Reinsurance News
Pricing increase and coverage decline in the property insurance market in Q1
14th June 2022
Property insurance has seen a pricing increase in the first quarter of 2022 while coverage has decreased, presenting potential challenges to the market, according to the latest Alliant overview of the market. In the report, the US insurance broker stated that though rate increases are still the norm, they are not ... Read the full article
AXA XL grows US Commercial E&O team
14th June 2022
AXA XL is growing its Commercial Errors & Omissions (E&O) insurance team in the US to meet high levels of demand for professional liability protection from service professionals. In line with this goal, the company has announced the additions of Melissa Sowa as Senior Vice President, Underwriting Manager Miscellaneous Professional Liability, ... Read the full article
Reinsurers could be underestimating seismicity risk following megathrust events
14th June 2022
Seismic hazard models attempt to predict the long term risk of earthquakes by looking at, among other things, the slowly changing stress that builds on faults. However, there is new evidence to suggest that megathrusts and other very large earthquakes fundamentally alter the nature of the hazard. It seems that these large ... Read the full article
US P&C industry’s net incurred losses increases by 12%: AM Best
14th June 2022
According to a new AM Best report, despite witnessing a growth of more than 9% in both direct (DPW) and net premiums (NPW), US property & casualty (P&C) insurers still incurred an $3 billion underwriting loss in 2021. The underwriting loss was largely attributable to a 12.6% increase in net incurred ... Read the full article
Fannie Mae completes sixth CIRT transaction this year
14th June 2022
Fannie Mae has executed its sixth Credit Insurance Risk Transfer (CIRT) transaction of 2022. The firm said it was part of its ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market, CIRT 2022-6 transferred $725m of mortgage credit risk to private insurers and ... Read the full article
Cyber insurance pricing rises amidst multiple factors – Marsh
14th June 2022
The latest UK Cyber Insurance Trends Report from Marsh states that pricing in the sector rose quickly in Q3 and Q4 2021, while the market focuses on addressing systemic risk. However, Marsh said that efforts to tackle this through exclusionary language have caused frustration for clients, while the ongoing war that ... Read the full article
Liberty Mutual Insurance names Monica Caldas to succeed as CIO
14th June 2022
Liberty Mutual Insurance has named Monica Caldas as its new executive vice president and CIO in a role that she will take up at the beginning of next year. Caldas will be replacing current executive vice president and CIO James McGlennon who is set to retire at the end of the ... Read the full article
Allianz and Swiss Re to lead flood risk transfer project in Ghana
14th June 2022
Allianz and Swiss Re, members of the Insurance Development Forum (IDF), will lead a Tripartite risk transfer project for urban floods in Ghana. The IDF, alongside the Ghana Ministry of Finance, the United Nations Development Programme (UNDP) and the German Government, announced its launching during the IDF ... Read the full article
PIC signs c.£600mn buyout of House of Fraser pension
14th June 2022
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has completed a pension insurance buyout with the Trustee of the House of Fraser Beatties & Jenners Pension Scheme, insuring c.£600 million of liabilities. The transaction covers 3,850 deferred members, as well as 5,050 pensioners. The Scheme’s principal employer, House ... Read the full article
HDI Global announces management board changes
14th June 2022
Industrial insurer HDI Global SE has announced several management changes. David Hullin will take over entire international business from Jens Wohlthat on the Management Board, who retires at the end of September 2022. When he takes on this new role, Hullin will be responsible for the entire business of the Industrial Lines ... Read the full article
Howden Insurance Brokers appoints Kenneth Durbin to new role
14th June 2022
Howden Insurance Brokers has appointed Kenneth Durbin to be its new managing director and head of strategy for global programs. Durbin comes to the company from a senior vice president role at Guy Carpenter, which he joined in 2017. Prior to Guy Carpenter, Durbin was assistant vice president at Willis Re. The ... Read the full article
DUAL Europe hires Floris Wijchman as Commercial Director
14th June 2022
Howden Group’s underwriting arm DUAL has appointed Floris Wijchman as Commercial Director, DUAL Europe, where he will report to newly appointed Chief Executive Officer, DUAL Europe, Olaf Jonda. With over 25 years of industry experience, Wijchman will bring a lot of expertise within his new role at DUAL Europe. He started ... Read the full article
UK pub group brings £1bn covid case against insurers
14th June 2022
UK pub group Stonegate is suing insurers MS Amlin, Zurich Insurance and Liberty Mutual for £1 billion in a new major COVID business interruption (BI) case. Reuters, which first covered the story, speculates that the Stonegate case, if successful, could provide momentum for a second wave of pandemic claims against insurers. The ... Read the full article
R&Q settles with Brickell while increasing fundraise to $125m
14th June 2022
R&Q has decided to upsize its Fundraise, increasing the gross proceeds of the Placing to approximately $125m. In a statement, the Board said it intended to use the additional net proceeds from the Fundraise to further de-lever the business. R&Q also said that it has decided to extend the period of the ... Read the full article
Favorable Hedge fund returns drive book value increases for insurers: AM Best
14th June 2022
According to a new AM Best report, despite significant challenges in the hedge fund industry in 2021, such as the GameStop short squeeze, insurance companies still managed to allocate nearly $1 billion to new hedge fund investments in 2021. In the rating agency’s Best’s Special Report, titled, “Favorable Hedge Fund ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
