Reinsurance News
Himalayan Re invests in Eurobase technology platform to support its reinsurance operations
15th August 2022
Himalayan Re has invested in Synergy2 – Eurobase’s platform for global reinsurers, to support its end-to-end reinsurance operations. The Synergy2 platform is a release-based solution helping reinsurers achieve sustainable, strategic growth in the digital age. Himalayan Re selected Synergy2 to meet its deep functional requirements and deliver operational efficiency across the business. The ... Read the full article
Crestline enters insurance market through “strategic” acquisition
15th August 2022
Crestline, a credit focused institutional asset manager, has announced the acquisition of a life insurance company established in 1978 and licensed in multiple states, which will now operate as CL Life and Annuity Insurance Company (CL Life). Through this “strategic” acquisition, Crestline enters the direct annuity insurance market. CL Life will provide ... Read the full article
Insurance industry hit by rising digital fraud in H1 2022
15th August 2022
The rate of suspected global digital fraud attempts in the insurance industry has experienced the greatest rise on a year-over-year basis, increasing 159% between Q2 2021 and Q2 2022, according to a report by TransUnion. TransUnion examined intelligence from billions of transactions and more than 40,000 websites and apps contained in ... Read the full article
National Personal Auto / Personal Property rates increase in all provinces: Applied Systems
15th August 2022
Applied Systems has announced the second quarter of 2022 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. The rating company discovered that quoted premiums for both Personal Auto lines and Personal Property lines increased year over year and quarter over quarter. In Q2 of 2022, Personal Auto ... Read the full article
Lemonade reduces quota share reinsurance cession rate again
12th August 2022
Lemonade has said it is to cede 55% of its gross premiums to the quota sharing reinsurance program it entered into two years ago, down from the original 75%, and the 70% it had reduced the cession rate to last year. The announcement was made in the firm’s letter to shareholders, ... Read the full article
Dai-ichi Life Holdings to acquire Partners Life
12th August 2022
Japanese insurer Dai-ichi Life Holdings has acquired New Zealand firm Partners Life as a wholly owned subsidiary. Under the terms of the acquisition, Partners Life will become a part of the consolidated group of Dai-ichi Life Holdings. It currently has 268 employees, was established in August 2010, and has a premium income ... Read the full article
“Cyber growth more about rate adjustments than contracts.” – S&P Global Ratings
12th August 2022
The growth in the cyber insurance market is due more to rate adjustments than increases in the volume or size of contracts, says S&P Global Ratings. Despite being the fastest-growing sector, Manuel Adam, analyst at the firm, said that the market dynamic reflects a growing number of (re)insurers' hesitancy to underwrite ... Read the full article
BMA sets out climate risk management expectations for insurers
12th August 2022
The Bermuda Monetary Authority (BMA) has issued a new guidance note on the management of climate risk for commercial insurers. The guidance note outlines the BMA’s expectations for commercial insurers and insurance groups regarding their management and reporting of climate change risks. Focussing on corporate governance and risk management practices for climate ... Read the full article
UK Insurers brace themselves for rise in claims amidst sizzling temperatures: Global Data
12th August 2022
Extremely high temperatures coupled with a lack of rain are set to create perfect conditions for wildfires across the UK. GlobalData has warned insurers to brace themselves for a rise in home insurance claims as flames spread to inhabited areas. The Met Office has issued another extreme heat warning for parts ... Read the full article
AM Best downgrades Kemper on earnings deterioration
12th August 2022
A prolonged deterioration in the earnings of Kemper P&C and Kemper Corp last year and into 2022 is the reason given by AM Best for its decision to downgrade the firms’ Financial Strength Ratings (FSR). AM Best said in a statement that it was downgrading the FSRs for all P&C subsidiaries ... Read the full article
Florida litigated claims down 4% through July: CaseGlide
12th August 2022
Data for July 2022 from Florida’s largest P&C insurers shows the number of new litigated claims dropped 4% from June’s results, according to CaseGlide. The data firm said that July’s total of 4,091 is down slightly from June’s figure of 4,261, continuing a relatively flat pattern of new litigated claims volume ... Read the full article
Inflationary recession to impact insurance demand, drive claims costs higher: Swiss Re Institute
12th August 2022
Prolonged economic weakness resulting from the energy crisis will impact overall demand for insurance and drive claims costs higher, according to analysts at the Swiss Re Institute. Europe is heavily exposed to the imminent energy crisis, which, according to analysts, will have a prolonged impact in the German economy, particularly because ... Read the full article
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
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