Reinsurance News
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Allianz (AGCS) names Regional Head of Strategy & Portfolio Steering, North America
25th May 2022
Allianz Global Corporate & Specialty (AGCS) has announced that Anthony “Sandy” Codding, Jr. will join the AGCS Financial Lines team as Regional Head of Strategy & Portfolio Steering, North America. Codding will be based in Boston and will report to Joe Caruso, North America Regional Head of Financial Lines. He takes over ... Read the full article
AXA XL promotes Libby Benet to Global CUO
25th May 2022
AXA XL, the property & casualty and specialty risk division of global insurer AXA, has promoted Libby Benet to Global Chief Underwriting Officer (CUO). Benet takes over as Global CUO from Nancy Bewlay, who was recently named as its new Chief Executive of Reinsurance. She first joined the company in 2020 ... Read the full article
NFP’s Financial Institutions Group selects TigerRisk to develop line slip for Lloyd’s
24th May 2022
Leading property and casualty (P&C) broker, NFP has announced its Financial Institutions Group (FIG) has selected broker and risk capital advisory TigerRisk Partners LLC to develop a line slip to transact business with Lloyd’s of London. The line slip will enable global insurers, US regional and mutual insurance companies, managing general ... Read the full article
Howden Sweden announces new leadership changes
24th May 2022
International insurance broker, Howden, has announced the appointments of Marie Gustafsson as Chief Executive Officer, Sweden and Kristoffer Haleen as an Executive Director on the board of Howden Sweden. Howden stated that both Gustafsson and Haleen will lead its business in the region, once their contractual obligations have been discharged. Jesper ... Read the full article
Brokerslink adds six to network
20th May 2022
Broker firm Brokerslink has added six technology firms to its network. The six founding ‘B.tech affiliates’ are: BWD (digital transformation), KYND (cyber security), Innovagency (digital experience), Inovretail (data science provider) , IT Power (business process and claims management) and Lightico (customer experience). According to the company, the new affiliates are the first ... Read the full article
Swiss Re unveils nine-step, digital trust methodology
19th May 2022
Swiss Re has unveiled a nine-step methodology for companies to position themselves as trustworthy in an increasingly online world. The thirty-page report, Decoding Digital Trust: An Insurance Perspective, provides a framework for understanding digital trust, highlighting its relevance against the backdrop of increasing digital automation, both in insurance and across ... Read the full article
Munich Re launches new AI validation service
17th May 2022
Munich Re has launched a new validation service for trustworthy artificial intelligence. The firm says that the service, called CertAI, validates fully fledged AI systems or AI solutions already in productive use, analysing six different factors – fairness, autonomy and control, transparency, robustness, functional and cyber security, and data protection. It ... Read the full article
Limited war losses so far, but key uncertainties remain: RBC
16th May 2022
First quarter 2022 results season has shown that reserving assumptions for Russia's invasion of Ukraine varied widely, with limited reported losses of $1.3 billion against an industry loss range from the war of $10 billion to $15 billion, according to analysts at RBC. In a recent note on UK specialty property ... Read the full article
Captives to take on risks shunned by traditional re/insurers: AGCS’s Houlihan
13th May 2022
With many insurers and reinsurers beginning to shy away from complex emerging risks, captives could be set to take on more of the issues shunned by the traditional market. This is according to Thomas Houlihan, Regional Head, Americas - ART (Alternative Risk Transfer) at Allianz Global Corporate & Specialty (AGCS), who ... Read the full article
D&O Premium records best results since 2014, but COVID claims may lag: AM Best
13th May 2022
According to a new AM Best report, 2021 was the best year for directors and officers (D&O) insurers’ premium, volume and direct profitability since 2014, with insurers’ push for moderate to substantial rate/pricing increases fuelling the top line premium growth. The report states that consistent, aggregate pricing increases by D&O writers, ... Read the full article
Ransomware attacks becoming a growing risk for US Corporates: Fitch
12th May 2022
With the frequency, severity and sophistication of ransomware attacks in the US rising dramatically in 2021 from the prior year, according to Fitch analysts, this trend is expected to continue as long as profit incentives remain high and outweigh perceived risks of criminal prosecution. In 2021 it was reported that there ... Read the full article
Are there clouds on the horizon for a buoyant international shipping industry?
11th May 2022
A growing number of issues may stymie a healthy and growing international shipping industry, writes Allianz in its Safety and Shipping Review 2022. The insurer cited several factors in the report, including the impact from Russia’s invasion of Ukraine, the growing number of costly issues involving larger vessels, crew and port congestion ... Read the full article
“Absolutely crucial” to sustain pricing discipline: AXIS CEO Benchimol
10th May 2022
Albert Benchimol, President and CEO of AXIS Capital Holdings, has asserted that it is “absolutely crucial” that insurers continue to sustain pricing discipline in order to deliver an adequate return on capital and fulfil its role as “a safety net for the free markets.” Speaking during a Q1 earnings call, Benchimol ... Read the full article
SiriusPoint makes raft of IT appointments
6th May 2022
SiriusPoint has made a slew of appointments to its IT team. The company said that the new team will integrate the company’s platforms, creating improved IT functionality to enable the operational efficiency of the business. Darryl Siry, CTO of the company, said: “Developing an industry-leading technology approach has been a priority for ... Read the full article
Beazley reports better-than-expected results for Q1 2022
6th May 2022
Beazley is reporting a 27% increase in gross written premiums between Q1 2021 and Q1 2022. The firm said that these had been $971m last year, but recently went up to $1,229m. At the same time, renewal rates reached 17%, up one percentage point from the year before. However, it did ... Read the full article