Reinsurance News
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Increase in capital enables Fidelis to continue to innovate: Dan Burrows
13th September 2021
After raising a significant amount of capital in 2020, a trend which has continued this year, specialty insurer and reinsurer, Fidelis Insurance Holdings Limited, continues to innovate and sees opportunities across most lines of business, according to Dan Burrows, Executive Chairman of Fidelis Bermuda and Group Managing Director. In 2020, equity ... Read the full article
AV8 Ventures launches second fund backed by Allianz SE
13th September 2021
AV8 Ventures has launched with a $180 million second fund to help drive emerging technologies in AI-driven health, mobility and enterprise. AV8 Ventures has invested in 20 companies with a focus on the US since its launch in 2018. “We are humbled by the continued support from Allianz and our founders who ... Read the full article
Vouch locks in $90mn of new funding, announces WeWork partnership
10th September 2021
Startup insurance platform Vouch has secured $90 million of new funding and revealed their role as the preferred business insurance provider to Brex, Carta, and WeWork customers. The firm has also established its own authorised insurance carrier and expanded its line of products. After two rounds of financing Vouch has secured a ... Read the full article
2021 fast becoming the year of ESG: Guy Carpenter execs
10th September 2021
During a recent briefing hosted by Guy Carpenter, industry executives claimed that environmental, social and governance (ESG) issues have become more important than ever for reinsurers this year. Jessica Turner, Managing Director for Catastrophe Advisory at Guy Carpenter, highlighted the growing significance of ESG risks during a discussion that focused on ... Read the full article
WTW outlines Investor Day strategy
10th September 2021
Re/insurance broker Willis Towers Watson (WTW) has outlined its strategy to drive long-term growth and value creation for shareholders at its Investor Day. The broker plans to focus on core opportunities with the highest growth and return, including gaining market share in Risk and Broking and Individual Marketplace, along with innovating ... Read the full article
Climate change the industry’s largest growth opportunity, says Swiss Re
9th September 2021
Climate change, while acknowledged as a real and existential threat, has been highlighted by Swiss Re as the re/insurance industry's largest opportunity for growth. The reinsurer has called for an annual investment of $6.9 trillion to meet current 2030 targets and warns of devastating consequences to the global economy should this ... Read the full article
2021 testing re/insurers catastrophe budgets: AM Best
6th September 2021
Rating agency AM Best has released a new report, which notes how 2021 started with significant catastrophe activity for reinsurers due to its major winter storms in the southern United States, testing the year’s budgeted catastrophe loads. Estimates place the total industry loss around USD15 billion to USD20 billion, which the ... Read the full article
Growing need for data in London Market: Amwins
2nd September 2021
As part of a new report on the state of the London Market, analysts at Amwins have pointed to a growing requirement for greater levels of data, analytics and insight. The observation comes on the back of a challenging 18-month period for the London Market, which has faced a worldwide pandemic, ... Read the full article
P&C premiums up 8.3% over Q2, finds CIAB survey
27th August 2021
A new market survey by the Council of Insurance Agents & Brokers (CIAB) has found that property and casualty (P&C) rates increased for the 15th consecutive quarter in Q2 2021 at 8.3%, down from 10% in the previous quarter. Both medium and large accounts experienced the highest increases, at 9.4% and ... Read the full article
Aon announces regional senior leadership changes
26th August 2021
Aon plc has announced new regional leadership roles within its Reinsurance Solutions to further strengthen the team and enhance its local reach. Tim Ronda, Global Geographic Leader, will oversee Reinsurance Solutions’ regional capabilities worldwide to drive scale while focusing on unique regional trends and client needs. George Attard has been appointed Chief ... Read the full article
Property market still challenging, but conditions moderating: Aon
23rd August 2021
Re/insurance broker Aon has observed that the North American property market remains challenging, but notes that conditions are moderating as rate increases decelerate and the sector begins to approach equilibrium. Against this backdrop, analysts believe that insurers will be looking to increasingly regain share of classes of business deemed profitable, and ... Read the full article
Lloyd’s reports improved syndicate forecasts for 2019/2020
19th August 2021
Insurance and reinsurance marketplace Lloyd’s of London has released updated forecasts for its 2019 and 2020 years of account, which show improved forecasts for most syndicates. Overall, 16 syndicates are reporting an improved forecasts, with the largest improvements at SPAs 6107 (Beazley) and 6104 (Hiscox), although some syndicates continued to report ... Read the full article
QOMPLX and Tailwind abandon merger plans
18th August 2021
Risk analytics provider QOMPLX has agreed to terminate its business combination agreement with Tailwind Acquisition Corp., a special purpose acquisition company, due to challenging market conditions. The deal would have seen QOMPLX go public via a merger with Tailwind, and reflected a post-transaction equity value for QOMPLX of roughly $1.4 billion ... Read the full article
Munich Re’s profit rises to €1.1bn despite higher than expected COVID impact
10th August 2021
Global reinsurer Munich Re has announced profit of €1.1 billion for the second quarter of 2021, as profits improved in both its property and casualty (P&C) and life and health (L&H) reinsurance segments despite ongoing losses related to the COVID-19 pandemic. The company's reinsurance operation contributed €951 million to the consolidated ... Read the full article
Cryptocurrencies & claims a focus of the seventh Lloyd’s Lab cohort
6th August 2021
Lloyd's has today unveiled the next 11 InsurTech startups joining the seventh group of the Lloyd's Lab innovation accelerator programme, which this time will focus on the development of simpler products and solutions targeting the cryptocurrency space. Lloyd's selected its next cohort of InsurTech startups from 179 applications, with each successful ... Read the full article