Reinsurance News
Natural catastrophes have weakened Europe’s big four reinsurers’ results in H1, and with the peak North Atlantic hurricane season still to come, there is a risk that they might do so again in H2, says a Moody’s investors service report. The...
Posted: Aug 30, 2022
VYRD is partnering up with Verisk to launch a new homeowner insurance venture in Florida. The firm said that it was using Verisk’s LightSpeed for Homeowners platform to help streamline the process of obtain quotes for homeowners. Its initial focus...
Posted: Aug 30, 2022
The severe impact of climate change is widening the gap in home insurance affordability for Australian households, says a recent green paper report from Finity. The Australian insurance industry has seen increasing losses from extreme weather-rela...
Posted: Aug 30, 2022
Analysts at Fitch Ratings have argued that reinsurance rates will continue to harden during the January 2023 renewals, even in the absence of significant catastrophe losses throughout the second half of the year. In a new report, the rating agency...
Posted: Aug 26, 2022
Wilton Re has announced that it has entered an agreement to sell Toronto-based life insurance company ivari to Sagicor. Ivari is one of Canada’s leading individual life insurance providers, with assets under management totalling $11bn in 2021. Wil...
Posted: Aug 26, 2022
The restarting of live events due to the lull in coronavirus restrictions poses a new risk landscape for organisers, according to Allianz Global Corporate & Specialty (AGCS). The firm said in a statement that it was seeing increasing demand fo...
Posted: Aug 26, 2022
According to AM Best’s market segment report, Caribbean insurers continue to navigate economic headwinds and market volatility while remaining highly vulnerable to several other risks. Climate, reinsurance, and cyber in particular. Despite the low...
Posted: Aug 26, 2022
According to RMS, a Moody’s analytics company, because of significant exposure growth, the impact of social inflation, and climate change complications, Florida’s insurance market could struggle to respond to a repeat of a Category 5 hurricane, su...
Posted: Aug 26, 2022
Keefe, Bruyette & Woods (KBW) has released a report highlighting weakening reserve cushions for reinsurers across Europe. According to the report, one of the key findings was that inflation had been eroding European reinsurers’ reserve adequac...
Posted: Aug 26, 2022
Mergers and acquisitions (M&A) in the global insurance industry reached the highest growth rate for 10 years in the first half of 2022, according to Clyde & Co’s Insurance Growth Report mid-year update. There were 242 completed deals world...
Posted: Aug 26, 2022
A significant percentage of the semiconductor industry likely lacks extreme weather protection, an issue highlighted in a recent survey by re/insurance broker, WTW. The Global Semiconductor Industry Survey also highlighted that gaps in cover could...
Posted: Aug 26, 2022
Ace Insurance Brokers has made three new appointments. A LinkedIn post from the firm said that Palak Sharma had been appointed to the role of assistant manager for directinsurance; Aditya Nigam as manager of direct insurance; and Akshay Kasare as...
Posted: Aug 26, 2022
Erie Insurance, an auto, home, business and life insurer has announced the establishment of Erie Strategic Ventures to support visionary entrepreneurs. The fund follows Erie’s commitment in supporting entrepreneurship and delivering innovative pro...
Posted: Aug 26, 2022
Europe’s big four average net combined ratio from property and casualty (P&C) reinsurance deteriorated to 98.9% from 95.5% a year earlier, with only Munich Re reporting a stronger P&C combined ratio, says Moody’s. The report suggests that...
Posted: Aug 26, 2022
Another investor in R&Q has come out swinging at embattled executive chair and director William Spiegel. An open letter published on Phoenix Asset Management’s website by Gary Channon, cofounder and CIO at the firm, has dealt further blows to...
Posted: Aug 26, 2022
Allianz Holdings has appointed Alison Rayner to the newly created position of chief compliance and corporate affairs officer, effective from February 2023. In this role, she will be responsible for setting a clear strategy for the organisation in...
Posted: Aug 26, 2022
Analysts at S&P Global Ratings have warned that ratings actions could be taken if insurers and reinsurers make significant changes to their risk appetite or capitalization strategies following the implementation of IFRS 17 in 2023. Internation...
Posted: Aug 26, 2022
Liberty Specialty Markets has appointed Ankita Dutta to the role of senior underwriter for financial risk solutions. Dutta is joining the firm with immediate effect, will be based in London, and will report to Sam Wilde, head of London markets. Wi...
Posted: Aug 26, 2022
Kuwait Re has appointed Mark Szeles as Regional Manager central and eastern Europe (CEE) and the Commonwealth of Independent States (CIS). Within this role, Szeles will be based in Budapest, Hungary. All in all, Szeles brings over 14 years of expe...
Posted: Aug 26, 2022
P&C solutions provider, Duck Creek Technologies has announced the release of the first of many planned software packages and implementation accelerators localised for the New Zealand insurance market. This release is part of the company’s cont...
Posted: Aug 26, 2022
Fitch Ratings has said that the implementation of the Korean Insurance Capital Standard (K-ICS) starting 2023 is likely to have a limited impact on insurers’ ratings, although the new capital regime, together with IFRS 17, will squeeze their capit...
Posted: Aug 26, 2022
A recent Risk Perspective blog from Swiss Re’s Mohit Pande has outlined the hurricane risks that the industry and economy currently face. According to CoreLogic, nearly 33 million homes on or near the Atlantic and Gulf coasts are at risk of hurric...
Posted: Aug 25, 2022
Trean Insurance Group has increased the surplus of its subsidiary Benchmark Insurance Company by completing a private offering of $50 million aggregate principal amount of its 6.75% Surplus Notes due August 2042. The company stated that surplus no...
Posted: Aug 25, 2022
German insurer TALANX had joined a chorus of firms now refusing to provide cover for the East African Crude Oil Pipeline (EACOP), a move that could have severe ramifications for the project. A statement from TALANX, posted to the Stop EACOP websit...
Posted: Aug 25, 2022
Ocorian, a provider of capital markets, and corporate and fiduciary services, has reported seeing a significant increase in the number of captives it supports, with its Bermuda offices showing particularly strong growth. According to the announcem...
Posted: Aug 25, 2022