Reinsurance News
RMS upgrades weather & terror models to high def
20th May 2022
RMS, the Moody’s-owned risk modelling and solutions company, has announced it will release four new high definition risk models, including for Europe Windstorm, North America Winterstorm (WT), North America Severe Convective Storm (SCS), and Terrorism. The HD probabilistic models incorporate a high-fidelity, simulation-based framework for modelling event frequency and severity, which ... Read the full article
Allianz finished acquiring majority stake in Tanzanian business of Jubilee
20th May 2022
Allianz has finished acquiring its majority stake in Jubilee General Insurance Company of Tanzania. A joint statement from the insurer, along with Jubilee General Insurance, said that the former had acquired a 51% stake, following the signing of an agreement in September 2020. Under the deal, Allianz was to become the ... Read the full article
Starr Insurance Companies to acquire Thai non-life insurer
20th May 2022
Starr Insurance Companies has announced an agreement with FPG Insurance Holdings Limited and local Thai shareholders to purchase FPG Insurance Public Company Limited – a Thai non-life insurance company, together with local Thai parties. Starr’s investment will be held by its Bermuda insurance company, Starr Insurance & Reinsurance Limited. The transaction is ... Read the full article
Reinsurers set to retain more secondary exposure: Lockton’s Scholfield
19th May 2022
Simon Scholfield, Partner, Head of Wholesale P&C at Lockton Companies, has warned that some reinsurers are likely to find themselves retaining more secondary peril exposure, as appetite for property catastrophe risks remains uncertain in the retrocession markets. Looking at the state of the North American Property market through H1 2022, Scholfield ... Read the full article
Great American promotes Michael B. Mulvey to Divisional President within its FCIA division
19th May 2022
Great American Insurance Group has announced the promotion of Michael B. Mulvey to Divisional President within its FCIA – Trade Credit & Political Risk Division. FCIA, underwrites and services the Trade Credit & Political Risk insurance policies of Great American Insurance Company. It has been part of the Great American Insurance ... Read the full article
Flood risk capacity adequate in Malaysia, but conversations needed
19th May 2022
Insurers and reinsurers within Malaysia have adequate capacity for flood risk, despite low penetration in the country, says a new report. The report, The Malaysian Insurance Highlights, says that while 5m of the country’s 32.3m population live in flood-prone areas, fewer than 25% of homeowners and 5% of vehicles are insured ... Read the full article
US cyber insurance payouts increase, amid rising claims: Fitch
19th May 2022
Analysts at Fitch Ratings have said, that cyber insurance has become the fastest growing segment for US property & casualty (P&C) insurers as evolving threats have “boosted” the demand for coverage, with insurers actively raising prices in response to rising claims. In the analysts latest report on the US cyber insurance ... Read the full article
Ed Gaze steps down from Lloyd’s Lab
19th May 2022
Ed Gaze has announced he is stepping down from his role as head of Lloyd’s Lab, the insurtech innovation incubator embedded within the London-based insurance and reinsurance marketplace. In a LinkedIn post, Gaze said that he was moving but gave no further details as to his next destination. However, he said that ... Read the full article
Swiss Re unveils nine-step, digital trust methodology
19th May 2022
Swiss Re has unveiled a nine-step methodology for companies to position themselves as trustworthy in an increasingly online world. The thirty-page report, Decoding Digital Trust: An Insurance Perspective, provides a framework for understanding digital trust, highlighting its relevance against the backdrop of increasing digital automation, both in insurance and across ... Read the full article
Lloyd’s confident all Ukraine war scenarios fall within ‘manageable tolerances’
19th May 2022
While the cumulative effects of Russia's invasion of Ukraine in certain classes of re/insurance will undoubtedly be significant, the specialist Lloyd's marketplace is confident that all loss scenarios will be manageable for both the corporation and individual syndicates, according to Patrick Tiernan, Chief of Markets. In late March, when reporting ... Read the full article
MIB acquires APEXA
19th May 2022
MIB has acquired APEXA from Reinsurance Group of America. The company said it was buying the contracting and compliance service provider for life insurance advisors, MGAs, and carriers, expanding its portfolio of digital solutions and client base within Canada. APEXA's platform connects the Canadian life insurance carriers, MGAs, and advisors through ... Read the full article
WR Berkley names Michael Marcus as new president of Berkley Industrial
19th May 2022
WR Berkley had appointed Michael Marcus to be the new president of Berkley Industrial Company, succeeding Chandler F. Cox, Jr. Cox, meanwhile, has been appointed the chairman of the business. It is understood that both appointments are to be effective immediately. W. Robert Berkley, Jr., president and chief executive officer of WR ... Read the full article
Convex reports 93% rise in GWP as net loss narrows in 2021
19th May 2022
Specialty insurer and reinsurer Convex has reported a rise in gross written premium (GWP) for the full-year 2021 to more than $2.1 billion, as the Group announces a reduced net loss of $158 million for the period. For 2021, the re/insurer's net loss shrank by almost 12% from the $179 million ... Read the full article
Ardonagh sees Q1 income rise 44% to £288 million
19th May 2022
The Ardonagh Group has reported a 44% rise in income from £200 million to £288 million for the first quarter of the year. The broker also reported an adjusted EBITDA increase of 29% to £85.5 million, compared to last years £66.3 million. Gross written premium (GWP) for the quarter was £10 billion. At ... Read the full article
NICB warns $4.6-9.2bn lost last year to fraud
19th May 2022
The National Insurance Crime Bureau (NICB) has said that casualty insurers paid out between $4.6bn and $9.2bn extra in 2021 due to insurance fraud. The NICB estimated that disaster fraud adds 5-10% to the total claims paid following a disaster. Similarly, the Federal Bureau of Investigation found that of the $80bn ... Read the full article
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