Reinsurance News
BMO Capital Markets appoints Zaremski as Senior Equity Research Analyst
24th June 2022
Michael Zaremski is to become a new Senior Equity Research Analyst, Managing Director at BMO Capital Markets. Zaremski made the announcement on LinkedIn and said that he was excited to share that he’s joined an exceptional group of colleagues at BMO Capital Markets. Zaremski is a well known and highly respected analyst ... Read the full article
Allianz invests in sustainability data firm ESG Book
24th June 2022
Allianz has been confirmed as among the investors participating in a recent Series B funding round for ESG Book, a global provider of cloud-based sustainability products and solutions. The data and technology firm raised $35 million in the funding round, which was led by investment firm Energy Impact Partners (EIP), alongside ... Read the full article
WTW launches price inflation prediction tool for motor insurers
24th June 2022
Re/insurance broker WTW has announced the launch of a new price inflation forecasting technology for motor insurers that leverages advanced machine learning. In collaboration with Solera Audatex, WTW developed this tool to help motor insurers more accurately allow for the future cost of motor repairs in their pricing. The “ground-breaking tool”, as ... Read the full article
UK insurers will remain well capitalised under SII reforms – Moody’s
24th June 2022
UK insurers’ solvency will remain robust under proposed post-Brexit regulatory reforms. The proposals, subject to consultation until 21 July 2022, seek to amend the European Union’s Solvency II insurance capital rules so that they better reflect UK insurers’ risk profiles. Drawn up by the UK Treasury, ... Read the full article
Insurance Europe signs joint letter on third party litigation funding
24th June 2022
Insurance Europe is one of a host of companies and organisations that has called for the European Union to help protect all parties from ‘opportunistic litigation’. A joint statement from Airlines for Europe (A4E), AmCham EU, BUSINESSEUROPE, DIGITALEUROPE, DOT Europe, EFPIA, Eurochambres, EuroCommerce, European Banking Federation, European Justice Forum, Insurance Europe, ... Read the full article
Aon appoints Toffanello as Reinsurance Solutions’ Head of Italy
24th June 2022
Global professional services firm, Aon plc has named Pietro Toffanello as Reinsurance Solutions’ Head of Italy. The move will be effective in the second half of 2022, and subject to regulatory approvals, Toffanello will replace the current long-standing Italy Chief Executive Officer (CEO) for Reinsurance Solutions - Gianluca Venturini, who will ... Read the full article
Zurich to sell German legacy traditional life book to Viridium
24th June 2022
Zurich Insurance Group has agreed to sell its legacy traditional life insurance back book in Germany to Viridium Holding AG, a specialist in the management of life insurance portfolios in the country. The transaction includes the transfer of $20 billion of net reserves, mainly related to annuity and endowment products underwritten ... Read the full article
Argo confirms Thomas A. Bradley as CEO
24th June 2022
Argo has appointed Thomas A. Bradley to be its new CEO, replacing Kevin J. Rehnberg. Bradley served as Argo’s chairman since 2020 and has been serving as interim CEO since March 2022. He becomes CEO, effective immediately. Bradley will also continue in his role as executive chairman of the board ... Read the full article
Hyper-personalisation is the future of Insurtech – Capco
24th June 2022
Insurtech firms that prioritise hyper-personalisation and embedded insurance will come out the long-term winners and define the sector in the coming years, according to Usman Sheikh, Executive Director at Capco. “Despite flagship Insurtech brands decreasing in valuation this year and the sector facing a ... Read the full article
Everest Insurance enters Asia market with Singapore office
24th June 2022
Everest Insurance, the primary division of Everest Re Group, has officially entered the Asian market after receiving regulatory approval from the Monetary Authority of Singapore to operate in country. The entity will be headquartered in Singapore and Senior Vice President and Regional Head of Insurance in Asia Ben Carey will lead ... Read the full article
May and June French storms cause over €1bn of claims
24th June 2022
French insurers are fully mobilised in order to meet the needs of over a quarter of a million victims of May and June’s storms across the country. The storms, over three days in June, led to around 258,00 claims that total an estimated €940m. Further storms in May brought another 93,000 ... Read the full article
Challenging times for Turkish insurers: Fitch
24th June 2022
Turkish insurers' earnings and capital adequacy will likely come under severe strain in 2022-23 as they face one of the most challenging environments of the past decade, according to Fitch Ratings. In a recent report, the agency stated that some insurers could be pushed below minimum regulatory solvency levels due to ... Read the full article
China’s yuan and the Japanese yen “most vulnerable to climate change” – Barclays
24th June 2022
China's yuan and the Japanese yen are the currencies most vulnerable to climate change, according to a new report by Barclays. The bank looked at the effects of climate change on exchange rates, saying rising temperatures and associated economic costs could tank the value of the Chinese ... Read the full article
Frontier to offer cannabis and crypto risks solution in APAC region
24th June 2022
Frontier Global Underwriting has announced it will be offering its D&O and Professional Liability to cannabis, crypto and Web3 risks in Asia Pacific. The new offering by the specialist financial lines MGA and Lloyd's of London coverholder, will be supported by new capacity from global emerging risk insurer, Relm Insurance. Frontier will ... Read the full article
Oman’s CMA to implement risk-based approach for insurer solvency margins
24th June 2022
The Capital Market Authority of the Sultanate of Oman (CMA) has decided to adopt a new approach to calculate the solvency margin of insurance companies on the Audited Financial Statements of 2022. According to the CMA, their decision to switch to a risk-based approach was made to protect the rights of ... Read the full article
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