Reinsurance News
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Sompo International appoints Ralph Brand President, Continental Europe
1st September 2022
Sompo International, a specialty provider of property and casualty re/insurance, has named veteran Ralph Brand President of Continental Europe. In his new role, Brand will oversee Sompo International’s strategy in Continental Europe and enhance the offering to clients and distribution partners across the region. He has over 35 years of international insurance ... Read the full article
ABIR sees 21% year-over-year growth in NPW in 2021 global underwriting results
1st September 2022
Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported a substantial 21% year-over-year increase in net premium written in 2021. ABIR’s global underwriting report, released earlier this week, comprises data from 25 of 29 member re/insurers for the calendar year of 2021. The group generated net premium written of ... Read the full article
Changes in risk appetite & models skepticism highlighted by AM Best
1st September 2022
Rating agency AM Bests’ latest reinsurance market report highlights that the global risk environment is continuing to get more complex, notably with traditional nat cat models being subjected to renewed scrutiny due to the increase in the frequency of events in the last five years. These events are usually attributable to ... Read the full article
D&O liability insurance market premiums see significant reductions: Gallagher
31st August 2022
In the first half of 2022, the Directors’ & Officers’ (D&O) liability insurance market has seen significant reductions in premium across the board and limits increasing for Gallagher clients, according to a report by the insurance brokerage firm. In the report Gallagher’s analysts highlighted that despite signs of price stabilisation, a ... Read the full article
Bermudian reinsurers’ underwriting lacklustre over last half decade: S&P
31st August 2022
S&P Global Ratings has released a new note, saying that the underwriting performance of Bermudian re/insurers has been lacklustre over the last five year with only a few companies being profitable. However, the organisation posited that better days could be ahead after half a decade of underperformance. It said that pricing ... Read the full article
Caribbean re/insurers continue to navigate economic headwinds: AM Best
26th August 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 level of claims activity in 2021 and thus far in 2022, reinsurance pricing continues to reflect increased ... Read the full article
One80 acquires Agentic
25th August 2022
Broker firm One80 Intermediaries has acquired Agentic for an undisclosed amount. A statement from One80 said that Agentic is a privately owned specialty wholesale operation providing highly consultative brokerage services for professional lines products including errors and omissions, management liability, cyber liability, media liability, allied healthcare and environmental. Matthew F. Power, president ... Read the full article
Reinsurers concerned about inflation despite pricing improvement: AM Best
24th August 2022
Global reinsurance rates have improved since 2018, yet reinsurers have started to reconsider whether rates are indeed allowing for sufficient margins, and to what extent cedents are pricing inflationary risks at source, according to AM Best analysts. The AM Best Global Reinsurance Market Report highlighted that this has been mainly driven ... Read the full article
Japan’s general insurance market to reach $133.1bn in 2026: GlobalData
24th August 2022
According to GlobalData, the general insurance market in Japan is set to grow at a compound annual growth rate (CAGR) of 3% from $101.6 bn in 2021 to $133.1bn in 2026, in terms of gross written premiums (GWP), driven by a rise in demand for commercial insurance lines. The report also ... Read the full article
At-Bay acquires Relay to complement its ongoing digital distribution strategy
22nd August 2022
At-Bay has acquired Relay, a technology solutions provider enabling the digital transformation of commercial insurance placements. Relay will continue to serve a growing list of brokers and partners as an independent entity, under its own management team. At the same time, joining At-Bay also enhances Relay’s ability to expand its capabilities and ... Read the full article
SIA appoints Gabor Jaimes to new role
19th August 2022
The Swiss Insurance Association (SIA) has hired Gabor Jaimes to be its new property, cyber, and natural hazard expert. Jaimes shared the news in a LinkedIn post where he said he was ‘delighted’ to be starting his new role. Jaimes is joining the association from his role as deputy CUO and underwriting ... Read the full article
AXA XL expands underwriting division with three US hires
19th August 2022
AXA XL has beefed up its underwriting division with new hires in New York, Los Angeles, and St. Paul. The firm said it has hired Deuayne Crawford as head of cyber for the northeast; Marisa Vero as senior underwriter; and Hannah Baker as underwriter. Jeremy Gittler, head of cyber and tech E&O ... Read the full article
Mosaic Insurance celebrates 100-employee milestone
19th August 2022
Specialty insurer, Mosaic Insurance has announced two new additions to its team, reaching one hundred employees in 18 months between its Bermuda, London, New York, Chicago, and Toronto offices. The insurer also has plans to open more offices in Frankfurt, Dubai and Singapore this year. Based in London, Emma Denny joins ... Read the full article
Westfield Specialty expands its WestfieldPro team
19th August 2022
Westfield Specialty is expanding its roster with a host of new hires for its WestfieldPro team. The firm said that it was looking to expand its E&O and cyber liability offerings while looking to enter the primary space. The Pro team will be led by Dan Wadley, executive vice president and head ... Read the full article
“Premium increases easing off in 2022” – CIAB
19th August 2022
The Council of Insurance Agents & Brokers (CIAB) has noted that the rapid increase in premiums seen in late 2020 and early 2021 continued to ease off in Q2 2022, with respondents to its market survey reporting an average increase in premiums across all account sizes of 7.1%. Nevertheless, the firm ... Read the full article