Reinsurance News
Moody’s shifts outlook on QBE from ‘negative’ to ‘stable’
27th June 2022
Moody’s has changed its outlook on QBE from negative to stable, affirming its A3 issuer rating. At the same time, Moody’s said it affirmed the A1 insurance financial strength ratings (IFSR) of QBE's main operating subsidiaries and had changed the outlooks to stable from negative. Moody’s said in a note: “The change ... Read the full article
Demanding and persisting underwriting for marine insurance industry: WTW
27th June 2022
Underwriting discipline persists for marine cargo insurance while underwriting for hull and liability remains demanding, according to the latest market update by WTW. A hard market continues for cargo insurance; however, renewed competition and enhanced growth targets in the marketplace have moderated upward rate movement in 2022. While rate increases are to ... Read the full article
Miller hires Susana Bramwell to build out Media & Entertainment
27th June 2022
Independent specialist re/insurance broker Miller has appointed Susana Bramwell to lead an expansion of its offering into the Media, TV and Film space. Joining Miller later this year, Bramwell will become part of a market leading Sports & Entertainment business, which sits within Special Risks. She has over 30 years’ experience in ... Read the full article
AM Best revises Japan life insurance market segment outlook to stable
27th June 2022
Global credit rating agency, AM Best has revised its outlook on Japan’s life insurance market to stable from negative, as overall business conditions for the life insurers have improved compared to earlier stages of the COVID-19 pandemic According to a report, key positive and beneficial factors that supported this revision included ... Read the full article
Rokstone’s Aura Underwriting launches new Caribbean parametric insurance product
27th June 2022
Aura Underwriting , part of the international specialty re/insurance MGA, Rokstone, and the Aventum Group, has announced the launch of Aura Parametric – a new Caribbean parametric product to complement its existing Lloyds Caribbean binder. Aura Parametric will provide reinsurance for hurricanes that intersect a pre-defined radius of an insured’s location, ... Read the full article
Data analytics firm Confianza closes seed funding round
27th June 2022
Confianza, Inc., a provider of data analytics and machine learning to insurance agents, brokers, and carriers in the US, has announced the first close of its seed funding round, led by Sandbox Insurtech Ventures. Founded in 2020 by insurance industry veterans Jeffrey Glazer and John Petricelli, Confianza aims to help ... Read the full article
Re/insurers positioned to be “driving force” in climate fight: Gallagher Re
24th June 2022
Analysts at Gallagher Re have argued that the insurance and reinsurance industry is well-placed to act as “the driving force behind societal resilience in the face of growing climate risks.” Writing in a blog for the reinsurance broking firm, Divisional Director for Climate & ESG Marie Ekström and Climate Risk Analyst ... Read the full article
Alpha Centauri and subsidiaries affirm commitment to Gulf Coast
24th June 2022
Applied Underwriters and its Centauri subsidiaries have affirmed a commitment to underwriting in the Gulf Coast markets, despite recent developments in the sector. The firm said its Centauri Specialty Insurance and Centauri National Insurance offshoots were still writing new business after ending 2021 with good results, entering 2022 with its 'A' ... Read the full article
Florida market “on verge of failure”: Triple-I
24th June 2022
Analysts at the Insurance Information Institute (Triple-I) have warned that Florida's insurance market is “on the verge of failure” despite recent efforts by lawmakers to mitigate its challenging conditions. Triple-I notes that re/insurers are contending with an overabundance of unneeded new roofs on homes and massive settlements on claims, meaning the ... Read the full article
Munich Re best positioned for US storm season – JP Morgan
24th June 2022
Munich Re is best positioned to deal with the seasonal underperformance typically experienced by European reinsurers during the Atlantic hurricane season, according to JP Morgan. Munich Re and Swiss Re typically have the largest share of hurricane losses among the European reinsurers. Munich Re and Swiss Re ... Read the full article
Supply chain chokepoints threaten consumers, countries and reinsurers – Russell
24th June 2022
Supply chain chokepoints are a threat to consumers, nation states and the re/insurers that need to understand their potential risk accumulations, according to a new Russell report. Navigating a Path Though Accumulating Marine Exposures looks at the world's largest ports and identifies several international chokepoints. ... Read the full article
Prudential confirms promotions to Group Executive Committee
24th June 2022
Prudential has announced an update on its Group leadership structure. Seck Wai-Kwong, Dennis Tan, Lilian Ng, and Solmaz Altin have all been promoted to the Group Executive Committee, effective July 1st, 2022. They will join current members, Mark FitzPatrick, James Turner, Avnish Kalra, and Jolene Chen. Tan, Ng ... Read the full article
Ukraine-Russia conflict market losses estimate narrowed to $10bn
24th June 2022
Swiss Re has reiterated that losses from the Ukraine/Russia conflict appear to be a mid-sized nat cat event, narrowing estimated market losses to $10bn from $15bn previously estimated, according to a Goldman Sachs report for Q1. The report noted that reinsurance and London Market names are potentially exposed in various lines, ... Read the full article
Colin Harper joins Aon alternative risk transfer team
24th June 2022
Aon has appointed Colin Harper as Managing Director, Alternative Risk Transfer and Innovation within its Strategic Solutions and Innovation Practice based in Houston, Texas. Harper joins Aon from Descartes Underwriting, where he spent the previous year as Senior Business Development Manager, North America, also based in Houston. Prior to this, he worked ... Read the full article
New report reveals key drivers behind northern hemisphere tropical cyclone risk
24th June 2022
A new report by RMS looks at the key drivers behind northern hemisphere tropical cyclone risk. Forecasts indicate overall that 2022 is likely to be another above-average hurricane season. The US National Oceanic and Atmospheric Administration (NOAA) has forecast between 14 and 21 named storms, of which six ... Read the full article
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