Reinsurance News
What can re/insurers do to minimise Asia’s $60bn protection gap?: Swiss Re
27th October 2022
Geopolitics, war, disruptions of supply chains and climate change can have a great impact on the re/insurance industry in China and emerging Asia. These, along with low insurance penetration and the region’s vulnerability to natural catastrophes - enhanced by climate change - can leave people and governments facing major losses ... Read the full article
Prudential Financial to revamp leadership teams in Q1 2023
27th October 2022
Prudential Financial is to revamp its US and international business leadership, with the changes coming into force in the first quarter of 2023. The firm said that Scott Sleyster is to retire as head of International Businesses, with Andy Sullivan, current executive vice president, set to lead international business and PGIM. ... Read the full article
US workers’ comp insurance line faces uncertain future despite solid profits
27th October 2022
Uncertain future for US workers’ compensation insurance line, warn analysts at AM Best, despite the line generating solid profits. According to a recent AM Best report, in the last five years, the annual underwriting profit in the US workers’ compensation line of business has averaged $4.8 billion and totaled almost $24 ... Read the full article
WR Berkley forms new company in Berkley E&S Solutions
27th October 2022
WR Berkley Corporation has formed a new offshoot called Berkley E&S Solutions that will provide surplus lines casualty coverages to middle-market and large accounts through individual wholesale broker appointments. The firm said that Curtis E. Fletcher will be president and CEO, beginning immediately. W. Robert Berkley, Jr., president and chief executive officer ... Read the full article
Donegal Group reports Q3 $10.4mn net loss
27th October 2022
US primary holding company Donegal Group has reported a net loss of $10.4 million in the third quarter of 2022, compared to a net loss of $6.7 million from the same period last year. Net premiums earned for the quarter increased by 5% to $206.1 million, compared to $196.2 million from ... Read the full article
Chaucer & K2 partner to launch new US parametric product
27th October 2022
Global specialty re/insurance group, Chaucer, in partnership with K2 Parametric, will provide coverage for US mid-size corporates and municipalities against hurricane and earthquake damage, an area which it notes has previously been underserved by the market. The partnership with K2 Parametric is the latest parametric initiative from Chaucer, which also provides ... Read the full article
Rob Wesseling of Co-operators appointed new Chair of ICMIF
27th October 2022
The International Cooperative and Mutual Insurance Federation (ICMIF) has announced that Rob Wesseling, President and CEO, of Co-operators, Canada, will be the Federation’s new Chair for a four-year term. The announcement was made during the ICMIF Centenary Conference in Rome, hosted by ICMIF member Gruppo Unipol. ICMIF states that Wesseling's appointment comes ... Read the full article
Further rate hardening expected throughout 2023: Berenberg
27th October 2022
Analysts at investment bank Berenberg have said they expect the London market to see further rate hardening throughout 2023 due to the coalescence of different factors, including inflation - the single biggest concern for the industry according to analysts. Berenberg noted industry experts estimate that there could be $15bn-$25bn more demand ... Read the full article
Artificial Labs adds Ascot founder Martin Reith as Chairman
27th October 2022
Artificial Labs, a UK insurtech providing algorithmic underwriting technology to the commercial and specialty insurance market, has announced the appointment of Martin Reith as Chairman of its Board. Reith has almost 40 years’ experience in the insurance and reinsurance space and is the founder and former Group CEO of Ascot Underwriting ... Read the full article
Fathom launches new global flood map
27th October 2022
Flood risk modeller Fathom has announced the launch of Fathom-Global 3.0, a new map providing insurers with full global coverage of all flood perils. The company states that Fathom-Global 3.0 enables users to quantify and mitigate flood risk, and understand changes in risk under future climate scenarios. It adds that unlike ... Read the full article
Aegon to combine its Dutch operations with a.s.r.
27th October 2022
Aegon has announced it has reached an agreement with a.s.r. to combine its Dutch pension, life and non-life insurance, banking, and mortgage origination activities. The firm states that the combination will create a leading Dutch insurance company, enabling it to accelerate its strategy and will represent a major step in its ... Read the full article
WTW maintains FY targets as organic growth accelerates
27th October 2022
Re/insurance broker WTW has reported revenues of $1,953 million for the third quarter of 2022, down 1% from the same period last year but up by 6% on an organic revenue growth basis. This represents an acceleration from the organic revenue growth rate of 3% that the broker reported in ... Read the full article
QIC reports “healthy” 9M profits despite major headwinds
27th October 2022
Qatar Insurance Company (QIC), an insurer for Middle East North African (MENA) region, has reported a net profit of QAR 571 million from continuing operations for the first nine months of 2022, and underwriting income of QAR 272 million. Khalifa Abdulla Turki Al Subaey, Chairman and Managing Director of QIC, noted ... Read the full article
Fosun weighs options for Peak Re as it looks to pay down debt
27th October 2022
Chinese conglomerate and investment company, Fosun International Ltd. is considering selling its majority stake or a minority interest in Peak Reinsurance Co., according to Bloomberg News sources. A transaction could value Peak Re at $500 million to $1 billion, and potential buyers have shown interest, including private equity firms, sources said. ... Read the full article
Goosehead Insurance sees a 43% decrease in net income in Q3
27th October 2022
Goosehead Insurance, Inc. has reported a net income of $3 million for the third quarter of 2022, a 43% decrease compared to $5.3 million from the same period last year. The company noted that the decrease was due to higher non-cash stock compensation expense and lower income tax benefit. Moreover, the company’s ... Read the full article
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