Reinsurance News
Coalition appoints first-ever CFO, names two more new hires
8th August 2022
Cyber insurance and security provider, Coalition, has appointed Jim Young as its first Chief Financial Officer (CFO) after raising $250m in a Series F funding round. According to Coalition, as first-ever CFO, Young will play a critical role in scaling the firm’s business and financial operations. He brings over 20 years of ... Read the full article
Central Bank of Ireland launches climate change risk guidance for insurance sector
8th August 2022
The Central Bank of Ireland has commenced a public consultation on proposals to introduce guidance on climate change risks for the insurance sector. The proposed guidance aims to clarify the Central Bank’s expectations on how (re)insurers address climate change risks in their business and to assist them in developing their governance ... Read the full article
FM Global offering $300m ‘resiliency credit’ to policyholders
8th August 2022
FM Global policyholders are to receive $300m in what the company calls a ‘first of its kind’ offering to be known as a ‘resilience credit’. According to the firm, the credit has the potential to help those organisations reduce total loss expectancies related to wind, flood, and wildfire exposure by more ... Read the full article
Argenta pulls out of Singapore
8th August 2022
Argenta has said that it is to cease writing new and renewal business in Singapore with immediate effect. The firm said that the decision followed a strategic review and a decision by the Argenta Syndicate Management to re-allocate capacity to other underwriting opportunities worldwide, including AUA’s branch offices in Australia which ... Read the full article
Ark reports huge rise in premiums in Q2 2022
8th August 2022
Ark is reporting that gross written premiums jumped from $328m to $404m between Q2 2021 and Q2 2022, with net written premiums rising from $262m to $270m between the same two points alongside an increase in net earned premiums from $118m to $217m. Comparisons between H1 2021 and H1 2022, gross ... Read the full article
Wilton Re’s ratings downgrade related to revision in ownership uplift: Fitch
8th August 2022
Fitch Ratings has downgraded Wilton Re’s Insurer Financial Strength (IFS) ratings amidst revision in ownership uplift. Wilton Re’s IFS rating has been downgraded to 'A' from 'A+'. Fitch has also downgraded Wilton Re’s Long-Term Issuer Default Rating (IDR) to 'BBB+' from 'A-'. The rating outlook is stable. The downgrade reflects a revision ... Read the full article
Alleghany names Adam Sills President and CEO of CapSpecialty
8th August 2022
CapSpecialty, a wholly-owned subsidiary of Alleghany Corporation, has announced that Jack Sennott is stepping down from his roles as CEO, President and Chair, effective August 31. Current Head of Specialty Underwriting, Adam Sills, has been named by Alleghany to succeed Sennott as President and CEO. Sills has served as CapSpecialty’s Head of ... Read the full article
Strategic Risk Solutions drives expansion in South Africa with acquisition of Southern Cross
8th August 2022
Strategic Risk Solutions (SRS) has acquired Southern Cross, an insurance management services provider based in South Africa. At the same time, founder and Chief Executive Officer (CEO) of Southern Cross, Terry Petyt joins SRS as Managing Director and Leader of SRS South Africa. With Southern Cross since 2013, Petyt was responsible for ... Read the full article
Everspan gets ratings for four of its program insurers
8th August 2022
AM Best has assigned a Financial Strength Rating of A- and a Long-Term Issuer Credit Rating of “a-” to four subsidiaries of the Everspan Group. Providence Washington Insurance Company is considered part of the Everspan Group rating unit based on its role and importance to the group’s strategy, shared day-to-day operations, ... Read the full article
Safety National hires Steven Anderson as Director of Cyber Underwriting
8th August 2022
Safety National, a multi-line specialty re/insurer and member of the Tokio Marine Group, has appointed Steven Anderson as Director of Cyber Underwriting. He will be based out of Safety National’s Dallas, Texas, office. Anderson brings nearly 30 years of industry experience with him towards the role, which includes extensive insight across the ... Read the full article
Suncorp’s FY22 profit falls as nat cats exceed budget by AUD 101m
8th August 2022
Australian primary insurer Suncorp has reported a 34% decline in net profit to AUD 681 million for fiscal year 2022, as natural hazard costs exceeded budget in the period by AUD 101 million, leading to significant reinsurance recoveries. For the fiscal year ended June 30th, 2022, Suncorp has reported total natural ... Read the full article
R&Q reports 82% increase in gross written premiums
8th August 2022
R&Q is reporting an 82% increase in gross written premiums for the first six months of this year. The firm said in a statement that these had increased from $445m in H1 2021 to $807m in H1 2022. Program Fee Income in this period rose by 105%, said the firm, from ... Read the full article
No quick fixes in turning around a P&C business, says JP Morgan
8th August 2022
Last week's edition of Love Actuary, by JP Morgan, suggests turnarounds in P&C take time, there is no such thing as a very quick fix. The report states that P&C can be a cynical industry, even in the most vanilla products such as Motor Insurance, concluding that turnarounds take 2 to ... Read the full article
Phoenix Group to acquire Sun Life UK for £248 million
8th August 2022
Life consolidator Phoenix Group is set to acquire Sun Life UK, a closed book UK life insurance company, for £248 million, funded from existing cash resources. The deal is expected to deliver c.£470 million of incremental long-term cash generation, with approximately 30% of this cash generation to emerge in the first ... Read the full article
AmTrust Europe appoints two new board members
8th August 2022
AmTrust Europe Limited, a subsidiary of AmTrust Financial Services, has made two new board appointments as it looks to pursue growth in key lines of business. Andrew Bulley has been appointed Chair of AEL's Board and Chair of its Remuneration and Nomination Committee, replacing Robert Stansbury following his retirement. Bulley joined AmTrust ... Read the full article
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