Reinsurance News
AXIS combines health & corporate accident units
31st May 2022
AXIS Insurance – the specialty insurance segment of AXIS Capital Holdings Limited has announced that it is combining its corporate accident and supplemental health benefits business under the new name, AXIS Group Benefits. The AXIS Group Benefits business portfolio will be managed by the newly expanded team, which provides a dedicated ... Read the full article
Openly recruits Head of Reinsurance from Everest Re
31st May 2022
Homeowners insurance provider Openly has announced the appointment of Anthony Landi as Head of Reinsurance and Capital Management. He will lead Openly's reinsurance division and scale up its internal catastrophe management program, reporting to Adriel Nunes, CFO of Openly. Landi previously spent 10 years at Everest Re, where he most recently established and ... Read the full article
Acrisure secures $725m in new funding
31st May 2022
Acrisure has secured additional funding to fuel its ongoing global expansion further. The firm said it had closed $725m in Series B-2 Preferred Equity and received a $23bn valuation, representing a 31% increase from its last preferred equity raise in March 2021. The round of investing was led by the Abu Dhabi ... Read the full article
QBE hires Bannocks as Group Chief Data Officer
31st May 2022
QBE Insurance Group has appointed Christopher Bannocks to the new position of Group Chief Data Officer (GCDO). As GCDO, Bannocks will lead QBE’s enterprise data capabilities, with responsibility for defining and implementing the company’s data strategy and agenda. This new role will also allow him to work closely with central and regional ... Read the full article
Florida rates expected to increase 20-30% at least: Berenberg
31st May 2022
Following meetings with the management teams of major insurers and reinsurers, analysts at Berenberg say rates are expected to increase by at least 20-30% at the upcoming June renewals. According to Berenberg, renewals look to be disorderly and seem to be reaching an inflection point as June 1 approaches, with a ... Read the full article
Lockton Re appoints Leader of Capital Markets
31st May 2022
Global insurance broker Lockton's dedicated reinsurance division, Lockton Re, has announced that Zach Breslin has joined the company as the Leader of Lockton Re Capital Markets. Within this role he will support the build out of the practice working closely with Robert Bisset - Chairman Global Retrocession & Property Specialty, Bermuda ... Read the full article
Sompo Intl. targets 88% CR in new 2023 forecasts
31st May 2022
Bermuda-based specialty P&C re/insurer Sompo International Holdings is targeting a combined ratio of 88%, as well as growth in profit and premiums, as part of its new forecasts for 2023. The company recently reported adjusted profit of 61.8 billion yen (USD 483.0 million) for the full-year 2021, up from 31.8 ... Read the full article
CyberCube teams up with Kroll on event response service
31st May 2022
CyberCube has launched a new feature for its customers called Cyber Aggregation Event Response Service (CAERS). CAERS will see CyberCube partnering with Kroll to provide its clients with information and guidance on major cyber aggregation events. Following a major cyber event, the CAERS team will update CyberCube’s clients with the latest information ... Read the full article
Reinsurance premium growth at 11%, but clouds on horizon: Gallagher Re
31st May 2022
Gallagher Re is reporting that premium growth among the reinsurers it tracks remained strong in Q1 2022, reaching 11%. The firm said that this result had been achieved partly through continued favourable pricing for commercial lines and reinsurance business. Strongest premium growth, the company said, came from the global reinsurers, along ... Read the full article
Premiums up twofold for Ukraine-exposed specialty business: reports
31st May 2022
Insurance premiums are being hiked to double or more than their pre-conflict levels for some aviation and marine businesses with exposure to the war in Ukraine, industry sources have reported. Reports from the Financial Express of India suggest that aviation war cover premiums have doubled globally, despite coverage already having been ... Read the full article
RMS warns of above-average hurricane activity as season begins
31st May 2022
With the 2022 North Atlantic hurricane season officially beginning on June 1st, analysts at RMS have warned the insurance and reinsurance industry of the potential for another above-average year for hurricane activity. Several forecasting agencies have already forecast above normal activity for this year’s season, which runs for six months through ... Read the full article
Fitch: “Minimal impact to insurers from Sri Lanka riots”
31st May 2022
Fitch Ratings has said that insurers will see little impact from recent riots in Sri Lankan, with the burden falling on the state’s National Insurance Trust Fund Board’s (NITF) Strike, Riot, Civil Commotion and Terrorism (SRCCT) fund. The agency said in a note that it expected gross losses to exceed LKR ... Read the full article
Zurbuchen joins Board of Peak Re Bermuda unit
31st May 2022
Barry Zurbuchen has been appointed as a Non-Executive Director to the Board of Directors of Peak Capital Ltd., the wholly-owned Bermuda subsidiary of the Hong Kong-based global reinsurer, Peak Re. He joins the Board of Peak Capital after a 35-year career specializing in risk management, actuarial analyses and capital modelling. Zurbuchen was ... Read the full article
Insurers need to change business models to drive climate resiliency, report shows
31st May 2022
New research published from Capgemini and Efma’s recent World Property and Casualty Insurance Report reveals that climate change is hurting the insurance industry, and that insurers need to change their business models to achieve climate resiliency. The inaugural report titled – “Walking the Talk: How insurers can lead climate change resiliency”, ... Read the full article
UK Gov claims success over £400m live events reinsurance scheme
31st May 2022
The UK Government says that nearly three million people are expected to have attended events supported by the Government’s Live Events Reinsurance Scheme by the end of summer 2022. Launched in August 2021 and set to close this September, the scheme has supported almost 15,000 jobs and 150 events, including Wimbledon, ... Read the full article
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