Reinsurance News
APCIA reiterates support for US Aggregation Method
21st June 2022
The International Association of Insurance Supervisors (IAIS) held its Global Seminar in Dubrovnik last week, as it prepares to expose for comment criteria for assessing whether the AM is comparable to the IAIS’ Insurance Capital Standard (ICS). At the seminar the American Property Casualty Insurance Association (APCIA) reiterated its ... Read the full article
Lancashire appoints James Irvine as new CUO for reinsurance
21st June 2022
Lancashire has appointed James Irvine as its now group CUO for its reinsurance business. Irvine moves to his new position alongside a host of other appointments within the firm. The company has also made James Flude, CUO at its Lancashire Insurance Company (UK) arm into the group CUO for its insurance ... Read the full article
Lockton Financial Services appoints Millett as new CIO
21st June 2022
Lockton has appointed M. Machua Millett as chief innovation officer and alternative investment practice leader within its Lockton Financial Services (LFS) unit. Millett joins Lockton from Marsh, where he spent 12 years in a variety of leadership roles, most recently as chief innovation officer in the company's FINPRO Practice. Based in ... Read the full article
Louisiana to secure extra reinsurance following Lighthouse collapse
21st June 2022
Louisiana has opted to extend the policy cancellation date for failed insurer Lighthouse as the state’s Department of Insurance looks to secure additional reinsurance for policyholders through the end of this month. Lighthouse policies were originally scheduled for cancellation on June 22, but Insurance Commissioner Jim Donelon announced that the deadline ... Read the full article
Hardening of energy market limited by positive factors: WTW
21st June 2022
Positive factors continue to limit the hardening of the market dynamic in upstream and downstream energy insurance, according to a WTW report. According to the broker’s 2022 Spring update, while downstream energy insurance buyers are yet to enjoy a soft market, the very best programs have now ... Read the full article
ABIR roundtable celebrates Lloyd’s partnership
21st June 2022
Leaders from Bermuda and Lloyd’s reinsurance markets joined Bermuda’s Premier and Minister of Finance, David Burt MP, in a roundtable discussion in London. Premier Burt visited the UK last week for a series of meetings aimed at building relationships and stimulating additional growth in the island’s financial services ... Read the full article
AXA XL appoints London Head of US Casualty, Reinsurance
21st June 2022
AXA XL, the property & casualty and specialty risk division of global insurer AXA, has named Ian Sawyer as it’s London Head of US Casualty, Reinsurance. Within this role, he will be based in London and will be responsible for leading AXA XL’s Global Markets US Casualty team in the UK, ... Read the full article
Hands to succeed Collins as Miller CEO
21st June 2022
Leading independent specialist re/insurance broker, Miller has announced that James Hands will succeed Greg Collins as Chief Executive Officer of the company. Collins will move to become Chair of the Partnership Board, succeeding Graham Clarke who will retire. The broker has said that these changes will take place on 1 January 2023, ... Read the full article
Coverage and pricing decline in the casualty insurance market in Q1 2022
21st June 2022
Casualty insurance has seen a decline in coverage and pricing in the first quarter of 2022, with both of them presenting potential challenges to the market, according to the latest Alliant report. US insurance broker states that, while still early, the impact of COVID-19 and the war in Ukraine will likely ... Read the full article
ICA welcomes $741m in funding to protect Australian homes from flooding
21st June 2022
The Insurance Council of Australia (ICA) has welcomed the confirmation of $741m in additional funding to better protect Queensland homes and communities from the impacts of extreme weather that was handed down in the State Budget this week. According to the ICA, the Government’s commitment to additional funding, co-funded by the ... Read the full article
QBE to roll out products from CyberCube
21st June 2022
Australia-headquartered insurer and reinsurer QBE has announced plans to roll out a range of products from cyber risk analytics firm CyberCube, including its Account Manager and Portfolio Manager platforms. In addition, QBE will be utilising the CyberCube Academy, the firm’s training offering, as well as accessing CyberCube’s enhanced Concierge service. “As one ... Read the full article
Cyber buyers should “prepare to face dramatic premium increases”
21st June 2022
As cyber markets continue to limit their exposure, buyers should be prepared to face dramatic premium increases or non-renewals if they are unable to demonstrate certain minimum-security standards, according to WTW’s 2022 Spring update. Primary and excess cyber renewals are now averaging premium increases in excess of 200% ... Read the full article
Nexus Re promotes Chris Holland to President of A&H Reinsurance
21st June 2022
Nexus Re in the US has announced the promotion of Chris Holland to President of Accident & Health Reinsurance. A 30-year industry veteran, Holland will take over the role from Kieron Farrelly, who has recently retired. Holland has worked at Nexus Re since 2012, most recently as Vice President and Senior Underwriter ... Read the full article
Munich Re backs Amber Group digital asset cover by Arch & OneDegree
21st June 2022
Global digital asset platform Amber Group has secured insurance coverage for its wallet infrastructure from Arch Syndicate 2012 at Lloyd's and insurtech firm OneDegree, which is supported by a multi-year reinsurance partnership with Munich Re. The comprehensive global insurance coverage will protect digital assets held in Amber Group’s wallet infrastructure on ... Read the full article
London market conditions “exciting” for reinsurers: Berenberg
21st June 2022
Analysts at Berenberg have said that “there is a lot for reinsurers and London Market participants to be excited about,” despite the challenges of a difficult macro environment. In a new report, the firm notes that pricing was even better than expected when companies reported at Q1 and the market is ... Read the full article
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