Reinsurance News
MS Amlin hires Jessica Turner from Guy Carpenter as new Head of Risk Analytics
27th March 2023
MS Amlin, Lloyd’s global re/insurer has announced the appointment of Dr Jessica Turner as Head of Risk Analytics who will take on this position effective 26 June 2023. Dr Turner will report to Martin Burke, the Director of Underwriting Performance. Commenting on the appointment, Burke said, “As we look to navigate the ... Read the full article
AnaCap sells minority stake in MRH Trowe to TA Associates
27th March 2023
AnaCap Financial Partners has announced the sale of a minority stake in portfolio company MRH Trowe to TA Associates two and half years after its initial investment at a 4.3x money multiple. MRHT’s founding managers will remain the largest shareholder group post-transaction and will be backed by both AnaCap and TA ... Read the full article
Insurer investments & business models favourable against banking turmoil: Swiss Re
27th March 2023
Even though banking turmoil will impact insurers' investment portfolio, their asset-liability management operating framework means they are duration matched, and their "long liquidity" business models implies they are not vulnerable to rapid withdrawals like banks, said the Swiss Re Institute. Turmoil in the US and European banking sectors has shaken market ... Read the full article
Europe’s big four hit by weaker underwriting & investment losses: Fitch
27th March 2023
Hannover Re, Munich Re, SCOR and Swiss Re all reported lower earnings for 2022 as high inflation, rising interest rates and climate-related costs led to lower underwriting and investment results, suggests a new report from Fitch Ratings. The rating agency notes that in 2022, attempts to raise prices proved to be ... Read the full article
Analysts at KBW expect bank-related D&O claims to be manageable
27th March 2023
Any reacceleration in D&O pricing will probably remain limited to financial institutions as bank-related D&O claim settlements will likely be prolonged - despite claims being manageable - KBW analyst following a recent call with Kevin LaCroix, RT ProExec EVP, a division of RT Specialty. Analysts noted that D&O rates, unlike most ... Read the full article
Chat GPT & AI a growing concern for cyber insurance: Corvus’ Hedberg
24th March 2023
With the capabilities of Chat GPT and artificial intelligence (AI) continuing to advance, this technology is only going to get smarter and potentially more difficult to control as it can be used to facilitate security breaches and increase the scale of cyber-attacks, states Peter Hedberg, Vice President of Cyber Underwriting ... Read the full article
Marsh names Sarah Stephens US Central Zone Leader
24th March 2023
Insurance broker and risk advisor Marsh has announced that its current Head of Cyber for the UK and International, Marsh Specialty, Sarah Stephens, will assume the role of US Central Zone Leader on May 1. In this role, she will lead Marsh’s 18 offices across the Central region of the US, ... Read the full article
USAA appoints two industry leaders as SVPs
24th March 2023
Primary mutual insurer USAA has hired two industry leaders as Senior Vice Presidents. Joseph Gates has been named SVP, Chief Risk Officer for the P&C company, and David Selchen has been named SVP, Organizational and Talent Management. Both Gates and Selchen bring over 20 years of industry experience towards their respective roles. Most recently, Gates served ... Read the full article
Liquidity risks “remote” for most re/insurers amid banking crisis: Twelve Capital
24th March 2023
Analysts at Twelve Capital, an independent investment manager specialising in insurance investments, have commented on the potential fallout of the crisis currently affecting the banking sector, concluding that “liquidity risk is remote” for most re/insurers. However, they warned that life-savings insurers, in addition to banks, could be more exposed to liquidity ... Read the full article
RenaissanceRe to add former Munich Re exec Jeworrek as Director
24th March 2023
Bermuda headquartered RenaissanceRe’s Board of Directors has nominated former Munich Re executive Torsten Jeworrek to stand for election as an Independent Director. If elected, he will be appointed to the Investment and Risk Management Committee, and the Investment and Risk Management Committee will consist of Mr. Gray (Chair), Mr. Hennes and ... Read the full article
Cyclone Gabrielle claims reach $890m: ICNZ
24th March 2023
Cyclone Gabrielle, which impacted parts of New Zealand last month, has generated around 40,000 claims so far worth a collective $890 million, according to the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ). Provisional general insurance claims data for Gabrielle released by ICNZ shows that about $70 million ... Read the full article
MetLife announces Bryan Boudreau as new Global Chief Actuary
24th March 2023
MetLife, Inc. has announced the appointment of Bryan Boudreau as Executive Vice President and Global Chief Actuary. Boudreau succeeds Andy Rallis, who will retire on the 10th of May 2023, after a 39-year career at MetLife where he was the Global Chief Actuary for the last 11 years. In the new ... Read the full article
Cyber market cooling as more solutions needed for systemic risks: AM Best
24th March 2023
The hot cyber market is starting to cool due to a slower pace of rate increases and cutbacks in capacity. At the same time, as the market evolves, more solutions are needed to address the systemic risk it possesses, according to a recent report by AM Best. The COVID-19 pandemic shifted ... Read the full article
Mosaic hires litigator Bowden to lead its new liability coverage offering
24th March 2023
Specialty insurer, Mosaic Insurance has added litigation liability coverage to its professional lines offering, appointing experienced litigation solicitor, Sarah Bowden to run the new book. The coverage will offer financial protection to policy-holders against the risk of adverse legal costs when pursuing litigation or arbitration. Bowden leads the product, also known ... Read the full article
Group captives appeal rising alongside inflation: Triple-I
24th March 2023
Group captives are becoming increasingly appealing as a solution for many companies during this period of financial volatility and inflationary pressure, according to analysts at the Insurance Information Institute (Triple-I). A new report by Triple-I notes that group captive insurance can be a source of value for certain firms, and can ... Read the full article
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