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Reinsurance News

Lloyd’s CFO to take on COO duties

17th January 2022

Lloyd’s CFO Burkhard Keese is lining up to take on COO duties when incumbent Jennifer Rigby departs towards the end of this month. The new structure, under which Keese will maintain both roles, is being put in place to facilitate the delivery of Lloyd’s Blueprint Two programme. That programme is the second ... Read the full article

SCOR names Yves Cormier as Head of Investor Relations

17th January 2022

French reinsurer SCOR has appointed Yves Cormier as Head of Investor Relations, reporting to Ian Kelly, Group Chief Financial Officer (CFO). Cormier will be based in London, and joins from Rothschild, where he spent the last six years advising European insurers on corporate finance and strategy matters. Earlier in his career, ... Read the full article

Brit bolsters Property Facilities team

18th January 2022

Specialty insurer Brit has added Joanne Allen and Thomas Poynder to its Property Facilities team, effective early January 2022. Allen joins Brit as Flood Class Underwriter, reporting to Sarah Mendola, Divisional Director. Poynder joins as Underwriter for Transportation, reporting into David Perkins, Class Underwriter, Transportation. Joining from Argo Global, Allen has more ... 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

Peter Child named CEO of SRS Europe

18th January 2022

Strategic Risk Solutions (SRS) has announced the appointment of Peter Child as Chief Executive Officer (CEO) of its European operation, effective January 1st, 2022. Child will also retain his current role as Managing Director of SRS Guernsey. In his new role, he takes on responsibility for continuing to grow SRS' presence ... Read the full article

Cyber the top concern for businesses in 2022: Allianz

18th January 2022

Cyber perils are viewed as the top concern for businesses globally in 2022, as natural catastrophe and climate change risks climb the rankings of the latest Allianz Risk Barometer. With 44% of respondents citing cyber incidents as their biggest concern, largely driven by the threat of ransomware attacks, the peril claimed ... Read the full article

Richard Pike to join Howden Re as Executive Director, Treaty Reinsurance

18th January 2022

Richard Pike, currently of Berkley Re, is set to join reinsurance broker Howden Re in April as Executive Director, Treaty Reinsurance, based in Sydney. In his new role, which he takes on following his contractual obligations, Pike will report to Stephen Warwick, Head of Treaty for Asia Pacific. At Howden Re, Pike ... Read the full article

Reinsurance pricing to remain firm, but no acceleration likely: JMP Securities

17th January 2022

Analysts at JMP Securities expect property reinsurance pricing to remain firm as the market progresses through 2022, but warn that rates will not materially accelerate from current levels without additional significant loss events. The recently completed January 1 renewal saw continued upward movement in pricing, with some business seeing the strongest ... Read the full article

Parliament launches inquiry into UK’s commercial re/insurance market

17th January 2022

The regulation of the UK's commercial insurance and reinsurance market is the subject of an inquiry by the House of Lords Industry and Regulators Committee. The Committee has published a call for evidence for its inquiry into the London Market, which is focused on commercial and wholesale speciality risks. The purpose of ... Read the full article

Intact Financial estimates Q4 cat losses at $186m

17th January 2022

Toronto-based property and casualty (P&C) insurer Intact Financial Corporation has announced that its estimated catastrophe losses for the fourth quarter of 2021 are $186 million, pre-tax. Approximately 55% of the catastrophe losses were recorded in the company’s Canada segment, with half in personal property. This mostly reflected the impact of floods in ... Read the full article

Zurich NA shuffles leadership; Meador to lead RCIS

17th January 2022

Global insurer Zurich's North America division has made a number of key leadership changes including the appointment of Jason Meador as the new Head of the firm's Rural Community Insurance Services (RCIS) unit, effective February 1st, 2022. Currently, Meador serves as Head of Captives at Zurich North America, and takes over ... Read the full article

US infrastructure package to boost surety market: AM Best

17th January 2022

Analysts at AM Best are expecting a recently enacted $1.2 trillion US infrastructure to result in more business opportunities for surety companies due to new investments in the transportation and energy sectors. The new law includes $550 billion in new spending on infrastructure over the next five years and billions more ... Read the full article

Markel hires Michael Briggs as PI Underwriter

17th January 2022

Markel International has hired Michael Briggs as a professional indemnity (PI) underwriter. Briggs' appointment marks Markel International’s expansion plans to drive further growth and investment in its PI portfolio. He will be based in Markel's London office, and report to Duncan Sinnott, senior underwriter of professional indemnity and telecommunications, media, and technology. In ... Read the full article

Blackstone and Westland expands partnership deal

17th January 2022

Independent property and casualty (P&C) insurance broker Westland Insurance Group has expanded its partnership with Blackstone Credit (Blackstone). Since its initial investment a year ago, Blackstone has committed over $1.2 billion to support Westland’s growth, which has included a facility dedicated to funding the company’s acquisition strategy. The company has expanded into ... Read the full article

Charles Kasmer joins Fortitude Re as CUO P&C Reinsurance

17th January 2022

Bermudian legacy reinsurance company Fortitude Re has appointed Charles Kasmer as Chief Underwriting Officer, where he will be responsible for sourcing and pricing new non-US P&C run-off transactions for the Fortitude International Re (FIRL) entity. He will also be assisting in the design and implementation of new products and structures, and expanding ... Read the full article

Reinsurance underperformance “ripe for reversal”: Berenberg

17th January 2022

Analysts at Berenberg consider a trend of underperformance among reinsurers as “ripe for reversal” following a strong January 2022 renewal period, which saw rate rises of more than 10% for natural catastrophe risks in many cases. Berenberg views the global reinsurance sector as having performed poorly in 2021, largely due to ... Read the full article

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