Reinsurance News

U.S. convective storm outbreak to drive hundreds of millions in losses: Aon

The series of severe convective storms that broke out in the U.S. over the last week are estimated to cause total economic and insured losses in the hundreds of millions of dollars, suggests Aon. The devastating weather affected multiple states in...

Posted: Mar 31, 2023

California to increase commercial limits for FAIR Plan cedents

Insurance Commissioner Ricardo Lara and the California FAIR Plan Association have agreed to increase commercial coverage limits to $20 million for businesses unable to find coverage in the normal insurance marketplace. This adjustment more than do...

Posted: Mar 31, 2023

ISS ESG announces launch of US Cyber Risk Index

ISS ESG, the sustainable investment arm of Institutional Shareholder Services Inc. (ISS), has announced the launch of its US Cyber Risk Index, which supports investors by seeking to identify and track companies with low or negligible expected rela...

Posted: Mar 31, 2023

Munich Re quits Net-Zero Insurance Alliance

Global reinsurer Munich Re has announced the discontinuation of its membership in the Net-Zero Insurance Alliance (NZIA), citing antitrust risks as limiting the scope of its decarbonisation goals. The UN-convened NZIA is a group of 30 insurers and...

Posted: Mar 31, 2023

Trisura Group hires new CUO for US Corporate Insurance Operations

Trisura Group Ltd. has announced the appointment of Tom Ciano as Chief Underwriting Officer (CUO) for its US Corporate Insurance. Ciano will lead the entry into the US Corporate Insurance market and head the operations with an underwriting launch...

Posted: Mar 31, 2023

Global growth drivers outweigh elevated geopolitical and economic risks: Marsh

Global growth opportunities outweigh the current elevated geopolitical and economic risk landscape, according to a recent report published by insurance broker and risk advisor, Marsh. The 2023 Political Risk Report, published by Marsh Specialty, o...

Posted: Mar 31, 2023

Chubb names Benoit Chasseguet Country President for France

Global P&C insurer Chubb has appointed Benoit Chasseguet as Country President for France. Subject to regulatory approval, the appointment is effective immediately. Chasseguet, who currently serves as Regional Marine Manager for Continental Eur...

Posted: Mar 31, 2023

Athora Holdings posts 14% increase in profit in full-year results

Athora Holding Ltd., a European savings and retirement services group, has reported its full-year results, announcing a €488 million IFRS profit before tax, which represents a 14% increase compared to 2021. At the same time, the firm also reported...

Posted: Mar 31, 2023

Greenlight Re Innovations partners with Aanika Biosciences

Greenlight Re Innovations, a unit of re/insurer and strategic investor Greenlight Re, has entered into a partnership with Aanika Biosciences Inc., a Brooklyn-based biotechnology company. Through the partnership, Aanika will be able to expand and g...

Posted: Mar 31, 2023

Oxbridge Re reports $1.8mn net loss in full-year results

Oxbridge Re Holdings, a provider of reinsurance solutions primarily to property & casualty insurers, has reported a $1.8 million net loss for the full-year, compared to a $8.6 million net income from 2021. The company stated that the decline w...

Posted: Mar 31, 2023

Sixth Street’s Talcott sets up new Bermuda reinsurer Talcott Life Re

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of recently established Bermuda-based reinsurer Talcott Life Re. AM Best states that the ratings reflect th...

Posted: Mar 31, 2023

Sang Hun Park returns to Allianz Re to lead retrocession

Allianz Re, the reinsurance arm of global insurer Allianz, has announced that Sang Hun Park is set to return to the firm as its Global Head of Retrocession, effective May 1st, 2023. Park already has in-depth experience at Allianz Re having spent a...

Posted: Mar 31, 2023

Chubb promotes O’Brien to CRO, names Ringstead Chief Digital Business Officer

P&C insurer Chubb has promoted Frances O’Brien to Executive Vice President and Chief Risk Officer (CRO) as Sean Ringstead moves on to new role as Chief Digital Business Officer. O’Brien currently serves as Senior Vice President and...

Posted: Mar 31, 2023

R&Q confirms appointment of William Spiegel as CEO, Jeffrey Hayman as Non-Exec Chairman

Global non-life specialty insurer with a focus on program management and legacy business, R&Q Insurance Holdings Ltd, has added Jeffrey Hayman as its new Non-Executive Chairman, with William Spiegel assuming the role of Group Chief Executive O...

Posted: Mar 31, 2023

Apollo to invest $500m into surplus notes issued by RGA’s Chesterfield Reinsurance

Global alternative asset manager, Apollo Global Management, Inc., has closed an agreement for its affiliated companies, third-party insurance managed accounts, and other institutional clients to invest $500 million into surplus notes issued by Rei...

Posted: Mar 31, 2023

With catastrophe losses on the rise, Swiss Re issues guidelines for underwriting

According to a report published by Swiss Re, there has been an upward trend in natural catastrophe-insured losses over the past six years. The data shows a rise of about 5‒7% in average annual losses established over the last 30 years with the pos...

Posted: Mar 31, 2023

HDI Global appoints new branch office leader in Greece

HDI Global has announced that Konstantinos Semertzoglou will take over the executive management of its Greece branch office following the retirement of Notis Vagiakakos, who led the branch successfully for nearly two decades. Semertzoglou is set t...

Posted: Mar 31, 2023

The biodiversity crisis is driving a need for reinsurers to better assess related risks: MSCI

MSCI’s Vice President of research Arne Philipp Klug has published a report on the importance of making biodiversity crisis a part of the underwriting process. Klug along with Cody Dong, Senior Associate at MSCI Research, has established a li...

Posted: Mar 31, 2023

Struggle continued for U.S. personal auto & Florida specialists in 2022: Fitch

Despite substantial premium growth for North American P&C insurers overall in 2022, the struggle continued for personal auto business and Florida homeowners insurers, suggest analysts at Fitch Ratings. According to the rating agency’s re...

Posted: Mar 30, 2023

Berenberg analysts expect higher reinsurance prices in Europe

Berenberg analysts in their recent “2023: the dawn of a new reinsurance cycle” report have predicted that rates for European reinsurance will be higher during the upcoming renewal seasons. Climate change dilutes geographical diversific...

Posted: Mar 30, 2023

CCR Re well placed to benefit from new market environment in 2023, says CEO

Bertrand Labilloy, Chairman & CEO of CCR Re, has suggested the firm is well placed to benefit from the new market environment in 2023 as it managed to “deliver a clean sheet in a turmoiled market” in 2022. The French state-owned re...

Posted: Mar 30, 2023

Megan Watt appointed AXIS Chief Claims Officer

AXIS Capital Holdings Limited, a global specialty underwriter and provider of re/insurance solutions, has announced the appointment of Megan Watt as Chief Claims Officer. Based in New York, Watt will start her new role on April 17, 2023, and will...

Posted: Mar 30, 2023

80% of insurers planning for significant growth within sustainable energy, Howden’s survey finds

A recent survey conducted by international insurance broker Howden, shows that 80% of insurers are planning to achieve significant growth within sustainable energy throughout 2023, with an average planned GWP growth of 13% across respondents. The...

Posted: Mar 30, 2023

Reinsurers are more involved in the creation of MGAs becoming insurers’ risk capital partners: Pro M...

There has been a significant increase in reinsurers’ appetite wanting to specialise in reinsuring insurer’s delegated authority portfolios. With both parties aligning their interests they have now effectively become one risk capital partner,...

Posted: Mar 30, 2023

Lockton Companies hire new Senior Vice President of Regional Operations for Dallas

Tyler Bolander has been appointed by insurance brokerage Lockton Companies as their new Senior Vice President of Regional Operations. Bolander is a market veteran with over 15 years of experience and will be based in Lockton’s Dallas, Texas office...

Posted: Mar 30, 2023