Reinsurance News
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
Athene secures $4.3bn pension deal with Lockheed Martin
28th June 2022
Athene, a retirement services company, has closed its third pension group annuity (PGA) with Lockheed Martin involving the transfer of $4.3bn in pension obligations. Athene’s wholly-owned subsidiaries, Athene Annuity and Life Company (AAIA) and Athene Annuity & Life Assurance Company of New York (AANY), have agreed to provide annuity benefits for ... Read the full article
W. R. Berkley launches enterprise risk solutions firm
28th June 2022
W. R. Berkley has announced the formation of Berkley Enterprise Risk Solutions, a new business focusing on providing workers’ compensation insurance to large businesses headquartered in California. Wayne Bryan will lead the new business, and Hale Johnston has been appointed COO. Bryan has worked in workers’ compensation in ... Read the full article
Duck Creek buys reinsurance software solution Prima XL
28th June 2022
Duck Creek has agreed on an acquisition to buy reinsurance tech software solutions Prima XL and Prima Compliance for Solvency II. The firm said in a statement that through its proposed acquisition of these two cloud-based, software-as-a-service (SaaS) solutions, Duck Creek will expand its global operations and local presence in the ... Read the full article
Insurance industry must follow through on net-zero: Selwin Hart
28th June 2022
Selwin Hart, the UN's Assistant Secretary-General for Climate Action, made a speech at the tenth anniversary of UNEP’s Principles for Sustainable Insurance Initiative. In it he says that the world is way off track from limiting global warming to 1.5 degrees Celsius and preventing the worst impacts of ... Read the full article
Brookfield Reinsurance elects board members
28th June 2022
Brookfield Reinsurance has announced the election of eight members to its board of directors, after receiving the green light from shareholders. All nominees proposed for election by holders of Class A and Class B voting shares were approved by shareholders during the company’s annual general and special meeting of shareholders held ... Read the full article
Beazley to offer additional capacity to ESG compliant clients
28th June 2022
Marsh has announced that specialist insurer Beazley is to offer global access to additional capacity to clients that opt in to its Environmental, Social, and Governance (ESG) Risk Rating. Launched in March, Marsh’s ESG Risk Rating is an assessment tool that can measure an organisation’s ESG performance, ... Read the full article
German non-life insurers 2021 combined ratios below 100%: Fitch
28th June 2022
Germany’s non-life insurers net combined ratios for 2021 is around 96%, according to a recent Fitch Ratings analysis. According to the agency, this percentage would continue the sector’s record of combined ratios consistently below 100% (indicating an underwriting profit), even in years with high natural catastrophe losses. Fitch said: “The companies’ net ... Read the full article
Outlook “favourable” for Japan’s major non-life groups – S&P
28th June 2022
In its latest industry report card, S&P says Japan's three major non-life insurance groups' consolidated net income is likely to remain favourable. Their net income soared more than 100% from the previous year, while the country’s major life insurers core profit in 2021 increased about 11% from the previous year. Read the full article
CyberCube to continue collaboration with CyberAcuView
28th June 2022
CyberAcuView, a company formed by primary cyber insurers to enhance cyber risk mitigation efforts across the industry, is continuing its collaboration efforts with leading provider of cyber analytics – CyberCube. During the formation of CyberAcuView, CyberCube provided technical guidance. In a press release, it states that CyberCybe will continue to deliver insights ... Read the full article
Clear Group completes new investment from Goldman Sachs
28th June 2022
The Clear Group, a chartered insurance broker that arranges business insurance and home insurance for various sectors, has completed a new investment from Goldman Sachs Asset Management. Clear says the investment will help to “drive the next phase of its growth strategy,” including extending its reach into new markets through the ... Read the full article
Rising interest rates “fundamentally positive for the sector” – Berenberg
27th June 2022
Berenberg's recent speed dating event took the temperature of the insurers in attendance. Overall, they were positive about the outlook for the sector. All participants acknowledged that the macroeconomic environment is challenging at present. However, the majority remained confident about the outlook for Q2 as well as the longer ... Read the full article
CoreLogic appoints Patrick Dodd as permanent CEO and president
27th June 2022
CoreLogic has appointed Patrick Dodd to be its new president and CEO after serving in the role on an interim basis since January. Dodd will continue to serve on the company’s board of directors. Prior to assuming the top job in January, Dodd served as the company’s chief operating and ... Read the full article
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