Reinsurance News
Kyle Samuel appointed as Chief Operating Officer for McGriff
18th March 2022
Broker firm McGriff has appointed former M&T Insurance Agency executive, Kyle Samuel to Chief Operating Officer. Samuel most recently was the President of the Buffalo, New York-based insurance agency division of M&T Bank. In addition, Samuel has previously served as managing director for USI Insurance Services, as well as its predecessor, Wells ... Read the full article
ICA welcomes $150mn Australian flood fund, as industry loss nears $2.3bn
18th March 2022
The Insurance Council of Australia (ICA) have announced that they have welcomed the Federal Government’s decision to draw down on its Emergency Response Fund, which will see $150 million being injected for communities devastated by the recent floods. Both the Queensland and New South Wales governments will receive $75 million each, ... Read the full article
WTW appoints new head of affinity
18th March 2022
Global insurance broker, risk advisor and consultancy WTW has appointed Chris Gingell as global head of affinity. Scott Burnett, CCO for risk and broking at WTW, said “We are delighted to announce the appointment of Chris Gingell as our global affinity leader. Chris takes the helm at an incredibly exciting time ... Read the full article
Pool Re votes to take on government’s proposals
18th March 2022
Pool Re, the UK government-backed terrorism insurer has said that it will implement the recommendations from the HM Treasury’s five-year review of its work. The reinsurer said that it would examine the bifurcation of the risk between conventional and non-conventional terrorism and transitioning to a treaty system of reinsurance to facilitate ... Read the full article
Nat cat strategies diverge amongst largest reinsurers: Fitch
18th March 2022
Analysts at Fitch Ratings have observed differing approaches to managing natural catastrophe risks among the four major European reinsurers, following positive results for the group in 2021. The rating agency notes that all four reinsurers benefitted from the favourable pricing environment in reinsurance so as to increase premium income by 10% ... Read the full article
Falvey Cargo launches new cyber coverage with Chaucer
18th March 2022
Falvey Cargo Underwriting has announced its brand new coverage protection – Cyber for Cargo. This new coverage will also see the company partnering with the leading speciality re/insurance company, Chaucer Group, to help bring this exclusive protection to Falvey clients. The company says that it recognises that cyber risk exposure is an ... Read the full article
Demex launches Climate Risk Appraisals Service
18th March 2022
The Demex Group, a technology company that focuses on delivering climate-resilience through financial risks on a global scale, has launched a new service – Climate Risk Appraisals. The company says that Climate Risk Appraisals will provide a new management strategy for climate resilience. Demex assesses and prices climate-driven risk across an unlimited ... Read the full article
Planck targets customer acquisition costs with new product
18th March 2022
Artificial Intelligence (AI) data platform Planck has announced the launch of a new product to help insurers identify high-potential prospects and markets that match their risk appetite. By using utilising Prospect Intelligence platform, Planck argues that carriers will be able to reduce their customer acquisition cost, increase growth & expansion and ... Read the full article
“Japan earthquake losses likely to go into the billions” – Aon
18th March 2022
The economic toll of the earthquake that struck off the coast of Tokyo this week is likely to be in the billions, says Aon. Harkening back to a $2bn+ industry loss from 2021, Aon said that recent historical performances of similar earthquakes had resulted in billion-dollar economic losses. Back then, the magnitude ... Read the full article
Verisk tells D.E. Shaw actions taken are contributing to significant progress
18th March 2022
In response to demands from activist investors, Verisk Analytics has said that actions it has already taken are contributing to significant progress in its continued efforts to generate a robust performance for its shareholders. Yesterday, a letter was sent to Verisk's Board of Directors on behalf of certain investment funds ... Read the full article
Market Volatility: Main risk for European re/insurers from Russia – Ukraine
18th March 2022
American credit rating agency Fitch Ratings warns that the war between Ukraine and Russia is more likely to impact the European insurance sector through second-order financial market volatility, instead of through direct effects from sanctions on Russian entities and other measures that are restricting Russian businesses. European re/insurers have little direct ... Read the full article
Swiss Re names Ivan Gonzalez as CEO of Reinsurance, China
18th March 2022
Global reinsurance giant Swiss Re has announced that Ivan Gonzalez will serve as the Chief Executive Officer (CEO) of Reinsurance for China and China Country President, where he relocates from New York to Beijing. In his new role, Gonzalez takes on responsibility for all of the firm's reinsurance operations in China. ... Read the full article
Prolonged Russia-Ukraine conflict deleterious to insurers – DBRS Morningstar
18th March 2022
Prolonged conflict between Russia and Ukraine could have deleterious effects on the bottom line for major insurers, writes DBRS Morningstar in a new note. The current conflict, aligned with increased inflation, could lead to insurers being squeezed by claims, while unable to pass on costs to customers, wrote Tomasz Walkowicz and ... Read the full article
Lloyd’s syndicate Verto partners with Optalitix to enhance offering
18th March 2022
Verto syndicate 2689 (Verto), a follow-only Lloyd’s syndicate, has partnered with Optalitix, an insurtech company providing SaaS software to leading insurers in the UK, to innovate the Lloyd’s market using a fully digital pricing system with full AI capability. Embracing AI and rapid algorithm development through the Optalitix Quote product will ... Read the full article
Markel reports court approval for CATCo fund buyout schemes
18th March 2022
Markel Corporation and Markel CATCo Investment Management has announced court approval of the buy-out transaction and schemes of arrangement being undertaken by Markel CATCo Reinsurance Fund and the CATCo Reinsurance Opportunities Fund. According to Markel, these two insurance-linked securities funds are currently in runoff and are managed by MCIM, the Funds' ... Read the full article
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