Reinsurance News
Global insured losses from natural catastrophes in 2022 seen at $140bn by Gallagher Re
30th January 2023
For the fifth year since 2017, insurance and reinsurance industry losses from natural catastrophe events exceeded the $100 billion threshold in 2022 at a huge $140 billion, reports reinsurance broker Gallagher Re. The broker's 2022 Natural Catastrophe report, published today, notes another year of complex natural disaster events in 2022, which ... Read the full article
SCOR hires Swiss Re CUO Léger as its new CEO
26th January 2023
Thierry Léger, who has served as the Group Chief Underwriting Officer (CUO) of global reinsurer Swiss Re since 2020, has been named as the new Chief Executive Officer (CEO) of French reinsurer SCOR, effective May 1st, 2023. Léger has been with Swiss Re, one of the world's largest reinsurers, for 25 ... Read the full article
Louisiana reforms only a stopgap against reinsurance issues: AM Best
30th January 2023
Analysts at AM Best have warned that plans to reform Louisiana’s property insurance market are likely to only be only a “short-term stopgap” rather than an effective long-term solution to its ongoing reinsurance issues. Lawmakers have called a special session to commence this week, during which they will consider possible ... Read the full article
Legal & General chief executive Nigel Wilson to retire
30th January 2023
Life insurer Legal & General Group Plc has announced the planned retirement of Sir Nigel Wilson after over a decade as Chief Executive. The Group’s Board will now start the search to appoint Wilson’s successor; this process could take around a year, according to L&G. Wilson will continue as Chief Executive until ... Read the full article
Swiss Re’s iptiQ and Candid announce partnership
30th January 2023
UK-based insurtech Candid and Swiss Re’s iptiQ have entered into a distribution partnership to provide affordable and accessible life insurance solutions to UK customers. This strategic partnership harnesses Candid's leading position in distributing life insurance products to UK customers and iptiQ’s cutting-edge digital B2B2C insurance platform, combined with its underwriting expertise. According ... Read the full article
Hermelingmeier to manage finance department at HDI Global Specialty SE
30th January 2023
HDI Global Specialty SE has announced that with effect from March 1st, Thomas Stöckl will hand over management of the Finance Department at HDI Global Specialty to Dr. Christian Hermelingmeier. Earlier this year, Dr. Hermelingmeier was appointed to the Executive Board of HDI Global Specialty SE as Managing Director. HDI has ... Read the full article
Direct Line’s quota share reinsurance agreement a credit positive, says Moody’s
30th January 2023
Moody's has suggested that Direct Line's recently announced quota share reinsurance agreement will improve the firm's Solvency II capitalisation and is likely to better its returns over the medium term. Direct Line executed the strategic reinsurance arrangement via its principal underwriter, UK Insurance Limited on the 26th of January. Direct ... Read the full article
Cincinnati Financial estimates cat losses of $141m in Q4
30th January 2023
Cincinnati Financial Corporation has announced that its consolidated Q4 results are expected to include pretax catastrophe losses of approximately $141m. According to the announcement, these represent an impact on the Q4 2022 combined ratio of approximately 7.8 percentage points, based on estimated property casualty earned premiums. The catastrophe loss estimate includes $161m ... Read the full article
Miller hires Matthew Keeping as Head of P&C
30th January 2023
Specialist re/insurance broker, Miller has appointed Matthew Keeping as Head of Property & Casualty (P&C), where he will report to Tim Norman, Managing Director, Miller UK. He succeeds Mike Papworth who was recently appointed to the new dual role of Managing Director of Miller International and Chairman of P&C, following ... Read the full article
Suncorp warns New Zealand floods could trigger its reinsurance
30th January 2023
Suncorp has warned that the flooding currently affecting Aukland and the North Island in New Zealand could trigger its reinsurance cover. At least 4 people have died with around 350 needing replacement accommodation as a state of emergency order continues. Residents in the affected areas have been told by authorities to brace ... Read the full article
Howden sees record organic growth, 60% rise in revenue for FY22
30th January 2023
Global re/insurance broker, Howden Group Holdings, has announced record organic growth of 19%, and a 60% rise in revenue to £1.84 billion for the year ended September 30th, 2022. Organic growth of 19% is in line with the previous year and is a result of new client wins and fresh talent ... Read the full article
Reinsurers fared well during Jan renewals and pricing momentum will persist: S&P
30th January 2023
While all parties found the January 1st, 2023, reinsurance renewals very challenging, reinsurers were disciplined and fared well on the back of further market hardening, and it's expected that reinsurance pricing momentum will continue for the upcoming renewals in 2023, according to S&P Global Ratings. "It appears that the hard market ... Read the full article
reThought Insurance completes $10.5m funding round
30th January 2023
Technology-centric flood MGA, reThought Insurance has raised $10.5 million in a Series B funding round, which closely follows a successful $15.5 million round last summer. According to the announcement, the capital expansion will be used to extend the distribution of its advanced commercial and High Net Worth flood insurance products, and ... Read the full article
Grant Thornton Ireland adds Bermuda’s Arthur Morris & Company to network
30th January 2023
Professional services giant, Grant Thornton Ireland has announced that Bermuda firm, Arthur Morris & Company Limited, will join its network in a move that will support the expansion of its services and industry focus to its clients. The announcement comes as Grant Thornton continues to drive its international footprint. Grant Thornton Ireland ... Read the full article
Re/insurers can help accelerate net zero by facilitating capital: Aon’s Dudley
30th January 2023
As the re/insurance industry is feeling the emerging impacts of climate change, it also has the opportunity to help solve the climate crisis by matching capital to risk where it’s needed - such as via clean tech solutions, by de-risking projects and technology development -, Richard Dudley suggests. Aon’s Global Head ... Read the full article
Toa Re’s core companies downgraded to ‘A’, outlook remains stable: S&P
30th January 2023
S&P Global Ratings has lowered from 'A+' to 'A', its financial strength and long-term issuer credit ratings on Toa Reinsurance Co. and its two oversea subsidiaries, US-based Toa Reinsurance Co. of America and Switzerland-based Toa 21st Century Reinsurance Co. Ltd. The outlooks on the ratings remain stable. S&P said that the ... Read the full article
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