Reinsurance News
Singapore’s OCBC told to reserve extra $240m after phishing scam
30th May 2022
Oversea-Chinese Banking Corporation (OCBC), a Singaporean multinational banking and financial services corporation, has been asked to reserve an additional US $240 million after its customers were targeted by a major phishing scam. It’s thought that at least 790 customers lost a combined SG $13.7 million (US 10.0 million) in the SMS ... Read the full article
Randall & Quilter reports 92% increase in GWP
30th May 2022
Randall & Quilter Investment Holdings has said gross written premiums in its Program Management business in Q1 2022 reached $370m. This figure represents a 92% increase from its Q1 2021 result, when gross written premiums of $193m. William Spiegel, executive group chairman of the firm, said: “We continue to be excited by ... Read the full article
LIIBA appoints three new deputy chairs
30th May 2022
The London & International Insurance Brokers Association (LIIBA) has appointed three new deputy chairs. The company has announced that Ed Broking’s Heather Clarkson, Aon’s James Baum, and Marsh Specialty UK’s Dominic Samengo-Turner, have all been named as deputy chairs of LIIBA. They join BMS’s Nick Cook, who was also elected deputy chair in ... Read the full article
Canopius reorganises global underwriting operations
30th May 2022
Leading global specialty re/insurer, Canopius Group has announced the reorganisation of its global underwriting operations. The operations have been split into four key areas: specialty, short tail, reinsurance, and casualty. Canopius states that the reorganisation has been done to enhance the focus on specialist underwriting capabilities, and to enable its three business ... Read the full article
Re/insurers can play key role in development of hydrogen economy: Swiss Re
30th May 2022
A new report from Swiss Re states that reinsurers and insurers can play a key role in the development of the hydrogen economy through risk management knowledge and transfer. The report, De-Risking the Hydrogen Economy: Bridging the Protection Gap, that while the risks are already known to reinsurers and insurers, their ... Read the full article
Arturo and ICEYE partner on flood claim insights
30th May 2022
Analytics firm Arturo has said it is teaming up with data provider ICEYE to bring insurers near real-time flood and property damage insights. A statement from the two firms said that the collaboration will combine SAR satellite imagery with property insights to enable insurers to respond to flood claims with greater ... Read the full article
Caltagirone has left Assicurazioni Generali
30th May 2022
Assicurazioni Generali has said that non-independent director Francesco Gaetano Caltagirone has resigned from the Board with immediate effect for undisclosed reasons. It also said that Caltagirone, directly or through companies related to him, holds a stake of the share capital of Assicurazioni Generali S.p.A. equal to 9.95% and that the board ... Read the full article
Saudi Re capital raise gets green light
30th May 2022
Saudi Re has announced that it has received regulatory approval for its plans to increase its capital by 50% through a rights issue. The company, which is the first reinsurance company established in Saudi Arabia, plans to increase its capital from SAR 891 million (approx. USD 238m) to SAR 1.336 billion ... Read the full article
Cowbell Cyber launches the Cyber Risk Heatmap
30th May 2022
Cowbell Cyber has launched the Cyber Risk Heatmap. According to the firm, this new feature will provide all of Cowbell's agencies and brokers, insurance and reinsurance partners, and underwriters with immediate visibility into the distribution of covered risk in their portfolios. Rajeev Gupta, co-founder, and chief product officer at Cowbell Cyber, said: ... Read the full article
Florida reforms could take years to positively impact reinsurance: Survey
27th May 2022
A majority of respondents to a recent survey by Reinsurance News have said they believe that it could take years for the recent property reforms passed by Florida lawmakers to have a positive impact on reinsurance conditions in the state. Governor Ron DeSantis signed new legislation into law this week ... Read the full article
US commercial insurance premium increases slow in Q1 2022: CIAB
27th May 2022
U.S. commercial insurance premium prices increased for the 18th consecutive quarter in Q1 2022, although the pace of growth slowed when compared with the final quarter of last year, according to data from The Council of Insurance Agents & Brokers (CIAB). The CIAB's Commercial Property/Casualty Market Report Q1 2022 shows an average ... Read the full article
Beazley names Westhoff Head of North America, Commercial Property
27th May 2022
Leading global specialist, Beazley has announced that Matthew Westhoff has been appointed Head of North America, Commercial Property, a new role that brings together the company’s US property teams under his leadership. With over 19 years of experience underwriting US property risks, Westhoff joined Beazley in 2019 as Focus Group Leader ... Read the full article
Tencent-controlled FuSure assigned positive credit rating from AM Best
27th May 2022
Ratings agency, AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of the start-up reinsurer and Tencent-owned, FuSure Reinsurance Company Limited (FuSure). The outlook of these credit ratings is stable. The ratings reflect FuSure’s balance sheet strength, which AM Best assesses ... Read the full article
Helios posts 2021 results
27th May 2022
Helios is reporting a is reporting increases in its capacity portfolio and comprehensive income in 2021, according to its latest results. The firm said that it had seen a 111% increase in capacity portfolio, rising from £110.3m in 2020 to £232.7m last year. At the same time it said total comprehensive ... Read the full article
Swiss Re CEO: “Russia-Ukraine liable to have impact of medium-sized natural catastrophe event”
27th May 2022
The Russian invasion of Ukraine is likely to only have the impact of a medium-sized natural catastrophe event to the insurance industry, says the CEO of Swiss Re in a new interview. Speaking to CNBC, Christian Mumenthaler said that while the coronavirus pandemic had ceded and become endemic, the current conflict ... Read the full article
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