Reinsurance News
Limited downside risk to UK insurers following SVB failure: Jefferies
16th March 2023
Considering the risks to asset/liability duration matching, credit losses and insured losses, analysts at Jefferies have concluded that there is limited downside risk to UK insurers following the failure of the Silicon Valley Bank (SVB). According to Jefferies, insurers are not vulnerable to a run on assets like banks are. The ... Read the full article
Hymans Robertson expands Risk Transfer team with two appointments
16th March 2023
Hymans Robertson, a leading pensions and financial services consultancy, has made two hires within its expanding Risk Transfer team. The company has appointed both Paula Haughton and Harry Allen, who both bring a strong level of expertise towards the team. Haughton has over 20 years of experience within the pensions field. She ... Read the full article
Microinsurance, a great opportunity for re/insurers to diversify their portfolio: Katharine Pulvermacher
16th March 2023
Interest in microinsurance is growing as governments and businesses are recognising the need for these products mainly after Covid-19 and climate related catastrophes, this situation has created a great opportunity for re/insurers to diversify their risk portfolios, said Katharine Pulvermacher, executive director of the Microinsurance Network. In an interview with Reinsurance ... Read the full article
AXA exposure to SVB banking crisis seen as minimal: Berenberg
16th March 2023
Berenberg has reported that AXA should face relatively low exposure to the collapse of Silicon Valley Bank (SVB) and the shockwaves this crisis has sent through the banking sector. Analysts note that AXA has €66 million invested in senior bonds of Silicon Valley Bank and €300m in US regional banks, and ... Read the full article
VIG Re reports “all-time highs” performance for 2022 with €30.7m profit
16th March 2023
VIG Re has published its preliminary financial results for 2022 reporting an “all-time highs” performance with a pre-tax profit of €30.7m, a 19.7% gross written premium (GWP) increase, to €792.3m, and an improved net combined ratio of 91.9%. The reinsurance company of Vienna Insurance Group noted that an “above average growth” ... Read the full article
ARC & Djibouti government ink agreement to shield climate-vulnerable communities
16th March 2023
The African Risk Capacity Group and the Government of Djibouti have signed the first-ever multi-year, multi-peril agreement on the African continent to protect the most climate-vulnerable communities. The agreement means that Djibouti now has access to five years of disaster risk management capacity building and disaster risk insurance coverage offered by ... Read the full article
US insurers’ direct exposures to SVB & other bank failures modest, says Fitch
16th March 2023
Fitch Ratings has reported that the initial analysis of rated U.S. insurers’ exposures to now-failed banks (Silicon Valley Bank, Silvergate and Signature Bank) are modest. Fitch-rated insurance entities’ direct investment exposure to the failed banks is estimated to total $1.16 billion, with most of the exposure concentrated among life insurers. Although increased ... Read the full article
Swiss Re cites strong capitalisation, positive business outlook
16th March 2023
Global reinsurance giant Swiss Re has cited a “very strong” capital position and has maintained that its businesses remain “well-positioned for the future” as part of its 2022 Annual Report. The report was published ahead of the reinsurer’s upcoming Annual General Meeting of shareholders (AGM) on 12 April 2023, for which ... Read the full article
Essent promotes David B. Weinstock to CFO
16th March 2023
Essent Group has announced the promotion of David B. Weinstock to the role of Senior Vice President, Chief Financial Officer (CFO). Weinstock has served as the firm's interim CFO since June 28, 2022, and as Vice President and Chief Accounting Officer since 2009. He holds more than 25 years of experience in ... Read the full article
Maiden Holdings reports sharp rise in net income, despite $35.5mn underwriting loss
16th March 2023
Maiden Holdings Ltd., has reported a net income of $36.2 million for the fourth quarter of 2022 compared to net income of $16.2 million from the fourth quarter of 2021. The firm’s reported net income for Q4 is also a huge improvement from its $8.2 million net loss from Q322. At ... Read the full article
Gallagher Re names Wakefield to become CEO, as James Kent transitions to group role
16th March 2023
Tom Wakefield is set to become the CEO of reinsurance broker Gallagher Re, after James Kent was promoted to a new role within Gallagher, as CEO of Global Insurance Strategic Relationships. Kent will take responsibility for establishing and driving a framework that determines how Gallagher connects with its major strategic partners ... Read the full article
Markel Intl. bolsters global downstream energy offering with two new hires
16th March 2023
Markel International, a subsidiary of Markel Corporation, has bolstered its global downstream energy team with two new appointments. James Keens has been named senior downstream energy underwriter in London, and JJ Wong has been named downstream energy underwriter in Singapore. Both Keens and Wong, who took up their roles in February, will ... Read the full article
Joyn Insurance welcomes Jim Hackbarth as its first independent Director
16th March 2023
InsurTech firm, Joyn Insurance has announced that insurance industry executive Jim Hackbarth will be joining its Board as its first independent Director. An experienced veteran within the industry, Hackbarth was most recently President and CEO of Assurex Global - the world’s largest privately held risk management commercial insurance brokerage group. Joyn CEO ... Read the full article
Industry must resist temptation to pull from cat-exposed areas: Moody’s RMS
15th March 2023
In an interview with the Financial Times (FT), Michael Steel, General Manager of Moody’s RMS, suggested that a combination of better analysis, new forms of loss prevention and higher prices should encourage reinsurers to take more risk amid the allure to pull from cat-exposed areas. In the FT interview, Steel noted ... Read the full article
Porch revises financial statements after reinsurance error
15th March 2023
Software company Porch Group has had to revise its previously issued financial statements for the first three quarters of 2022, after identifying an “error” in the accounting of its reinsurance arrangements. As a result of this error, the company determined that the cost of revenue was understated by $4.0 million for ... Read the full article
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