Reinsurance News
Bank of England survey warns of cyber threat to UK financial system
13th October 2022
The risk most cited as a threat to the UK’s financial system is a cyberattack, according to the Bank of England’s Systemic Risk Survey. According to the bank, nearly three-quarters (74%) cited a cyberattack when asked to list the five risks most likely to have the greatest impact. The survey also found ... Read the full article
QBE secures DNB approval and makes five senior hires for Netherlands branch
13th October 2022
Following approval now granted from the DNB (De Nederlandsche Bank), QBE has announced that it can now proceed with its plans to written business in the Netherlands incepting from January 2023. Plans for the branch were first announced in June, earlier this year. At the same time, QBE has announced its ... Read the full article
WTW makes senior hire for Luxembourg
13th October 2022
Advisory and broking solutions company, WTW has appointed Alain Dufraisse as Managing Director of its Luxembourg Captive and Insurance Management Solutions (CIMS) office. Within this role, he will report to Elizabeth Carbonaro, WTW CIMS regional lead for Western Europe. Overall, Dufraisse brings over 30 years of industry experience towards the role. Over ... Read the full article
Codan Marine and Concirrus enter partnership
13th October 2022
Danish marine insurance and service provider Codan Marine has entered a multi-year contract with AI insurtech Concirrus to improve risk insights and prediction to strengthen solutions for customers. Under the deal, Codan Marine has added Concirrus’ data analytics platform, Quest Marine, to their portfolio of advanced tools. It said that this ... Read the full article
Embroker hires David Derigiotis to new role as CIO
13th October 2022
Digital platform Embroker has named David Derigiotis as its new chief insurance officer. The firm said in a statement that Derigiotis was coming onboard to lead the development of Embroker’s innovative insurance vertical products, particularly cybersecurity, technology, and privacy offerings. Before taking on this new role, Derigiotis served as corporate senior vice ... Read the full article
Specialty Program Group forms new wholesale insurance division
13th October 2022
Specialty Program Group LLC (SPG) and Program Brokerage Corporation (PBC), has announced that PBC is spinning off its general wholesale, environmental, construction, cyber and professional liability divisions to SPG and will operate under the brand Specialty Wholesale Insurance Solutions (SWIS). SWIS will become a division within Specialty Program Group LLC. SPG is ... Read the full article
Optimal risk-sharing fundamental to green transition: FERMA’s Wegener
12th October 2022
Optimal risk-sharing is fundamental to a successful transition to carbon neutrality and in the battle against cyber-crime, according to Dirk Wegener, President of the Federation of European Risk Managers (FERMA). Speaking at the FERMA Forum this week, Wegener raised three main areas of concern for risk managers: the transition to carbon ... Read the full article
Jim DeVoe-Talluto promoted to Assistant Director of Vermont Captive Insurance
12th October 2022
Examiner-In-Charge Jim DeVoe-Talluto has been promoted to Assistant Director of Captive Insurance at the Department of Financial Regulation. DeVoe-Talluto succeeds Christine Brown in the role, who was recently promoted to Director of Captive Insurance of the Captive Insurance Division. He has been with the Captive Division since 2004, having served as ... Read the full article
Over a quarter of firms have suffered data breaches costings millions: PwC
12th October 2022
A new report from PwC says that 27% of companies have suffered a data breach leading to costs between $1m and $20m in the last three years. The survey, which the financial giant says was conducted amongst 3,500 senior executives in sixty-five countries, found that 34% of North American firms reported ... Read the full article
Resolution Life and Blackstone enter reinsurance partnership
12th October 2022
Life insurance group Resolution Life is to become the strategic partner of asset manager Blackstone for new closed book transactions, including reinsurance, in the global life and annuity sector. A joint statement from the two companies said, in return, Blackstone is to become the investment manager for Resolution Life in ‘certain ... Read the full article
AXA XL promotes Michael McKinley to lead NA construction business
12th October 2022
AXA XL has promoted Michael McKinley to lead its Construction Primary Casualty Insurance business in North America. The firm said in a statement that McKinley will lead the continued growth of its Construction Primary Casualty business, helping construction companies address their Auto Liability, General Liability, Workers' Compensation and Wrap Up insurance ... Read the full article
Lancashire indicates a change in property cat strategy
12th October 2022
Lancashire Holdings (LRE) has indicated that it is likely to maintain its net property catastrophe footprint, shifting away from the expansion it has been pursuing since 2018. These remarks came from a roundtable that investment bank Peel Hunt held earlier this week involving Paul Gregory, CUO of LRE. Peel Hunt said ... Read the full article
Louisiana approves 63% rate increase on residential property for Citizens
12th October 2022
The Louisiana Department of Insurance (LDI) has approved Louisiana Citizens’ request for a 63% rate increase on its residential property insurance policies beginning January 1, 2023. According to a statement from the LDI, the increase will not affect current policyholders of Citizens until they renew their policy after that date. Citizens ... Read the full article
Lipman outlines opportunities for development in Lloyd’s Canada market update
12th October 2022
Marc Lipman, Attorney in Fact in Canada for Lloyd’s Underwriters and president of Lloyd’s Canada, provides a market update outlining opportunities for growth and development in the region's (re)insurance sector. At the end of 2021, premium income to Lloyd’s from Canada grew by 22%, with Lipman noting that Lloyd's underwrote over ... Read the full article
Property flood resilience measures could reduce re/insurer losses: JBA
12th October 2022
A new study by flood risk modeller JBA Risk Management has revealed that adopting Property Flood Resilience (PFR) measures could have a major impact on projected flood losses in the UK, with a possible loss reduction of up to £453m a year. The review was carried out following the launch of ... Read the full article
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