Reinsurance News
Matthew Mahoney, Chief Financial Officer (CFO) of TransRe, a wholly owned subsidiary of Alleghany Corporation, is set to take on additional responsibilities as the company’s first Chief Operating Officer (COO). Mahoney joined the reinsurer i...
Posted: Aug 02, 2022
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the promotion of Paul Seip from Senior Fine Art Underwriter to Underwriting Manager, Benelux Fine Art & Specie. LSM made the announcement today on LinkedIn...
Posted: Aug 02, 2022
Mercury Insurance Special Investigations Unit has discovered that a large number of fraudulent claims were reported for smoke and ash damage by the same public adjuster. Pete Galassi, Mercury Insurance special investigations unit manager, said: “M...
Posted: Aug 02, 2022
Start-up firm Raincoat has raised $4.5m in seed funding. According to the firm, the round was led by Anthemis and was further backed by SoftBank Group’s SB Opportunity Fund, Puerto Rican banking leader Banco Popular, Chilean financial group Consor...
Posted: Aug 02, 2022
Atrium has appointed Peter Laidlaw to be an active underwriter on its roster, starting at the beginning of next year. Laidlaw’s appointment comes as existing active underwriter Toby Drysdale moves to take on an advisory role as director of corpora...
Posted: Aug 02, 2022
Berkshire Hathaway Specialty Insurance (BHSI) has appointed Nicholas Ferrari as Head of Transactional Liability Insurance in Australasia, a Sydney-based role. Prior to joining BHSI, Ferrari served at Liberty Specialty Markets as Senior Underwriter...
Posted: Aug 02, 2022
Climate change-induced natural catastrophe events have resulted in an increase in claims paid by Australian property insurers and consequently pushed their loss ratio up from 66.1% in 2019 to 84.6% in 2021, according to a new report from GlobalDat...
Posted: Aug 02, 2022
Insurers should continue to embrace technological change, writes Laurent Rousseau, CEO of SCOR in French newspaper Les Echos. Rousseau writes that technological innovation is the best way for reinsurers to best anticipate risks and incoming trends...
Posted: Aug 01, 2022
Digital insurance company Lemonade has announced the close of its divestiture of Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform, EIS. EBS was Metromile’s software-as-a-service (SaaS) claims automation and fraud detec...
Posted: Aug 01, 2022
The Australian Reinsurance Pool Corporation (ARPC) has announced the appointment of Scott Unterrheiner as Chief Financial Officer (CFO). Unterrheiner will join ARPC in November 2022 from Gen Re, where he is currently CFO and Company Secretary for...
Posted: Aug 01, 2022
Insurance Australia Group Limited (IAG) has confirmed that it has been served with a shareholder representative proceeding over its disclosures regarding COVID business interruption (BI) claims. The company announced that the class action has been...
Posted: Aug 01, 2022
The CCRIF SPC member governments have renewed their paramedic insurance coverage for tropical cyclones, excess rainfall and earthquakes, and the fisheries sector for the policy year 2022/23. With this renewal, Caribbean and Central American govern...
Posted: Aug 01, 2022
Specialist re/insurance broker, McGill and Partners has announced that David Cousar has joined the company’s facultative reinsurance team. Making the announcement on LinkedIn, McGill and Partners said that Cousar will be based in Sydney, Australi...
Posted: Aug 01, 2022
Specialist re/insurance broker, McGill and Partners has appointed David Cousar as Partner in its facultative reinsurance team. Cousar’s appointment is part of McGill and Partner’s entrance into the APAC market as the firm continues to grow i...
Posted: Aug 01, 2022
When ranked by gross premiums written (GPW) in 2020, AXA tops the list of the largest European insurance companies with USD 115.3 billion. The insurer also recorded USD 80 billion of capital & surplus from 2020. Based on research data from rat...
Posted: Aug 01, 2022
Chicago-based insurer CNA Financial Corporation has reported a net income of $205 million for the second quarter of 2022, after falling from $368 million from the prior year period. Core income for the quarter was $245 million, compared to $341 mi...
Posted: Aug 01, 2022
AM Best has placed the financial strength ratings of Fidelis and its subsidiaries under review with negative implications, following last week’s announcement that Fidelis plans to set up a new managing general underwriter. Provided regulatory appr...
Posted: Aug 01, 2022
Allianz Commercial is reporting that it has prevented £36.8m worth of insurance fraud in the first six months of the year, with marked increases in the property and casualty sectors. In a statement, the firm said that the fraud detected in H1 2022...
Posted: Aug 01, 2022
Acrisure Re, the reinsurance division of global insurance broker and fintech platform, Acrisure, has entered into a strategic broking partnership with German broker, LEUE & NILL, effective immediately. One of the largest insurance brokers in G...
Posted: Aug 01, 2022
European P&C Run-off specialist Marco has said that Stefan Habereder is join the firm as group chief actuary at the beginning of August. Habereder is joining a firm that received RITC Syndicate 1254 permission in February to write business. Ba...
Posted: Aug 01, 2022
AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) of WAICA Reinsurance Corporation PLC (WAICA Re). Additionally, the rating agency has also revised the Long-Term Issuer Credit Rating o...
Posted: Aug 01, 2022
Data released by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) says that total insurance payments for extreme weather events is already nearing $200m in H1 2022. This compares to last year, when a total of $324m was paid o...
Posted: Aug 01, 2022
Industry overall (all lines combined) reserves at YE21 are stronger than at YE20, mainly due to excess in recent accident years, according to analysis by Morgan Stanley. This excess, reflects continued conservatism following the Covid-19 pandemic,...
Posted: Aug 01, 2022
Kinsale Capital Group has reported a net income of $27.1 million for the second quarter of 2022, compared to a net income of $35.6 million from the second quarter of 2021. The company also reported a net income of $58.9 million for 1H22, compared...
Posted: Aug 01, 2022
Ransomware shouldn’t be an existential threat to the cyber insurance sector, thanks to a combination of policyholder education, the provision of services to reduce claim values, and policy rate adjustments, S&P Global Ratings says. Yet m...
Posted: Aug 01, 2022