Reinsurance News
Turkey earthquakes insured loss pegged at $3.5bn by PERILS
21st March 2023
Zurich-based catastrophe insurance data provider PERILS has released its first estimate of industry loss from the recent Kahramanmaras Earthquake Sequence that hit Turkey and Syria, placing it at $3.5 billion (TRY 65.4 billion). A Mw 7.8 magnitude earthquake struck south-central Turkey near the Syrian border On 6 February 2023. The earthquake initiated ... Read the full article
Insurer AT1 exposure low amid Credit Suisse shock: JP Morgan
20th March 2023
Analysts at JP Morgan have assured that European insurers’ exposure to bank corporate credit and AT1 bonds are low, after a rescue deal for the beleaguered Credit Suisse shocked some investors by leaving their bonds worthless. JP Morgan notes that the average exposure to bank credit is around 6% of European ... Read the full article
Sompo International opens new Birmingham office
22nd March 2023
Sompo International, a global provider of commercial and consumer property and casualty re/insurance, has announced the opening of a new office in Birmingham, England. Located at The Colmore Building in the Colmore Business District, Sompo’s new office has become its first location in the UK outside of London. The insurance giant Read the full article
French re/insurers reassessing nat cat risk after expensive year: AM Best
22nd March 2023
Analysts at AM Best have reported that French insurers and reinsurers are increasingly beginning to reassess their natural catastrophe assumptions following another year of extreme weather in 2022, which included record high temperatures and low rainfall. The experience of 2022 aligns with an ongoing trend towards hotter and drier weather in ... Read the full article
Ryan Specialty’s WKFC names Singhvi as President, Bauer as COO
22nd March 2023
Ryan Specialty’s managing general underwriter, WKFC Underwriting Managers (WKFC), has announced the promotions of Ravi Singhvi to President, and Joan Bauer to Chief Operating Officer, both effective immediately. Singhvi joined WKFC in 2018 and was most recently the MGU’s Chief Operation Officer. Prior to WKFC, he served as Vice President of Analytics ... Read the full article
Coalition releases new method for modelling aggregate cyber risk
22nd March 2023
Cyber insurance provider Coalition has released its new Active Cyber Risk Model, a framework for understanding cyber risk aggregation that provides an ongoing view into organisations’ cyber risks and identifies preventive measures to protect against new threats. The Active Cyber Risk Model, which offers a more accurate picture of cyber risk ... Read the full article
Anant Tiwari KM Dastur Reinsurance Brokers’ new hire
22nd March 2023
KM Dastur Reinsurance Brokers has appointed Anant Tiwari to the role of General Manager - Climate Risk Adaptation and Insurance, based in New Delhi, India. The company is a leading insurance and reinsurance broker in Asian, African and Middle Eastern markets for General & Life Insurance across all classes of Property, ... Read the full article
The Plexus Groupe selects CyberCube for cyber risk analysis
22nd March 2023
US brokerage and advisory firm The Plexus Groupe has selected CyberCube’s Broking Manager cyber risk analytics platform to quantify its cyber risk decisions. The broker - who offers comprehensive benefits, commercial insurance, HR and retirement solutions - will be utilising Broking Manager to help clients better understand their unique cyber exposures ... Read the full article
GFIA flags trillion dollar protection gaps in pensions, cyber
21st March 2023
A new report by the Global Federation of Insurance Associations (GFIA) has flagged some of the most pressing insurance protection gaps facing the world currently, and explored ways to help close them. Among the largest annual global protection gaps identified by GFIA were a $1 trillion gap for pensions, $900 billion ... Read the full article
Applied Underwriters and Concirrus announce strategic alliance
21st March 2023
Risk services firm Applied Underwriters and Concirrus, an AI insurtech, have entered a long-term alliance to develop and provide multiple product lines of extraordinary technology driven solutions to re/insurers and other risk-based entities across the globe. The companies have described this as an strategic alliance where they will leverage their respective ... Read the full article
EPIC expands Financial Services division with creation of new group
21st March 2023
EPIC Insurance Brokers & Consultants, a retail property and casualty insurance brokerage and employee benefits consultant, has expanded its Financial Services division with the creation of its newly formed Insurance Capital Solutions (ICS) group. EPIC states that ICS will align and coordinate origination, placement, and service capabilities across four key business ... Read the full article
Swiss Re backs AI-powered workers’ comp product from CompScience
21st March 2023
CompScience Insurance Services has announced a managing general agent (MGA) agreement with Nationwide and Swiss Re to underwrite, bind and service workers’ compensation policies. Josh Butler, Founder and CEO, CompScience, commented, “We are pleased to be partnering with Nationwide and Swiss Re so that we can bring the disruptive power of ... Read the full article
Generali UK choses Supercede for reinsurance data management
21st March 2023
Generali UK Branch has opted for Supercede to prepare and manage its reinsurance data, including data cleansing, preparation, and validation. According to the announcement, choosing to use the Supercede platform will significantly speed up Generali processes and reduce manual processing time. This decision follows a successful trial period in the UK, which ... Read the full article
Life/Annuity insurers well-positioned for 2023: AM Best
21st March 2023
Analysts at AM Best have reported that the US Life/Annuity (L/A) insurance segment remains well-positioned to meet challenges in 2023, supported by high levels of risk-based capitalization, strong liquidity profiles, and robust sales in annuity products. Despite this strong position, the rating agency AM Best acknowledged that there was some volatility ... Read the full article
ABIR announces string of leadership appointments
21st March 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) has announced changes in the leadership of its most influential committee and an expansion of its working groups’ focus areas, drawing on the professional talent of member companies. The firm has announced that Jim Paugh, of Arch Re, has been appointed Co-Chair of ... Read the full article
Liberty Mutual Re names Steiner US Specialty Casualty Treaty Manager
21st March 2023
Liberty Mutual Reinsurance, part of Liberty Mutual Insurance Group, has appointed Sara Steiner to the role of US Specialty Casualty Treaty Manager. Steiner brings over 18 years of insurance experience to her new role, almost three of them at LM Re’s having joined the company in 2020 as Vice President and ... Read the full article
BMA appoints financial services veteran as its next COO
21st March 2023
The Bermuda Monetary Authority (BMA) has announced that it has appointed Toby Mason as the Authority’s next Chief Operating Officer (COO). In the role, he will report to Deputy Chief Executive Officer, Shanna Lespere. As COO, Mason will oversee BMA’s infrastructure, where he will support organisational growth and improving results and efficiency ... Read the full article
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