Reinsurance News
Aon’s Reinsurance Aggregate reports net combined ratio of 98.2% for 2022
23rd January 2023
Aon’s Reinsurance Aggregate (ARA), which analyses the financial results of 22 companies that underwrite more than 50% of the world’s life/non-life reinsurance premiums, has reported a net combined ratio across the companies of 98.2%. The ARA notes that most reinsurers continued to report strong property and casualty (P&C) premium growth in ... Read the full article
Howden Tiger announces creation of new broking division, Howden Tiger Fac
23rd January 2023
Howden Tiger has announced the creation of a new broking division, Howden Tiger Fac, which merges Facultative, Consortia, Facilities expertise and Specialty Reinsurance capabilities from across the newly combined business. Gordon Craig, who has been named President of Howden Tiger Fac, will lead the new division in London. Howden Tiger states that ... Read the full article
“Monumental” climate adaptation needs require partnerships: Swiss Re’s Scotti
23rd January 2023
Veronica Scotti, Chairperson Public Sector Solutions at Swiss Re, has urged the private business sector to work more closely with governments and other public sector bodies to meet the “monumental” adaptation needs of climate change. Writing in a Swiss Re blog, Scotti asserted that “adaptation needs are so widespread and so ... Read the full article
Korean Re Switzerland appoints Tajuddin as Head of Pricing & Analytics
23rd January 2023
Korean Re Switzerland, the Zurich-based subsidiary of Asian reinsurer Korean Re, has announced the appointment of Nurhana Tajuddin as Head of Pricing and Analytics. In her new role, Tajuddin will drive the development and strengthening of the pricing and analytical function at Korean Re in order to enlarge the firm’s client ... Read the full article
Insurers show steady climate change improvements: ClimateWise
23rd January 2023
A new report by global insurance industry collaboration ClimateWise has found that its member companies have made progress in disclosing their preparedness and response to climate change. It also highlighted the need for insurers, reinsurers and brokers to become long-term partners and essential enablers of enhanced climate actions. The initiative’s 2022 Independent ... Read the full article
Matthew Strong named MD for Credit & Political Risks at Howden CAP
23rd January 2023
Insurance broker Howden has appointed Matthew Strong as Managing Director, Credit and Political Risks, Howden CAP. In this role, Strong will be based in London, and he will be a member of Howden CAP’s Executive Committee. Howden CAP focuses on four service lines: insurance for M&A transactions, Tax & Contingent Risks, Surety ... Read the full article
KBW forecasts decline in reinsurer core loss ratios
23rd January 2023
Analysts at KBW expect reinsurers’ core loss ratios to decline year-on-year, with some core margin volatility stemming from modest catastrophe losses and business mix changes. The comments came as part of a reflection on Q4 2022 earnings and the recent January renewal period. During this period, KBW says that most underwriters are ... Read the full article
Schofield & Cutts-Watson to merge captive & ART consultancies
20th January 2023
Industry veterans Oliver Schofield and Malcolm Cutts-Watson have announced that they plan to merge their two consultancy businesses – RISCS and CWC – of which they are Managing Partner and Founder, respectively. Founded by Schofield in 2012, Risk & Insurance Strategy Consultants (RISCS) is an independent consultancy that provides captive and ... Read the full article
Gallagher appoints Aviva’s Piper as Head of Strategic Account Management
20th January 2023
Gallagher has announced that it has appointed Louise Piper as Head of Strategic Account Management, where she will report to Specialty CEO, Jonathan Turner. In the role, she will be responsible for the management of Gallagher’s offering to large multinational clients. She will also work alongside the specialist broking teams in ... Read the full article
UK insurers reported in talks on Pool Re expansion to cover cyber
20th January 2023
Amid growing concern over the safety net provided by the private sector, insurers have held discussions with the UK government over whether its terrorism reinsurance scheme should cover state-backed cyber attacks, suggests a report from the Financial Times. Pool Re, the UK Government's terrorism reinsurance scheme, was put in place in ... Read the full article
Moody’s RMS Intelligent Risk Platform passes 100 clients landmark
20th January 2023
Catastrophe risk modeller Moody’s RMS has announced that over 100 active clients across insurance and finance markets have adopted applications and services on the Moody’s RMS Intelligent Risk Platform (IRP). According to the firm, the platform has gained significant traction among brokers, insurers, reinsurers, managing general agents (MGAs), and Lloyd’s syndicates ... Read the full article
Vermont sets another record year for captive formation growth in 2022
20th January 2023
The Vermont Department of Economic Development hosted its “Captive Insurance Day” event earlier this month to highlight the continued success of the captive insurance industry in the state after it saw another successful year in 2022. Throughout 2022, the State of Vermont licensed 41 new captive insurance companies, which has resulted ... Read the full article
Reinsurers “firmly in control” of terms at renewal: JMP
20th January 2023
Analysts at JMP Securities have concluded that reinsurers are “firmly in control” of pricing and terms following the January 1 renewal period, with favourable conditions likely to remain in place beyond 2023. JMP made this assessment of the market following meetings with insurers, reinsurers, and brokers around 1/1, when it became ... Read the full article
SiriusPoint teams with Distinguished Programs on environmental insurance
20th January 2023
National insurance program manager, Distinguished Programs has entered into a partnership with SiriusPoint Ltd., to expand into Environmental, Construction Pollution and Professional Insurance. Under the agreement, SiriusPoint's Environmental team, which is led by Doug Stepenosky, will move to Distinguished. However, business will continue to be written on SiriusPoint paper per a multiyear ... Read the full article
Global cat insured losses in Q4 2022 less than $10bn, says JP Morgan
20th January 2023
Analysts at JP Morgan have estimated Q4 global catastrophe insured losses of less than $10 billion. The analysts attribute this largely to two large natural catastrophes in North America, Hurricane Nicole in November and Winter Storm Elliott in December. P&C insurance company, The Hanover, recently reported estimated catastrophe losses of $190 ... Read the full article
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