Reinsurance News
Insurance group SRG buys Consort Insurance
16th March 2023
Insurance industry intermediary Specialist Risk Group (SRG) has announced the acquisition of mid-market commercial broker Consort Insurance. The deal, which is subject to regulatory approval, will see Consort Managing Director Danny Harwood and his team join Specialist Risk Insurance Solutions (SRIS), led by Oliver Thorne who was named ist Managing Director ... Read the full article
Latin America continues to present reinsurers with opportunities, says Aon
16th March 2023
According to a report from Aon's Reinsurance Solutions, Latin America continues to present reinsurers with a host of diversification and growth opportunities. Aon's report suggests the renewal outcomes in Latin America varied by territory at January 1, with many catastrophe and loss-exposed markets experiencing price increases and capacity constraints. Property catastrophe reinsurance ... Read the full article
Florida Citizens using industry-loss cat bond coverage as it prepares for merging of accounts
16th March 2023
Florida's Citizens Property Insurance Corporation, the property insurer of last resort for the Florida market, has returned to the capital markets for a new, multi-year industry loss catastrophe bond transaction, as it prepares to merge its three accounts. The special legislative session in December 2022 saw the passing of Senate Bill ... Read the full article
Allstate pegs catastrophe losses for February at $211m
16th March 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for February of $211 million or $167 million, after tax. Catastrophe losses for February events were estimated at $241 million, and related to nine events primarily from wind and rain that were geographically widespread. This was partially offset by favourable reserve re-estimates for ... Read the full article
Rajiv Basu joins Assurant Board of Directors
16th March 2023
US specialty insurer Assurant, Inc. has announced the appointment of Rajiv Basu, former senior partner in Deloitte’s Insurance Practice, to its Board of Directors. Basu brings four decades of global finance and financial services industry expertise amassed during his time at Deloitte, where he advised large financial institutions in the US ... Read the full article
Echo Re leverages data exchange platform ADEPT to connect with Aon
16th March 2023
Reinsurer Echo Re, a wholly owned subsidiary of the German DEVK Group, has announced it has expanded its usage of ADEPT to drive efficient data exchange with Aon. According to the announcement, the extended integration of the ACORD Data Exchange Platform and Translator (ADEPT) - built by ACORD Solutions Group - ... Read the full article
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
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