Reinsurance News

ICAP announces solar derivative deal in Australia

22nd November 2021

ICAP, part of the TP ICAP Group, a global markets infrastructure and data solutions provider, has completed a deal in the weather derivatives market in Australia, bringing together a renewable energy provider and a reinsurance company participant with a fixed agreement for the first time. The transaction, brokered by ICAP, has ... Read the full article

Industry needs to reprice large parts of cat business: SiriusPoint’s Sankaran

19th November 2021

Sid Sankaran, Chairman and CEO of SiriusPoint, has argued that the re/insurance industry needs to reprice large parts of its property catastrophe business in order to generate acceptable net returns. Speaking as part of the company’s Q3 earnings call, Sankaran maintained that SiriusPoint remains committed to property reinsurance, but intends to ... Read the full article

Reinsurance startup Kettle raises $25m in Series A funding round

19th November 2021

Kettle, a startup in the reinsurance sector that leverages advanced technology to tackle the growing risks associated with climate change, has successfully raised $25 million in a Series A financing round led by Acrew Capital. With an initial focus on wildfire risks in California, Kettle uses advanced deep learning to better ... Read the full article

Net premiums up, but combined ratio deteriorates for RAA’s cohort of reinsurers

19th November 2021

The latest data from the Reinsurance Association of America (RAA) shows that a group of 17 U.S. property / casualty reinsurers wrote $57.3 billion of net premiums during the first nine months of the year, although the group's combined ratio deteriorated slightly to 100.7%. Net premiums increased from the $49.3 billion ... Read the full article

Hiscox hires Buchanan as London market casualty Director

19th November 2021

Hiscox, the specialist global insurer, has appointed Colin Buchanan as the new Divisional Director of Casualty for its London Market business, effective November 22nd. Reporting to Paul Lawrence, Chief Underwriting Officer at Hiscox London Market, Buchanan joins from Starr where he was Director and Head of International Casualty. He has over 35 ... Read the full article

AXA XL launches Disaster Recovery Hub with Cambridge Centre for Risk Studies

19th November 2021

AXA XL has launched a new online Disaster Recovery Hub comprised of more than 100 major disaster case studies in partnership with the Cambridge Centre for Risk Studies at Cambridge Judge Business School. The Hub includes data visualisations and other tools to assess the role the insurance industry can play in ... Read the full article

GCM Grosvenor raises $500m for insurer-focused alternatives strategy

19th November 2021

Global alternative asset management solutions provider GCM Grosvenor has secured $500 million backing to develop a structured alternative investment solution. The vehicle will look to invest in alternative strategies like private equity, infrastructure, absolute return strategies, and alternative credit. Led by GCM Grosvenor Insurance Solutions, which the firm formed in June, the ... Read the full article

AmRisc Group appoints Molly Nickoles as Waypoint Wholesale CEO

19th November 2021

AmRisc Group, the US catastrophe-focused managing general agent, has appointed Molly Nickoles as CEO of Waypoint Wholesale, the company’s wholesale brand. Nickoles previously served as the chief underwriting officer for the Builders Risk product. Based in Birmingham, she started her career as a senior underwriter with AmRisc Group in 2003. “Molly embodies our ... Read the full article

Zurich CEO ‘very confident’ on 2022 targets

19th November 2021

Zurich Chief Executive Officer Mario Greco says he is "very confident" that his group can deliver on its 2022 targets, citing investment in developing customer service satisfaction and deployment of new technologies, as well as an overall adjustment of services in response to customer needs. His comments come as the group ... Read the full article

Former Hiscox director Chris Sharpe joins Inver Re

19th November 2021

Inver Reinsurance Brokers Limited (Inver Re), The Ardonagh Group's recently launched reinsurance broker, has announced the appointment of Chris Sharpe as Strategy, Innovation and Business Development Director. Sharpe previously helped to set up Hiscox’s business in Bermuda, before going on to create Hiscox Re by bringing together the company’s reinsurance operations ... Read the full article

Descartes partners with Global Earthquake Model Foundation

19th November 2021

Climate risk modelling insurtech Descartes Underwriting has partnered with the Global Earthquake Model (GEM) Foundation. GEM Foundation is an international public-private partnership committed to the development of open-source hazard and risk assessment software, tools and data. The collaboration aims to accelerate the ‘data to resilience’ continuum by leveraging Descartes’ parametric insurance solutions ... Read the full article

Amwins Special Risk Underwriters expands into professional lines

19th November 2021

Amwins Special Risk Underwriters has launched an Executive D&O Liability product marking an expansion beyond the property market, which the MGA has been writing exclusively for Amwins brokers since 2008. This non-admitted program will entertain excess public D&O risks and be written on A-(VIII) rated paper and supported by A+ and ... Read the full article

Tokio Marine Intl. non-life profit up by 200%

19th November 2021

Total non-life profits from the international operations of re/insurance holding company Tokio Marine rose by 199.2% to $1.1bn in the second quarter of 2021’s financial year. The improved performance was driven by North America, although a better result was also evident in its European operations. According to Tokio Marine, its international operations ... Read the full article

Sompo International profits recover to $313m in H1

19th November 2021

Bermuda-based specialty P&C re/insurer Sompo International Holdings has recorded adjusted profit of $313 million for its fiscal H1 period, bouncing back from a loss of $14 million for the same period last year. The company reported a marked improvement in profits over the six months ending September 30th, mainly due to ... Read the full article

MS Amlin reports H1 loss on Ida and European floods

19th November 2021

MS Amlin has reported a £101 million adjusted loss for the first half of the year, despite a 10.9 percentage point improvement in its combined ratio to 99.9% for the period. The main reason for the negative result was catastrophe losses in the period, driven mostly by the impacts of Hurricane ... Read the full article

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