Reinsurance News
A new note from AM Best says that the impact on insurance industry losses from Super Typhoon Nanmadol will be manageable for Japanese insurers. The typhoon, which hit the Japanese island of Kyushu on September 18th with reported wind gusts as high...
Posted: Sep 26, 2022
Global specialty re/insurer SiriusPoint has announced that Bobby Heerasing has been appointed Active Underwriter of Lloyd’s Syndicate 1945, effective from September 1st, 2022. Heerasing joined SiriusPoint in October of 2021 and holds over 25 years...
Posted: Sep 26, 2022
Specialty insurer and reinsurer Inigo has appointed Gary Delaney as Syndicate Manager. Delaney joins Inigo from property and specialty insurer IQUW, where he most recently served as an Underwriting Support Lead. Over the course of his tenure at IQ...
Posted: Sep 26, 2022
As projected, tropical storm Ian continued to intensify and has now been upgraded to a hurricane by the National Hurricane Center (NHC), with the model consensus showing a rapidly intensifying hurricane Ian reaching Category 3 or 4 strength as it...
Posted: Sep 26, 2022
Advisory and broking solutions company, WTW has announced three appointments for its natural resources business. Andrew Brunero has been hired as the global head of downstream energy broking for the company’s natural resources business. Brunero jo...
Posted: Sep 26, 2022
Analysts at JP Morgan are confident that the reinsurance market will show further hardening in 2023, despite already seeing several years of prices increasing. The report states that at the 2022 mid-year renewals, the market saw some business unab...
Posted: Sep 26, 2022
A new report from AM Best highlights that premium growth attributable to managing general agents (MGAs) has increased significantly over the last decade. Fuelled by premium growth, delegated underwriting authority enterprises (DUAE) are gaining a...
Posted: Sep 26, 2022
Total shareholder return (TSR) for the global reinsurance industry had remained below the cost of equity on average over recent years, according to a new note from Boston Consulting Group (BCG). In its Reinsurance in Focus: The 2022 Insurance Valu...
Posted: Sep 26, 2022
With the important January 1st, 2023, reinsurance renewals fast approaching, executives from some of the world’s largest reinsurers have highlighted inflation as a key starting point, and stressed the need to get paid for the elevated risk e...
Posted: Sep 23, 2022
Leading insurance broker, Marsh has announced that US clients now have the option to pay their Marsh service fees in voluntary carbon offset credits and renewable energy certificates (RECs). The move, which is believed to be a first-of-its-kind in...
Posted: Sep 23, 2022
According to reinsurance broker Gallagher Re’s Q2 Florida Market Watch Report, the combined ratio of the industry improved by 13.1% year-over-year to 109%. At the same time, loss & LAE reserve ratios at an industry level fell by 7.3% to 73.1%...
Posted: Sep 23, 2022
Markel International, a subsidiary of Markel Corporation has announced three senior promotions within its wholesale claims operation. Under the new leadership team, Jonathan Pestell will assume the role of head of claims performance for speciality...
Posted: Sep 23, 2022
A new report from the International Union of Marine Insurance (IUMI) says that global marine insurance premiums rose 6.4% last year to reach $33bn. The Global Marine Insurance Report says that this increase happened because of a combination of inc...
Posted: Sep 23, 2022
Collaboration between re/insurance broker Aon and Revalue Nature, a next-generation developer of nature-based solutions, will scale the development of high-integrity, nature-based carbon credits to meet growing demand, the broker stated in a recen...
Posted: Sep 23, 2022
Citizens Property Insurance Corporation’s President, Barry Gilway, has commented on the long-term instability he sees in the Florida market and its consequences both for Citizens and the wider reliance on reinsurance capacity. In a September...
Posted: Sep 23, 2022
The group CEO of Suncorp in his speech at the firm’s annual general meeting (AGM) has said that Australian financial giant’s reinsurance and higher nat budget is helping the company remain in good stead. Steve Johnston gave his remarks in Br...
Posted: Sep 23, 2022
A new note from global reinsurer Swiss Re says that tighter financial conditions will reinforce underwriting discipline. The firm’s latest Economic Insights says that current conditions mean central banks are inhibited from pivoting towards more a...
Posted: Sep 23, 2022
Global specialty broker Price Forbes has launched its new Peruvian subsidiary alongside an announcement of its key leadership team. The venture, which will begin operations at the beginning of next month, will be led by Jose Antonio Osterling, cha...
Posted: Sep 23, 2022
Chief of Markets Patrick Tiernan has cautioned that the insurance and reinsurance marketplace at Lloyd’s of London is “not yet universally hard” and has emphasised the need for rate adequacy amid challenging conditions. Addressing an audience as p...
Posted: Sep 23, 2022
Core Specialty Insurance Holdings, Inc. and its subsidiaries have entered into an underwriting arrangement with AllDigital Specialty to provide Director’s and Officers, Employment Practices and Fiduciary Excess Liability Coverage, in support of Sm...
Posted: Sep 23, 2022
WTW and the University of Cambridge’s Centre for Risk Studies have unveiled a new Airport Risk Index, allowing the world’s airports to introduce risk profiling methods to future-proof their resilience planning. The new Index was presented to globa...
Posted: Sep 23, 2022
European P&C insurance run-off group Marco has said that Robert Gregg will be joining as its new director of claims at the end of October. The firm said that Gregg will be joining from RiverStone International where he was a member of the Exec...
Posted: Sep 23, 2022
Specialist financial and professional lines MGA, Spring Insure has appointed veteran Paula McManus as Senior Professional Indemnity Underwriter. Starting her new role in October, McManus will lead Spring’s Professional Indemnity (PI) team as it co...
Posted: Sep 23, 2022
Milli Reasurans Turk Anonim Sirketi (Milli Re) (Turkey) has had its credit ratings downgraded by ratings agency AM Best. According to a statement from AM Best, Milli Re has had its Financial Strength Rating downgraded to C (Weak) from B- (Fair) an...
Posted: Sep 23, 2022
Executives at Munich Re say the company is aiming to “push the boundaries of insurability” in its efforts to help understand and mitigate the impacts of climate change. Speaking at a briefing during the 2022 RVS event in Monte Carlo last week, lea...
Posted: Sep 23, 2022