Reinsurance News
RGA and Sompo partner to improve elderly care
7th October 2022
Reinsurance Group of America (RGA), a leading global life and health reinsurer, and Sompo Holdings, a global property and casualty insurance company with a nursing care business in Japan, have announced a new partnership aimed at improving eldercare and promoting healthy aging. Together, Sompo and RGA will leverage their experience in ... Read the full article
bolttech expands in Indonesia with Axle Asia acquisition
7th October 2022
Singapore-based international insurtech, bolttech, has announced it has completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia. Founded in 2008, Axle Asia is a Jakarta-based insurance broker serving a diverse range of clients across corporate lines and employee benefit insurance. Bolttech suggests the addition ... Read the full article
FEMA receives more than 25,000 NFIP claims following hurricane Ian
6th October 2022
A week after hurricane Ian caused significant flooding in the State of Florida, FEMA's National Flood Insurance Program (NFIP) has received over 25,000 claims. The average claims cost of previous significant flood events suggests that the claims received by the NFIP as of October 4th, 2022, amounts to well over ... Read the full article
Talcott in $7bn block reinsurance deal with Guardian
6th October 2022
International life insurance group Talcott Financial has entered into a transaction with The Guardian Life Insurance Company of America to reinsure $7.4 billion in variable annuity liabilities. The deal will be conducted between subsidiaries Talcott Resolution Life Insurance Company and The Guardian Insurance & Annuity Company, Inc., and will primarily cover ... Read the full article
Munich Re acquires API-focused insurtech
6th October 2022
Reinsurance giant Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software-as-a-Service (SaaS) for the insurance industry’s ecosystem. apinity is an API software platform that enables insurers to utilise third-party API services, in turn making it possible to transparently manage both ... Read the full article
Aston Lark Ireland announces acquisition of Pembroke Insurances
6th October 2022
Aston Lark Ireland, an insurance broker and Howden company, has announced the acquisition of Pembroke Insurances Limited. Set up in 2007 by Graham Weir and John McGuire, Pembroke Insurances has been providing commercial insurance solutions for over a decade, and has grown a strong reputation as a trusted name within the ... Read the full article
Raul Vargas to succeed Jeff Dailey as Farmers Group President & CEO
6th October 2022
Farmers Group Inc. has promoted Raul Vargas to become the company’s next President and Chief Executive Officer at the start of 2023. Current President & CEO Jeff Dailey is stepping down, but will continue to serve as Chairman of the Farmers Group, Inc. Board of Directors. At the same time, Vargas will also become ... Read the full article
P&C underwriting loss driven by expenses in auto lines: AM Best
6th October 2022
The US property and casualty (P&C) industry recorded a $6.3 billion net underwriting loss in the first six months of 2022, down $11.4 billion from the prior year period, with the personal lines segment, specifically the auto lines, responsible for this decline, according to an AM Best report. The Best’s Special ... Read the full article
Remediation is bearing fruit at Lloyd’s ahead of 1/1 filled with opportunity: LMA’s Davison
6th October 2022
Following a strong underwriting performance in the first-half of 2022, remediation efforts at the specialist Lloyd’s insurance and reinsurance marketplace are proving successful, which puts the sector in a good position ahead of the important January 1st, 2023, reinsurance renewals. While investment losses dented the market’s overall result for H1, Lloyd’s ... Read the full article
Munich Re to cease investing in or insuring new oil and gas fields from April 2023
6th October 2022
Global reinsurer Munich Re has committed that as of 1 April 2023 it will no longer invest in or insure contracts / projects exclusively covering the planning, financing, construction or operation of new oil and gas fields, new midstream oil infrastructure and new oil fired power plants. The large, European reinsurer ... Read the full article
Top 20 U.S. cyber insurers all saw premium growth in 2021
6th October 2022
Of the approximately $4.8 billion of U.S. cyber insurance premiums underwritten in 2021 by the property & casualty (P&C) industry, more than 81% came from the top 20 cyber insurers in the U.S. marketplace, led by global insurer Chubb. Based on research data from rating agency AM Best, ... Read the full article
DUAL names Caroline Stone Chief Risk Officer for DUAL UK
6th October 2022
DUAL, the underwriting arm of Howden Group, has appointed Caroline Stone, former Chief Risk & Compliance Officer at BGL, as Chief Risk Officer for DUAL UK. Additionally, she will also join the board of DUAL Corporate Risks Limited. In her new role Stone will be responsible for DUAL UK’s Risk and ... Read the full article
Goldman Sachs estimates $45bn of P&C industry insured losses from Hurricane Ian
6th October 2022
According to a report from Goldman Sachs, Hurricane Ian was the most notable catastrophe in the quarter, with the firm estimating $45 billion of P&C industry-insured losses, excluding those from the NFIP program. Other industry loss estimates vary, but remain high, with Verisk assuming re/insurance industry loss between $42bn-$57bn. CoreLogic ... Read the full article
Accenture acquires P&C tech services provider Blackcomb
6th October 2022
Professional services firm Accenture has announced the acquisition of Blackcomb Consultants, a specialist technology services provider to P&C insurance carriers. Headquartered in Chicago, Illinois, Blackcomb is an independent partner of Guidewire, the P&C cloud platform. Its offerings include policy administration system implementations and upgrades, production support, cloud-hosted services, performance-improvement and organizational-change services. Blackcomb ... Read the full article
Greenlight Re makes underwriting leadership promotions
6th October 2022
Greenlight Capital Re, Ltd. has made several promotions within its underwriting leadership teams. Firstly, Regan Cairns has been promoted to Chief Underwriting Officer of Greenlight Re, where he will be focusing on Financial Risks, North American Casualty, and Property classes. Secondly, Finbar (Barry) Griffin has been promoted to Chief Underwriting Officer of ... Read the full article
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