Reinsurance News
Hurricane Ian private insurance market loss close to $63bn, says KCC
3rd October 2022
Major hurricane Ian's impacts are expected to drive a privately insured loss of around $63 billion, the majority of which is from the United States, according to Karen Clark & Company. The catastrophe risk modelling company said late Friday that only around $200 million of this loss estimate will be from ... Read the full article
Blockchain-powered reinsurer Re raises $14 million seed round
3rd October 2022
Re, a blockchain-powered reinsurance company, has raised $14 million in seed-round funding to build a decentralised system for investors which will allow them to gain exposure to “a massive and uncorrelated asset class” that is insurance premiums. Tribe Capital, Defy, Exor, Stratos, Framework, Morgan Creek Digital and SiriusPoint participated in the ... Read the full article
AM Best flags uncertainties for Sub-Saharan reinsurance market
3rd October 2022
Analysts at AM Best have flagged a host of uncertainties that may impede the near-term prospects of the reinsurance market in Sub-Saharan Africa (SSA), despite its significant expansion over the past decade. The rating agency notes that gross written premium in the SSA reinsurance market has grown at a 10-year compound ... Read the full article
Trisura Group acquires Sovereign Insurance’s surety business
3rd October 2022
Trisura Group Ltd. a specialty insurance provider, has acquired Sovereign Insurance’s surety business in Canada. The deal will provide Trisura with access to a portfolio of contract, commercial and developer surety accounts, which in 2021 produced an annual premium of over $16 million CAD. Moreover, the acquisition also strengthens Trisura’s surety operation ... Read the full article
Optio establishes MGA and reinsurance broking operations in Dubai
3rd October 2022
Specialty managing general agent (MGA), Optio Group has announced that it will establish an MGA and reinsurance broker in Dubai. Both businesses are subject to final approvals from the UAE regulatory authorities. In a press release, it states that both businesses are expected to be operational by 1 January, 2023 with an ... Read the full article
Alon Neches succeeds James Bracken as CEO of Fortitude Re
30th September 2022
Alon Neches has been appointed President and Chief Executive Officer (CEO) by Fortitude Re’s Board of Directors, taking over from James Bracken who is stepping down to pursue other opportunities. Fortitude Re was successfully carved out of American International Group, Inc. (AIG) under Bracken’s leadership. James Bracken added: “I am proud of ... Read the full article
JP Morgan estimates Hurricane Ian losses to hit $25bn
30th September 2022
JP Morgan has estimated that Hurricane Ian is likely to cause more than $25bn in damages, while cautioning that more clarity will be gained in the next few days. The firm said in a note that the speed of the storm and the resulting flooding will cause ‘catastrophic impacts’. But at ... Read the full article
Insurers expect minimal losses from Mexico’s September earthquakes
30th September 2022
Ratings agency AM Best does not expect claims activity to increase significantly owing to the recent earthquakes that hit Mexico in September, as few minor damages have been reported and are unlikely to result in large insurance losses. The 7.7° magnitude shake on September 19 and one 6.9° on September 22 ... Read the full article
UK insurers should be able to navigate gilt volatility: Moody’s
30th September 2022
The current volatility in the UK’s gilt markets should be manageable for UK insurers, says an analyst at Moody’s. Last Friday, Kwasi Kwarteng, the UK’s new Chancellor of the Exchequer laid out a much-derided Budget that sought to slash taxes for high-earning households in the UK. Among the changes laid out by ... Read the full article
Hurricane Ian sustained winds at 85 mph ahead of South Carolina landfall
30th September 2022
The latest forecasts show hurricane Ian making its second U.S. landfall along the South Carolina coast later today as a Category 1 storm with sustained winds of 85 mph and gusts of just above 100 mph. The damage and consequential industry loss caused by hurricane Ian is set to worsen as ... Read the full article
Michael Bachrodt named kWh Analytics’ COO
30th September 2022
Provider of climate insurance for renewable energy assets, kWh Analytics has announced the appointment of Michael Bachrodt as the company’s new Chief Operating Officer. Bachrodt has over 20 years of project finance, transaction management, and underwriting experience, most recently serving as Vice President, Structured Finance for OYO Hotels where he led ... Read the full article
$2.81bn of Australian East Coast flood claims now closed
30th September 2022
The Insurance Council of Australia (ICA) has released new data showing more than half of insurance claims related to the February and March floods have been closed, with the latest figures revealing a 10% increase from last month amounting to $2.81bn or 54%. Read the full article
Hurricane Ian to cause near record US fire & natural hazards loss: GlobalData
30th September 2022
After devastating Florida’s west coast as a strong Category 4 storm before weakening over land, Hurricane Ian is likely to bring incurred losses in US fire and natural hazards market to near record levels, according to analysts at GlobalData. Benjamin Hatton, Associate Insurance Analyst at GlobalData, described the storm as one ... Read the full article
AXA XL Reinsurance names Mark Twite CEO, Bermuda
30th September 2022
Mark Twite has been appointed Chief Executive Officer (CEO) of AXA XL Reinsurance Bermuda, the property and casualty and specialty risk unit of global insurer AXA. From 3 October, Twite will be responsible for the strategic growth of the business in Bermuda, ensuring capital is effectively deployed in order to drive ... Read the full article
AUB Group completes Tysers acquisition
30th September 2022
Australia equity-based insurance broker network AUB Group has completed its acquisition of Tysers. In accordance with the terms of the acquisition and as previously announced, AUB confirmed that it has issued 9,018,974 new shares to Tysers’ former owner, Odyssey Investment Partners. The new shares will be escrowed for a 24-month period. AUB ... Read the full article
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