Reinsurance News
Security budget cuts may escalate cyber risk, warns Fitch
30th September 2022
Fitch Ratings has warned of a potential increase in cyber risk as corporate and infrastructure cybersecurity budgets across the US come under increasing pressure due to poor revenue outlooks. Analysts note that cybersecurity spending is often viewed as an added cost rather than an essential business expense, with ROI metrics difficult ... Read the full article
Parsyl appoints RenRe’s Mishambi as Director and names new Active Underwriter
30th September 2022
Approved Lloyd's coverholder and provider of insurance for essential supply chains, Parsyl has announced that Edward Mishambi, Senior Vice President (SVP) and Chief Risk Officer- Europe at RenaissanceRe, will join its board as an independent non-executive director. Mishambi joined RenaissanceRe in 2009, in his current position he is responsible for leading, ... Read the full article
CoreLogic estimates insured wind and surge loss from hurricane Ian up to $47bn
30th September 2022
CoreLogic has estimated that the insurance and reinsurance industry losses from Hurricane Ian could reach $47bn. The firm said that its analysis indicated losses arising from the hurricane could land between $22bn and $32bn, with additional storm surge losses in Florida of another $6bn to $15bn. It also said that this ... Read the full article
DB pension trustees need to consider insurers’ ESG capabilities, says Hymans Robertson
30th September 2022
A new report from Hymans Robertson says that the ESG capabilities of insurers are an increasing priority for DB pension schemes trustees considering buy-ins and buy-outs. The firm said that trustees needs a ‘critical understanding’ of the role of ESG in order to gain the full benefit. The report, Spotlight: ... Read the full article
XS Brokers announces a series of promotions
30th September 2022
XS Brokers (XSB), an independent insurance underwriting and wholesale brokerage group, has announced a series of promotions. Misty Quail has been promoted to EVP, Business Development Manager. Under her leadership, she will ensure XS Brokers' family-owned company values extend to supporting clients and advance the company's efforts of attracting Top 100 retailers ... Read the full article
Underwriting performance still pressured across South Asia: AM Best
30th September 2022
AM Best notes that reinsurance companies in South and Southeast Asia (S/SEA) posted an improved combined ratio in 2021, although underwriting performance remains pressured with a continued reliance on investments to achieve bottom-line profitability. According to the rating agency, S/SEA reinsurers recorded an overall combined ratio of 108% in 2021, a ... Read the full article
Optio announces Dubai launch with two new hires
30th September 2022
Specialty MGA firm Optio Group says that it is going to establish an MGA and reinsurance broker in Dubai, subject to approval from the UAE authorities. The firm said that it expects both businesses to be operational from the beginning of next year, with an initial focus on A&H. Drawing on ... Read the full article
QIC Global to align core companies under Antares name
30th September 2022
Specialty re/insurer QIC Global, the subsidiary of Qatar Insurance Group, has announced its intention to align its core companies under the Antares name, creating a single identity to unify the brand across respective entities. According to the announcement, the Antares brand - the name of QIC Global’s London and Asia-based Lloyd’s ... Read the full article
Ian set for second US hurricane-force landfall in South Carolina
29th September 2022
After devastating Florida's west coast as a strong Category 4 storm before weakening over land, hurricane Ian is set to restrengthen in the Atlantic and is expected to make a second U.S. landfall on the South Carolina coastline as a Category 1 hurricane. Based on its strength, hurricane Ian was one ... Read the full article
Swiss Re swaps Granular investment for stake in Google’s Verily
29th September 2022
Swiss Re has expanded its partnership with Verily by exchanging an investment in Granular Insurance Company for an equity stake in Verily. Following this transaction, Granular will be wholly-owned by Verily, which is the life sciences and healthcare subsidiary of Alphabet, the parent company of Google. Swiss Re previously made the investment ... Read the full article
Hurricane Ian likely to cause $65bn of loss in Florida alone: RMSI
29th September 2022
According to global GIS and geospatial technology company RMSI, Hurricane Ian is set to cause $65bn of economic losses in Florida as it continues its path across the state. Hurricane Ian made landfall on Wednesday as a major Category 4 storm with maximum sustained winds of around 155 mph near ... Read the full article
KBW puts Hurricane Ian insured loss in low $30bn range
29th September 2022
Analysts at KBW have estimated that insurance and reinsurance industry losses from Hurricane Ian will be in the “low $30 billion range.” Although the storm is still ongoing, KBW believes that the hurricane's relatively rapid weakening suggests insured losses closer to the lower than higher end of the $32.5 billion ... Read the full article
Cyber continues to top Travelers Risk Index
29th September 2022
For the third time in four years, cyber threats have been found to be the top overall concern for business decision makers, according to the 2022 Travelers Risk Index results. Of the 1,200 survey participants, more felt that today’s business environment is riskier compared to a year ago, and more than ... Read the full article
HDI Global SE announces new centralised team, appoints leader
29th September 2022
HDI Global SE has announced it is bringing together its portfolio steering teams in the Property lines, noting the newly centralised foundation will accelerate the achievement of the strategic objective of underwriting excellence. Dr Carsten Schulte, who previously worked in Property Portfolio Steering, will lead the new team and report to ... Read the full article
145 P&C non-life insurer groups had $1bn in GDWP in 2021: Insuramore
29th September 2022
A new analysis from Insuramore on the global commercial P&C non-life insurance carrier market has found that 145 insurer groups had gross direct written premiums (GDWP) in this category of more than $1bn in 2021. The analysis also found that just over half of the top 200 groups recorded a double-digit ... Read the full article
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