Reinsurance News
Fosun appoints adviser as it mulls Peak Re sale: report
22nd November 2022
Fosun International, a Chinese multinational conglomerate holding company, has reportedly appointed Deutsche Bank to advise on a potential sale of its share in Peak Re, the Hong Kong domiciled reinsurer, according to a Reuters report. Citing four people with knowledge of the matter, Reuters notes that the potential sale comes as ... Read the full article
Google-backed Lloyd’s syndicate Ki adds Rebecca Marsh as Underwriter
22nd November 2022
Ki, Brit's digital follow-only syndicate, has announced the appointment of Rebecca Marsh as an Underwriter. In her new role, Marsh will report to Helen Rios, Portfolio Underwriter. She will work across the Casualty classes, supporting the growth of Ki’s portfolio and acting as a key point of contact for distribution partners. Prior ... Read the full article
RSA names two new Strategic Account Directors in Commercial Lines
22nd November 2022
RSA Insurance has announced that Marjorie Adejumo and Laura Fox have been appointed as Strategic Account Directors in its UK commercial lines business. Adejumo and Fox will be responsible for leading several of RSA’s strategic broker relationships, both are based in London and will report to Alex Hardy, Sales & Distribution ... Read the full article
WTW, Citi, & FCIA launch trade credit insured AR facility
22nd November 2022
WTW and Citi have successfully placed an innovative insurance facility with Great American Insurance Company's FCIA Trade Credit & Political Risk division, delivering a portfolio based, long tenor Accounts Receivable (A/R) financing solution by combining the benefits of two existing insurance products. In a joint release, the trio suggested that despite ... Read the full article
Reinsurance market next year will be a “challenging environment”: Beazley’s Cox
22nd November 2022
The reinsurance market is set to be a “challenging environment” next year which Beazley expects to see shift significantly, says Chief Executive Officer Adrian Cox. During Beazley’s Q3 22 earnings call, Cox stated that a “properly priced reinsurance and a disciplined reinsurance market is positive for the insurance industry overall”. He also ... Read the full article
M&A insurance claims frequency falls: Liberty GTS
22nd November 2022
A new report from Liberty Global Transaction Solutions (GTS) says that the frequency of M&A insurance claims has fallen after the anticipated post-Covid claims surge did not materialise. The firm said in its Claims Briefing: Exclusive Insights Guiding Global Decision Making, that the figure for risks bound in 2019 currently running ... Read the full article
“It was a different world in 1975, but reinsurance is still fascinating and important”: Patrick Delalleau, CCR Re
22nd November 2022
The insurance and reinsurance world has evolved significantly since Patrick Delalleau entered the space more than 45 years ago. In his current role, Patrick Delalleau serves as a Senior Advisor at French state-run reinsurer, CCR Re, a position he took on in 2019 following more than ten years as the company’s ... Read the full article
Insurance Europe names Alexander Sarrigeorgiou VP
22nd November 2022
Insurance Europe, the European insurance and reinsurance federation, has elected Alexander Sarrigeorgiou, chair and CEO of Eurolife, as its new Vice-President (VP). Sarrigeorgiou has led Eurolife for 18 years, and before this was CEO of Allianz Insurance in Greece for over five years. He also chairs the Hellenic Association of Insurance ... Read the full article
Africa Specialty Risks partners with Africa Re on political risk & trade credit
22nd November 2022
Africa Specialty Risks and the African Reinsurance Corporation have announced that they have entered into a partnership agreement on the provision of Political Risk and Trade Credit Insurance through an Underwriting Authority Agreement which brings in a $10 million multi-year capacity for risks situated in Africa and the Middle East. Read the full article
Robert Looney named Westfield Specialty CFO
22nd November 2022
Westfield, a property and casualty insurance company, has announced the appointment of Robert Looney as Westfield Specialty Executive Vice President and Chief Financial Officer. Looney will report to President Jack Kuhn, and with over three decades of experience he will help strengthen the firm’s finance capabilities and drive a performance culture ... Read the full article
Ping An highlights parametric and index insurance for combatting climate change
22nd November 2022
Richard Sheng, Secretary of the Board of Directors for Chinese insurer Ping An, has highlighted the role of parametric and index insurance in combatting the challenges of climate change. Speaking via videoconference on green and sustainable finance during the recent COP27 event, Sheng noted how his company has been exploring coverages ... Read the full article
Hopes for market stability “all but disappeared”: Woodruff Sawyer
21st November 2022
A new report by US independent brokerage WoodRuff Sawyer contends that hopes for stability in the insurance and reinsurance market next year have “all but disappeared” in the wake of Hurricane Ian and the myriad economic challenges facing the industry. WoodRuff Sawyer’s 2023 Property & Casualty Looking Ahead Guide notes that ... Read the full article
AM Best’s outlook for Argentina’s insurance industry remains negative
21st November 2022
Rating agency AM Best has announced that its outlook for Argentina’s insurance industry remains Negative, due to the country's persistent economic challenges. According to the International Monetary Fund, Argentina’s GDP expanded by 10.4% in 2021, recovering from a three-year recession, with GDP forecast to grow by 4.0% in 2022. Best highlighted that ... Read the full article
Fitch assures P&C sector is “recession resilient” as headwinds mount
21st November 2022
Analysts at Fitch Ratings have assured that its analysts view the US property and casualty (P&C) sector as “recession-resilient,” if not totally “recession-proof,” as challenging economic conditions continue to mount. It is expected that the US economy is headed towards mild recession next spring, which Fitch suggests will yield “different outcomes” ... Read the full article
PartnerRe & Zurich back £1bn longevity swap for Fortune 500 pension
21st November 2022
An unnamed UK pension scheme sponsored by a Fortune 500 company has completed a £1 billion longevity swap with PartnerRe acting as reinsurer and Zurich acting as the intermediary to the swap. According to the announcement, the transaction - which covers both pensioner and non-pensioner members - insures the majority of ... Read the full article
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