Reinsurance News
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Kremlin confirms stranded planes will not be returned
1st April 2022
A statement from Russian Deputy Prime Minister Yuri Borisov has confirmed that all Western planes still in Russia following the termination of leasing contracts earlier this week will remain in the country indefinitely. Borisov said that all planes that have had leasing contracts ended have now been entered into the Russian ... Read the full article
Brexit threatening London Market’s influence in the insurance industry: Airmic
1st April 2022
Airmic, the UK association for risk and insurance professionals has said that Brexit is threatening the London Markets influence in the global industry. This was reported in the company’s March 2022 Pulse Survey which took place between March 3-11. One of the questions in the survey asked how has the influence of ... Read the full article
S&P sees worst-case Russia insured loss of $35bn+ across aviation, specialty
31st March 2022
Analysts at S&P Global Ratings have looked at a range of potential loss scenarios for re/insurers arising from the conflict between Russia and Ukraine, with its worst case scenario carrying a potential loss of more than $35 billion across aviation, specialty and cyber business. There has been much speculation about how ... Read the full article
Market may not understand Ukraine loss this year: Lloyd’s CEO Neal
30th March 2022
John Neal, Chief Executive Officer at specialist re/insurance marketplace Lloyd’s of London, has warned that the market is a long way out from understanding its full exposure to Russia’s invasion of Ukraine. During a call prior to his hospitalisation following a car accident over the weekend, Neal warned that half-year reports ... Read the full article
Guy Carpenter appoints Enoizi as global head of public sector
30th March 2022
Global reinsurance broker Guy Carpenter has appointed Julian Enoizi as global head of public sector. The firm said that the position would become effective on 11 April. Enoizi will be responsible for driving the company’s growth strategy. He will work with the global team to identify opportunities to address systemic risks, such ... Read the full article
Beazley sets up new underwriting divisions, names leaders
30th March 2022
Beazley has announced the creation of four new interconnected underwriting divisions as part of its growth strategy, namely: Specialty Risks, Cyber Risks, MAP Risks and Property Risks. Bethany Greenwood will lead the Specialty Risks division, which also encompasses M&A and Executive Risks, with James Eaton supporting the transition in advance of ... Read the full article
Commercial insurer profits to peak in 2023, weaken after: Fitch
29th March 2022
Analysts at Fitch Ratings believe that commercial insurance price momentum peaked last year, meaning insurer profits are likely to reach a high in 2023 and weaken thereafter. In a new report, the rating agency notes that price increases since 2017 helped regain healthy profitability in 2021, but warns that price momentum ... Read the full article
US D&O premium growth drives loss ratio improvement: Fitch
29th March 2022
According to rating agency Fitch Ratings, several years of U.S director and officers’ (D&O) insurance rapid premium growth led to a material decline in 2021’s direct loss ratios, and it is expected that it may continue in the near term. But, recent performance improvement and competitive factors are expected to temper ... Read the full article
Constellation to pick up Michigan Professional Insurance Exchange
29th March 2022
Constellation has announced that it is to acquire the business, assets, and liabilities of Michigan Professional Insurance Exchange (MPIE). The agreement, which is subject to regulatory and subscriber approval, comes as AM Best said the financial strength rating and long-term issuer rating ratings of Constellation will remain unchanged. A release from Constellation ... Read the full article
Howden’s Flandro: Hardening market to last longer than expected
28th March 2022
The fast-changing macroeconomic issues currently impacting the re/insurance industry are expected to cause for the hardening market to last longer than expected, according to Head of Analytics at Howden unit HX, David Flandro. In the insurance broker's latest review and earnings update for FY2021, Flandro, alongside Michelle To, Head of Business ... Read the full article
Financial volatility from Russia conflict poses minimal risk to insurers: experts
28th March 2022
During a recent panel hosted by the Insurance Information Institute (IIS), experts agreed that the possibility of a protracted period of high volatility poses only a minimal risk to the global insurance and reinsurance industries. Panellists used the discussion to explore the various potential impacts of Russia’s invasion of Ukraine on ... Read the full article
CFC revises tech and media policies
28th March 2022
CFC has revised its policies for tech and media companies which deliver comprehensive cover for the exposures these companies face today and remove the need for multiple policies. CFC’s Head of Tech, Media and IP, Michael Brunero commented: “Technology has changed the way we communicate, how we share and consume information, ... Read the full article
WTW goes into partnership with RIMS
25th March 2022
Advisory firm WTW is to go into a three-year partnership with the Risk Management Society (RIMS) to ‘advance the practice of risk management’ within Asia Pacific organisations. The firm said that the partnership aims to promote the development of risk professionals in the region and equip them to succeed in an ... Read the full article
Final re/insurance claims “highly uncertain” from new Russia aircraft law
24th March 2022
A new report from Moody’s has stated that at this stage it is unclear whether insurers will have to pay all current claims for lessors, in regards to the new Russian aircraft law effectively preventing foreign lessors from repossessing their aircrafts. Under usual circumstances, lessors are insured for this risk, but ... Read the full article
Favourable pricing driving underwriting profits for commercial P&C insurers
23rd March 2022
Fitch Ratings has said that favourable pricing is driving underwriting profits for US diversified commercial property and casualty insurers. A new note from the agency outlines how the insurers it looked at are able to demonstrate operating scale via large premium bases and substantial levels of equity capital. Diversification, said the ... Read the full article