Reinsurance News
Florida property reforms signed into law
27th May 2022
Florida Governor Ron DeSantis has signed new legislation into law that seeks to stabilise the troubled property re/insurance market in the state, following a week of discussions by lawmakers at a special emergency session. The reforms, which include a $2 billion reinsurance fund and new rules on coverage denials and attorney ... Read the full article
Insurance Europe welcomes OECD tax exclusion for reinsurance
27th May 2022
Insurance Europe, the European insurance and reinsurance federation, has welcomed a decision by the Organisation for Economic Co-operation and Development (OECD) to exclude reinsurance from its Pillar One tax rules. Following public consultation, the OECD concluded that regulated financial services, including reinsurance, do not qualify for additional taxation under its Pillar ... Read the full article
Aon’s Reinsurance Aggregate achieved ROE of 10.9% in 2021
27th May 2022
A new report reveals that the Aon Reinsurance Aggregate achieved a return on equity (ROE) of 10.9% in 2021, which is the best result since 2014. The firm said that investment returns provided much of the impetus, with equities and other alternative assets performing strongly during the year. On the underwriting side, ... Read the full article
LMG outlines how to safeguard the London Market’s position
27th May 2022
The London Market Group (LMG) has published two documents focusing on what the UK government and the country’s regulators need to safeguard the London Market’s position. Caroline Wagstaff, CEO of the LMG, said: ‘We are delighted that the Government is proposing to include a competitiveness objective in the new Financial Services ... Read the full article
Lloyd’s, DXC & IUA extend London Market digitalisation contract
27th May 2022
The shareholders of the London Market Joint Venture – Lloyd’s, DXC Technology, and the International Underwriting Association (IUA), have announced a $465 million USD contract extension. The extension is to ensure seamless continuity for the activities of London insurance market customers, whilst DXC moves forward with the transformation of the market’s ... Read the full article
UK fraudulent claims increased by 13% in 2021, Aviva
27th May 2022
London-headquartered insurer, Aviva has published its report on insurance claims fraud for 2021 in the UK, which showed that the number of fraudulent claims increased by 13% last year. Aviva also uncovered more than 11,000 instances of claims fraud last year that were worth more than £122 million. The insurer also stated ... Read the full article
Apollo claims European first for autonomous vehicle insurance
27th May 2022
Apollo Group has provided a first of its kind insurance solution for Europe’s first zero-occupancy on-road autonomous vehicle journey, completed by autonomous vehicle software company, Oxbotica. This marks not only a European first for Oxford and Toronto based Oxbotica, but also a first of its kind UK insurance solution created specifically ... Read the full article
Howden nearly fully approved for 100% stake in Howden India
27th May 2022
Howden has received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to increase its shareholding in Howden India. The approval, once ratified by the Reserve Bank of India, will see Howden increase its stake in the firm from 49% from 100%. The firm said that its leadership team within ... Read the full article
Ukraine war has “profound implications” for renewables re/insurers: PCS
26th May 2022
Analysts at Property Claim Services (PCS), a Verisk business, have warned that the conflict in Ukraine has the potential to become an “industry-defining” event for the global renewables re/insurance sector. The firm says there could be “profound implications” for re/insurers of renewables in particular due to the large portion of Ukraine’s ... Read the full article
Principal Financial Group and Talcott close transaction
26th May 2022
Principal Financial Group has closed its transaction with Talcott to reinsure the company’s in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee blocks of business. Under the agreement, the company has reinsured approximately $25bn of in-force statutory reserves, and Talcott has engaged Principal® to manage approximately $4bn in ... Read the full article
Hedge specialist Stable gains $60m funding from investors & reinsurers
26th May 2022
Hedging specialist Stable has announced the closing of a $60 million Series B funding round, led by Acrew, who was joined by existing investors Greycroft and Notion Capital, as well as new risk capital from reinsurers and capital markets. Founded in 2017, Stable uses reinsurance structures in Bermuda to support the ... Read the full article
RAA CEO testifies on NFIP reform and reauthorisation
26th May 2022
The Reinsurance Association of America’s (RAA) president Frank Nutter testified before the US’s House Subcommittee on Housing, Community Development and Insurance in support of a long-term reauthorization and reforms related to flood insurance. Nutter was testifying on measures that seek to strengthen the program financial resiliency, develop a private flood insurance ... Read the full article
Oneglobal Broking hires Adriano Oka as CEO, Reinsurance Brazil
26th May 2022
Oneglobal Broking has appointed Adriano Oka as Chief Executive Officer (CEO), Reinsurance Brazil, effective immediately. Within his new role, Oka will report to Nery Silva, CEO Mercosul, Oneglobal Brazil. As a highly experienced insurance and reinsurance professional, Oka brings over 20 years of experience within the market, towards his new role. Prior to ... Read the full article
WTW appoints Andrea García Beltrán to new role
26th May 2022
WTW has appointed Andrea García Beltrán as the new head of FINEX, for Latin America. Based in London, Andrea joins WTW from RSA, where she was the UK and international Head of Cyber for underwriting for four years. Andrea will relocate to the region upon joining WTW, bringing more than 15 years’ ... Read the full article
77% expect some carriers will fail to obtain sufficient reinsurance at June 1: Survey
26th May 2022
Data from our mid-year 2022 reinsurance renewals survey reveals that carriers are expected to adopt various strategies as they struggle to secure the desired level of reinsurance at what's been described as a very late June 1st, 2022, renewals. With the June reinsurance renewals having a heavy ... Read the full article
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