Reinsurance News
A recent poll of over 1,050 insurance and reinsurance market observers and participants suggests that Hurricane Ian is likely to result in an industry loss of more than $50 billion, although a surprising number of respondents feel the ultimate hit...
Posted: Oct 03, 2022
Italy-based international banking group UniCredit says it has taken further steps to consolidate its partnership with German multinational financial services firm Allianz by “unwinding” their direct and indirect shareholdings in Croatia. To this e...
Posted: Oct 03, 2022
AM Best has switched its outlooks on SCOR SE and its main operating subsidiaries to negative from stable. The firm said that it had also affirmed the Financial Strength Ratings (FSR) and the Long-Term issuer credit ratings of A+ and aa-. It was fr...
Posted: Oct 03, 2022
Analysts at Moody’s have assured that large UK life insurers using swaps to hedge their interest rate exposure should be able to absorb the cash collateral requirements within their liquidity buffers, following the sharp fall in UK government bond...
Posted: Oct 03, 2022
The Coalition for Climate Resilient Investment (CCRI), along with UK consultancy Mott MacDonald, have together launched a new guide that enables asset owners and investors to better understand the exposure of critical infrastructure to climate ris...
Posted: Oct 03, 2022
Major hurricane Ian’s impacts are expected to drive a privately insured loss of around $63 billion, the majority of which is from the United States, according to Karen Clark & Company. The catastrophe risk modelling company said late Fri...
Posted: Oct 03, 2022
Re, a blockchain-powered reinsurance company, has raised $14 million in seed-round funding to build a decentralised system for investors which will allow them to gain exposure to “a massive and uncorrelated asset class” that is insurance premiums....
Posted: Oct 03, 2022
Analysts at AM Best have flagged a host of uncertainties that may impede the near-term prospects of the reinsurance market in Sub-Saharan Africa (SSA), despite its significant expansion over the past decade. The rating agency notes that gross writ...
Posted: Oct 03, 2022
Trisura Group Ltd. a specialty insurance provider, has acquired Sovereign Insurance’s surety business in Canada. The deal will provide Trisura with access to a portfolio of contract, commercial and developer surety accounts, which in 2021 produced...
Posted: Oct 03, 2022
Specialty managing general agent (MGA), Optio Group has announced that it will establish an MGA and reinsurance broker in Dubai. Both businesses are subject to final approvals from the UAE regulatory authorities. In a press release, it states that...
Posted: Oct 03, 2022
Alon Neches has been appointed President and Chief Executive Officer (CEO) by Fortitude Re’s Board of Directors, taking over from James Bracken who is stepping down to pursue other opportunities. Fortitude Re was successfully carved out of America...
Posted: Sep 30, 2022
JP Morgan has estimated that Hurricane Ian is likely to cause more than $25bn in damages, while cautioning that more clarity will be gained in the next few days. The firm said in a note that the speed of the storm and the resulting flooding will c...
Posted: Sep 30, 2022
Ratings agency AM Best does not expect claims activity to increase significantly owing to the recent earthquakes that hit Mexico in September, as few minor damages have been reported and are unlikely to result in large insurance losses. The 7.7° m...
Posted: Sep 30, 2022
The current volatility in the UK’s gilt markets should be manageable for UK insurers, says an analyst at Moody’s. Last Friday, Kwasi Kwarteng, the UK’s new Chancellor of the Exchequer laid out a much-derided Budget that sought to slash taxes for h...
Posted: Sep 30, 2022
The latest forecasts show hurricane Ian making its second U.S. landfall along the South Carolina coast later today as a Category 1 storm with sustained winds of 85 mph and gusts of just above 100 mph. The damage and consequential industry loss cau...
Posted: Sep 30, 2022
Provider of climate insurance for renewable energy assets, kWh Analytics has announced the appointment of Michael Bachrodt as the company’s new Chief Operating Officer. Bachrodt has over 20 years of project finance, transaction management, and und...
Posted: Sep 30, 2022
The Insurance Council of Australia (ICA) has released new data showing more than half of insurance claims related to the February and March floods have been closed, with the latest figures revealing a 10 per cent increase from last month amounting...
Posted: Sep 30, 2022
After devastating Florida’s west coast as a strong Category 4 storm before weakening over land, Hurricane Ian is likely to bring incurred losses in US fire and natural hazards market to near record levels, according to analysts at GlobalData. Benj...
Posted: Sep 30, 2022
Mark Twite has been appointed Chief Executive Officer (CEO) of AXA XL Reinsurance, the property and casualty and specialty risk unit of global insurer AXA. From 3 October, Twite will be responsible for the strategic growth of the business in Bermu...
Posted: Sep 30, 2022
Australia equity-based insurance broker network AUB Group has completed its acquisition of Tysers. In accordance with the terms of the acquisition and as previously announced, AUB confirmed that it has issued 9,018,974 new shares to Tysers’ former...
Posted: Sep 30, 2022
Hurricane Ian, which hit Florida in recent days, is unlikely to affect credit for rated P&C (re)insurers because of ample capital levels and the ability to increase premium rates, said Fitch Ratings. However, the company said that Florida insu...
Posted: Sep 30, 2022
Fitch Ratings has warned of a potential increase in cyber risk as corporate and infrastructure cybersecurity budgets across the US come under increasing pressure due to poor revenue outlooks. Analysts note that cybersecurity spending is often view...
Posted: Sep 30, 2022
Approved Lloyd’s coverholder and provider of insurance for essential supply chains, Parsyl has announced that Edward Mishambi, Senior Vice President (SVP) and Chief Risk Officer- Europe at RenaissanceRe, will join its board as an independent...
Posted: Sep 30, 2022
CoreLogic has estimated that the insurance and reinsurance industry losses from Hurricane Ian could reach $47bn. The firm said that its analysis indicated losses arising from the hurricane could land between $22bn and $32bn, with additional storm...
Posted: Sep 30, 2022
A new report from Hymans Robertson says that the ESG capabilities of insurers are an increasing priority for DB pension schemes trustees considering buy-ins and buy-outs. The firm said that trustees needs a ‘critical understanding’ of the role of...
Posted: Sep 30, 2022