Reinsurance News

PERILS updates Euro windstorm losses to €3,610m

20th May 2022

PERILS has estimated that the European windstorm series over Britain and Europe in February caused a loss to the insured property market of €3,610m up from its March estimate of €3,289m. The windstorm series consisted of three storms named Ylenia, Zeynep, and Antonia by the Free University of Berlin, and Dudley, ... Read the full article

PartnerRe falls to net loss on investments, but non-life underwriting improves

20th May 2022

Bermuda-based PartnerRe has reported an improvement in non-life underwriting for the first-quarter of 2022, although unrealised losses on the back of increases in interest rates has resulted in a net loss of $539 million. The net loss reported by PartnerRe represents a deterioration from the $66 million loss announced in Q1 ... Read the full article

R&Q fails to get sufficient shareholder votes for acquisition at first attempt

20th May 2022

Shareholder voting on the proposed takeover of Randall & Quilter Investment Holdings Ltd (R&Q), the non-life global specialty insurance company focused on program management and legacy transactions, in a deal backed by investment group 777 Partners, has been adjourned as the company seeks to gain additional support for the deal. Today, ... Read the full article

JP Morgan says insurance fallout from Russia-Ukraine not seismic

20th May 2022

JP Morgan has posited that re/insurance industry estimates arising from Ukraine’s invasion by Russia will fall as more information emerges. The viewpoint is put across in the firm’s latest Love Actuary, which focuses on the conflict in Europe. JP Morgan wrote: “Whilst Q1 only showed part of the picture on claims, we ... Read the full article

Fannie Mae completes fifth credit insurance risk transfer of year

20th May 2022

Fannie Mae has executed its fifth credit insurance risk transfer (CIRT) of 2022. The bank said that the transfer was part of its ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market, CIRT 2022-5 transferred $733.3m of mortgage credit risk to private insurers ... Read the full article

Optio Group’s Cove Programs hires Tom Godsey as SDI claims Director

20th May 2022

Specialty managing general agent (MGA) Optio Group, has announced the appointment of Tom Godsey who joins Cove Programs, an Optio company, as claims director for its subcontractor default insurance (SDI) practice. Based in Tennessee, Godsey will report to both Nathan Espe, head of SDI, and Nick Woodward, head of claims, and ... Read the full article

Parametrix & IMA partner on cloud downtime insurance

20th May 2022

Parametrix Insurance, a provider of parametric cloud downtime insurance, and IMA Financial Group (IMA), a North American insurance brokerage firm, have announced that they have entered into a partnership to help more companies protect themselves and their customers against losses from cloud downtime. The partnership will allow IMA to make Parametric ... Read the full article

Acrisure names new EVP, Head of Insurance Strategy & Execution

20th May 2022

Global insurance broker and fintech platform, Acrisure has announced that it has appointed Matthew Kirk as Executive Vice President and Head of Insurance Strategy and Execution. Kirk joins Acrisure following 16 years at US property & casualty insurer, The Hartford, where he served as Senior Vice President, Chief Sales & Distribution ... Read the full article

Vantage appoints Gabriel Poppie to new VP role

20th May 2022

Vantage has appointed Gabriel Poppie as its new vice president for marketing and distribution in the central region executive. The Chicago-based Poppie is coming over from Sompo International where he served as vice president of business development, US insurance. Prior to joining Sompo, he spent over five years at Swiss Re ... Read the full article

Allianz Commercial names Nick Kelsall as head of motor claims

20th May 2022

Allianz Commercial has made Nick Kelsall its new head of motor claims. The firm said that Kelsall is replacing Ian Kershaw, who is leaving Allianz to pursue other opportunities, after a brief handover period. In his new role, Kelsall will report to Lee Watts, head of technical claims. Watts said in a statement: ... Read the full article

“Market conditions favourable” – Peel Hunt

20th May 2022

Analysts from Peel Hunt say that market conditions within the specialty reinsurance and insurance sector remain favourable. The firm said that inflation is being comfortably covered by rate increases, feeding through to an improvement in underlying margins. It said that while there would be a slowing in growth over 2022, this ... Read the full article

Beat Capital selects OneShield to launch new MGAs & fuel US expansion

20th May 2022

Investment firm, Beat Capital Partners (Beat), has chosen OneShield Software's as a service (SaaS) technology platform – OneShield Market Solutions (OMS), to launch and incubate new Managing General Agents (MGAs). With its out-of-the-box features, OMS will help to provide optimized operational efficiencies and fuel Beat’s entry into the US market. In a ... 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

Tokio Marine sees net US premiums written jump >25%

20th May 2022

Tokio Marine Holdings has said it saw net premiums written in the US jump over a quarter between the end of 2020 and the end of 2021. The firm, said in its latest results, that net written premiums totalled $1,378.9m in 2021, up from $1,095.8m in 2020. This represented an increase ... Read the full article

Marsh McLennan shareholders re-elect 2022 director nominees

20th May 2022

The shareholders of global insurance and reinsurance brokerage firm, Marsh McLennan, have re-elected the entire cohort of 2022 director nominees. Yesterday, Marsh McLennan held its annual meeting of stockholders, who nominated to re-elect the entire slate for a one-year term, expiring at the 2023 meeting. The director nominees re-elected include Anthony Anderson, ... Read the full article

IGI sees 27% rise in gross premiums in strong Q1

20th May 2022

International General Insurance Holdings Ltd. (IGI) has reported a gross written premium (GWP) $128 million for Q1 22, representing a 27% growth compared to GWP of $100.6 million from last years quarter. IGI stated that the increase in GWP was the result of new business generated across all segments and virtually ... Read the full article

Allstate reports April cat losses of $316m

20th May 2022

Allstate says that it has estimated catastrophe losses for the month of April of $316 million or $250 million, after-tax. The company said that catastrophe losses in April included fourteen events, primarily wind, hail and tornadoes in Texas and the southeast – estimated at $299 million, plus unfavourable reserve re-estimates for ... Read the full article