Reinsurance News
YuLife raises $120m in Series C funding led by Dai-ichi Life
7th July 2022
YuLife has raised $120m in a Series C round of funding that the firm says it will use to accelerate its global expansion. The firm said in a statement that this round of investment had been led by Dai-ichi Life. The funding round, which was supported by YuLife’s existing investors, takes the ... Read the full article
One80 Intermediaries acquires SelmanCo
7th July 2022
Specialty insurance broker One80 Intermediaries (One80) has announced the acquisition of insurance administrator SelmanCo. Headquartered in Cleveland, Ohio, the third-party administrator and broker offers life, supplemental health and related products and services to associations and financial institutions through the US and Canada. According to the announcement, with the acquisition of SelmanCo, One80 ... Read the full article
Canada Life Re & Zurich appointed in UK pension longevity swap extension
7th July 2022
The UBS (UK) Pension and Life Assurance Scheme is extending its longevity hedge by £0.5bn, and Mercer will continue to act as the lead commercial and investment adviser to the scheme’s Trustee. The Canada Life Assurance Company is acting as the reinsurer on the deal, which was arranged ... Read the full article
SCOR “likely to underperform peers in short-term” – Berenberg
6th July 2022
Berenberg is forecasting that, in Q2, SCOR will experience a net loss of €43m, and is likely to continue to underperform peers in the shorter term. This is driven primarily by inaccurate expert assessment of catastrophe events, as well as the ongoing impact of drought losses in ... Read the full article
IQUW announces appointment of RQA as crisis consultants
6th July 2022
IQUW, the property, commercial and speciality reinsurer, has selected RQA Group to be its retained crisis consultants globally for its Specialty Product Recall cover. RQA Group will provide 24/7 incident support and pre-incident risk management services to IQUW’s product recall policyholders. RQA will also provide risk engineering services and ... Read the full article
US personal lines rate increases plus 5.16% in Q2 2022
6th July 2022
US personal lines rates stabilised in the second quarter of 2022 with rate increases of plus 5.16%, according to analysts at MarketScout. This percentage almost mirrors the 5.2% increase in the first quarter of 2022, MarketScout noted. Insureds in the US are experiencing rate increases partly as a result of inflation on ... Read the full article
FedNat completes $15m investment in Monarch, transfers policies over
6th July 2022
FedNat has completed its £15m investment in Monarch as the Florida Office of Insurance regulation authorised the assumption of 78,000 policies between the two firms. The investment was made through funds managed by Hale Group. With the closing of the transaction, the Hale Group is now majority owner of Monarch, with ... Read the full article
Marsh McLennan extends lead as top global broker based on 2021 revenues
6th July 2022
Marsh McLennan remains the world's largest re/insurance broker, in terms of total revenues, which reached a huge $19.8 billion for the firm in 2021, according to our directory of the Top 20 Global Insurance & Reinsurance Brokers, based on research data from A.M. Best. Year-on-year, Marsh McLennan's ... Read the full article
Lloyd’s announces it will collect information on inflation’s impact on reserving
6th July 2022
Lloyd’s has said that it is now collecting information on the impact of inflation on reserving, to ensure underwriters, members and syndicates are accounting for the current global macro-economic environment. In a new note, it said that it would request information, for reporting from Q2 2022, on loses resulting from Ukraine, ... Read the full article
Stand-alone protection for cyber ‘essentially unobtainable’ at economical terms: Gallagher Re
6th July 2022
According to Gallagher Re’s mid-year renewals report, stand-alone risk protection for cyber is essentially unobtainable at economical terms, however some cyber risk protection is still available via composite casualty treaties. The report also highlights how there is a continued appetite on the proportional side for supporting existing programmes as both cyber ... Read the full article
Swiss Re warns that US may have slipped into recession
6th July 2022
A new note from Swiss Re posits that the US has already started to slip into a recession. In its Economic insights: The ‘Great Bond Massacre’ 2.0, the firm says that the world’s largest economy is either in recession or is about to enter one, referring to data from the Atlanta ... Read the full article
DUAL Europe appoints five new cyber underwriters
6th July 2022
DUAL Europe has announced that it has appointed five new cyber underwriters. The appointments include Nadine Biemann, who has been named Cyber Product Manager. She is a leading cyber specialist, and within her new role she will report to Ali Khodabakhsh, Head of Cyber, located in Germany. The new team will help ... Read the full article
Rokstone launches $225m Terrorism facility for US & Caribbean risks
6th July 2022
International Specialty re/insurance MGA, and part of the Aventum Group – Rokstone has announced the launch of a Terrorism facility for US and Caribbean risks with a $225 million limit, making it one of the largest Terrorism limits available in the market. Drawing on 100% A-rated Lloyd’s & London Market capacity, ... Read the full article
Marsh McLennan Agency acquires CS Insurance Strategies
6th July 2022
Marsh McLennan Agency (MMA), the US middle market subsidiary of global insurance broker Marsh, has announced the acquisition of CS Insurance Strategies, Inc., a full-service insurance agency based in Chicago. Terms of the acquisition were not disclosed. Founded in 2209 by Chief Executive Officer (CEO), Charles Smith, CS Insurance Strategies is ... Read the full article
ICA says NSW flood claims now over 4,300
6th July 2022
The Insurance Council of Australia (ICA) has tweeted that the number of claims relating to the storms and resultant flooding in New South Wales has reached 4,360. According to the ICA, 84% of the claims received have been for property and 14.5% have been for motor. However, it says that it ... Read the full article
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