Reinsurance News
Vida Capital says ‘dramatic change’ to R&Q leadership and strategy would be ‘counterproductive’
17th August 2022
Investment firm Vida Capital, Inc. has today expressed its support of both the current leadership and strategy of R&Q Insurance Holdings Ltd. Vida Capital Management currently manages funds owning some 9.07% of the outstanding shares of R&Q. In a statement, the company, which is a vertically integrated, uncorrelated investment firm specialising in ... Read the full article
Munich Re remains the world’s largest reinsurance company
17th August 2022
After taking the top spot last year, global reinsurer Munich Re remains the world's largest reinsurance company, with gross life & non-life reinsurance premiums written of more than $46.8 billion in 2021, as shown by our directory of the Top 50 Global Reinsurance Groups. The directory is ... Read the full article
Lockton makes two senior appointments in Nashville & Tennessee
18th August 2022
Insurance and reinsurance broker Lockton has made two senior appointments in Nashville & Tennessee. The company has announced that Barry Boster has been appointed Vice President and Producer to the firm's Nashville office, as well as Jay Brown who has been appointed to the firm's Nashville and Memphis offices as President, ... Read the full article
Ardonagh Group’s income increases by 37% in H1 22
18th August 2022
The Ardonagh Group has reported a strong performance in income for the first half of 2022, as it increased by 37% (£162.2 million) to £595 million, compared to £433.2 million in the first half of 2021. The company noted that growth was achieved through a combination of acquisitions and organic growth ... Read the full article
Chubb’s Combined Insurance appoints VP of Distribution, Canada
18th August 2022
Chubb’s Combined Insurance has appointed Michael Milos as Vice President of Distribution Expansion for Combined’s Canadian branch. He is based at Combined’s Markham, Ontario offices. As Vice President of Distribution Expansion Milos will be instrumental in diversifying the organization’s distribution strategies, as well as strengthening and forming new relationships in the broker ... 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
US mortgage results back at pre-pandemic levels: Fitch
18th August 2022
New analysis from Fitch Ratings shows that US mortgage insurance underwriting results in 1H22 were particularly strong as current-year loss activity is in line with pre-pandemic periods. However, the rating agency added that results were more than offset by highly favourable reserve development, leading to a calendar-year loss ratio of negative ... Read the full article
AM Best downgrades Bankers credit ratings
18th August 2022
AM Best has downgraded the credit ratings of the members of the Bankers Insurance Group. The firm said that it was switching the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Ratings to “bbb-” (Good) from “bbb” (Good). The group’s members are Bankers Insurance Company ... Read the full article
Liberty Mutual Re appoints Nick Noguera as business development manager
18th August 2022
Liberty Mutual Re has appointed Nick Noguera as a business development manager for the London Broker market. The firm said that Noguera will report to Miguel Martinez Alvarez with what it calls ‘a dotted line’ to Max Mallen and the portfolio team that is based in London. According to his LinkedIn profile, ... Read the full article
Insurtech startup Ledgebrook raises $4.2m in seed funding
18th August 2022
Boston-based insurtech, Ledgebrook, has announced that it has raised $4.2M in seed funding to build out its operations with the goal of writing its first policies in Q4 of 2022. The company plans to start by launching a broad-appetite E&S GL product to establish its value prop to wholesale brokers ahead ... Read the full article
AXA XL appoints Lahrmann as Senior Underwriter, Intl Property, Insurance UK & Lloyd’s
18th August 2022
AXA XL Insurance has appointed Sabrina Lahrmann as Senior Underwriter, International Property, UK & Lloyd’s, with immediate effect. Within her new role, Lahrmann will be responsible for helping to deliver the strategic and profitable growth of AXA XL’s International Property book of business in the UK, as well as establishing and ... Read the full article
Global reinsurance maintains “prudent approach” to claims reserving: AM Best
17th August 2022
Greater uncertainty arising from global issues, like the COVID-19 pandemic and the Russia-Ukraine conflict, is driving more conservative reserving approaches in the global reinsurance industry, said AM Best in a recent market report. According to the report, before the severe property catastrophe losses in 2017 and 2018, AM Best analyst’s noted ... Read the full article
Nationwide names Hespe Head of Underwriting Performance for E&S/Specialty
17th August 2022
Ohio-based insurer Nationwide has appointed Julie Hespe as the head of Underwriting Performance for the company’s Excess & Surplus/Specialty team. Hespe’s team - the Underwriting & Product Performance Center of Excellence, will have a direct focus on portfolio profitability, underwriting governance and best practices, product management strategy, regulatory compliance and performance. Hespe ... Read the full article
Moody’s Analytics and RMS name Andrew Hare as APAC Managing Director
17th August 2022
Andrew Hare has been appointed Managing Director, Asia Pacific at RMS, a Moody's Analytics company that provides risk modelling and solutions. Bringing almost 25 years of experience in the industry, Hare will be responsible for integrating and leading the strategy and execution across the combined RMS and Moody’s Analytics Insurance Vertical, ... Read the full article
IRB Brasil Re execs say crop losses have exceeded retro limits
17th August 2022
The performance of Brazilian reinsurer IRB Brasil Re in Q2 2022 was negatively impacted by the severe drought in the southern part of the country, leading the firm to exceed the limits of its retrocession protection. Yesterday, the company announced an underwriting loss of R$661.0 million (USD 129.1m) for the ... Read the full article
CAC Speciality announces new VP of Private Equity practice
17th August 2022
Insurance broker CAC speciality has announced the appointment of Scott Smith as Vice President of Private Equity practice. Smith joins CAC with a solid business background, holding positions as an investment banker with Citigroup, and a leader with USI Insurance, along with vast experience as an entrepreneur. CAC note that Smith’s innovative ... Read the full article
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