Reinsurance News
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
Munich Re & HSB partner with Schneider Electric on electrical risk
12th October 2022
Global reinsurer Munich Re and its subsidiary, HSB, have partnered with Schneider Electric, a specialist in energy management and automation, on electrical and equipment risk. The partnership will blend risk solutions including uptime guarantees and unwarned failure warranties, with IoT technology to serve clients. Together, the companies will help businesses to remain ... Read the full article
Insurance Europe responds to EIOPA consultation paper on differential pricing
12th October 2022
Insurance Europe, the European insurance and reinsurance federation, have published their comments regarding a recent consultation by the European Insurance and Occupational Pensions Authority (EIOPA) on differential pricing as concerns have been raised. In July 2022 EIOPA launched the three-month long public consultation in response to concerns that some differential pricing ... Read the full article
Ian to make FEMA’s 2023 NFIP reinsurance renewal more challenging & costly
12th October 2022
Prior to hurricane Ian's landfall in Florida, the U.S. Federal Emergency Management Agency (FEMA) had already started the process of renewing the National Flood Insurance Program's (NFIP) traditional reinsurance protection for the January 2023 renewals, a process which now looks set to be even more challenging. The severe and widespread flooding ... Read the full article
GRS signs partnership to expand into Dutch, French, and Belgian markets
12th October 2022
Loss adjuster Global Risk Solutions (GRS) has gone into a strategic partnership with CED Nederland and its specialty division EMN. The link-up between the firms is part of GRS’s plan to expand into Europe. It said that the new partnership will enhance the delivery of specialty services to markets in the ... Read the full article
Liberty Specialty Markets launches new project cargo consortium at Lloyd’s
12th October 2022
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance’s Global Risk Solutions division, has announced the launch of a new Lloyd’s facility for the London Market – the Liberty Project Cargo Consortium (LPCC), to underwrite global project-related cargo risks. The facility, Consortium 7763, offers capacity to underwrite risks up to $205 ... Read the full article
Cyber cover to become ubiquitous as demand grows: GILC
12th October 2022
In a new report, Global Insurance Law Connect (GILC) predicts that cyber cover will become as ubiquitous as public liability or professional indemnity insurance as the level of threat continues to amplify globally. It adds that while the increased demand has led to the growth of capacity in the market, the ... Read the full article
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