Reinsurance News
AXA reconfigures its board of directors
29th April 2022
AXA has appointed Antoine Gosset-Grainville and Thomas Buberl as the respective chairman and CEO of the insurer’s board of directors. The firm announced, in a statement, that the appointments follow the approval of the board of directors’ resolutions at its Annual General Meeting. Gosset-Grainville will replace Denis Duverne as chairman of ... Read the full article
Market modernisation and third-party capital positive for London, says AM Best
29th April 2022
A failure to modernise and follow the Future at Lloyd’s prospectus could result in a weakening of the London market, says AM Best in a new note. The agency said that the London market is known for being expensive for doing business due to the level of underwriting expertise, a reliance ... Read the full article
Fairfax grows top line but earnings shrink on investment losses
29th April 2022
Property and casualty re/insurance holding company Fairfax Financial has reported net earnings of just $125.5 million for the first quarter of 2022, compared with $806.0 for the same period last year. The dip in performance comes after Fairfax reported record earnings of $3.4 billion in 2021. Earnings in Q1 were affected ... Read the full article
Gallagher reports rise in Q1 earnings and revenues
29th April 2022
Insurance and reinsurance broker, Arthur J. Gallagher & Co., has reported net earnings of $439 million for the first quarter of 2022, compared with $394 million a year earlier, as revenues before reimbursements increased to $2.4 billion. Once you include the benefits of acquisition integration, workforce and lease termination, acquisition related ... Read the full article
Global reinsurance capital hit new high of $675bn in 2021: Aon
29th April 2022
Broker Aon estimates that global reinsurer capital increased by almost 4% through year end 2021 to $675 billion, driven by growth in traditional capital, slightly offset by a decline in alternative capital. The year-end 2021 figure from Aon represents growth of more than 2% from the $660 billion the firm ... Read the full article
AXA XL names Enrique López Torrents as Country Manager, Iberia
29th April 2022
AXA XL, the property and casualty (P&C) and specialty risk division of AXA, has announced the appointment of Enrique López Torrents as Country Manager, Iberia, effective May 9, subject to regulatory approval. Within this role, Enrique will succeed José Ramón Morales, who will be leaving AXA XL to pursue opportunities outside ... Read the full article
Ryan Specialty adds Brian Tyluki to renewable MGU
29th April 2022
Ryan Specialty has announced that Brian Tyluki has joined PERse (Power.Energy.Risk), the firm’s renewable energy managing general underwriter, as an Executive Vice President. Tyluki joins PERse with 18 years of energy insurance experience and specializes in underwriting large complex risks for onshore wind and solar clients. “Brian is an experienced property and ... Read the full article
Coalition and Vantage team up
29th April 2022
Coalition has added Vantage to its US excess cyber program. The move is to be undertaken through the Vantage Risk Specialty Insurance Company. Shawn Ram, head of insurance at Coalition, said: “"We are excited to welcome Vantage to our Coalition as we work to solve cyber risk and provide security for all. ... Read the full article
Primary carriers losing trust amid growing cat losses: Liberty Mutual Re
28th April 2022
Miguel Martinez-Alvarez, Head of Business Development at Liberty Mutual Re, has warned that primary carriers are losing the trust of their customers amid growing challenges to their profitability, in part due to rising levels of natural catastrophe losses. Commenting on the uncertainty that increased nat cat events have caused for insurers ... Read the full article
MAPFRE reports €155m earnings in Q1 2022
28th April 2022
MAPFRE is reporting earnings of €155m in Q1 2022, with premiums growing by over 10%. The firm said that it had revenues in the first quarter of the year totalling €7.56bn. It also said that its premiums, at €6.54bn, were at their highest volumes in five years. There was, MAPRFRE reported, ... Read the full article
Mosaic hires Elissa Doroff as head of claims in America
28th April 2022
Mosaic has hired Elissa Doroff to be its new head of claims in America. The firm said that Doroff will over time expand her remit to serve both the US and Canada. She started her insurance career as claims counsel with AIG, and later was cyber and technology product manager at ... Read the full article
Miller makes infrastructure and renewables appointments
28th April 2022
Specialist re/insurance broker, Miller has announced the appointments of Hayley Malin as Head of Infrastructure in its Construction team, and Laura Gil Ramirez as Account Executive in its Renewable Energy and Environmental Technology team (REET). Within their new roles, Hayley will report to Pauline Goreham, Head of Construction, and Laura will ... Read the full article
Commercial insurance prices increased 11% in Q1 2022: Marsh
28th April 2022
Marsh’s latest Global Insurance Market Index shows that commercial insurance prices around the world increased 11% in Q1 2022. Amongst its findings, the survey found that cyber insurance rates continued to rise driven largely by the continued increase in the frequency and severity of ransomware claims with many insurers seeking to ... Read the full article
Argo exploring options including sale and merger
28th April 2022
Argo has said its board of directors has begun to explore ‘strategic alternatives’ including a potential sale, merger, or other strategic transaction. The board also announced the postponement of Argo’s 2022 annual general meeting of shareholders until the second half of this year. The board believes it is in the best ... Read the full article
WTW targets organic growth despite Q1 revenue dip
28th April 2022
Re/insurance broker WTW has reported revenue of $2.16 billion for the first quarter of 2022, representing a decrease of 3% compared with the $2.23 billion it reported for the same period last year. However, on an organic basis, revenue increased by 2%, and WTW continues to target “mid-single digit” organic revenue ... Read the full article
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