Reinsurance News
Acrisure acquires Affinity Brokers
19th January 2023
Fintech leader, Acrisure has acquired Affinity Brokers Limited. The transaction is expected to close in the near term, pending FCA regulatory approvals. Founded in 2010 by Scott Meechan and Yvonne McKnight, Affinity is a commercial insurance broker based in Glasgow, Scotland. Over the years, the broker has grown and developed a well-established specialism ... Read the full article
Hannover Re and Stone Ridge in $100m retrocession cyber quota share
19th January 2023
Hannover Re, one of the world's largest reinsurers, has, for the first time, transferred cyber risks to the capital markets via a proportional reinsurance solution, with New York-based Stone Ridge Asset Management supporting the transaction with USD 100 million of capital. The German reinsurer has created an additional retrocession tool that enables ... Read the full article
RSA makes senior additions to CIO leadership team
19th January 2023
RSA Insurance has announced the additions of Sally Ng and Katie Hermans to it CIO leadership team as Specialty & Commercial Delivery Director and as Head of Technology Risk Management, respectively. Ng will be responsible for driving the technology transformation roadmap for RSA Commercial Lines, Specialty Lines and European businesses. She brings ... Read the full article
LIIBA puts modernisation at centre of 2023 agenda
19th January 2023
The London and International Insurance Brokers’ Association (LIIBA) has detailed its new agenda for 2023, which centres around driving modernisation in the London insurance market. LIIBA said that brokers’ participation in the Future at Lloyd’s programme, delivering the new version of PPL and the drive to get people back into Lloyd’s ... Read the full article
Munich Re to insure Israeli startup’s fraud prevention solution
19th January 2023
Munich Re, one of the world’s largest reinsurers, has partnered with FUGU, an Israeli startup, to insure its e-commerce fraud prevention solution. The solution detects fraud attempts, resulting in minimum exposure to future chargebacks. FUGU’s self-learning algorithms collect data at various points of the transaction life cycle and allow a broader ... Read the full article
Inver Re appoints Kurt Cripps as Global Head of Parametric
19th January 2023
Inver Re, The Ardonagh Group’s reinsurance broker, has announced the appointment of Kurt Cripps as Global Head of Parametric. In the newly created role, Cripps will be responsible for leading parametric solutions, building a dedicated global parametric team, and working across the broader $13 billion premium Ardonagh Group. Cripps is an alternative ... Read the full article
2023 renewals the most challenging in a generation, says Aon’s Monaghan
19th January 2023
According to Joe Monaghan, Global Growth Leader Reinsurance Solutions, Aon, the January 2023 renewals were the most challenging in a generation as the reinsurance market underwent a fundamental shift in pricing and risk appetite, marking a moment of truth for the industry and a new reality for buyers. Monaghan states that ... Read the full article
Allstate falls to Q4 loss as Storm Elliott drives $779m cat bill
19th January 2023
US primary insurer Allstate has reported a preliminary net loss for the fourth quarter of 2022, as costs from Winter Storm Elliott contributed to an overall catastrophe loss of $779 million for the Q4 period, pre-tax. The company estimates its overall Q4 loss at between $285 million and $335 million, or ... Read the full article
Economic slowdown to bring new opportunities for insurers in 2023: MAPFRE
19th January 2023
The insurance industry is to be affected by an expected slow global growth forecasted for 2023, an economic environment that will also bring new opportunities, according to MAPFRE Economics. MAPFRE’s research arm expects economic growth to slow to 2%, seven tenths of a percentage point lower than the forecast in October ... Read the full article
Robert Perry named UK CEO, Credit Specialties, Marsh Specialty
19th January 2023
Insurance broker Marsh has appointed Robert Perry as UK Chief Executive Officer, Credit Specialties, Marsh Specialty. Perry takes on this new role in addition to his current role at Marsh as Global Political Risk & Structured Credit Leader. Based in London, Perry will report to Nick Robson - Global Leader, Credit Specialties, ... Read the full article
AXA XL turnaround likely to continue in 2023, says JP Morgan
19th January 2023
Analysts at JP Morgan have released a report suggesting there is more to come from the turnaround at AXA XL, as it expects stronger-than-consensus underlying earnings in 2023 due to a studier performance in P&C. The analysts state that the relatively flat top-line at AXA XL relative to double-digit commercial P&C ... Read the full article
R&Q expands Program Management business with new partnerships
19th January 2023
Bermuda-based insurer R&Q Insurance Holdings Ltd has announced an update for its Program Management business, approving partnerships with seven new programs in December 2022, with an anticipated total GWP of ~$130m over the next 12-15 months. R&Q Accredited approved the partnerships, with the programs expected to begin writing business during the ... Read the full article
ICMIF member assets aligned with sustainable frameworks up by 32% in 2022
19th January 2023
The International Cooperative and Mutual Insurance Federation (ICMIF) has said that its members have $759 billion of assets under management in investments which are aligned to sustainable frameworks. This data comes from its 2022 Sustainable Investment Report and represents an increase of 32% from the $576 billion invested by members in ... Read the full article
Rick Grimes named National Wholesale Practice Leader of One80 Intermediaries
19th January 2023
Specialty insurance broker One80 Intermediaries has appointed Rick Grimes as National Wholesale Practice Leader. In the role, Grimes will lead One80’s wholesale distribution strategy for key lines of business, which includes property, casualty, financial lines, excess, life sciences and environmental coverages. Prior to this appointment, Grimes served as Managing Director & Financial ... Read the full article
Rising claims fuel reinsurance costs for Australian P&C insurers: S&P
19th January 2023
Rising claims, resulting from increased weather-related catastrophes, are fuelling premiums and reinsurance costs for property and casualty (P&C) insurers in Australia, said S&P Global Ratings. According to a recent report by the credit rating agency, P&C insurers in the country have conservative reserving and appropriate reinsurance coverage, including protection against natural ... Read the full article
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