Reinsurance News
AXA XL hires Leemans as Head of Cyber, UK & Lloyd’s
25th November 2022
AXA XL has appointed Vanessa Leemans as Head of Cyber, UK & Lloyd’s, effective immediately. Within this new role, Leemans will be responsible for leading AXA XL’s cyber business in the UK, as well as driving its strategic and profitable development. Overall, Leemans brings 20 years of industry experience towards the role. ... Read the full article
QBE underwriting profits to dip on reinsurance costs & inflation: Fitch
25th November 2022
Analysts at Fitch Ratings have warned that the underwriting profitability of QBE Insurance Group is expected to moderate over the next six to 18 months due to inflationary pressure and higher reinsurance costs. Fitch affirmed its Long-Term Issuer Default Rating (IDR) of 'A-' and Insurer Financial Strength (IFS) Ratings of 'A+' ... Read the full article
Review of regulations hampering UK captive development needed: Marsh’s Lay
25th November 2022
During a speech at the Insurance Institute of London, Institute President and Marsh CEO of UK & Ireland, Chris Lay, called attention to how regulatory barriers are preventing the UK from being recognised as a suitable location for captive insurance vehicles, despite it being a global hub for financial services ... Read the full article
Non-life profitability to reach a trough in 2022, says Swiss Re Institute
25th November 2022
According to Swiss Re Institute's latest sigma report, global non-life insurance profitability will be challenged significantly in 2022 by weakness in both underwriting performance and investment results. Using a sample of the largest markets as a proxy for global profitability, analysts at the Institute estimate global non-life after-tax return-on-equity (ROE) at ... Read the full article
EY predicts huge losses for UK motor and home insurers
25th November 2022
EY (Ernst & Young) is reporting that UK motor and home insurers expect to make largest annual loss in well over a decade this year, with further losses forecast in 2023. The firm says that despite a profitable 2021, both motor and home insurers expect to make large losses in 2022 ... Read the full article
Liberty Mutual considers $1bn sale of Europe business
25th November 2022
US insurer, Liberty Mutual Holding Company (LMHC), is exploring a sale of its businesses in Spain, Portugal and Ireland, according to Bloomberg News sources. People familiar with the matter - who have asked not to be identified as discussions are private - have revealed that LMHC is working with Bank of ... Read the full article
Cecilia Chang named CEO of Generali Hong Kong unit
25th November 2022
Generali Asia has announced the appointment of Cecilia Chang as the Chief Executive Officer of Generali Life (Hong Kong) Limited and General Manager of Assicurazioni Generali S.p.A. Hong Kong Branch. Chang joined the Generali Group in 2016 in Hong Kong as Head of Financial Lines and Underwriting, Asia for the Global ... Read the full article
Fanhua agrees to acquire Chinese life MGA Zhongrong, launches new tech offering
25th November 2022
Independent Chinese financial services provider, Fanhua Inc., has announced the execution of a term sheet to acquire majority interests in Zhongrong Smart Finance Information Technology. The proposed transaction will involve the issuance of up to 62 million new ordinary shares of Fanhua, representing 5.44% of its enlarged share capital, in exchange ... Read the full article
Hurricane Ian claims data shows cost to insurers of almost $10.3bn: FLOIR
24th November 2022
The Florida Office of Insurance Regulation (OIR) has said that insured losses estimated off claims data submitted by primary insurers in the state after hurricane Ian now stand at almost $10.3 billion. According to data, there are approximately 640,496 claims filed in Florida after hurricane Ian, with already 52.5% closed. Of the ... Read the full article
BMA notes growth in Bermuda cyber and climate risk captives
24th November 2022
The Bermuda Monetary Authority (BMA) has noted a “significant growth increase” in the number of organisations using captives for cyber insurance and climate risk as part of their overall management of risk. In a new report on the state of the Bermuda captive market, the BMA says the sector has proved ... Read the full article
SCOR expands sustainable investment offering with new fund
24th November 2022
SCOR Investment Partners, a an investor focussed on increasing its sustainability linked platform, has announced the launch of SCOR Euro Loans Natural Capital. According to the announcement, this new corporate loan fund is open to institutional investors and has secured an initial commitment of €50 million from the SCOR Group as ... Read the full article
UK Solvency II reform raises potential of investment portfolio restructuring: AM Best
24th November 2022
According to AM Best analysts, plans to reform the Solvency II framework for UK insurers will allow the country’s life insurers to invest in a wider array of assets, and likely lead to a higher proportion of UK-based assets underpinning the UK annuity portfolio. On 17 November 2022, the UK Treasury ... Read the full article
AGCS to boost ART team, targeting captive and structured solutions
24th November 2022
Allianz Global Corporate & Specialty (AGCS) has announced it is enhancing capabilities and resources of its Alternative Risk Transfer (ART) line of businesses to respond to what it says is growing customer interest in tailored solutions that complement traditional property & casualty products. ART will target growth opportunities in two areas: ... Read the full article
Helios Underwriting raises £12.5m in funding
24th November 2022
Helios Underwriting has raised £12.5m in funding through a new share placement. In a statement, it said that it had successfully raised proceeds through a placing of, and a subscription for, an aggregate of over eight million shares at £1.56 per share. The firm said that it also plans to raise ... Read the full article
Tokio Marine HCC promotes Vanesa Herrero to role of European CEO
24th November 2022
Tokio Marine HCC International has promoted Vanesa Herrero to the role of chief executive officer of Tokio Marine Europe. The firm said that the appointment follows the imminent departure of Christian Kanu who is leaving TMHCCI to take up a new role at a global insurer in his native Italy. In addition ... Read the full article
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