Reinsurance News
Tokio Marine HCC joins ADB to increase lending capacity in APAC
25th August 2022
Tokio Marine HCC (TMHCC) and Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF) have partnered up with Asian Development Bank (ADB), along with four other global insurers to participate in ADB’s new framework credit insurance program. The program covers loans for financial institutions, and also increases lending capacity by $1 ... Read the full article
Ambac partners with MGU and DE&I platform Embrace Partners
25th August 2022
Financial services holding company Ambac, has announced a “strategic” partnership via a minority ownership stake in Embrace Partners, a tech-driven managing general underwriter (MGU) of specialty commercial insurance and surety. Embrace - whose platform also consists of a diversity, equity and inclusion (DE&I) consulting firm - is led by industry veteran ... Read the full article
One80 acquires Agentic
25th August 2022
Broker firm One80 Intermediaries has acquired Agentic for an undisclosed amount. A statement from One80 said that Agentic is a privately owned specialty wholesale operation providing highly consultative brokerage services for professional lines products including errors and omissions, management liability, cyber liability, media liability, allied healthcare and environmental. Matthew F. Power, president ... Read the full article
ALIRT warns of “bellwether” regulatory trends in US cat states
24th August 2022
Analysts at insurance research firm ALIRT have warned that the industry should remain attentive to the experience of residual market mechanisms in the most catastrophe-prone US states, which it says are an “important bellwether of availability and affordability trends.” In a new report, ALIRT assessed the residual homeowners market trends in ... Read the full article
Augmented reality invaluable to insurers in post-pandemic world: GlobalData
24th August 2022
According to leading data and analytics company GlobalData, augmented reality (AR) is set to become a $152 billion market by 2030, and its use cases for the insurance sector are only growing. The company notes that the technology’s demand among insurers has been catalysed by COVID-19 and the need for remote ... Read the full article
Insurtech Accelerant launches $175mn reinsurance sidecar vehicle
24th August 2022
Insurtech platform Accelerant has launched a new $175 million sidecar investment vehicle, called Flywheel Re. The new sidecar will provide multi-year risk capital to Accelerant and its cohort of underwriting-led specialist members. Goldman Sachs & Co. LLC served as exclusive placement agent to Accelerant and Sidley Austin LLP acted as legal counsel. Founded ... Read the full article
Barings hires Ken Griffin as Head of Insurance Solutions
24th August 2022
Global investment manager Barings has appointed Ken Griffin as the firm's Head of Insurance Solutions, effective immediately. In this role, Griffin will be responsible for overseeing the delivery of customized solutions in order to meet the needs of Barings' insurance clients globally. Based in Charlotte, N.C., Griffin will report to Colin Gordon ... Read the full article
US personal auto insurers see sharp decline in underwriting performance: Fitch
24th August 2022
Fitch Ratings says that US personal auto insurers saw a sharp deterioration in underwriting performance for 1H22, according to mid-year segment results from public company GAAP filings, with many insurers’ combined ratio (CR) rising above 100% for the period. It said in a statement that these loss trends are likely to ... Read the full article
Reinsurers concerned about inflation despite pricing improvement: AM Best
24th August 2022
Global reinsurance rates have improved since 2018, yet reinsurers have started to reconsider whether rates are indeed allowing for sufficient margins, and to what extent cedents are pricing inflationary risks at source, according to AM Best analysts. The AM Best Global Reinsurance Market Report highlighted that this has been mainly driven ... Read the full article
Everest Insurance names Paul Trueman Head of Aviation
24th August 2022
Everest Insurance, the primary division of Everest Re Group, has appointed Paul Trueman as Head of Aviation for its international business, a newly created role. In his new role, Trueman will lead the Airlines, Aerospace and General Aviation portfolio, responsible for overseeing underwriting, market engagement and treaty purchasing for the company’s ... Read the full article
Ping An reports H1 2022 profit growth despite challenging international environment
24th August 2022
Ping An Insurance (Group) Company of China, Ltd. has announced its 2022 interim results reporting a net profit of RMB71,676 million. According to the announcement, Ping An maintained a steady development despite the complex, challenging international environment and continued impact of COVID-19 in China in the first half of 2022. It achieved ... Read the full article
AXA XL appoints Cedric Franklin as Regional Director of Commercial Bonds
24th August 2022
AXA XL has appointed Cedric Franklin as VP Regional Director, Canada, to address the continued demand for Commercial Bonds from businesses in the country. Franklin will work closely with Alex Barker, Head of Specialty Insurance for Canada and Pat Dougherty, Global Head of Commercial Bonds. He is tasked with leading the continued ... Read the full article
Are fully automated, computer-based insurance contracts in the works?
24th August 2022
A new note from the CIO of Atrium says that the London Market Group’s Data Council is aiming to create a fully automated, computer-based digital contract for insurance business. Writing on the Atrium website, Justin Emrich says that the ultimate future vision is a fully computable contract. He wrote: “Computable contracting is ... Read the full article
Hamidi takes responsibility for Controlling & Finance at HDI Global SE
24th August 2022
HDI Global has announced that Golshid Hamidi will assume responsibility for Controlling & Finance in the Finance Department of HDI Global SE with effect from 1 September 2022. Within this role, she will report directly to Chief Financial Officer - Dr Christian Hermelingmeier. Jochen Krause has been temporary head of Controlling & ... Read the full article
Clyde & Co expands Singapore shipping & marine practice
24th August 2022
Clyde & Co has expanded its Shipping and Marine Insurance practice in Singapore with the relocation of leading international litigator Andrew Bicknell. Bicknell’s relocation from London to Singapore is set to further strengthen the firm’s global Energy, Marine & Natural Resources practice. He will be based in the firm’s Singapore office ... Read the full article
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