Reinsurance News
Beazley appoints Oliver Wheeler to replace retiring Catherina MacCabe
6th June 2022
Beazley has appointed Oliver Wheeler as focus group leader, effective from the beginning of July. The company said that Wheeler was replacing Catherina MacCabe, who was retiring. It also said that it was promoting Emma Pereira to be product leader on the same team. Gerard Bloom, Head of International, Specialty Risks said: ... Read the full article
Gallagher Re makes six hires in Asia-Pacific region
6th June 2022
Reinsurance broker Gallagher Re has hired six senior executives to augment its businesses in the Asia-Pacific region. The firm said that it had hired Yuan Tian as its new strategic and financial analytics lead for the region; Roshan Perera as executive director of the regional development team; and Cliff Downing as ... Read the full article
Verisk names new President of Claims Solutions
6th June 2022
Insurance and analytics provider, Verisk has appointed Maroun Mourad as President of Claims Solutions. He will succeed Rich Della Rocca, who is set to retire from Verisk after 27 years at the company, effective July 1, 2022. Mourad joined Verisk in 2015 as Senior Vice President, Commercial Lines. He then quickly advanced ... Read the full article
Peak Re sponsors 144A cat bond in Hong Kong
6th June 2022
Hong Kong-based global reinsurer, Peak Re has issued a US$150 million 144A catastrophe bond via Black Kite Re Limited, a newly established special purposed insurer in Hong Kong. As part of the transaction, Peak Re has entered into a retrocession arrangement with Black Kite Re, providing Peak Re with a multi-year ... Read the full article
Howden: “Cyber cover cost doubles in less than a year”
6th June 2022
Howden’s newest annual report on cyber reveals that higher loss frequency and severity from ransomware have caused such an extreme supply-demand imbalance the average cost of cover is more than double what it was last year. The report, A Hard Reset 2.0, looks at developments that have shaped the market in ... Read the full article
SiriusPoint invests in Samos Insurance
6th June 2022
SiriusPoint has invested an undisclosed amount in MGA platform Samos Insurance. The announcement, made through a press statement, said SiriusPoint had invested in the risk management and accidental death insurance specialist due to a gap it felt the firm had identified in the market. Tom Leonardo, US head of accident and health ... Read the full article
DUAL makes two key leadership appointments for DUAL Europe
6th June 2022
DUAL has announced two key appointments for its recently created DUAL Europe region. Effective immediately, Olaf Jonda, currently Managing Director, DUAL Deutschland, will take on the role of Chief Executive Officer (CEO), DUAL Europe, reporting to Richard Clapham, CEO, DUAL Group. At the same time, Daniela Rubes, currently Chief Financial Officer (CFO), ... Read the full article
Berkshire (BHSI) opens office in Lyon, France
6th June 2022
Global insurer, Berkshire Hathaway Specialty Insurance (BHSI) has opened an office in Lyon, France. The opening of the new office helps the company to further expand its presence in Europe. "As we continue to grow steadily across Europe, the time is right to expand with an office and expanded team in Lyon,” ... Read the full article
Moody’s upgrades Dutch outlooks to stable
6th June 2022
Moody’s Investors Service has changed its outlook on Dutch property & casualty (P&C) insurers to stable from negative as rising premiums help offset claims inflation. The rating agency has also revised the outlook of Dutch life insurers to stable as interest rates rise. Analysts believe that rising interest rates are positive for ... Read the full article
Covid cost coming into focus after two years, says JP Morgan
1st June 2022
JP Morgan has said that the companies most heavily impacted by the coronavirus pandemic were European reinsurers and Lloyd’s names. The assessment, done in relative terms, came as a surprise to JP Morgan, who said that tail risk generally accumulates at the reinsurers and that specialist classes of business are more ... Read the full article
TSR forecasts higher late season hurricane activity
1st June 2022
Tropical Storm Risk (TSR) has maintained a forecast of above normal activity for the North Atlantic hurricane season activity, with a particular threat of enhanced activity late into the season. Analysts predict there will be 18 named storms, 8 hurricanes and 4 major hurricanes this season, which would put it above ... Read the full article
17 US reinsurers wrote $22.7bn of net premiums in Q1: RAA
1st June 2022
A group of US property and casualty reinsurers wrote $22.7bn of net premiums during Q1 2022, compared to $17.8bn in the same quarter of the preceding year. These results have just been released by the Reinsurance Association of America (RAA), which surveyed seventeen property and casualty reinsurers. The combined ratio for the ... Read the full article
Fairfax units get ratings upgrade from S&P
1st June 2022
S&P Global Ratings has upgraded its ratings for Fairfax Financial Holdings and its core re/insurance subsidiaries based on their strong competitive position and improved results. The rating agency raised the holding company’s long-term issuer credit rating from ‘BBB-‘ to ‘BBB’ and the long-term issuer credit and financial strength ratings on its ... Read the full article
Munich Re warns of ‘exceptionally active’ hurricane season
1st June 2022
Munich Re is warning that this year’s hurricane season could be ‘exceptionally active’ in a new outlook just posted on its website. The reinsurance giant said that the main phase of the hurricane season, which is due to start in coming weeks, is likely to be characterised by climatic conditions favourable ... Read the full article
Appetite for underwriting property cat reinsurance business tightening
1st June 2022
Earnings pressure and ongoing uncertainty around the impact of climate change is reducing the appetite for underwriting property catastrophe reinsurance business, says the newest edition of Aon’s Reinsurance Aggregate (ARA). The study said that while the sector should be ‘applauded’ for dealing with significant volatility over the last five years and ... Read the full article
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