Reinsurance News
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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
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
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
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
Zurich announce new appointments to Commercial Underwriting
18th August 2022
Zurich Insurance Group has announced two new appointments to its Commercial Insurance Underwriting team. Stephen Moss joins as Group Head of Financial Lines and Cyber, and Andreas Schmitt joins as Group Cyber Underwriting Manager. Moss first began serving Zurich in 2017, as Head of Specialties, UK. He has more than two decades ... Read the full article
Pool Re begins consultation over move to cat treaty model
18th August 2022
UK’s terrorism reinsurer Pool Re has launched a consultation process with its members about moving its reinsurance scheme to a catastrophe treaty reinsurance model. According to the announcement, this would be the start of a process examining a move to a more contemporary way of providing cover to an insurance market ... Read the full article
Probitas sees gross written premiums rise quicker than expected
16th August 2022
Probitas has said in its latest results that following a mid-year pre-emption of the 2022 Year of Account, gross written premiums for its Syndicate are expected to increase from an original plan of £202.5m to £223.5m. A further 22% increase to £271m is planned for the 2023 Year of Account. According ... Read the full article
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10th August 2022
Thank you for subscribing to our Reinsurance News email newsletters and alerts. We hope you'll enjoy receiving all of our reinsurance news by email, but you will be able to unsubscribe at any time by finding the link in each email to do so. You can always stay up to date with ... Read the full article
Aon names James Platt Chief Digital Officer and Mindy Simon joins as COO
9th August 2022
Insurance and reinsurance broker Aon has named James Platt as Chief Digital Officer, Mindy Simon is joining the company as Chief Operating Officer (COO), taking over from Platt. Based in London, Platt will be overseeing Digital Client Solutions and will be reporting to Aon President Eric Andersen. In his new role he ... Read the full article
US P/C rates up 5.9% in Q2: MarketScout
8th August 2022
MarketScout data shows that US property and casualty (P/C) insurance rates are stabilizing at a composite increase of 5.91% in Q2 of 2022, matching the rate increases of Q1. MarketScout found cyber rates continue to increase the most at 21.3% up from 19.7% in Q1 of 2022. Umbrella rates moderated slightly by ... Read the full article