Reinsurance News
Despite efforts, rate adequacy a challenge for some in Florida, says AM Best
3rd May 2022
A myriad of forces continues to pressure personal property insurers in Florida, and while carriers have responded with rate increases and underwriting adjustments, rate adequacy remains a challenge for some, according to AM Best. A by-product of the increased frequency of secondary perils, elevated reinsurance costs, rising litigation costs, and the ... Read the full article
CNA Financial reports P&C improvements across Q1
3rd May 2022
Chicago-based insurer CNA Financial Corporation has reported consistent net income of $313 million for the first quarter of Q1, as income rose across its Property & Casualty (P&C) operations, but fell across Life & Group and Corporate & Other segments. Core income for the quarter was $316 million, versus $263 million ... Read the full article
Bermuda market now backs nearly a third of UK terrorism risk: ABIR
3rd May 2022
Bermuda re/insurers now back nearly a third of terrorism risk in the UK by supplying retrocession to Pool Re, according to data from the Association of Bermuda Insurers and Reinsurers (ABIR). ABIR reported that its member companies now supply 32%, or £770 million of terrorism retrocession capacity to the UK’s terrorism ... Read the full article
Australian flooding costliest on record – ICA
3rd May 2022
The flooding that hit south-east Queensland and the coast of New South Wales earlier this year is the costliest ever, according to new figures from the Insurance Council of Australia (ICA). The ICA said that the event is now estimated to have cost $3.35bn in insured losses over nearly 200,000 claims. ... Read the full article
Lloyd’s gearing up for conflict over planes stranded in Russia
3rd May 2022
Lloyd’s has reportedly hired law firm Clyde & Co. to give advice on the current situation involving Russia’s annexation of planes following its invasion of Ukraine. It is understood that more than 500 planes were left stranded in Russia after the country began to invade Ukraine earlier this year. A ... Read the full article
Ping An operating profit up 10% in Q1
3rd May 2022
Chinese insurer Ping An has reported a 10.0% increase in operating profit during the first quarter of 2022, following reforms to its Life & Health business, consistent results in Property & Casualty, and growth within its banking and asset management business. The company noted that the Chinese markets proved particularly volatile ... Read the full article
Economic climate and cyber attacks biggest D&O concerns – WTW
3rd May 2022
The economic climate and cyber attacks remain high on the mind for respondents to WTW’s latest Directors’ Liability Survey Report. The report, collated from answers from respondents across 40 countries, found that the five top risks to directors were said to be cyber-attack, data loss, cyber extortion, regulatory risk, and prosecuting ... Read the full article
SiriusPoint partners with Broker Buddha
3rd May 2022
SiriusPoint is going into partnership with Broker Buddha to help simplify submissions. The partnership comes after SiriusPoint led the $5m investment round that will enable Broker Buddha to increase sales capacity, enhance the product, develop new offerings, and accelerate the company into a new phase of growth and expansion. As part ... Read the full article
Markel promotes Morris Taylor to CTO role
3rd May 2022
Markel has promoted Morris Taylor to become its new chief technology officer. The firm said that Taylor will lead the IT function globally and continue to build on critical partnerships across Markel's insurance operations. According to his LinkedIin profile, his most-recent role was as managing director IT for the firm, a ... Read the full article
PPL’s Next Gen platform won’t be ready for September, to be reassessed
3rd May 2022
The next phase of the London Market’s electronic placing platform is to be reassessed as it's become clear that not all elements will be ready by September, reports the Board of Placing Platform Limited (PPL). In December of last year, Bronek Masojada, Chair of the PPL Board, said that the ... Read the full article
Monument Re splits Group CUO & CFO roles
3rd May 2022
Life reinsurance and insurance holding company, Monument Re, has named Alex Brogden as Group Chief Underwriting Officer (CUO) and Carlo Elsinghorst as Group Chief Financial Officer (CFO). Previously, Brogden served as joint Group CUO & CFO, but Monument Re has now decided to split these positions. The company says the move will ... Read the full article
Aspen returns to profit in 2021 as underwriting result improves
3rd May 2022
Aspen Insurance Holdings Limited has reported a return to profit for 2021 with net income of $29.8 million compared with a loss of $56.4 million in 2020, driven by an improved underwriting performance. Across the group, adjusted underwriting income amounted to $28.3 million 2021, against a loss of $87 million a ... Read the full article
Arbol hires Kornberger as Chief Revenue Officer & Deputy CFO
3rd May 2022
Insurtech platform and FinTech company Arbol has announced the appointment of Charlie Kornberger, who joins the company as Chief Revenue Officer and Deputy Chief Financial Officer (CFO). Within these roles, Kornberger will oversee all revenue generating programs and operations for Arbol and its subsidiaries. Kornberger joins Arbol from Standard Chartered Bank, where ... Read the full article
EY makes senior hire for its Sustainable Finance team
3rd May 2022
Multinational professional services network, Ernst & Young (EY) has appointed David Rochester as a Director in its General Insurance Sustainable Finance team. Rochester brings over 29 years of experience in the general insurance industry with him towards his new role at EY. His previous roles have included Head of Underwriting and GI ... Read the full article
AM Best negative on Qatar General Insurance & Reinsurance
3rd May 2022
AM Best has opted to maintain a negative outlook on the credit ratings of Qatar General Insurance & Reinsurance Company QPSC (QGIRC) (Qatar). The rating agency explained that the outlook reflects concerns regarding the adequacy of QGIRC's risk management and internal controls following the regulatory solvency breach in 2020 by its ... Read the full article
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