Reinsurance News
Higher reinsurance costs driving E&S property premiums: CRC
11th April 2023
In its 2023 state of the market report CRC Group’s analysts have highlighted that many E&S insurers in the personal property lines have been pushed to increase their premiums as a result of rising reinsurance rates, impacting customers and the possibility of them getting reasonably priced premiums. In the US, the ... Read the full article
Hail a major loss driver, CoreLogic’s Severe Convective Storm risk report shows
11th April 2023
In the US, severe convective storms account for an average annual loss of more than $17 billion among the insured. Of those losses, hail damage accounts for more than $11 billion, CoreLogic first ever Severe Convective Storm report revealed, among other notable findings. Severe convective storms include straight-line winds, tornadoes, hail ... Read the full article
Newfront names Matt Yoder Midwest Executive Risk Solutions Leader
11th April 2023
Tech-driven insurance brokerage Newfront has hired Matt Yoder from Marsh as its new Midwest Executive Risk Solutions Leader. Yoder holds more than two decades of experience in insurance, both as an underwriter and a broker. At Marsh, Yoder was a Managing Director, operating as a growth and team leader in the Central ... Read the full article
Understanding water risk essential for almost all businesses: AXA XL
11th April 2023
In a recent report outlining how firms can manage key water-related threats, researchers at AXA XL suggested that understanding water risks is essential for almost all businesses, regardless of the sector. Citing the international non-profit CDP, AXA XL states that the cost to businesses of inaction on water risks is 5x ... Read the full article
US commercial P&C rates increase in Q1 at plus 5%: MarketScout
6th April 2023
New data released by MarketScout, a managing general agent, Lloyd’s coverholder and wholesale broker, shows that composite rate increases for commercial property and casualty rates increased in modest fashion during the first quarter of 2023 at plus 5%. According to the broker, the only coverages of notable change were general liability ... Read the full article
Astaara increases underwriting capacity, boosts cyber insurance limit to $25mn
6th April 2023
Guernsey-based integrated insurance services and risk management advisory business, Astaara has increased its underwriting capacity and insurance limit from $12.5 million in 2020, to $25 million. Launched in 2020, Astaara's cyber insurance covers ports and terminals, as well as ships, shipowners and ship managers. The insurance is led by A-rated cyber ... Read the full article
Fitch turns positive on Reinsurance Group of America
6th April 2023
Fitch Ratings has revised Reinsurance Group of America’s outlook to positive from stable and has also affirmed its senior debt ratings at 'BBB'. The agency also announced that it has affirmed RGA Reinsurance Company's (RGA Reinsurance) IFS rating at 'A' (Strong). Fitch says that this outlook revision reflects RGA’s business profile improvement ... Read the full article
TSR April forecast expects below-norm North Atlantic hurricane activity in 2023
6th April 2023
The Tropical Storm Risk (TSR) April forecast has predicted North Atlantic hurricane activity in 2023 will be 25-30% below the 1991-2020 30-year norm, and around 20% below the long-term 1950-2022 norm. TSR attributes its forecast for the below-norm activity to the weak El Nino conditions expected through the summer and autumn ... Read the full article
Amwins new A&E company to act as underwriting arm of its Group Benefits division
6th April 2023
Amwins, a global distributor of specialty insurance products and services, has announced the launch of Amwins Accident & Health Underwriters. This newly formed operating company acts as the underwriting arm of Amwins' Group Benefits division and represents the integration of Beacon Risk Strategies, Strategic Underwriting Solutions (SUS) and Amwins Group Benefits ... Read the full article
Talbot Underwriting promotes Roddis to Head of Professional Indemnity
6th April 2023
AIG-owned re/insurer, Talbot Underwriting has promoted Mark Roddis to the newly created position of Head of Professional Indemnity. Based in London, Roddis joined the firm in 2021 and took on the role of Professional Indemnity Class Underwriter. Since he has been with the company, Roddis has played a significant role in growing Talbot ... Read the full article
AM Best places ratings of R&Q and subsidiaries under review as Board considers strategic options
6th April 2023
The announcement from non-life specialty insurer R&Q Insurance Holdings earlier this week that its Board is conducting a strategic review to separate its program management and legacy businesses, has seen AM Best place the credit ratings of the firm and its rated subsidiaries under review with negative implications. On April ... Read the full article
Oneglobal Broking partners with MBPH in Taiwan
6th April 2023
Oneglobal Broking has announced a partnership with Mitsui Bussan Pana Harrison (MBPH) in Taiwan. MBPH is a Singapore-based specialist re/insurance broker with a focus on providing a total risk management solution to its clients. Established in 1980, MBPH became a Lloyd’s London registered broker in 2009. Oneglobal suggests that the partnership will further ... Read the full article
Asia avoids banking sector turmoil due to lower inflation rates: Swiss Re Institute
6th April 2023
Despite the recent turmoil in the US and European banking sectors, Asia's re/insurance sector has managed to avoid being affected, helped in part by the swift responses of the authorities in the countries where the issues originated and lower inflation rates in the region, said the Swiss Re Institute. These lower ... Read the full article
Starr hires Alleghany’s Shannon as SIO as Patin resigns
6th April 2023
Starr Insurance Companies has announced that John Patin, Senior Investment Officer (SIO), has resigned from his position for personal reasons. The company has confirmed that John F. Shannon, formerly with Alleghany Corp., has been named to succeed him. Based in New York, Shannon previously served as Senior Vice President and Chief ... Read the full article
Japan property cat rates rise in “more orderly” April 1 renewals: Gallagher Re
6th April 2023
Early signs of capacity shortages did not materialise for Japanese insurers as the overall supply-demand balance for reinsurance remained “delicately poised” at the April 1 property catastrophe renewals, according to Gallagher Re’s 1st View report. However, even though there was enough capacity available to meet client needs, since the largest capacity ... Read the full article
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