Reinsurance News
Following Moody’s change in outlook on the government of Italy (Baa3) to negative from stable, the agency has taken a number of rating actions on three Italian insurers and related subsidiaries. Generali’s A3 insurance financial strength rating (I...
Posted: Aug 11, 2022
Re/insurance broker Arthur J. Gallagher & Co. has said that it is not anticipating any additional tax liabilities or material adverse impacts from the introduction of the Inflation Reduction Act of 2022 (IRA) in the US. The IRA, which was pass...
Posted: Aug 11, 2022
Broker WTW has appointed Sarah Conway as Head of its Ecosystem Resilience practice and Director in the Disaster Risk Finance/Parametrics unit within the company’s Climate and Resilience Hub (CRH). Since 2018, WTW’s Ecosystem Resilience practice ha...
Posted: Aug 11, 2022
UK insurer LV=General Insurance (LV=GI) – bought by Allianz in 2019 – has warned that UK fire and subsidence claims will rise this year due to extreme heat. LV=GI said it was dealing with claims worth £1.2 million after the heatwave of...
Posted: Aug 11, 2022
Specialty insurance MGA Corvus Insurance has appointed Madhu Tadikonda as its new Chief Executive Officer, effective immediately. He will join the Corvus Board of Directors and will report directly to the Board. At the same time, the InsurTech’s f...
Posted: Aug 11, 2022
RiverStone, the US insurance run-off specialist of the Fairfax insurance group, has announced it has reached a tentative agreement to acquire Western Property & Casualty Insurance Company (Western P&C), to be effective this August 2022. Ac...
Posted: Aug 11, 2022
GIC Re has stated that gross premium income in Q2 2022 was 23% lower than it was in Q2 2021. The firm said in a statement that its gross premium income was INR 11,100.74 crore in the first half of this year, compared to INR 14,426.55 in the same p...
Posted: Aug 11, 2022
QBE announced statutory net profit after tax of $151 million for the first half of 2022, compared with $441 million in the same six-month period last year. The drop mainly owed to an H1 investment loss of $840 million, versus a return of $58 milli...
Posted: Aug 11, 2022
Zurich is reporting that it saw a 25% rise in operating profit for H1 2022. The firm said in a statement about its latest results that its group business operating profit had risen to $3,393m, which it said was its highest in fourteen years. Likew...
Posted: Aug 11, 2022
A new report from the Swiss Re Institute states a record high in housing prices accompanied by inflated household debt has created an increasingly challenging market. Insurers are warned to carefully manage their business and investment risk expos...
Posted: Aug 11, 2022
Apollo has appointed Kate Foster as its new head of property for Syndicate 1969. Foster is moving over from Beazley, where she has been a property underwriter at the firm since 2017. Prior to this, she has held various senior underwriting roles in...
Posted: Aug 11, 2022
The Loan Market Association (LMA) has published a new model form of Credit Risk Insurance (CRI) Policy. According to the association, this was done in conjunction with Lloyd’s and the International Underwriting Association (IUA). It said that the...
Posted: Aug 11, 2022
The UK’s pensions risk transfer (PRT) market is one of the strongest growth opportunities in European insurance, according to JP Morgan. A new report from the financial giant states that while there are high barriers for new entrants, there is at...
Posted: Aug 11, 2022
Berkshire Hathaway Speciality Insurance (BHSI), the insurance arm of Warren Buffett’s global insurance and reinsurance company, has announced the launch of Executive & Professional (E&P) Lines coverage in Switzerland, naming Christoph Kamm...
Posted: Aug 11, 2022
Crum & Forster has named Nick Cook to its new position of chief risk officer. Cook will report in his new position to Marc Adee, chairman and CEO of the firm. In this newly formed role, Cook will lead claim audit and claim litigation managemen...
Posted: Aug 11, 2022
Leading AI-powered business intelligence platform, Planck, has launched a new risk search engine built specifically for commercial insurance research. The new risk search engine solves for the shortcomings of traditional research methods, which ar...
Posted: Aug 11, 2022
AM Best has maintained a stable outlook on the Malaysian non-life insurance segment on account of its underwriting discipline and the market’s recovery following the economic crisis caused by COVID-19. The Malaysia non-life insurance market has sh...
Posted: Aug 11, 2022
A recent study by Firetrace International, a leading provider of fire suppression technology, indicates that solar farm fires are seeing a sharp rise. The report, titled “Hidden Danger – why solar farm fire risk could be greater than you thi...
Posted: Aug 10, 2022
Industry giant SCOR remains well placed to handle the current economic uncertainty, according to CEO Laurent Rousseau. Rousseau’s remarks came from the firm’s H1 2022 earnings call. Last week, the firm reported a net loss of €239m for the first ha...
Posted: Aug 10, 2022
Insurtech provider Betterview has teamed up with the National Fire Protection Association (NFPA) to provide property and community-level wildfire insights. NFPA is a non-profit organisation that is devoted to eliminating death, injury, property, a...
Posted: Aug 10, 2022
GCube, a member of the Tokio Marine HHC group, has announced the opening of its Houston office, accompanied by a new senior appointment in Sarah Bratton. Bratton joins GCube from Ascot Underwriting and holds over ten years of experience in the ene...
Posted: Aug 10, 2022
Texas-based National Western Life has announced the execution of an annuity reinsurance transaction with Aspida Life Re Ltd. – a Bermuda-based reinsurer. The transaction was effective July 1, 2022. The reinsurance transaction is a strategic move t...
Posted: Aug 10, 2022
Aqueous has appointed William Hall as a senior development underwriter. Hall is moving over from his current position at Brunel Professions where he works as an associate director. Terry Shaw, head of PI at Aqueous, said: “I’m pleased to welcome W...
Posted: Aug 10, 2022
Germany’s Talanx Group, the parent of reinsurer Hannover Re, has reported improved income and operating earnings for the first half of 2022 despite a considerable increase in large losses from catastrophe events, as well as a double-digit rise in...
Posted: Aug 10, 2022
The State of Tennessee has announced the establishment of the Tennessee Captive Insurance Company to create additional efficiencies and savings when insuring state property. In a press release, the Tennessee State Government said that implementing...
Posted: Aug 10, 2022