Reinsurance News
Fairfax appoints new president
11th February 2022
Fairfax Financial Holdings has appointed Peter Clarke to be its new president. Clarke, the company’s Chief Operating Officer (COO), has also served as the company’s Vice President, Chief Risk Officer, and Chief Actuary. Alongside his new role as President, he will continue in his current role as COO. Prem Watsa, Chairman and Chief ... Read the full article
Trisura reports FY premium growth of 68.7%
11th February 2022
Trisura is reporting premium growth of 54.3% between Q4 2020 and Q4 2021, alongside a full-year result of 68.7%. The firm said this growth was driven by an expansion of its market share, the maturation of its platform, and the advent of new products. It said that in Canada, focused underwriting ... Read the full article
United (UPC) suspends new homeowners business in Florida
11th February 2022
United Insurance Holdings Corp. (UPC Insurance), the Florida-headquartered property and casualty (P&C) insurer, has officially ceased writing new homeowners business in the state, as of January 1st, 2022. In a memo sent to agents, seen by Reinsurance News, the company cited high catastrophe losses from the 2020 storm season, rising reinsurance ... Read the full article
NN Re picks RMS for risk analysis on Orange Capital Re bond
11th February 2022
Risk modelling and solutions company RMS has been choosen by NN Re to conduct the risk analysis for its new catastrophe bond, issued through Orange Capital Re DAC. NN Re, which is the reinsurance and hedging company of NN Group, an international financial services company, issued Orange Capital Re DAC ... Read the full article
Zurich increases aggregate reinsurance retention for 2022
11th February 2022
Global re/insurance giant Zurich has announced that its reinsurance program has notable changes on the aggregate side of its protection. The global catastrophe aggregate reinsurance treaty, which for 2022 now attaches for Zurich after a US $900 million retention. This will end up being $100 million higher than the 2021 aggregate retention, ... Read the full article
Farmers Edge launches crop protection subsidiary
11th February 2022
Farmers Edge has created a new subsidiary focused on crop protection solutions and coverage options. The new subsidiary, to be known as DigiAg Risk Management, will be wholly owned by Farmers Edge. The company said in a statement that the new venture will leverage localised, proprietary datasets and robust digital infrastructure to ... Read the full article
Brit returns to profit in 2021 as combined ratio falls to 95.7%
11th February 2022
Specialty insurer Brit has reported a return to underwriting profitability for 2021 and produced its strongest result for five years, with a gain of $90.6 million compared with a loss of over $217 million in 2020, as the combined ratio strengthened to 95.7%. As well as a stronger underwriting performance, Brit ... Read the full article
The claims revolution is underway, but still a long way to go: Genpact’s Saye
11th February 2022
To improve claims processes across the insurance and reinsurance industry and deliver higher customer satisfaction, technology must be embraced, and modern software tools integrated into company processes, Jeff Saye, Global Practice Leader for Insurance Claims, Genpact told us in an interview. Discussing the need for a digital-first, future-focused approach to claims, ... Read the full article
Lancashire grows substantially in P&C reinsurance but losses dent 2021 result
11th February 2022
Bermuda-based Lancashire Holdings Limited has reported its highest ever gross premiums written (GPW) in 2021 at $1.2 billion, although the firm has fallen to a comprehensive loss for the year on the back of significant catastrophe losses and some unrealised investment losses. Year-on-year, Lancashire's GPW rose by an impressive 50%, as ... Read the full article
Chaucer and Moody’s work together on ESG scorecard
11th February 2022
Chaucer and Moody’s are to team up on a new ESG ‘scorecard’. The project, which the two companies say is the first of its kind in the (re)insurance sector will assess ESG credentials using property data and 158 different metrics. John Fowle, CEO of Chaucer comments: “It’s incredibly exciting to be working ... Read the full article
Hamilton appoints Rhoades to lead new US E&S insurer
11th February 2022
Hamilton Select Insurance Inc. has launched, a new U.S. excess and surplus (E&S) lines insurance carrier formed by Bermuda-based insurer and reinsurer, Hamilton Insurance Group, Ltd., and which has received a Financial Strength Rating of A- (Excellent) from AM Best. Alongside the launch, Hamilton has announced that its former President of ... Read the full article
77% of senior execs lack confidence in firms’ ESG approach
10th February 2022
More than three quarters of global executives lack confidence in their companies’ approach to ESG topics. This is according to a new report just released by WTW. It found that while 83% of senior executives take reputational risk seriously, 77% are not fully confident in their company’s ‘risk readiness’. A slightly ... Read the full article
AFG records “exceptional” Q4 performance
10th February 2022
Insurance and investments holding company, American Financial Group (AFG), saw its annual net earnings increase by roughly 172% last year following a fourth quarter that its Co-CEOs dubbed as an “exceptional” period for financial performance. Net earnings for the year increased from $732 million in 2020 to $1,995 million in 2021, ... Read the full article
Swiss Re invests in Klimber as pair look to boost LatAm insurance penetration
10th February 2022
Reinsurance giant Swiss Re has announced an investment to lead the pre-series A funding round for Klimber Latam Corp, a developer of digital insurance products in the region. In 2018, Klimber created the first digital life insurance offering in Latin America through its end-to-end platform. The investment from Swiss Re provides the ... Read the full article
Verisk partners with RiskSpan for climate change solution
10th February 2022
Verisk has partnered with mortgage analytics firm RiskSpan to create a solution for measuring and mitigating the risks of climate change to the housing finance industry. The collaboration will enable RiskSpan's Edge Platform for mortgage analytics and Verisk Extreme Event Solutions' proven set of models to assess the risk from natural ... Read the full article
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