Reinsurance News
CyberCatch & Ridge Canada announce partnership to enable SMO’s to obtain cyber insurance
12th August 2022
Cyber security software-as-a-service (SaaS) company CyberCatch has announced a strategic partnership with Ridge Canada Cyber Solutions Inc. (RCCS) to enable Canadian small and medium organisations (SMOs) to obtain cyber insurance. Approximately, there are 1.2 million SMOs in Canada and the majority of them do not have cyber insurance, or those that do are ... Read the full article
Hippo marks Q2 2022 with premium growth increase to $204mn
12th August 2022
Home insurer Hippo Holdings Inc. has seen its total amount of generated premium grow 29% year-over-year to $204.1 million for the second quarter of 2022, from $158.7 million from the same period last year. The insurer noted that the growth was driven primarily by growth across channels in existing states, expansion ... Read the full article
McGriff names Doug Hodo chief strategic growth officer
12th August 2022
Broker firm McGriff is welcoming back Doug Hodo as he rejoins the firm as chief strategic growth officer. Starting his new role on August 15, Hodo will be reporting to Read Davis, CEO, McGriff Specialty and Middle Market. He will be responsible for creating and managing strategic growth initiatives, including business development ... Read the full article
Inland floods pose limited credit impact to U.S. P/C (re)insurers: Fitch Ratings
12th August 2022
A Fitch Ratings report has said that the recent numerous inland flood events are expected to have a negligible credit impact on the U.S. P/C industry and are unlikely to affect individual insurers' or reinsurers' capital or earnings. Despite the tragic loss of life and significant economic losses in affected areas, ... Read the full article
Peak Re appoints Piotr Nowakowski to Chief Underwriting Officer
12th August 2022
Hong Kong-based global reinsurer, Peak Re has appointed Piotr Nowakowski, currently Director, Head of Product Underwriting for Property and Casualty (P&C) business, as the Company’s Chief Underwriting Officer. Within this new role, Nowakowski will continue to be based in Hong Kong, where he will lead the P&C business team with a ... Read the full article
FGF premiums increase to $0.9mn despite $5.9mn net loss
12th August 2022
Reinsurance and investment management holding company FG Financial Group has reported an increase in its reinsurance premiums despite seeing a net loss in the second quarter of 2022. FGF’s net premiums earned increased from $0.9mn in Q2 2021, to $3.0mn in this year’s second quarter. The group’s net loss increased to ... Read the full article
Tokio Marine Asia partners on insurtech investing with Arbor Ventures
12th August 2022
Tokio Marine Asia has announced a strategic partnership with Arbor Ventures, a leading global Fintech/InsurTech-focused venture capital (VC) firm headquartered in Singapore. The partnership marks Tokio Marine’s commitment to accelerating the digital transformation of the global insurance industry. The union was established through Tokio Marine’s Innovation Lab in Singapore. In April 2022, ... Read the full article
IAG reports GWP rise of 5.7%, raises perils budget for next year
12th August 2022
The latest results from Australian firm IAG indicate that gross written premiums rose 5.7% between FY 2021 and FY 2022. However, the firm reported that its insurance margin of 7.4% was lower than its expectations. That was because, it wrote in the results, of higher natural perils costing $1,119m against its allowance ... Read the full article
Ryan Specialty posts organic revenue growth of 22% in Q2 results
12th August 2022
International specialty insurance firm Ryan Specialty Group has posted revenue of $491.3 million for the second quarter of 2022, representing growth of 26% over last year, including 22.3% of organic revenue growth. The firm explained that the high rate of organic revenue growth was driven by new client wins, expanded relationships ... Read the full article
Ransomware and Ukraine war the big risks for cyber insurance: CyberCube
12th August 2022
Ransomware continues to be largely responsible for the insurable cyber losses experienced by companies, with the maritime sector and satellite infrastructure being more likely to be targeted by cyber criminals, according to a recent report. Additionally, CyberCube’s H2 2022 Global Threat Briefing analysed the cyber activity following Russia’s invasion of Ukraine ... Read the full article
Brookfield Re sees total assets escalate
12th August 2022
Brookfield Reinsurance has reported that its total assets rose from $2,640m at the end of Q2 2021 to $41,019m at the end of Q2 2022. The news come months after the firm said it had seen a huge increase in its net income throughout Q1 2022. Back then, it had ... Read the full article
Capital adequacy of large global reinsurers remained ‘Strong’ at end of 2021
12th August 2022
New analysis from Fitch Ratings says that the capital adequacy of large global reinsurers remained at least ‘Strong’ at the end of last year. The analysis also found that the group—comprising Hannover Re, Lloyd’s of London, Munich Re, PartnerRe, SCOR, and Swiss Re—had financial leverage ratios of low to moderate, ranging ... Read the full article
Tokio Marine HCC International’s London Market operations to move to the Walkie Talkie building
12th August 2022
Tokio Marine HCC International (TMHCCI) has announced that its London Market operations, which includes GCube, will be moving from their current separate offices in to one consolidated location on floor 6 of 20 Fenchurch Street – commonly known as the Walkie Talkie building. The move is scheduled to happen in the ... Read the full article
Conifer reports 7% increase in GWP
12th August 2022
The latest results from Conifer show that firm saw gross written premiums in Q2 2022 being 7% than at the same point in 2021. According to Conifer, gross written premiums at the end of Q2 2021 were $35m, but have since risen to $37.4m. The firm also said in a statement ... Read the full article
Norton Rose Fulbright names insurance regulatory and transactions team
12th August 2022
Global law firm Norton Rose Fulbright has announced the arrival of a four-person insurance corporate regulatory team to be based in New York and Los Angeles. The team will be comprised of partner Robert Romano and Stewart Keir who join Locke Lord and will be practising in Norton Rose Fulbright’s New ... Read the full article
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