Reinsurance News
AXA signs multimillion-pound deal with ROCK Insurance
4th July 2022
AXA Partners UK & Ireland and ROCK Insurance Group have announced a multimillion-pound extended partnership, which follows a previous collaboration in 2021. Having launched in June, this partnership will see AXA underwrite a number of ROCK Insurance Group’s Travel Insurance policies. These include Jet2, Onthebeach, Travel Republic, Insurefor, Leisure Guard and Big ... Read the full article
Demotech extends financial strength review amid Florida challenges
4th July 2022
Financial analysis firm Demotech has extended its process of reviewing the financial strength of Florida insurers and reinsurers, following a challenging renewal period for firms operating in the state. Demotech notes that it was one of the early movers in requesting a special session for the Florida legislature to address the ... Read the full article
Probitas commences underwriting cyber
4th July 2022
Probitas 1492, a Lloyd's underwriting syndicate specialising in property, construction and casualty, will now underwrite cyber. Richard Taylor, its Head of Cyber & Technology, is tasked with focusing the business on cyber risks. He said: “We have spent the past couple of months establishing Cyber as a new line ... Read the full article
Gallagher Re appoints Swiss Re’s Christian Kreutzer to Executive Director
4th July 2022
Global reinsurance broker Gallagher Re, has announced that it has appointed Christian Kreutzer to the role of Executive Director, effective immediately. Kreutzer will join the Nordic management team alongside David Egan, Mikkel Nyquist, Mark Cole and Randi Paulsrud and will report to Ditte Deschars, Regional Director and Head of Nordic at ... Read the full article
BILTIR elects five new members to its Board of Directors
4th July 2022
Bermuda International Long Terms Insurers and Reinsurers (BILTIR) has increased the size of its Board of Directors from 10 to 15, with the appointments of five additional members. Joining BILTR’s Board are Amy Ellison, CEO of Legal & General Reinsurance (Bermuda), Manfred Maske, Group CEO and Board Member, Monument Re Group ... Read the full article
Ardonagh Europe acquires Léons Group
4th July 2022
Ardonagh Europe has acquired Dutch broker firm and consultancy Léons Group. Headquartered in Amsterdam and founded in 1951 by Max Léons, Léons Group specialises in full-service insurance solutions to corporate clients and is renowned for expertise in complex cases and international operations. It will continue to operate independently as part of Ardonagh ... Read the full article
Suncorp makes reinsurance adjustments amid “material hardening”
4th July 2022
Australian primary insurer Suncorp has made some adjustments to its FY23 reinsurance placement to reflect "the material hardening" of the reinsurance market after heightened natural catastrophe activity. In line with the firm's FY22 July reinsurance renewal, Suncorp has maintained the overall maximum retention at $250 million. However, the upper limit of the ... Read the full article
Peak Re reports $2,145mn GWP for 2021
4th July 2022
Peak Reinsurance Company Limited – the Hong Kong-based global reinsurer, has reported a 9% increase in gross written premiums (GWP) in 2021, as it rises to $2,145 million, compared to $1,966 million from 2020. Net profit for the year was $73.2 million, compared to $87.1 million in FY2020. At the same time, ... Read the full article
Cat losses of $1bn+ happening over 4.5 times a year: CRESTA
4th July 2022
CRESTA’s latest quarterly update on its CLIX industry loss list shows that event losses of $1bn are happening over 4.5 times per year on average. In the latest update, a total of 22 Cat events which occurred in the past three years were reviewed and updated where new information became available. ... Read the full article
MS Amlin (MS AUL) appoints Grant Baxter as head of reinsurance & deputy CUO
4th July 2022
MS Amlin Underwriting Limited (MS AUL) has appointed Grant Baxter to be its new head of reinsurance and deputy Chief Underwriting Officer (CUO). In a statement, the firm said that Baxter would report to Andrew Carrier, CUO of MS AUL, and will take up his role towards the end of the ... Read the full article
Howden names Mary O’Connor CEO of new capital advisory arm
4th July 2022
Global insurance broker Howden has appointed Mary O'Connor as Chief Executive Officer (CEO) of its new capital, advisory and placement business for financial institutions and corporates, HowdenCAP. The new proposition has been launched in response to the changing needs of financial institutions and corporate clients, and will for the first time ... Read the full article
AXA XL appoints Ana Dores to intl. financial lines CUO role
4th July 2022
AXA XL has appointed Ana Dores to be chief underwriting officer for international financial lines in APAC Europe. The firm said in a statement that Dores will begin in her role at the beginning of September and will be based in Madrid. She will oversee the management of AXA XL’s financial lines ... Read the full article
Reinsurance Pool modelling data reveals 1/4 of Australian homeowners will see premium increases
4th July 2022
The Australian Reinsurance Pool Corporation has released the modelling data used to design the Northern Australia Reinsurance Pool, revealing the impact the scheme is likely to have on premiums across the region. The report indicates up to 24 per cent of residential home policyholders in Queensland with minimal cyclone ... Read the full article
Allianz partners up with Coalition
4th July 2022
Allianz has gone into a multi-year partnership with cyber insurance and security provider Coalition. The terms of the agreement will see Allianz provide Coalition with long-term committed capacity for its US cyber insurance programs and will lead the latter’s UK cyber program when it launches later this year. Scott Sayce, global head ... Read the full article
Gallagher Re finds pricing in Australia market up by 25% in spots
4th July 2022
According to Gallagher Re’s latest mid-year renewals report, property reinsurance rates in some cases in Australia has increased by up to 25%. In their 1st View Report, the broker stated that it was a much later and tougher renewal than normal, with reinsurers seeking additional information on the impact of flood ... Read the full article
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