Reinsurance News
Tennessee establishes captive insurer for state property risks
10th August 2022
The State of Tennessee has announced the establishment of the Tennessee Captive Insurance Company to create additional efficiencies and savings when insuring state property. In a press release, the Tennessee State Government said that implementing the Tennessee Captive Insurance Company will allow the State to operate with a high degree of ... Read the full article
Munich Re Specialty appoints new Head of Inland Marine
10th August 2022
Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant Munich Re, has announced the appointment of Jaymee Parker as Vice President and Head of Inland Marine. Parker is an experienced insurance and risk management professional with strong leadership and sales experience. She specializes in Inland Marine insurance and ocean ... Read the full article
“Global reinsurance M&A transactions limited next year” – Fitch Ratings
10th August 2022
A new note from Fitch Ratings says that M&A transactions in the global reinsurance sector will be limited into 2023 amid investor concerns over macroeconomic risks and heightened catastrophe losses linked to climate change. As a result, the firm said that it expected reinsurers to prioritise pricing, risk management and organic ... Read the full article
BRP Group reports an “outstanding” Q2 with a net profit $16.6mn
10th August 2022
Independent insurance distribution firm BRP Group has reported a net income of $16.6 million in the second quarter of 2022, a significant improvement compared to the $20.44 million loss reported in the same prior-year period. The group also said that its revenue increased close to 50%, from $119.7 million reported in ... Read the full article
Milliman opens new office in Bermuda
10th August 2022
Global consulting and actuarial firm Milliman has announced the opening of a new office in Bermuda. Milliman says the office will offer a “more formalized presence” on the island, and comes in response to increasing demand for insurance consulting and technology support. "We are excited to officially announce the opening of Milliman's Bermuda office," said ... Read the full article
Kemper reports $74mn net loss in Q2 results
10th August 2022
Kemper Corporation has reported a net loss of $74.7 million for the second quarter of 2022, compared to a net loss of $62.6 million from the second quarter of 2021. Total revenues for the quarter decreased $68.7 million (5%), to $1,433.8 million, compared to the second quarter of 2021, driven by ... Read the full article
Aviva sees operating profits rise 14% in H1 2022
10th August 2022
Aviva is reporting in its interim reports for 2022 that its operating profit rose by 14% to £829m in the first half of the year. The firm marked the increase from the same point in 2021 when operating profits stood at £725m. Amanda Blanc, group chief executive officer of the firm, said: ... Read the full article
Cybersecurity revenue in insurance sector to grow at 10%: GlobalData
10th August 2022
Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData. According to GlobalData’s report, ‘Cybersecurity in Insurance’, insurers must navigate the theme cautiously or ... Read the full article
Hippo adds John Nichols to Board of Directors
10th August 2022
Home insurance group, Hippo, has announced the addition of John “Jay” Nichols Jr. to its Board of Directors, who will serve on Hippo’s Compensation Committee as well as the Audit, Risk and Compliance Committee. Nichols has more than four decades of experience in the insurance and reinsurance industry. He has held ... Read the full article
Arthur J. Gallagher acquires Evergreen Insurance Managers
10th August 2022
Arthur J. Gallagher & Co. has acquired Evergreen Insurance Managers for an undisclosed amount. A statement from the firm said it had purchased the wholesale insurance broker and commercial insurance MGA through its Risk Placement Services (RPS) division. J. Patrick Gallagher, Jr., chairman, president, and CEO of Gallagher, said: "The Evergreen team ... Read the full article
Aon appoints Sucheng Chang to top job in Hong Kong
10th August 2022
Aon has appointed Sucheng Chang to be the new head of its Hong Kong office. The firm made the announcement through a post on LinkedIn. It is understood that Chang will be moving to his new role after thirteen years with Liberty Mutual Insurance, based in Singapore, where he held a number ... Read the full article
Mitsui Sumitomo confirms Transverse acquisition
10th August 2022
Japanese insurance group Mitsui Sumitomo Insurance (MSI) has confirmed that it plans to acquire hybrid P&C program and fronting carrier specialist Transverse Insurance Group, after rumours of a potential deal surfaced last week. MSI has not yet disclosed a price for purchasing Transverse from its current owners, Virgo Investment Group, ... Read the full article
Lloyd’s approves product recall insurer BluNiche as coverholder in Europe
10th August 2022
MGA accelerator DA Strategy has announced that their client BluNiche, a specialist product recall coverholder for the automotive and food industries, has been approved by Lloyd’s as a coverholder. According to the announcement, DA Strategy will be providing licensing, launch advice and European approval to allow BluNiche to become an Authorised ... Read the full article
Fidelis underwriting separation will limit its competitive position in the market: S&P
10th August 2022
Following the announcement that Bermuda-based re/insurer Fidelis will delegate its underwriting authority to newly created Fidelis Managing General Underwriter (Fidelis MGU), S&P Global Ratings has revised the re/insurer outlook to stable from positive. As Fidelis is delegating all its underwriting to Fidelis MGU and that Fidelis Balance Sheet Companies will exclusively ... Read the full article
Arduous operating environment for Lebanese reinsurers remains after Beirut explosion: AM Best
10th August 2022
A recent AM Best report has affirmed that two years after the Beirut explosion, operational risk has risen to an extremely high level, and the ease of doing business has declined materially amid several crises faced in the last three years, with Lebanese re/insurers having to contend with hyperinflation and ... Read the full article
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