Reinsurance News
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
Brett Stewart to lead AXA XL loss prevention education programs in NA
29th September 2022
AXA XL Insurance has announced that it has promoted Brett Stewart to Manager of Loss Prevention and Education for AXA XL’s Design Professional insurance business in North America. In a press release, it stated that within this new role, Stewart will lead development of loss prevention and education programs and materials for AXA ... Read the full article
AM Best withdraws credit ratings of Tower Hill Prime
29th September 2022
Global ratings agency AM Best has announced that it has downgraded the Financial Strength Rating to B (Fair) from B+ (Good) and the Long-Term Issuer Credit Rating to “bb” (Fair) from “bbb-“ (Good) of Tower Hill Prime Insurance Company. The outlook of these Credit Ratings is negative. Concurrently, AM Best has withdrawn ... Read the full article
David Bangs named Head of Gallagher Re APAC UK
29th September 2022
Global reinsurance broker Gallagher Re has announced the appointments of David Bangs as Head of Gallagher Re APAC UK, based in London and Robin Swindell as Executive Officer, based in Tokyo. Bangs is returning to Gallagher Re having started his career with Willis Re in London in 2005, before being transferred ... Read the full article
Cowbell launches new specialty unit
29th September 2022
Cowbell has launched a new subsidiary to be known as Cowbell Specialty. A statement from the firm said that the launch augments its current business model as Cowbell Specialty joins a reputed panel of 15 carriers and reinsurers that currently support Cowbell Prime cyber insurance programs. Paired with Cowbell Re - the ... Read the full article
Neptune Flood sees more demand as hurricane Ian hammers Florida
29th September 2022
According to a report from Neptune Flood, the firm saw a 4x increase in quotes above its normal volume as of Monday the 26th. Hurricane Ian made landfall on Wednesday the 28th as a major Category 4 storm with maximum sustained winds of around 155 mph near the Cayo Costa ... Read the full article
Helios Underwriting reports loss after tax of £3.9m in H1 2022 results
29th September 2022
Lloyd's focused investment vehicle, Helios Underwriting, has released its unaudited results for H1 2022, saying that it saw gross written premiums (GWP) rise by 133% to £124m over the period. Elsewhere, the firm reported a loss after tax of £3.9m, a much-worse result than in H1 2021 when it reported a ... Read the full article
P&C insurers see net income and policyholder surplus decline
29th September 2022
Elevated loss activity and equity market volatility this year has led to a drop in net income and a decline in policyholders’ surplus for P&C insurers, says AM Best’s new Best’s Market Segment Report. The report says that the drop in net income and the decline in policyholders’ surplus has occurred ... Read the full article
Innovation crucial to navigate an uncertain insurance market: BlackRock
29th September 2022
A resilient portfolio construction, liquidity management, and integrated technology are becoming the focus of global insurers as they work on innovating their investment approaches amidst rapidly changing market conditions this year, according to a recent BlackRock study. Charles Hatami, Global Head of BlackRock’s Financial Institutions Group, noted: “The current investment landscape ... Read the full article
Hurricane Ian batters Florida as a major Cat 4 storm
29th September 2022
Hurricane Ian made landfall on Wednesday as a major Category 4 storm with maximum sustained winds of around 155 mph near the Cayo Costa area, bringing widespread flooding, property damage, and power outages. The NHC warned of severe and life-threatening storm surge inundation of as much as 8 to 10 feet ... Read the full article
GlobalData predicts 7% CAGR growth for South Korean reinsurance industry by 2026
29th September 2022
GlobalData has predicted that the South Korean reinsurance industry will grow at a compound annual growth rate (CAGR) of 7.0% from KRW9.6tn ($8.4bn) in 2021 to KRW13.4tn ($11.9bn) in 2026, in terms of gross written premiums (GWP), supported by climate change and positive regulatory developments. The firm’s Global Insurance Database reveals that the ... Read the full article
Building resilience to climate change is of paramount importance in Africa: ARC
29th September 2022
Ahead of COP27, the African Risk Capacity (ARC) outlines the importance of parametric insurance on the African continent, highlighting the need for further collaboration with more developed nations. ARC provides parametric insurance services to African Union member states and farmer organisations to pool disaster-related risk across Africa and transfer it to ... Read the full article
wefox urges global insurance industry to improve customer experience
29th September 2022
Berlin-based insurtech, wefox, is calling on the insurance industry to improve customer experience after its Global Safety Report results revealed there is widespread dissatisfaction and lack of trust in the industry. At the same time, the report found that despite this sentiment and in the face of insurance rates and the ... Read the full article
Insurers back call for more to be done against cyber attacks: ICA
29th September 2022
As cyberattacks increase in frequency and severity, the Insurance Council of Australia (ICA) has welcomed analysis from the Actuaries Institute on cyber risk and the role of re/insurance in protecting against the impacts of cybercrime. In a recent report, the ICA announced its support for the finding in the Actuaries Institute ... Read the full article
Hurricane Fiona to cause record, but manageable insured losses in Atlantic Canada: DBRS Morningstar
28th September 2022
Hurricane Fiona has caused loss of life, extensive property damage, flight cancellations and power loss for hundreds of thousands of homes across Atlantic Canada, and, according to a DBRS Morningstar report, the storm is likely to cause record insured losses in Newfoundland and Labrador, New Brunswick, Nova Scotia, and Prince ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
