Reinsurance News
FCA raises concerns over COVID BI claims handling
6th October 2022
UK regulator the Financial Conduct Authority (FCA) has undertaken a review of the claims handling process for business interruption claims related to COVID-19, and has raised concerns in some areas. Overall, the FCA concluded that insurers paid out interim payments and reallocated resources quickly, while proactively communicating with policyholders to help ... Read the full article
Aon expands reputational risk data and analytics capabilities
6th October 2022
Global professional services firm, Aon, has expanded its data and analytics capabilities for reputational risk with the acquisition of advanced analytics and advisory services provider, Pentland Analytics’ reputation crisis database. The transaction also includes Pentland’s proprietary modelling algorithms and a cloud-based web app for clients. According to the announcement, the reputation crisis ... Read the full article
Busy de-risking market to follow UK gilt volatility: Hymans Robertson
6th October 2022
Iain Pearce, Senior Risk Transfer Consultant at actuarial and advisory consultancy firm Hymans Robertson, has said that he expects to see a “very busy” de-risking market to continue despite recent volatility in the UK gilts market. UK financial market volatility continues despite Bank of England efforts to tactically buy up gilts ... Read the full article
West of England P&I Club reports improved operating results
6th October 2022
For the first time in five years, the West of England P&I Club, an insurance provider to the global maritime and offshore industries, has reported that it has returned an underwriting surplus in its 20 August financial results, with a combined ratio of 97.9% at the mid-year point. West of England ... Read the full article
Ardonagh Specialty to acquire Oxford Insurance Group
6th October 2022
Ardonagh Specialty, the holding company and growth platform for The Ardonagh Group's portfolio of specialist reinsurance and wholesale broking brands, has announced it has agreed to acquire Lloyd’s broker Oxford Insurance Group. Upon completion, Oxford’s brands and 125 people will become part of $6 billion GWP Ardonagh Specialty. Oxford Insurance Group ... Read the full article
Beazley expands Benelux Team with appointment of Rogier van Ommeren
6th October 2022
Specialist insurer Beazley has hired Rogier van Ommeren as a financial lines underwriter, extending its Benelux Team. In the new role, van Ommeren will be responsible for underwriting Beazley’s financial lines book of business in Benelux, working closely with local brokers and partners. He joined Beazley following a 13-year spell at financial ... Read the full article
Howden acquires marine broker Seasecure in France
6th October 2022
International insurance broker Howden has announced the acquisition of independent French marine broker Seasecure Group. The acquisition of Seasecure Group, is one of France’s largest Marine and Cargo insurance brokers, is expected to help Howden’s continued expansion into the French market. Founded in 2008 and headed by Jean Brossollet, Seasecure comprises two ... Read the full article
Oliver Wyman opens HK office, names APAC practice leader
6th October 2022
Oliver Wyman, a global management consulting firm and business of Marsh McLennan, has announced the establishment of a new actuarial practice in the Asia Pacific region and that Marco Warmelink, based in Hong Kong, will lead the team. Warmelink has more than 25 years of experience in the life insurance industry, ... Read the full article
AXA CEO Thomas Buberl: “The world is in a multi-crisis environment”
5th October 2022
AXA CEO Thomas Buberl has drawn attention to the series of crisis the globe finds itself in a recent radio interview in France. Speaking to France Inter, Buberl said that everything must be done in order to avoid recession, no matter the difficulty. He said: "We are immersed in a multi-crisis environment ... Read the full article
Aon appoints Shedden as Global Analytics Leader for Reinsurance Solutions
5th October 2022
Aon plc, a leading global professional services firm, has appointed Paul Shedden as its global and UK head of analytics in the firm’s Reinsurance Solutions. Within this role, he will be based in London. Shedden will join the firm on October 17th from Sompo International, where he served as head of Portfolio ... Read the full article
US life M&A activity to slow amid economic & regulatory concerns: Moody’s
5th October 2022
According to a report from Moody's, M&A and disposition activity within the US life insurance sector will continue in 2022 and 2023, however, weakening macroeconomic conditions and new regulatory hurdles will likely slow activity and somewhat reduce deal flow. From a credit perspective, M&A and divestitures are generally good for sellers, ... Read the full article
AM Best revises outlooks to negative for American Family & affiliates
5th October 2022
AM Best has revised the outlooks to negative from stable for the Long-Term Issuer Credit Ratings and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) of American Family Mutual Insurance Company and its affiliates. The negative outlooks for American Family reflect the significant earnings ... Read the full article
Global average annual insured losses from extreme events in excess of $120bn: Verisk
5th October 2022
Verisk Extreme Event Solutions has released its 2022 Global Modelled Catastrophe Losses Report, estimating that on an annual average basis, catastrophes around the world are expected to cause around $123bn in insured losses compared to an average of $74bn in actual losses over the past 10 years. According to Verisk’s report, ... Read the full article
Two Sigma (TSIQ) enters into partnership with Central Analysis Bureau
5th October 2022
Two Sigma Insurance Quantified (TSIQ), an underwriting technology company for the commercial property and casualty (P&C) industry, has announced a partnership with Central Analysis Bureau (CAB), a provider of risk assessment tools and data for the transportation insurance industry. Through this partnership, CAB's entire industry-standard commercial trucking dataset will be embedded ... Read the full article
Markel & Budget Guard partner on equipment maintenance policy
5th October 2022
Budget Guard Holdings, an independently owned insurance agency, has been appointed as the Program Administrator for Markel's stand-alone equipment maintenance insurance policy to its inland marine suite of products. The new equipment maintenance insurance policy offering aims to provide a way for organizations to consolidate multiple equipment service contracts into a ... Read the full article
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