Reinsurance News
Lloyd’s third-party managing agent Asta, has assumed the management of Parsyl syndicate-in-a-box (SIAB) 1796 from Ascot Underwriting, effective as of August 1. Parsyl, a Lloyd’s specialist in the insurance of perishable cargo, offers the only inte...
Posted: Aug 04, 2022
Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited has announced that it has become a member of ClimateWise. ClimateWise represents a global network of leading insurers, reinsurers, brokers and industry ser...
Posted: Aug 04, 2022
Crum & Forster’s Credit Division has announced the appointment of Drew M. Kovalsky as Vice President, Credit Underwriter. Kovalsky, a Chartered Financial Analyst, is responsible for the research, evaluation and underwriting of Crum & Forst...
Posted: Aug 04, 2022
The Insurance Regulatory and Development Authority of India (IRDAI) has proposed new rules that would allow Indian insurers and reinsurers to raise capital in different forms. The idea is that new forms of capital such as debt could be issued more...
Posted: Aug 04, 2022
According to a new Accenture report, up to $170bn of insurance premiums could be at risk in the next five years due to poor claims experiences, with process inefficiencies in underwriting potentially costing the industry another $160bn over the sa...
Posted: Aug 03, 2022
Lockton has announced two new additions to its growing Transaction Liability Practice, suggesting the new hires will bring expertise in real estate transactions and tax matters as the broker continues to enhance its capabilities for its clients. A...
Posted: Aug 03, 2022
Mortgage insurance specialist NMI Holdings has reported net income of $75.4 million during the second quarter of 2022, up from $67.7 million for the same period last year. President and CEO Adam Pollitzer described the results as “resoundingly str...
Posted: Aug 03, 2022
Tokio Marine Kiln (TMK) has completed its sale of Tokio Marine Highland’s (TMH) US construction division to Intact Insurance Group USA LLC with effect from 1st August 2022. Intact, conducting business under the brand name Intact Insurance Specialt...
Posted: Aug 03, 2022
Insurance and analytics provider Verisk has reported revenue growth of 10.9% within its Insurance segment, which offset shrinking revenues across other business segments. Insurance revenue grew from $550.0 million to $610.0 million from Q2 last ye...
Posted: Aug 03, 2022
Specialist re/insurer Beazley has announced that it has restructured its Large Commercial Property along with its Canadian and E&S Property teams to create a single North American Commercial Property Team. The new property team will be support...
Posted: Aug 03, 2022
US personal line insurers have been moved to adjust pricing and underwriting in response to weaker results, which have felt the pressure of rising inflation and costs, according to a recent report. Fitch Ratings analysts have reported that US pers...
Posted: Aug 03, 2022
Liberty Mutual Insurance has announced its membership to the MIT Climate and Sustainability Consortium (MCSC), supporting the acceleration and implementation of large-scale, real-world solutions to address climate change. Liberty Mutual now joins...
Posted: Aug 03, 2022
Re/insurance broker Gallagher has named Huw Turner Partner, Renewable Energy as the firm expands the renewables team to meet increased client demand. Turner will be reporting to executive partner Gavin Tidman, and will work closely with Gallagher’...
Posted: Aug 03, 2022
Markel Corporation earned premiums grew 17% in the second quarter of 2022, yet high investment losses have hurt the company’s performance. The re/insurer earned premiums grew to $1.83bn compared to the $1.56bn reported in Q2 2021; according to the...
Posted: Aug 03, 2022
Fleming Insurance Holding has hired Samir Khare to head up its nascent casualty ILS platform buildout as a part of a $150 million capital infusion by Altamont Capital and Fleming Corp. The buildout will include pooling and structuring capabilities...
Posted: Aug 03, 2022
Mercury General has posted a loss of $210.7 million for the second quarter of 2022, compared with a positive result of $109.2 million for the same period last year. The loss comes as a result of inflationary pressures and $241.9 million of net rea...
Posted: Aug 03, 2022
Property and casualty insurance company, The Hanover Insurance Group, has reported net income of just $22.6 million for the second quarter of 2022, compared with $128.5 million for the same period last year. At the same time, operating income decr...
Posted: Aug 03, 2022
Cowbell Cyber, a cyber insurance provider for small and medium enterprises (SMEs) has been selected by Amwins, an independent wholesale distributor of specialty insurance and services, as trusted digital partner for cyber insurance. According to t...
Posted: Aug 03, 2022
Hedge fund-backed reinsurer Greenlight Re has reported a net income of $14.8 million for the first quarter of 2022, a huge increase compared to net income of $0.6 million from the second quarter of 2021. Gross premiums written (GPW) in the quarter...
Posted: Aug 03, 2022
Global re/insurer Hiscox has fallen to a loss of $107.4 million in the first half of 2022, as a negative investment result more than offset an improved underwriting performance in the period. The loss for H1 2022 compares with profit of $133.4 mil...
Posted: Aug 03, 2022
Juan Andrade, President, CEO and Director of Bermuda-based reinsurer Everest Re, has said that he expects further improvements in the reinsurance market going into the January 2023 renewal period. Speaking on an earnings call alongside the release...
Posted: Aug 03, 2022
The specialist Lloyd’s insurance and reinsurance marketplace has received approval to establish a second protected cell company (PCC), building on the success of its London Bridge Risk PCC vehicle. The second London Bridge PCC has received r...
Posted: Aug 03, 2022
Syndicate Research Limited (SRL) has downgraded the B^ (Average), negative outlook, Continuity Opinion of Lloyd’s syndicate 5000 (Travelers Syndicate Management Limited) to B-^ (Below Average). SRL explained that the downgrade was made in li...
Posted: Aug 03, 2022
Global insurer AXA has today reported 1% growth in gross revenues to €55 billion for the first half of 2022, although within AXA XL Reinsurance revenues fell by 21% on the back of a strong reduction in natural catastrophe exposure. Alongside the g...
Posted: Aug 03, 2022
International General Insurance Holdings Ltd. (IGI) has signed a non-binding letter of intent to acquire Energy Insurance Oslo AS (EIO), a managing general agency based in Norway. The proposed transaction includes the acquisition of 100% of EIO’s...
Posted: Aug 03, 2022