Reinsurance News
Leading cloud service providers faced 1000+ disruptions in 2022: Parametrix
22nd March 2023
The world’s leading providers of cloud services suffered 1,190 performance disruptions across their cloud landscape in 2022, of which 492 were classified as critical, according to a report from Parametrix. Businesses were affected by limited access to cloud storage and the cloud-native services provided by Amazon Web Services, Microsoft Azure, and Google ... Read the full article
Chubb announces climate & conservation underwriting standards for oil & gas
22nd March 2023
Chubb Limited has announced a new underwriting criteria for oil and gas extraction projects that will require clients to reduce methane emissions, a byproduct of oil and gas production that are among the most severe greenhouses gases. At the same time, the company also announced that it will not provide insurance ... Read the full article
Skyward Specialty names James Tran Senior VP of new global agriculture unit
22nd March 2023
P&C insurer Skyward Specialty has announced its entry into the global agriculture market, naming James Tran as Senior Vice President, Global Agriculture, to spearhead the expansion. Skyward Specialty states that its global agriculture unit will initially offer secondary and reinsurance solutions for food and fibre crops, timber, livestock, bloodstock, aquaculture, and ... Read the full article
Buy-in & buy-out volumes reach £27.9bn in 2022: Hymans Robertson
22nd March 2023
According to a new report from Hymans Robertson, total pension scheme buy-in and buy-out volumes reached £27.9 billion in 2022. In the firm’s 2023 Risk Transfer Report, it shows that buy-in and buy-out pricing improved steadily in the six + months following Russia’s invasion of Ukraine, despite rising inflation and economic ... Read the full article
Ariel Re promotes 12 staff in London and Bermuda offices
22nd March 2023
Global reinsurance business Ariel Re has announced the promotion of twelve staff in its London and Bermuda offices. They cover a range of roles from underwriting and accounting through to analytics and portfolio management. According to the announcement, these promotions are part of Ariel Re’s drive to be an ‘academy firm’ where ... Read the full article
UK bulk annuity market records total volume of £27.8bn in 2022: Aon
22nd March 2023
According to re/insurance broker Aon, the UK bulk annuity market recorded a total volume of £27.8 billion in 2022 and experienced its fourth successive year where more than £25 billion of business was written. In the firm’s latest UK Risk Settlement Market Update, it shows that rising market yields reduced the ... Read the full article
GuarantCo closes its first syndication transaction with Canopius
22nd March 2023
GuarantCo, part of the Private Infrastructure Development Group (PIDG), has closed its first syndication transaction via the credit insurance market with specialty insurer and reinsurer Canopius. The transaction involved the use of a non-payment insurance policy covering exposure on a GuarantCo portfolio transaction and was arranged by specialist CPRI broker BPL ... Read the full article
Swiss Re estimates 2022 insured cat losses at $132bn
22nd March 2023
Global reinsurer Swiss Re has estimated that total insured losses from both natural and man-made catastrophes amounted to $132 billion last year, with economic losses thought to be more than double this figure at $284 billion. The insured total consists of $125 billion of losses from natural disasters and $7 billion ... Read the full article
PartnerRe sees FY net loss of $1.1bn driven by unrealized losses on investments
22nd March 2023
Bermuda-based reinsurer PartnerRe has reported a net loss of $1.1 billion for the full year 2022, citing unrealized losses on fixed maturities and short-term investments of $1.8 billion as a key driver. This compares to a net income of $679 million for the same period in 2021. Meanwhile, operating income for the ... Read the full article
Mozambique secures $35m cyclone parametric reinsurance placement
22nd March 2023
The Mozambique government has secured USD 35 million of parametric cyclone insurance via the National Institute of Disaster Management (INGD), supported by Africa Specialty Risks, The World Bank, and PULA. The inaugural, Mozambique cyclone parametric reinsurance program is designed to provide the country's economy with resilience against the effects of cyclones ... 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
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