering...
Posted: Oct 14, 2022
The High Court of Australia has decided to deny special leave to appeal the judgment of earlier verdicts by the Federal Court regarding the interpretation of policy wordings in business interruption policies that could apply to the COVID-19 pandem...
Posted: Oct 14, 2022
The CEO of Citizens Property Insurance has said his best estimate for losses arising from Hurricane Ian to be around $40bn. Keefe, Bruyette, & Woods (KBW) says in a new note that it sat with Barry Gilway, CEO of Citizens Property Insurance, to...
Posted: Oct 14, 2022
At least 500 homes have been flooded in southeast Australia after the region was inundated with heavy rain yesterday, resulting in evacuations across three states. Rivers across New South Wales and Victoria, as well as the island state of Tasmania...
Posted: Oct 14, 2022
Moody’s has affirmed the Insurance Financial Strength Rating (IFSR) of SCOR SE, a P&C and Life reinsurance provider, and its key operating entities at Aa3. Moody’s said it has also changed the outlook to negative from stable. According t...
Posted: Oct 14, 2022
The global reinsurance industry is undoubtedly a vital part of the risk value chain, but it needs to go back to basics and avoid the mistakes of the last five to 10 years, according to industry experts. Speaking yesterday on the final panel of the...
Posted: Oct 14, 2022
Independent specialist insurer and reinsurer, Apollo, has announced it is expanding its portfolio with construction physical damage to be led by Tim Cook. Cook joined the firm as head of construction and will be reporting to Kate Foster, who has b...
Posted: Oct 14, 2022
Specialist re/insurance broker Miller has announced the appointment of Matt Hooker as regional Head of Energy for Asia-Pacific. Hooker joins from Allianz Global Corporate & Specialty, where he was Asia Pacific Regional Head of Energy & Con...
Posted: Oct 14, 2022
In a new report, analysts at Moody’s have warned of the potential for pressure on both insurer liquidity and the availability of reinsurance and ILS capacity, following heavy losses from Hurricane Ian in Q3. Moody’s notes that Florida-only propert...
Posted: Oct 14, 2022
Rating agency and financial analysis firm, Demotech, Inc., has reported that, at this stage, all of the Florida-focused insurance carriers it rates will be able to handle claims from hurricane Ian within their reinsurance towers, based on early re...
Posted: Oct 14, 2022
According to MetLife’s 2022 Pension Risk Transfer Poll, 95% of defined benefit (DB) plan sponsors say that higher inflation is impacting their decision to move forward with a pension risk transfer (PRT), including 50% saying it’s very impact...
Posted: Oct 14, 2022
Analysts at Jefferies have asserted that Hannover Re is set to benefit from opportunities in areas of change that it has embraced to a greater extent than many peers, including the hard market environment, ILS markets, Asian growth and even IFRS 1...
Posted: Oct 14, 2022
Independent insurance brokerage Lockton, has launched a new industry-leading custody insurance facility available exclusively to its digital asset clients. Developed by Lockton’s Emerging Asset Protection (LEAP) team in collaboration with le...
Posted: Oct 14, 2022
The Geneva Association has announced it has become a supporting institution of the UN-convened Net-Zero Asset Owner Alliance (NZAOA), an alliance of institutional investors committed to transitioning their investment portfolios to net-zero carbon...
Posted: Oct 14, 2022
Broker, AssuredPartners, Inc. has announced that it has acquired Quest Benefits, Inc. Located in Chantilly, VA, Quest is now the 23rd acquisition completed by AssuredPartners so far in 2022. In a press release, it notes that the team will remain u...
Posted: Oct 14, 2022
SecondSight has announced the launch of an AI-driven platform for “inside-out” underwriting, alongside an “oversubscribed” $3 million seed round of financing led by Tim Crown (co-founder of Insight Enterprises) with partici...
Posted: Oct 14, 2022
Analysts at Jefferies have warned that it is “critical” that insurers and reinsurers exhibit a strong performance in 2023, following the huge impact of Hurricane Ian on the market. Jefferies notes that the investor reaction to Ian has been relativ...
Posted: Oct 13, 2022
Property and auto-focused insurance group, The Progressive Corporation, has reported that it incurred $1.4 billion of property losses from Hurricane Ian, of which it is set to retain $200 million. This means that $1.2 billion, or 86%, of the compa...
Posted: Oct 13, 2022
SelectQuote has announced a partnership with Symetra Life Insurance Company and Munich Re Life US to bring SwiftTerm Select, its new instant decision point-of-sale term life insurance product, to the SelectQuote platform. SwiftTerm Select will be...
Posted: Oct 13, 2022
Cowbell has appointed David Junius to be its new chief financial officer. Junius, who recently departed his role of chief financial officer at SiriusPoint, joins the firm in the wake of Cowbell debuting Adaptive Cyber Insurance. Jack Kudale, found...
Posted: Oct 13, 2022
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, has revealed that it expects to incur $40.0 million of net retained losses from Hurricane Ian. The company specified that this estimate is inclusive of re...
Posted: Oct 13, 2022
Despite geopolitical and economic challenges putting some businesses off investing in Latin America, Daniel Revilla, Lloyd’s regional head of Latin America and the Caribbean (LAC), sees plentiful opportunities for underwriters and brokers with spe...
Posted: Oct 13, 2022
Basing its top-down view of Hurricane Ian losses on RMS’s $67bn estimate, JP Morgan has suggested that Munich Re and Swiss Re are likely to have the largest market share of Ian losses. JP Morgan observes that RMS gave a range of $53-74bn, with an...
Posted: Oct 13, 2022
Aon has appointed Gary Warman as global life leader of its Strategy and Technology Group, effective immediately. Warman is a qualified Fellow of the Institute of Actuaries and holds over three decades of experience in the life insurance industry,...
Posted: Oct 13, 2022