Reinsurance News
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
Berkshire Hathaway extends partnership with Zesty.ai
10th August 2022
Berkshire Hathaway Homestate Companies has announced that it has expanded its partnership with Zesty.ai to leverage its AI-powered wildfire risk model, Z-FIRE across 12 states. Z-FIRE is designed to enhance insurers’ risk selection and rate setting while helping them to understand the impact of climate change on wildfires and in turn ... Read the full article
ARC addresses role of insurance on climate change impacts in Africa
10th August 2022
The African Risk Capacity Insurance Company (ARC) has hosted a regional meeting to address the role of insurance in fighting climate change impacts on the African continent. Representatives from ARC member states and funding donor partners met in Malawi to discuss how parametric insurance has the potential to transform how the ... Read the full article
Munich Re expects increased inflation pressure to be manageable, says CEO
9th August 2022
Joachim Wenning, Chief Executive Officer (CEO) and Chair of the Board of large European reinsurer Munich Re, has said that while inflationary pressures are on the rise, the firm expects this to be a manageable risk. Speaking this afternoon to investors and analysts following the release of its Q2 and ... Read the full article
Hudson Insurance appoints Cyber Practice Leader
9th August 2022
Market-leading specialty insurer Hudson Insurance Group has appointed Emily Lowe as Senior Vice President and Cyber Practice Leader for HudsonPro. Within this newly created role, Lowe will be spearheading the development of an Excess Cyber facility for large accounts, while also overseeing Hudson’s overall cyber portfolio. All in all, Lowe brings 15 ... Read the full article
Covenant Underwriters utilises RMS analytics
9th August 2022
The e-commerce insurance program administrator, Covenant Underwriters, is utilising Location Intelligence API from RMS to provide premium indications to its clients during the quotation process. RMS Location Intelligence API offers location-level hazard, risk and loss metrics delivered directly into underwriting workflows. Daniel Murray, Chief Underwriter at Covenant Underwriters, said, “Covenant has developed ... Read the full article
Argo Group appoints J. Daniel Plants to Board of Directors
9th August 2022
Argo Group Holdings has announced the appointment of J. Daniel Plants as an independent member of the company's Board of Directors. Plants is a seasoned investor, financial executive, and senior advisor with three decades of experience helping companies successfully navigate change and unlock shareholder value. He currently serves as Chief Investment Officer ... Read the full article
Axonic recruits Michael Gordon as Head of Insurance Solutions
9th August 2022
Axonic Capital, New York-based structured credit, commercial real estate, and systematic fixed income specialist, has announced the addition of Michael Gordon to build out its Insurance Solutions business. Gordon will be responsible for leading Axonic’s insurance investments, strategic partnerships, and other transactions with insurance companies. He has over two decades of experience ... Read the full article
L&G sees improved operating profit in H1 2022
9th August 2022
Life insurer Legal & General Group (L&G) has reported an operating profit of £1.16 billion for H1 2022, an 8% increase from £1.07 billion from the same period last year. L&G’s UK PRT business, delivered operating profit growth of 7% to £560 million in H122, compared to £525 million from H121. At ... Read the full article
Aon names James Platt Chief Digital Officer and Mindy Simon joins as COO
9th August 2022
Insurance and reinsurance broker Aon has named James Platt as Chief Digital Officer, Mindy Simon is joining the company as Chief Operating Officer (COO), taking over from Platt. Based in London, Platt will be overseeing Digital Client Solutions and will be reporting to Aon President Eric Andersen. In his new role he ... Read the full article
United sees GWPs slide in latest results
9th August 2022
United Insurance Holdings has said that gross written premiums in H1 2022 were 15.5% lower than they were in the same quarter of the previous year. Meanwhile, the firm said in a statement that the first half of 2022 had seen gross written premiums at a level 13.3% lower than they ... Read the full article
Argo sees lower cat losses despite Q2 $18.9mn net loss
9th August 2022
Argo Group has reported an improvement in its catastrophe losses, as the figure is significantly lower at $2.5 million in Q2 2022 compared to the $11.1 million reported in the same period last year. According to the group, this quarter’s cat-loss result reflects their strategy to reduce catastrophe exposure despite continued ... Read the full article
Crawford income shrinks as international segment turns Q2 loss
9th August 2022
Crawford & Company, a provider of claims management solutions, has reported that its net income more than halved from $11.8 million in the second quarter of 2021 to $5.8 million for the same period this year. Income shrank in part due to a loss in the company’s International Operations segment, as ... Read the full article
HCI Group sees 30% increase in gross premiums earned, despite Q2 $8.5mn net loss
9th August 2022
Florida-based insurtech HCI Group has reported a net loss of $8.5 million in the second quarter of 2022, compared to a net income of $3.8 million in the same period last year. Adjusted net loss was $5.4 million for the quarter, compared to an adjusted net income of $2.7 million in ... Read the full article
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