Reinsurance News
Porch applies to form reciprocal insurance exchange with Texas Department of Insurance
20th March 2023
Porch Group, Inc., a vertical software company has announced that its insurance business, Homeowners of America (HOA) has filed an application to form and license a Texas reciprocal insurance exchange with the Texas Department of Insurance (TDI). If the application is approved and fully implemented by Porch, its insurance underwriting business ... Read the full article
PIC reports strong year in FY22 results
20th March 2023
Pension Insurance Corporation Group Limited, the ultimate parent company of Pension Insurance Corporation plc (PIC), the specialist insurer of UK defined benefit pension schemes, has released its full-year results for 2022. The company reported a total adjusted operating profit of £388 million for FY22, compared to £533 million from 2021. At the ... Read the full article
Consilium builds out Delegated Risk Solutions division
20th March 2023
Consilium, the globally specialty re/insurance broking business of the Aventum Group, has added Toby Gorman and Matt Taylor as partner and associate partner, respectively, to the company’s delegated risk solutions division. Both of these appointments come with strong connections in Lloyds and other markets, in addition to strong relationships in the ... Read the full article
AXA XL launches fleet management benchmarking service
20th March 2023
AXA XL has announced it has added a fleet management benchmarking service to its loss prevention services for its Construction insurance clients in North America. The purpose of this service is to help contractor clients see how their own corporate fleet programs and vehicle loss history compared to peers. Greg Troxell, Senior ... Read the full article
AM Best revises Trisura’s outlook to negative and affirms credit ratings
20th March 2023
Global rating agency AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of the operating entities of Trisura Group Ltd. The operating entities of Trisura includes Trisura Specialty Insurance Company (TSIC), Trisura Insurance ... Read the full article
Slew of California homes at risk following Pajaro River levee breach: CoreLogic
20th March 2023
CoreLogic has estimated that 5,895 single and multifamily residential properties with a combined reconstruction value (RCV) of $2.88 billion are at risk of flooding following the Pajaro River in Central California overflowing its levee. On March 10, the water level in the Pajaro River surpassed its levee, leading to a breach ... Read the full article
Insurer AT1 exposure low amid Credit Suisse shock: JP Morgan
20th March 2023
Analysts at JP Morgan have assured that European insurers’ exposure to bank corporate credit and AT1 bonds are low, after a rescue deal for the beleaguered Credit Suisse shocked some investors by leaving their bonds worthless. JP Morgan notes that the average exposure to bank credit is around 6% of European ... Read the full article
Berkshire (BHSI) promotes Ruddlesdin to Head of Professional Indemnity & Cyber, UK
20th March 2023
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Ben Ruddlesdin to Head of Professional Indemnity & Cyber (UK), where he will continue to be based in London. In his most recent role at the firm, Ruddlesdin served as Senior Underwriter, PI & Cyber. Overall, he brings nearly 10 years of industry experience towards ... Read the full article
Howden names Andy Cox as Head of Energy Transition
20th March 2023
International insurance broker Howden has appointed Andy Cox as Head of Energy Transition, effective immediately. Cox holds over three decades of experience in the energy sector, having previously served as a Partner at KPMG. His most recent position there was UK Chair of Energy & Natural Resources, in which he was responsible ... Read the full article
Typhoon Nanmadol insured loss estimate rises to $988m: PERILS
20th March 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed its third industry loss estimate for Typhoon Nanmadol, raising it to JPY 129.6bn ($988m). This latest figure compares to PERILS’ previous loss estimates of JPY 119.7bn (USD 910 million), released on 20 December, and JPY 113.5bn (USD 860 million), released on ... Read the full article
Life insurers facing unrealized losses due to pace of interest rate rises: Moody’s
20th March 2023
A report from Moody’s Investors Service has suggested that while the increase in interest rates within the last year has been positive for life insurers in Europe, the fast pace of the increase means that a majority of insurers are now sitting on significant unrealized losses in their fixed income ... Read the full article
L&G and Lifetri announce Dutch Pension Risk Transfer Initiative
20th March 2023
Legal & General (L&G) and Lifetri have announced plans to enter into a long-term strategic relationship, under which L&G will support Lifetri, as it expands to write further Dutch pension risk transfer (PRT) business for defined benefit arrangements. The agreement is subject to regulatory review. Currently the Netherlands is in the process ... Read the full article
Eurohold’s EIG Re to protect assets of Euroins Romania amid “hostile takeover”
20th March 2023
Eurohold Bulgaria has announced that its reinsurance unit, EIG Re, will keep and protect the assets of Euroins Romania following an "abusive" and "irresponsible" withdrawal of its operating licence and request for the launch of bankruptcy proceedings by Romania's financial regulator. According to a report from SeeNews, Romania's financial regulator has ... Read the full article
AdvantageGo and VIPR Solutions announce strategic alliance
20th March 2023
AdvantageGo, a commercial re/insurance software provider and VIPR Solutions, have announced a strategic alliance. Under the alliance, AdvantageGo's Underwriting workbench APIs will import bordereaux data for delegated authority business by integrating with VIPR's leading bordereaux management solution. Through this collaboration, this will ensure that raw Premium, Risk and Claims data being imported ... Read the full article
World Bank cat bond & swap to provide $630m cover for Chile quakes
17th March 2023
The International Bank for Reconstruction and Development (IBRD), has priced a joint catastrophe bond and swap transaction that provides a total of $630 million of earthquake insurance coverage to the Government of Chile. The deal by the lending arm of the World Bank consists of $350 million of protection from the ... Read the full article
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