Reinsurance News
Korea insurance sector remains ‘stable’ – Moody’s
17th May 2022
The Korean insurance sector has been assessed by Moody’s as being stable. The agency said that this was underpinned by its expectation of rising interest rates and the transition to a new capital regime, which will support insurers' profitability, capitalisation, and asset quality. Gil Jo, analyst at Moody’s said: "We expect Korean ... Read the full article
“Fall in protection business could impact vulnerable households” – Swiss Re
16th May 2022
Ongoing wage inequality has left households vulnerable in the current cost-of-living crisis due to a fall in protection business, says Swiss Re in a new report. The reinsurance giant said in its Reshaping the Social Contract: The Role of Insurance in Reducing Income Inequality that decades of rising inequality in advanced ... Read the full article
MS Amlin (MS AUL) adds Rob Margetts to Strategy & Transformation team
16th May 2022
Lloyd’s global specialty re/insurer, MS Amlin Underwriting Limited (MS AUL) has appointed Rob Margetts to its Strategy & Transformation team. He will join MS AUL in the coming months, and will report to Martyn Rodden, Director of Strategy & Transformation. Within his new role, Margetts will develop and implement a range of ... Read the full article
Inflation manageable for the industry, says JP Morgan
16th May 2022
Inflation is a manageable risk for the insurance sector, says JP Morgan in a new note. The note, called Love Actuary, says that increased inflation is not only manageable but is not a major risk to business models or capital. This, says the authors, is being made possible by better disclosure ... Read the full article
Important to separate shifts in hurricane exposure and climate trends: Aeolus
16th May 2022
When exploring the potential influence of changing climatic conditions on hurricanes, it’s important to recognise that trends in exposure may be even more important than trends in climate change, according to Dr. Pete Dailey, Head of Research at Aeolus Capital Management. Earlier this month, our sister site ... Read the full article
Canopius USA partners with Saas tech firm, Origami Risk
16th May 2022
Specialty re/insurer and part of the Canopius Group, Canopius USA, has announced that it is partnering with Origami Risk, the industry-leading risk, safety and insurance Software as a Service (Saas) technology firm. The partnership will provide Canopius USA with access to Origami’s multi-tenant platform for underwriting, billing and claims administration. Origami’s single ... Read the full article
RGA reports latest results, impact of Covid in key markets
16th May 2022
RGA is reporting an increase in Covid-19 deaths in the general population in many of its key markets. The news, unveiled at the company’s Q1 2022 earnings call, said that in comparison with Q4 2021, deaths were up in many of its key markets. Jonathan Porter, EVP and global chief risk ... Read the full article
“Strong momentum in run-off sector continues” – PWC
16th May 2022
Strong momentum in the non-life run-off sector last year continued into 2022 with the announcement of eleven deals, says a new report from PWC. The professional services firm said that while the number of deals announced was slightly lower than Q1 2021, the total estimated value of executed deals during Q1 ... Read the full article
Limited war losses so far, but key uncertainties remain: RBC
16th May 2022
First quarter 2022 results season has shown that reserving assumptions for Russia's invasion of Ukraine varied widely, with limited reported losses of $1.3 billion against an industry loss range from the war of $10 billion to $15 billion, according to analysts at RBC. In a recent note on UK specialty property ... Read the full article
West of England P&I Club reports favourable results
16th May 2022
The West of England P&I Club is reporting that its combined ratio has fallen from 140% to 114%. The firm said that the improvement in its combined ratio came against a challenging backdrop for the industry. Without covid claims, the firm said that the combined ratio would have been below 101%. Tom ... Read the full article
Ryan Specialty launches auto liability MGU
16th May 2022
Ryan Specialty has announced the launch of AXSAL Re, an innovative solution for the challenging buffer auto liability excess market. AXSAL Re is a member-owned group captive managing general underwriter (MGU) designed specifically for transportation companies or other insureds with large fleets. Managed by Keystone Risk Partners, Ryan Specialty’s leader in Alternative ... Read the full article
“Four European reinsurers saw decline in profits in Q1 2022” – Fitch Ratings
16th May 2022
The decline in profits for four major European reinsurers is down to varying factors, says Fitch Ratings. The agency said that the Q! 2022 results for Munich re, Swiss Re, Hannover Re, and SCOR saw an average return on equity to 2.4% in 1Q22 from 7.4% a year ago. The firm also ... Read the full article
Mapfre companies among six sued over oil spill in Peru
16th May 2022
Two Mapfre companies are among six entities being sued by the Peruvian government for a collective $4.5bn in damages over a January oil spill. A recent report from TRT World says that Repsol, Mapfre Global Risks, Mapfre Peru Insurance and Reinsurance Companies, La Pampilla Refinery, Transtotal Maritime Agency, and Fratelli d'amico ... Read the full article
Slowdown in European insurance M&A over Q1
16th May 2022
New market research by FTI Consulting shows a slight slowdown in European insurance M&A deal volumes relative to Q1 2021, which it says were affected by macro trends such as the pandemic and the Russia-Ukraine conflict. In part, analysts noted that the comparative slowdown likely reflects the backlog of transactions that ... Read the full article
Aon appoints Charles Knight as Global Yacht Manager
16th May 2022
Leading global professional services firm, Aon has named Charles Knight as Global Yacht Manager, Specialist in Yacht, and Pleasure Craft. Knight joined the company on May 3, 2022, and reports to Global Yacht Leader – Emma Carpenter. Within this new role, Knight will drive the development of Aon’s small yacht offering for ... Read the full article
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