Reinsurance News
Aon and Paypal partner on digital insurance program
5th May 2022
Aon and PayPal Holdings have partnered on a digital initiative to help PayPal's small business customers in the US obtain insurance in the same ecosystem used to manage their payments. The digital insurance program will enable PayPal's small business customers in the US to shop for, purchase and manage insurance coverage ... Read the full article
WTW grows Relations team with three senior appointments
5th May 2022
Leading advisory and broking solutions company, WTW has announced three major appointments for its broker relations team in North America. Joseph LaRocco has been appointed Head of Industry – Broking, North America, to lead the recently established industry broking segment, Krista Cinotti has been appointed Head of Middle Market Broking, North ... Read the full article
Swiss Re falls to net loss in Q1 as high COVID and nat cat claims continue
5th May 2022
Reinsurance giant Swiss Re has reported a net loss of $248 million for the first-quarter of 2022, as losses related to the pandemic continued, as well as impacts from the war in Ukraine and natural catastrophes. The net loss compares with net income of $333 million in Q1 2021, as the ... Read the full article
Marsh launches renewable energy facility for solar & BESS risks
5th May 2022
Re/insurance broker Marsh has announced the launch of a new renewable energy facility that provides dedicated insurance capacity for mid-scale solar and battery energy storage system (BESS) risks in the US and Canada. Marsh notes that renewable energy companies have been challenged to find enough capacity for smaller standalone solar and ... Read the full article
GRS expands global growth as it welcomes new partner in MENA region
5th May 2022
Global loss adjuster, Global Risk Solutions, Inc. (GRS) has announced a strategic partnership with Zagul Loss Adjusters & Surveyors. The partnership will help to enhance the delivery of specialty services to the Israeli and wider markets. The deal continues GRS’ international growth, specifically within its Complex Claims Solutions business. The agreement will also ... Read the full article
P&C insurers 2021 statutory loss reserve redundancy at $47.8bn: KBW
4th May 2022
According to estimates from KBW, the domestic P&C insurance industry’s year-end 2021 statutory loss reserve redundancy is at approximately $47.8 billion, reflecting increasingly conservative initial accident-year (AY) reserving and some still-unrecognised AY20 COVID-related frequency benefits. KBW noted that recent accident-years’ conservative loss picks should allow improving core commercial loss ratios y/y ... Read the full article
Nearly all commercial rates up over Q1: IVANS
4th May 2022
Premium renewal rates increased for all major commercial lines of business year-over-year, with the exception of Workers' Compensation, according to the first quarter results of the insurance premium renewal index by IVANS, a division of Applied Systems. The data shows that Q1 also experienced an increase in average premium renewal rate ... Read the full article
JP Morgan predicts increased life reinsurance claims in the US from Covid
4th May 2022
JP Morgan has said it expects life reinsurance claims to be higher in the US due to Covid. The firm said that an analysis of the available data showed that there had been more than 130,000 covid-related deaths in the US in Q1 2022 and that this would lead to poor ... Read the full article
Hannover Re’s Ukraine war provision excludes potential aviation losses: CFO Jungsthöfel
4th May 2022
After reporting an additional general provision in the low triple-digit million euro range in relation to the ongoing war in Ukraine, Hannover Re's Chief Financial Officer (CFO), Clemens Jungsthöfel, has explained that this does not include additional reserves for the aviation line of business. This morning, the German reinsurer announced ... Read the full article
RAA appoints new chair, vice-chair, and secretary-treasurer
4th May 2022
The Reinsurance Association of America (RAA) has named Brian Young of Odyssey Group as chair following its annual general meeting at the end of last month. Young, president and CEO of Odyssey, was elected alongside Justin O’Keefe as vice chair and Jim Williamson as secretary-treasurer. O’Keefe is SVP and chief underwriting officer ... Read the full article
EU looks to block insurers from doing business from doing Russian oil cover
4th May 2022
The European Union is looking to stop insurance companies from doing business in Russia linked to the country’s transportation of oil, according to a new report from Bloomberg. A draft document seen by reporters from the news service reportedly said that ambassadors were considering plans on phasing out the import of ... Read the full article
Everest’s P&C reinsurance book roughly an even split: COO Williamson
4th May 2022
As re/insurer Everest Re continues to reduce volatility in its portfolio by cutting its property catastrophe exposure, the firm's P&C reinsurance book is now comprised of business split closer to 50/50 between property and casualty, according to Jim Williamson, Group Chief Operating Officer (COO). Last week, the Bermuda-based carrier announced ... Read the full article
Safety National Re bolsters treaty reinsurance team
4th May 2022
Specialty insurance and reinsurance provider and part of Tokio Marine Group, Safety National Re, has added both Jacqueline Lazowski and John Fitzsimmons as Vice Presidents within its Treaty Reinsurance division. Lazowski, who will be based in Connecticut and brings over 18 years of industry experience to the role, joins the firm ... Read the full article
Liberty Special Markets appoints new head of aviation claims
4th May 2022
Liberty Specialty Markets (LSM) has a new head of aviation claims in Peng Lim. Lim is currently international law firm Kennedys’ Singapore-based global head of aviation, but will relocate to London reporting to Mike Gillett, chief claims officer at LSM. She takes up her new role in November. Chief among Lim’s responsibilities ... Read the full article
Insurtech investment broke records in 2021 – Gallagher Re
4th May 2022
Global investment in insurtech breached $15.8bn in 2021, according to Gallagher Re’s Global Insurtech Report. The figure, said Gallagher Re, was the highest on record and more than 2019 and 2020 combined. The firm said that over the course of 2021, some $9.4bn was invested into Property & Casualty InsurTechs, with the ... Read the full article
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