Reinsurance News
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Moody’s predicts rate increases in April and July
9th February 2022
Moody’s has indicated that the insurance sector should be prepared for ‘broad-based price increases’ when renewals begin in April and July. According to a note from the agency, the extent of price increases will depend on the balance of the supply of capacity alongside the demand for reinsurance coverage. All in all, ... Read the full article
Mosaic “focused on the future” after successful first year
8th February 2022
Mosaic Insurance has completed its first year in business, securing Lloyd’s approvals, enabling worldwide licenses and financial-strength ratings, including A+ rating from Standard & Poor's, A from AM Best, and AA- from Fitch Ratings. Within this time, the company has also expanded through its strategic technology and capital partnerships, and has launched ... Read the full article
Aon expecting single-digit growth in revenues this year
7th February 2022
Aon has predicted organic growth in its revenues in the mid-single digits or higher over this year. In an earnings call to reveal its Q4 earnings, Christa Davies, CFO of the re/insurance broker, said that this trend would not only be seen over 2022, but would extend over the long term. On ... Read the full article
Rate increases persist, reflecting losses and low returns: Marsh McLennan CEO
31st January 2022
In the property and casualty (P&C) insurance market, rate increases have persisted and reflect elevated losses, low returns, concerns about inflation, and a firming reinsurance market, reported Dan Glaser, President and Chief Executive Officer (CEO) at Marsh McLennan (MMC). During the broker's Q4 earnings call, he explained that the Marsh Global ... Read the full article
Re/insurer resilience a “bright light” in Bermuda’s economy: PwC’s Wightman
28th January 2022
Arthur Wightman, Territory leader for PwC Bermuda, has described the insurance and reinsurance sector’s resilience as a “bright light in Bermuda’s economy,” as part of a PwC report that shows growing optimism among CEOs regarding the global economy. After surveying thousands of CEOs between October and November last year, PwC found ... Read the full article
“Return on capital to rise for reinsurers” – Fitch
27th January 2022
The reinsurance sector’s return on capital is set to rise, surpassing the high-single digit return that was forecast for last year, says Fitch. This, says the ratings agent, will match the current cost of capital to the industry. It added: “Moderately better underwriting margins and premium growth will help the reinsurance sector ... Read the full article
BofA forecasts good 1/1 pricing updates, property cat pruning for reinsurers
26th January 2022
Bank of America (BofA) expects European reinsurers to announce good 1/1 renewal pricing updates, with rises supportive of its 1.5% (net of claims inflation) rate increase assumption for 2022. The bank also predicts European reinsurers to show signs of portfolio pruning in part of the property cat books in order to ... Read the full article
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
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