Reinsurance News
Munich Re implements new surety solution
28th June 2022
Munich Re Specialty Insurance has implemented into production Bond-Pro’s Next Gen surety solution, according to the firm. In a statement, it said that it was bolstering its technology infrastructure with a best-in-class surety automation solution cloud offering via Bond-Pro’s SaaS platform. Munich Re Specialty Insurance reportedly began offering contract and commercial surety ... Read the full article
Mexico’s general insurance industry to reach $26bn by 2026: GlobalData
28th June 2022
According to analysts at GlobalData, Mexico’s general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 7.5%, from $18.2 billion in 2021 to $26.1 billion in 2026. Analysts states that such growth will be driven by large infrastructure and construction projects, frequent occurrence of natural catastrophe ... Read the full article
First Indemnity secures extra capacity with State National
28th June 2022
First Indemnity Insurance Group, an agency dedicated to liability products for the legal profession, has secured further underwriting capacity with the addition of State National Insurance Company, Inc. State National, a program and fronting specialist insurer owned by re/insurer Markel, is located in the Dallas-Fort Worth area of Texas. The ... Read the full article
Sompo Group affirms commitment to climate policies
28th June 2022
The Sompo Group has announced a new scheme called SOMPO Climate Action as part its medium-term management. The proposed action is to help in adapting to and mitigating climate change while contributing to a societal transformation, beginning this year. The firm said that it has also joined the Net Zero Insurance ... Read the full article
Climate policy weakest in countries reliant on fossil-fuel income
28th June 2022
The governments of Bangladesh, Malaysia, the Philippines, Chile, and Senegal are most strongly committed to prioritising climate when making public policy, according to new analysis by Oxford Analytica and WTW. Commitment on climate policy in the emerging world is strongest in countries most vulnerable to the impacts of global warming ... Read the full article
Stere expands into LatAm insurance market
28th June 2022
Digital insurance ecosystem Stere has expanded its operations to the Latin America insurance market, the company announced. Based in Brazil Stere has said it will use its new presence to serve regional embedded and affinity clients such as tech platforms, banks, online marketplaces, superapps, and member-based organisations. Stere has entered the market ... Read the full article
UK Chancellor pushing for swift Solvency II reforms
28th June 2022
UK Chancellor of the Exchequer, Rishi Sunak, has said that he aims to deliver reforms to Solvency II insurance capital rules “at pace,” following meetings with industry executives. Sunak and Economic Secretary John Glen met with senior re/insurance executives this week as part of the UK Government's ongoing consultation on post-Brexit ... Read the full article
US insurers private equity investment growth in 2021 primarily driven by life: AM Best
28th June 2022
According to a new AM Best report, life/annuity (L/A) insurers are driving new private equity investments, realising widespread book value gains. This growth accounts for three quarters of all the industry book adjusted/carrying value (BA/CV) holdings. After the initial uncertainty surrounding the pandemic in 2020, private equity grew substantially in 2021, having ... Read the full article
MIS to partner with Fugro
28th June 2022
McKenzie Intelligence Services (MIS) has announced a strategic partnership with geodata specialist Fugro. Under the terms of the agreement, Fugro will provide MIS with crucial high-resolution aerial imagery immediately after a disaster. This will complement MIS’s existing imagery and data sources and feed into its damage assessment work in the delivery ... Read the full article
Russia’s invasion of Ukraine could cause 30-40% rises in aviation insurance
28th June 2022
Insurance coverage for the aviation sector could rise by 30 to 40 percent or more, according to a new report by CE Noticias Financieras. In addition, service providers are expected to tighten their screening policies to ensure that airport and aircraft operations are safe. Octavio Careaga, president of THB Mexico, an ... Read the full article
Policy Expert up for potential £1bn sale
28th June 2022
Sources have reported that options are being explored for a potential £1 billion sale of UK digital home and car insurer Policy Expert. Bloomberg writes that investment firm Primary Group and advisors Perella Weinberg Partners are working with Policy Expert’s parent company, QMetric Group, to look at possible buyers. It’s been reported ... Read the full article
WTW adds Taffy Jo Mayers to its Insurance Consulting & Technology business
28th June 2022
Advisory and broking solutions company, WTW has appointed Taffy Jo Mayers to the company’s Insurance Consulting and Technology business. Within this role, she will lead the unit’s Commercial Lines pricing and underwriting propositions in order to help insurers modernise and thrive in this evolving market. Mayers joins WTW from EY North America, ... Read the full article
2022 floods among Australia’s costliest ever disasters: ICA
28th June 2022
New data from the Insurance Council of Australia shows that flooding in South-East Queensland and Northern New South Wales in late February and early March has caused $4.8 billion in insured damages, meaning it ranks as the third costliest extreme weather event in Australia’s history. Only Cyclone Tracy (1974) and the ... Read the full article
Hiscox appoints Stéphane Flaquet as Group Chief Operating Officer
28th June 2022
Specialist global insurer and reinsurer, Hiscox has appointed Stéphane Flaquet as the Group’s Chief Operating Officer (COO) effective from 1st September 2022 and subject to regulatory consents. Flaquet has been with the company since 2010, and has served in a number of different senior roles. Initially he first joined Hiscox as COO ... Read the full article
Reinsurers to absorb much of RMI’s South Africa & Australia losses
28th June 2022
South Africa headquartered financial services investment holding company RMI has disclosed details of its insurance subsidiary losses to catastrophe events in its home country and in Australia, and has reported how its reinsurance protection will interact with these losses. In South Africa, RMI was exposed via its OUTsurance Holdings Limited business ... Read the full article
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