Reinsurance News
Inflation & loss severity weaken nonstandard auto insurers’ performance: AM Best
23rd November 2022
According to a recent AM Best report, US nonstandard auto insurers suffered a 1H22 underwriting loss of $766 million, marking it as the segment’s worst half-year result in five years, as impacts from inflation on auto repair and medical costs, as well as supply chain and labor market issues, have plagued ... Read the full article
Lancashire Insurance Group makes four new appointments
23rd November 2022
Lancashire Insurance Group has made a series of new appointments. The firm said on LinkedIn that it had appointed Emma Jefferies to the role of senior underwriter, Edward Elston as a delegated underwriting administrator, and Aaron Wong as an exposure management analyst. The firm also said that it had appointed Stephanie Medeiros ... Read the full article
Ardonagh Group acquires Australian insurer Envest for £270m
23rd November 2022
The Ardonagh Group, the largest independent insurance broker in the UK, has announced it has agreed to acquire Australian insurance firm Envest for AUD482 million (£270 million) Brisbane-based Envest includes the broking network Aviso Group, a network of broking offices across five states managing circa AUD405 million in gross written premium, ... Read the full article
SCOR expanding Pacific islands microinsurance scheme, after success in Fiji
23rd November 2022
SCOR has provided an update on the rollout of its parametric microinsurance cover against climate change in Fiji, and says its plans to expand into other Pacific island territories are “already underway.” The reinsurer has been involved since 2021 in the collaborative development and rollout of the Pacific region’s first parametric ... Read the full article
Marlin Ramlal joins MS Reinsurance as a Senior Underwriter, Property
23rd November 2022
MS Reinsurance has appointed Marlin Ramlal as senior underwriter, property, where she will report to Andrew Shaw, lead underwriter, property. Within this role, she will be based in Bermuda. Ramlal brings more than 17 years of experience from working within both the insurance and reinsurance markets. She joins MS Reinsurance from AXIS Capital ... Read the full article
Munich Re launches new research and development centre in China
23rd November 2022
Munich Re has launched a new research and development centre in Shanghai, China. The firm said that the new centre will ‘foster new innovative initiatives’ through facilitating networks with technology providers and industry leaders. It said that the new setup, named Munich Re China Innovation R&D Centre, will enable Munich Re ... Read the full article
Marsh places insurance for UK space launch with Beazley
23rd November 2022
Broker and risk advisory firm Marsh says it has placed insurance with Beazley for the first space rocket launch from the UK. The firm said that the launch – which is expected to take place this year at Spaceport Cornwall, one of the UK’s first domestic spaceports – will carry, among ... Read the full article
Cyber risk modeller DeNexus opens new London office
23rd November 2022
Cyber risk modeller DeNexus has opened an office in the UK capital. The firm said in a statement that the move was part of its plan to expand into Europe. The office is headed up by Mitesh Chauhan, global vice president of product, who joins from Entrust, where he was global ... Read the full article
“Insurance can influence systemic change,” says IDF exec after COP27
23rd November 2022
Michel M. Liès, Steering Committee Chairman of the IDF and Chairman of Zurich Insurance Group, has asserted that the IDF's announcements at the recent COP27 climate conference are "a testament to how insurance can influence systemic change." The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and ... Read the full article
French hail events underestimated in current industry benchmarks: Swiss Re
23rd November 2022
According to Tamara Soyka, Head Cat Perils EMEA, Swiss Re Institute, the frequency of exorbitant hail events in France is underestimated in current industry benchmarks, suggesting that adjustments to insurance risk assessment and pricing are needed to ensure that insurance products for hail remain sustainable over the long term. Soyka cites ... Read the full article
Descartes Underwriting appoints Louis Bollaert as Chief Revenue Officer
23rd November 2022
Descartes Underwriting, an insurtech company specialising in corporate insurance solutions to address climate and emerging risks, has appointed Louis Bollaert as Chief Revenue Officer. Within this role, Bollaert will oversee expanding Descartes’ corporate offering to climate-exposed markets globally. At the same time, as Descartes reaches advanced stages of new product development, Bollaert ... Read the full article
Measured names seasoned Executive Vince McCarthy as President
23rd November 2022
Measured Analytics and Insurance, a data and analytics-driven cyber insurer, has announced the appointment of Vince McCarthy as its new President. Focusing on the company's strategic growth, McCarthy will lead the executive team's work on go-to-market, products, and customer development. He draws on three decades of experience as a business leader and ... Read the full article
AGCS report highlights key trends driving marine insurance claims activity
23rd November 2022
A number of factors are leading to ever larger claims for the global shipping industry despite total losses having more than halved over the past decade and seeing a persistent long-term positive safety trend, according to an Allianz report. The Allianz Global Corporate & Specialty (AGCS) industry loss analysis, revealed that ... Read the full article
ABI publishes new Blueprint aimed to improve diversity in insurance
23rd November 2022
The Association of British Insurers (ABI) has published a new Blueprint which sets out a multi-year strategy and plan to improve diversity, equity and inclusion (DEI) across the insurance and long-term savings industry. According to the ABI, the new Blueprint sets out DEI priority areas for the association to lead on ... Read the full article
Industry returns driven by hard market: Goldman Sachs
23rd November 2022
A new note from Goldman Sachs says that attractive returns within the industry are being driven by a hard market. The firm said that reinsurers have historically been a low-beta and defensive sector that outperformed in terms of uncertainty. This has continued, it said, as the hard market pricing has started ... Read the full article
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