Reinsurance News
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Geraghty named MD of Intl. & Ireland division at Bishopsgate
26th January 2022
Bishopsgate has announced that Conor Geraghty will join its leadership team as Managing Director of the newly formed International and Ireland division. He will report to Bishopsgate CEO Graham Kilby, initially focusing on the Republic of Ireland and Australasia, with ambitions to build out into continental Europe through 2022 and beyond. Geraghty ... Read the full article
Parametrix Insurance and Leavitt Group to mitigate cloud downtime risk
25th January 2022
Provider of parametric cloud downtime insurance, Parametrix Insurance and brokerage Leavitt Group have both announced that ComTech-Leavitt Insurance Services, a member of the two, has partnered to help businesses that use the cloud reduce their exposure to the risks of cloud downtime. With the cloud turning into the alternative to traditional ... Read the full article
Berenberg positive on London market in 2022
25th January 2022
Berenberg says that it remains positive about the London market, despite an elevated risk environment. Citing the risk factors of property reinsurance from climate change and claims inflation, casualty arising from ongoing social inflation, and cyber due to the increase in ransomware attacks, the bank said it remained positive despite investor ... Read the full article
Gallagher Re appoints Alex Ntelekos as a Regional EMEA Director
25th January 2022
Global reinsurance broker Gallagher Re has named Alex Ntelekos as a Regional Director in Europe, the Middle East and Africa (EMEA), based in London. Effective immediately, Ntelekos takes on responsibility for supporting the growth of the broker's public-private initiatives across the EMEA region and will provide regulatory, capital management, and climate ... Read the full article
Resilience earns Coverholder status at Lloyd’s
19th January 2022
Resilience, an insurance and security solutions specialist, has earned delegated authority as a Coverholder, enabling it to deliver its comprehensive cyber risk management and insurance solutions to the worldwide insurance marketplace served by Lloyd's. Cyber risk is highly complex and difficult to address under traditional risk transfer approaches. Resilience provides intuitive cyber coverage ... Read the full article
Pool Re investing into research on systemic risks
18th January 2022
Pool Re will be one of the investors in a new research consortium aimed at protecting society from future systemic risks. The consortium, which will be led by the Cambridge Centre for Risk Studies, along with the University of Cambridge’s Judge Business School will "support the creation and extension of private-public ... Read the full article
London’s IUA targets climate change, BI and regulation in 2022
14th January 2022
The International Underwriting Association (IUA) of London's 2022 business plan will have a focus on climate change, business interruption, regulatory changes, and pandemic responses. These issues are among the top concerns to London company market clients and will be addressed by the IUA as the marketplace moves through 2022. The Climate Risk ... Read the full article
Renewals “bode well” for London Market profitability: Berenberg
14th January 2022
Analysts at Berenberg believe that the recent January reinsurance renewals “bode well” for continuous improvement in underlying profitability and earnings for the London Market in 2022. The investment bank considers the performance of the London Market to have been “lacklustre” in 2021. The drivers of the underperformance were similar to those for ... Read the full article
PRA says more work on climate risks required from many re/insurers
13th January 2022
UK regulator the Prudential Regulation Authority (PRA) has set out its priorities for 2022, which include a renewed focus on the financial risks arising from climate change. The PRA acknowledged that some insurers and reinsurers have made “good progress” in embedding supervisory expectations on climate risk. However, it added that progress has ... Read the full article
Gallagher names Head of Financial Lines for Middle East
13th January 2022
Global re/insurance broker Gallagher has appointed Daniel Miller to lead its financial lines operations for clients in the Middle East. Miller will join Gallagher in April from Aon, where he has worked for the last eight years as Regional Head of Financial and Professional Liability (finpro) for the Middle East. He has ... Read the full article
Climate failure & social crisis dominate global concerns: WEF
11th January 2022
A new report by the World Economic Forum (WEF) has identified climate failure as the foremost long-term global risk, with societal divides, livelihood crises and mental health deterioration dominating the shorter-term landscape. The WEF’s Global Risks Report 2022 also found that most experts believe a global economic recovery will be volatile ... Read the full article
Lloyd’s & London Market see stable conditions at 1/1: Gallagher Re
6th January 2022
Analysts at Gallagher Re have reported that Lloyd’s and the London Market experienced more stable conditions than were seen last year during the January 1, 2022 renewals, despite being generally quite late to market. In its 1st View report on the critical renewal period, Gallagher Re observed “mixed outcomes” for ... Read the full article
Positive casualty rate movement factored heavily into renewal outcomes: Guy Carpenter
5th January 2022
Continued positive underlying rate movement across casualty lines factored heavily into renewal outcomes, as prospective loss ratios showed continued improvement, according to Guy Carpenter in a new report. The global broking firm believes that the improvements have driven quota-share ceding commission increases, ranging from flat to up 1.5 points for excess ... Read the full article
Some European cat rates rose by over 50%: Gallagher
5th January 2022
Analysts at reinsurance broker Gallagher Re have reported that reinsurance pricing increased by over 50% for some European catastrophe business at the January 1 renewals. In its 1st View report on the critical renewal period, Gallagher Re observed “mixed outcomes” for both reinsurers and cedants, as a push for improved ... Read the full article
Risk landscape reshaped by ‘megatrends’ at Jan 1: Howden
4th January 2022
Analysts at Howden have observed a “reset” in the reinsurance risk landscape during the January 1st renewals, as a series of ‘megatrends’ upped the complexity of an already complicated underwriting environment. Reporting on the critical renewal period, the broker argues that the insurance macro-fundamental environment is clearly shifting, with higher inflation, ... Read the full article