Reinsurance News
Florida Citizens surpasses 1 million insurance policies
11th August 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has now surpassed more than 1 million policies, the first time it has been at this level of portfolio exposure, in terms of policy count, since 2013. Florida Citizens had added on average 32,000 new policies to its portfolios every month through 2021. The ... Read the full article
Talcott Resolution executes new flow reinsurance transaction
11th August 2022
Talcott Resolution has executed a flow reinsurance transaction between itself and an unnamed US annuity writer. The firm said in a statement that under the terms of the agreement, Talcott will reinsure a quota share of the cedant's innovative fixed indexed annuity product, covering business beginning August 2, 2022. The cedant will ... Read the full article
Victor appoints John Tarpey to lead US reinsurance operations
11th August 2022
Victor, a global managing general underwriter (MGU), has announced the appointment of John Tarpey as Leader of its US reinsurance operations. In this role, he will be responsible for the Regional Treaty Services Corporation (RTSC) business that Victor acquired earlier this year, which will now be renamed Victor Reinsurance Managers. Victor Reinsurance ... Read the full article
Florida’s homeowners insurers are facing multiple crises: Triple-I
11th August 2022
An issues brief published by the Insurance Information Institute (Triple-I) has affirmed that the turmoil in Florida’s homeowners insurance market is due to the state’s outsized number of lawsuits and its commonplace fraud schemes. The net underwriting losses for Florida domestic property companies exceeded $1bn in both 2020 and 2020. Triple-I’s ... Read the full article
Moody’s assesses Italian insurers after downgrading government outlook
11th August 2022
Following Moody’s change in outlook on the government of Italy (Baa3) to negative from stable, the agency has taken a number of rating actions on three Italian insurers and related subsidiaries. Generali’s A3 insurance financial strength rating (IFSR) was affirmed with a stable outlook; and a similar action was taken on ... Read the full article
AJ Gallagher foresees no adverse impact from Inflation Reduction Act
11th August 2022
Re/insurance broker Arthur J. Gallagher & Co. has said that it is not anticipating any additional tax liabilities or material adverse impacts from the introduction of the Inflation Reduction Act of 2022 (IRA) in the US. The IRA, which was passed by the U.S. Senate on August 7, 2022, is not ... Read the full article
WTW hires Sarah Conway as Head of its Ecosystem Resilience practice
11th August 2022
Broker WTW has appointed Sarah Conway as Head of its Ecosystem Resilience practice and Director in the Disaster Risk Finance/Parametrics unit within the company’s Climate and Resilience Hub (CRH). Since 2018, WTW’s Ecosystem Resilience practice has become a leader in the risk management and insurance of natural capital assets, including multi-national ... Read the full article
LV=GI warns over the impact of record temperatures on claims
11th August 2022
UK insurer LV=General Insurance (LV=GI) - bought by Allianz in 2019 - has warned that UK fire and subsidence claims will rise this year due to extreme heat. LV=GI said it was dealing with claims worth £1.2 million after the heatwave of 17 to 20 July, according to a The Guardian ... Read the full article
Corvus appoints Madhu Tadikonda as Chief Executive Officer
11th August 2022
Specialty insurance MGA Corvus Insurance has appointed Madhu Tadikonda as its new Chief Executive Officer, effective immediately. He will join the Corvus Board of Directors and will report directly to the Board. At the same time, the InsurTech’s founding CEO, Phil Edmundson, will assume the new role of Executive Chair and Chair ... Read the full article
RiverStone to acquire Western P&C
11th August 2022
RiverStone, the US insurance run-off specialist of the Fairfax insurance group, has announced it has reached a tentative agreement to acquire Western Property & Casualty Insurance Company (Western P&C), to be effective this August 2022. According to the announcement, this acquisition will be RiverStone’s first venture into the Vermont captive community. Western ... Read the full article
GIC Re sees downturn in gross premium income
11th August 2022
GIC Re has stated that gross premium income in Q2 2022 was 23% lower than it was in Q2 2021. The firm said in a statement that its gross premium income was INR 11,100.74 crore in the first half of this year, compared to INR 14,426.55 in the same period in ... Read the full article
QBE profits drop on huge investment loss
11th August 2022
QBE announced statutory net profit after tax of $151 million for the first half of 2022, compared with $441 million in the same six-month period last year. The drop mainly owed to an H1 investment loss of $840 million, versus a return of $58 million last year, which QBE said had ... Read the full article
Zurich reports huge rise in operating profit
11th August 2022
Zurich is reporting that it saw a 25% rise in operating profit for H1 2022. The firm said in a statement about its latest results that its group business operating profit had risen to $3,393m, which it said was its highest in fourteen years. Likewise, it said its P&C business operating ... Read the full article
Insurers may face exposures from surging housing market: Swiss Re
11th August 2022
A new report from the Swiss Re Institute states a record high in housing prices accompanied by inflated household debt has created an increasingly challenging market. Insurers are warned to carefully manage their business and investment risk exposure. Surging interest rates are making new house purchases less affordable and increasing mortgage ... Read the full article
Apollo appoints Kate Foster to new role
11th August 2022
Apollo has appointed Kate Foster as its new head of property for Syndicate 1969. Foster is moving over from Beazley, where she has been a property underwriter at the firm since 2017. Prior to this, she has held various senior underwriting roles in the property sphere at companies including Berkshire Hathaway ... Read the full article
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