Reinsurance News
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
Lloyd’s Russia exposure estimate due by late May: Carnegie-Brown
28th April 2022
Bruce Carnegie-Brown, Chairman of Lloyd’s of London, has said that the insurance and reinsurance marketplace is expected to have “a number” for its exposure to the Russia-Ukraine conflict “by the end of May.” Speaking in a recent interview with Bloomberg, Carnegie Brown explained that the impact of the conflict and its ... Read the full article
Lancashire reports gross written premiums up by >34% YOY
28th April 2022
Lancashire is reporting that its gross written premiums increased 34.7% YOY in its latest results. The firm said that they rose to $477.9m in the year following March 2021. It also said that its group renewal price index was at 106%. However, the insurer said that it estimated net losses from ... Read the full article
VIG Re reports successful year
28th April 2022
VIG Re saw its gross written premiums increase 14.2% YOY to €661m, as reported in its latest results. The firm said that profit before taxes had also risen, by 19% YOY, while its underwriting result increases 28.5% to €20.2m. In addition, it said that its total assets were up by 41% ... Read the full article
UK Gov proposes significant cut in risk margin as part of Solvency II reforms
28th April 2022
The UK Government has published its Solvency II consultation which includes a proposal to cut the risk margin for carriers, a move that would free up a lot of capital on company balance sheets. It was announced in February by the Economic Secretary that the government planned to reform Solvency ... Read the full article
Addresscloud & Ambiental Risk Analytics team up for UK flood offering
28th April 2022
Addresscloud and Ambiental Risk Analytics are teaming up to advance climate change data to the insurance market. The companies said that their joint venture would marry Ambiental’s high-resolution flood data and climate risk models within Addresscloud’s existing perils platform. Mark Varley, founder and CEO of Addresscloud, said: “I am proud to be ... Read the full article
Arch more than doubles Q1 operating income
28th April 2022
Bermuda-based Arch Capital Group has reported a 146% increase in operating income over the first quarter of 2022, helped by improvements in underwriting income across all three of its main business segments – insurance, reinsurance and mortgage. Operating income amounted to $457.6 million for the quarter, compared to $185.9 million in ... Read the full article
Everest Re reports stronger re/insurance underwriting result as cat load falls
28th April 2022
Bermuda domiciled insurer and reinsurer, Everest Re Group, has reported a strong start to 2022 with net income of $298 million and an improved combined ratio of 91.4%, while premiums across the group spiked by 9%. While positive, net income did fall from the $342 million posted a year earlier, while ... Read the full article
Heritage reporting $45m in cat losses for Q1 2022
28th April 2022
Heritage is expecting to see $45m in catastrophe losses, along with $18.8m of other weather losses in Q1 2022. This is in comparison with to $15.4m and $16.1m, respectively, for the same period in 2021. Total net current accident quarter weather losses were approximately $63.8m in the first quarter of 2022, ... Read the full article
AM Best revises outlook on Italian non-life sector
28th April 2022
AM Best has revised its outlook for the Italian non-life insurance segment from negative to stable. The firm said that it was ameliorating its position due to the sector’s limited exposure to catastrophe losses and resilient risk-adjusted capitalisation. It added that it expected for the challenging economic environment to be a ... Read the full article
AXIS Capital’s underwriting result improves as catastrophe retreat continues
28th April 2022
Bermuda-based AXIS Capital Holdings Limited has reported an improved combined ratio of 91.4% for the first quarter of 2022, as both its insurance and reinsurance segments recorded a better underwriting result in the period. Across the group, underwriting income spiked from $40.3 million in Q1 2021 to $138.8 million in Q1 ... Read the full article
Sapiens partners with Mindtree to drive insurance digital transformation
28th April 2022
Technology services company, Mindtree and Sapiens International Corporation, a leading global provider of software solutions for the insurance, banking and financial services industries, has announced a partnership to help insurance companies drive digital transformation. Through the combination of Mindtree’s deep domain knowledge and expansive delivery capabilities, and Sapiens’ industry-leading, cloud-native, core ... Read the full article
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