Reinsurance News
Social inflation in casualty insurance one of the most concerning trends
20th June 2022
Social inflation has been named one of the most concerning trends by insurers speaking on the second day of S&P Global Ratings' 38th Annual Insurance Conference. In a panel discussion, Kristof Terryn, CEO of Zurich North America, said that ‘social inflation’ on the casualty side was the one trend worrying him ... Read the full article
WTW appoints Victor De Jager as head of property for Europe
20th June 2022
WTW has appointed Victor De Jager as head of property for Europe. In his new role, De Jager will be based in Amsterdam and will report into Garret Gaughan, head of direct and facultative, alongside Anne Pullum, head of Europe and head of commercial risk and broking (CRB) for Europe. Gaughan said ... Read the full article
EU could add up to €9.3 billion to farmers annual incomes with “climate-smart actions”
20th June 2022
The EU could add between €1.9bn and €9.3 billion annually to farmers’ incomes if farmers are supported in taking "climate-smart actions", according to a survey by the EU Carbon+ Farming Coalition. Other benefits would include reducing its agricultural greenhouse gas emissions by an estimated 6%, and restoring soil health of over ... Read the full article
JP Morgan offers thoughts on 9th European Insurance Conference
20th June 2022
JP Morgan has offered its thoughts on the feedback received from its 9th European Insurance Conference. Among the areas that the financial giant commented on were commercial P&C (re)insurance pricing; losses related to Russia and Ukraine, plus other large losses; an update on Covid-19 reserves and related IBNR; and interest rates ... Read the full article
Rokstone Aviation confirms additional reinsurance capacity
20th June 2022
Rokstone Aviation has confirmed additional capacity through Malaysian Re under which it is able to write more hull and liability policies. According to the firm, the new line sizes are $5m for hull and $50m for liability. It said in a statement: “The agreement is a clear vote of confidence in our ... Read the full article
Green transition will drive up inflation – but less than unchecked climate change
20th June 2022
The "green transition" to renewable energy is expected to create inflationary pressure over the next decade. And the faster renewables are adopted, the worse this problem is expected to become in the medium term. However, according to a new forecast by Swiss Re, a faster transformation now will lower the inflationary ... Read the full article
Pavie joins LSM France as Sales Director
20th June 2022
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has announced the addition of Charles-Henri Pavie as Commercial Director. He will report to the General Manager, LSM France, and will be responsible for managing the Distribution Department. Prior to joining LSM, Pavie worked as a Development Director at the specialist broker ... Read the full article
Global non-life legacy market ‘buoyant’ – AM Best
20th June 2022
Activity within the global non-life legacy insurance market is ‘buoyant’, according to a new note from AM Best. The firm said that demand and supply side factors are driving high levels of activity in the legacy insurance market, with transaction volumes elevated throughout 2021 and into 2022. It also said that ... Read the full article
GCube expands global claims team
20th June 2022
GCube has expanded its global claims team by appointing Darren Askari, Adan Mendoza, Sierra Lenz, and James Papazis to new roles. The firm said that Askari will join its Newport Beach office as North Americna claims manager. He will be joined in Newport Beach by former PERse colleague Adan Mendoza, who ... Read the full article
MPLI market shows improvement, but remains unprofitable: Fitch
20th June 2022
Analysts at Fitch Ratings highlighted how results for the US medical professional liability insurance (MPLI) market improved significantly in 2021, reversing a four-year trend of weakening performance, but still, however, generating a 108% combined ratio. Segment performance is expected to further improve in 2022 due to earned premium growth related to ... Read the full article
WTW appoints Martuscelli to lead real estate & hospitality practice
20th June 2022
Re/insurance broker WTW has announced the appointment of James Martuscelli as Head of The Real Estate & Hospitality Industry Practice within Corporate Risk and Broking (CRB), North America. In his position, Martuscelli will oversee client retention and growth strategies across the industry practice. He will focus on the development of commercial insurance ... Read the full article
Capacity withdrawal “bodes well” for reinsurance pricing: analysts
17th June 2022
Analysts at Morgan Stanley have said that widespread plans to pull back from the property catastrophe market should “bode well” for reinsurance pricing into 2023. Morgan Stanley says it has observed “many reinsurers” pulling back from the property cat market even as reinsurance capacity growth has returned to healthy levels following ... Read the full article
Coaction names Ellen Edmonds as chief actuarial officer
17th June 2022
Specialty property and casualty insurer Coaction has appointed Ellen Edmonds as chief actuarial officer. Edmonds will report to Jonathan Ritz, CEO of Coaction and began in her new role on Wednesday. Most recently, Edmonds served as senior vice president and chief reserving actuary at Everest RE, after roles at Everest, Crum ... Read the full article
New Florida P&C litigated claims drop 14% in a month
17th June 2022
New litigated claims have fallen 14% since April, according to a new report on Florida litigation management data trends by CaseGlide. May’s total of 4,047 is down from April’s results of 4,702 and is in contrast to a steady three-month increase that occurred between February and April. In February, litigated ... Read the full article
Premium renewal rates continue upwards trajectory: IVANS Index
17th June 2022
Nearly all average premium renewal rates for major commercial lines of business remain up year-over-year and increased compared to last month, according to the May results of the the insurance premium renewal index by IVANS, a division of Applied Systems. Year over year, the index shows that nearly all lines of ... Read the full article
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