Reinsurance News
No ratings impact on life insurers’ following UK outlook revision: Fitch
10th October 2022
According to Fitch Ratings, the recent revision of the UK’s outlook to negative has no immediate impact on UK life insurers’ ratings. Fitch expects the sector’s strong business profile and capital headroom to continue to underpin ratings in the hypothetical scenario of the UK sovereign rating being downgraded by one notch ... Read the full article
Hallmark sells E&S operations to Core Specialty
10th October 2022
Property and casualty firm Hallmark has sold its excess and surplus lines operations to Core Specialty. The company said in a statement that the transaction is taking place for $40m cash, plus an estimated $19.9m consideration for the acquisition costs associated with certain net unearned premium reserves. The transaction is comprised of ... Read the full article
Brit uses aerial imagery to expedite Hurricane Ian claims
10th October 2022
Insurer and reinsurer Brit has said that it used aerial imagery to help expedite payments arising from Hurricane Ian. The firm said it had used a proprietary machine learning algorithm in tandem with ultra-high-resolution ariel imagery to accelerate the accurate identification of US property damage and was then able to ‘virtually ... Read the full article
AM Best removes IRB Brasil Re from under review with negative implications
10th October 2022
AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of IRB Brasil Re. The outlook assigned to these Credit Ratings is negative. AM Best states that the ratings reflect IRB’s balance sheet strength, ... Read the full article
Reinsurers must seek government backing for biggest risks: PwC’s Bichard
10th October 2022
Jim Bichard, Global Insurance Leader for PwC, has urged the insurance and reinsurance industry to seek bolder collaboration with governments and public bodies to handle the largest risks facing the market. Speaking to Reinsurance News at the recent RVS 2022 event in Monte Carlo, Bichard discussed the main trends and challenges ... Read the full article
Lacklustre digital experience an issue for UK insurance customers: PwC
10th October 2022
According to the latest UK Insurance Sentiment Index conducted by PwC in collaboration with DataEQ, inaccessible digital platforms and a lack of online service capabilities are impeding the overall customer experience for UK-based insurers. The index analysed over 335,000 public tweets regarding 15 of the country’s major insurers, highlighting that the ... Read the full article
Dutch insurance sector resilient over first half of the year: Fitch Ratings
10th October 2022
A new report from Fitch Ratings says that the Dutch insurance sector showed resilience in 1H22 despite mounting macroeconomic pressures. The firm wrote in the Dutch Insurance Dashboard: 1H22 Interim Results that large Dutch insurers maintained robust solvency II ratios in 1H22 and broadly in line with a ‘aa’ assessment according ... Read the full article
HDI Global Specialty UK streamlines Specialty Lines Single Risk Underwriting
10th October 2022
HDI Global Specialty UK has introduced a new structure within Underwriting to align its business with clients and brokers. HDI has identified six divisions or ‘pillars’ within its single risk business. The six new business divisions and leaders are as follows: - Nick Robinson - Financial Risks - David Palmer - Crisis Management - ... Read the full article
Allianz completes acquisition of Jubilee businesses in East Africa
10th October 2022
Allianz has announced that it has completed its transaction to acquire a majority stake in Jubilee Holdings Limited’s general insurance business in East Africa, namely in Kenya, Uganda, Tanzania, Burundi and Mauritius. The two companies had originally announced the $100 million takeover back in September 2020, when Allianz agreed to ... Read the full article
AM Best stable on Japan non-life insurance market, despite tough road ahead
10th October 2022
AM Best has maintained its stable market segment outlook on the Japan non-life insurance segment given recent profitable underwriting performance and the likelihood carriers will maintain positive results in the face of expected economic headwinds. In Best’s Market Segment Report, “Market Segment Outlook: Japan Non-Life Insurance,” the rating agency notes that Japan’s economic ... Read the full article
Protecdiv launches industry tool to model “social” component of ESG
10th October 2022
Re/insurance broker Protecdiv has launched a tool designed to measure and report the “social” component of ESG on the liability side of a balance sheet. Protecdiv states that SERV-S, the Social Equity Risk Vector Score, provides a score for commercial property, residential property, and mortgage re/insurers to quantify the social element ... Read the full article
Northcourt appoints industry veteran, Ed Butler as a Senior Adviser
10th October 2022
Northcourt, the Optio Group subsidiary and underwriter of international nuclear risk, has appointed Ed Butler as a senior adviser. Within this role, Butler will help raise Northcourt’s profile within government and the nuclear sector as a leading global authority within the nuclear insurance industry. He will also report to Optio executive chairman ... Read the full article
COVID still accounting for half of excess deaths in Australia
10th October 2022
COVID-19 is still accounting for half of all excess deaths through H1 2022, according to the Actuaries Institute of Australia, reflecting the continued risk for insurance and reinsurance firms with exposure in this market. Actuaries Institute data shows that excess mortality in Australia for the first six months of 2022 was ... Read the full article
Skyward Specialty announces partnership with Gradient AI
10th October 2022
Specialty insurance firm, Skyward Specialty, has announced its partnership with Gradient AI, an artificial intelligence (AI) solutions provider for the insurance industry. According to the announcement, through this collaboration, the insurer aims to power its Accident and Health (A&H) division's latest technology driven stop-loss solution, SkyVantage. A rise in employer healthcare costs ... Read the full article
Swiss Re warns of $270tn net zero investment deficit
7th October 2022
Analysts at reinsurer Swiss Re have warned that over $270 trillion in climate investments will be required across the energy, transport, buildings and industry sectors globally to meet the Paris Agreement and 2050 net-zero targets. A new Swiss Re Institute study asserts that climate investments must be made “sooner and on ... Read the full article
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