Reinsurance News
Investors sue Argo amid stock price plummet
25th October 2022
Bermuda-based specialty P&C insurer Argo is being sued by a group of investors, who claim that they were misled on major aspects of the company’s performance metrics, which have resulted in a significant drop in stock prices. Argo’s stock price has fallen by more than 60% this year and the company ... Read the full article
IQUW appoints Sam Waltier to Professional Lines team
25th October 2022
IQUW, a property and specialty re/insurer, has announced the strengthening of its Professional Lines team with the appointment of Sam Waltier as Underwriter. In his new role Waltier will be reporting to ristram Prior, Senior Underwriter, Financial Institutions/Professional Lines. Prior to joining IQUW, Waltier served as a Professional Lines Underwriterat Volante. Before ... Read the full article
Boeing fleet suspension a historic loss for reinsurers: analysts
25th October 2022
The suspension of Boeing’s 737 MAX fleet following two crashes in 2018 and 2019 is now thought to be one of the single biggest aviation insurance claims in history, according to analysts at AviationSource, with reinsurers and retrocession underwriters hit hardest. At around $3 billion, AviationSource notes that the Boeing ... Read the full article
AmTrust acquires DUAL NA’s middle market management liability practice
25th October 2022
AmTrust Financial Services, Inc. has acquired the middle market management liability business of DUAL North America. The acquisition includes DUAL North America’s underwriting team and renewal rights to its portfolio. As part of the transaction, seven DUAL professionals will join AmTrust's EXEC unit. Moreover, DUAL North America Management Liability is a nationwide admitted ... Read the full article
Helios well placed ahead of ‘really hard’ market: Hanbury and Manners
25th October 2022
Despite a couple of headwinds, Helios increased its capacity portfolio to £233 million for the 2022 underwriting year, and management is confident about the prospects and future profitability of the firm ahead of further market hardening. In late September, Helios Underwriting, the Lloyd’s focused investment vehicle, reported a significant rise in ... Read the full article
Damaged Nord Stream 1 gas pipeline in re/insurance dilemma
25th October 2022
As the mystery surrounding the explosions that damaged undersea gas pipelines between Russia and Germany remains unsolved, Nord Stream 1’s re/insurers are trying to figure out how to handle potential claims worth hundreds of millions of dollars, reports Reuters. According to industry sources familiar with the matter, Munich Re and syndicates ... Read the full article
Vesttoo closes Series C financing round, company now valued at $1bn
25th October 2022
Vesttoo, the digital insurance risk transfer and investment platform, has closed its $80m Series C financing round, which it says has raised the valuation of the company to $1bn. The firm said in a statement that the round was co-led by Mouro Capital and a private equity fund. A US-based bulge-bracket ... Read the full article
Greenlight Re announces investment in cargo insurance platform, Otonomi
25th October 2022
Greenlight Re Innovations, part of Greenlight Capital Re, has announced an investment in Otonomi, Inc. – a New York-based parametric cargo insurance platform. Over the past few years, Greenlight Re notes that both globalization and technological advancements have led to a significant increase in global trade, increasingly exposing supply chain vulnerabilities. In ... Read the full article
Benefits & risks to US life dependence on Bermuda reinsurance, says ALIRT
25th October 2022
According to an ALIRT Insurance Research report, there are both benefits and risks to US Life insurers' growing dependence on Bermuda reinsurance, adding the nexus is likely poised to grow. The use of Bermuda reinsurance has grown significantly over the last five years, says ALIRT, becoming a core strategy for many ... Read the full article
HDI Global Specialty appoints Wilcox as Director of Delegated Authority
25th October 2022
HDI Global Specialty has appointed Jade Wilcox to be its new director of delegated authority. Wilcox is moving to her new role from her current position of underwriting manager. She joined HDI in 2021 from Arch Insurance where she an underwriting manager for property binders. She will be based in HDI’s London ... Read the full article
We’re not shy to lean into property cat reinsurance: W. R. Berkley CEO
25th October 2022
Commercial lines property and casualty insurance holding company, W. R. Berkley, has been making plans and positioning itself to take advantage of rising prices in the property catastrophe arena, with the company's President and Chief Executive Officer (CEO), W. Robert Berkley, saying that it could become a meaningful part of ... Read the full article
UIB announces new Corporate & Capital Risks practice
25th October 2022
Re/insurance broker UIB has announced the formation of its new practice, Corporate & Capital Risks, following a major restructuring of its Specialty Lines division. James Wilson will lead the new practice, which UIB states will cater to ... Read the full article
Brown & Brown revenues up 20%, but organic growth slows
25th October 2022
US broker firm Brown & Brown has reported revenues of $927.6 million for the third quarter of 2022, representing an increase of $157.3 million, or 20.4%, when compared with the same period last year. Notably, organic revenue totalled $799.1 million for Q3, up 6.7% from last year, but slowing from the ... Read the full article
William Pembroke named CEO of Aon Thailand
25th October 2022
Global professional services firm, Aon has appointed William Pembroke as chief executive officer of Aon Thailand. Andrew Bentley, who had been leading Aon Thailand over the past 31 years, will move to a senior consultant role. Based in Bangkok, Pembroke will be reporting to Owen Belman, chief executive officer of Asia ... Read the full article
WR Berkley releases Q3 results, with GWP up over 11%
25th October 2022
WR Berkley has reported its Q3 2022 results, saying that gross written premiums (GWP) in the period were $3bn up from $2.7bn in the same period from the prior year. Net premiums written, said the firm, also rose between the two periods, from $2.3bn in Q3 2021 to $2.5bn. The firm said ... Read the full article
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