Reinsurance News
P&I clubs likely to make underwriting loss in 2021/22: AM Best
17th February 2022
Analysts at AM Best expect that with the cost of pooled claims at a record high for the first half of the year, protection & Indemnity (P&I) clubs are likely to return another combined underwriting loss in 2021/22. For the third consecutive year, the majority of clubs have announced general increases ... Read the full article
Hiscox names Jon Dye as CEO, UK
17th February 2022
Specialist global insurer and reinsurer, Hiscox, has appointed Jon Dye as its new UK Chief Executive Officer (CEO), where he will be responsible for leading the firm's flagship retail business in the region. Dye has held a number of senior roles within the industry, most recently as CEO of Allianz UK ... Read the full article
Florida’s New Paradigm bolsters team with addition of Mark Groenheide
17th February 2022
Parametric focused, Florida-based insurance holding company, New Paradigm Group, LLC, has named industry veteran Mark Groenheide as Senior Vice President & Director of Specialty Insurance Programs. In his new role, Groenheide assumes responsibility for leading a specialty division dedicated to enhancing the company's initiatives for aligning parametric risk transfer with protection ... Read the full article
AIG posts combined ratio of 92.4% as underwriting improves on lower cats
17th February 2022
Global insurer AIG has reported a strong underwriting result across its portfolio for the fourth quarter of 2021, as its General Insurance (GI) combined ratio improved by more than 10 percentage points to 92.4%, supported by lower catastrophe losses. During the fourth quarter, the carrier's GI division recorded an underwriting gain ... Read the full article
bolttech completes AVA acquisitions
17th February 2022
bolttech has acquired AVA Insurance Brokers and AVA Insurance Agency (AVA), which follows bolttech’s completion of its US$247 million Series A last year, with strategic investors including Singapore’s EDBI. bolttech is based in Singapore and has grown its global footprint to 30 markets since its inception two years ago as part ... Read the full article
Sompo Japan and GeoX partner on AI underwriting platform
17th February 2022
GeoX, a provider of geospatial data to insurers, has announced a new partnership to support Sompo Japan as it develops an automated underwriting methodology utilizing AI technology. By combining GeoX's technology with Sompo's expertise and established global distribution networks, the partnership hopes to fuel digital transformation within the insurance industry while ... Read the full article
Fairfax acquires additional Fairfax India shares
17th February 2022
Property and Casualty re/insurance holding company Fairfax Financial has acquired an aggregate of 5,416,000 subordinate voting shares of Fairfax India Holdings, through its subsidiaries. This transaction represents 4.93% of the issued and outstanding Subordinate Voting Shares of Fairfax India, from two existing shareholders at a price of $12.00 per Subordinate Voting ... Read the full article
Goldman Sachs forecasts reinsurance hardening through to 2024
16th February 2022
Analysts at Goldman Sachs have forecast that a combination of higher underlying general inflation and the impact of climate change will drive a further hardening of the reinsurance market through 2022 to 2024, with ROEs improving to or above their targeted range. The firms notes that the reinsurance cycle has lagged ... Read the full article
Ryan Specialty’s TRU obtains more builder’s risk capacity
16th February 2022
Technical Risk Underwriters (TRU), a Ryan Specialty Group managing general underwriter focused on construction, has secured $100 million of wood frame builder’s risk capacity, effective January 1, 2022. This newly secured wood frame capacity is offered in addition to TRU’s $150 million of construction builder’s risk capacity and $100 million of ... Read the full article
Guatemala implements agri scheme for smallholder farmers
16th February 2022
The Government of Guatemala has implemented an agricultural insurance scheme designed to protect smallholder farmers from heavy rains and prolonged droughts. The parametric and catastrophe insurance was designed by the Swiss Re backed Microinsurance Catastrophe Risk Organisation (MiCRO) for the Ministry of Agriculture (MAGA) and is operated by Crédito Hipotecario Nacional ... Read the full article
Canadian regulator imposes stricter reinsurance guidelines
16th February 2022
Canada’s financial regulator has revised its guidelines regarding the use of reinsurance in order to encourage insurers to better manage risks and re-evaluate their views of maximum losses. This week, the Office of the Superintendent of Financial Institutions (OSFI) concluded its review of reinsurance practices by issuing final revised versions of ... Read the full article
Litigation increases US Commercial Auto Insurance costs, report finds
16th February 2022
According to a new report from Insurance Information Institute (Triple-I), social inflation has increased claim payouts for commercial auto insurance liability in the US alone by over $20 billion between 2010 and 2019. The report, which was in partnership with the Casualty Actuarial Society (CAS), showed that Social Inflation and Loss ... Read the full article
AM Best rates Himalayan Re
16th February 2022
AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb+” (Fair) to Himalayan Re. The agency described the outlook to these ratings as being ‘stable’ and that the company’s balance sheet was strong. It also said it had an adequate operating performance, limited ... Read the full article
At-Bay appoints new head of reinsurance
16th February 2022
Cyber insurance provider At-Bay has appointed Stephanie Lynch to be its new head of reinsurance. Along with Adam Petrone, who will become the firm’s head of insurance operations and strategy, Lynch is joining the company to work with reinsurers to increase capacity. Most recently, she served as vice president at Safety ... Read the full article
Brit recruits Hodgkins as Cyber Underwriting Consultant
16th February 2022
Specialty insurer Brit has announced the appointment of Tim Hodgkins as Cyber Underwriting Consultant. He joins from cybersecurity solutions provider SureCloud, where he held the role of Senior Security Consultant and focused on supporting financial services businesses manage and reduce risk across their technology landscape. Hodgkins started his career at PwC, working ... Read the full article
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