Reinsurance News
Ascot backs Coalition’s US cyber program
6th April 2022
Commercial lines insurtech Coalition, has announced the addition of global specialty re/insurer Ascot Group to back its US primary surplus lines cyber program through Ascot Speciality Insurance Company. This new multi-year partnership will help to provide Coalition with long-term capacity for its cyber programs, further accelerating the company’s growth. In 2021, Coalition’s ... Read the full article
US Treasury seeks industry feedback on terror re/insurance
6th April 2022
The Federal Insurance Office (FIO) within the US Department of Treasury is seeking feedback from the insurance and reinsurance industry on the effectiveness of the Terrorism Risk Insurance Program (TRIP). TRIP forms part of the amended Terrorism Risk Insurance Act (TRIA) of 2002, and provides a federal backstop for re/insurers providing ... Read the full article
Florida renewals to be toughest in recent memory: analysts
6th April 2022
Analysts at JMP Securities have warned that the upcoming June 1 Florida reinsurance renewals are set to be “one of the toughest in recent memory,” as conditions in the state continue to be regarded as unsustainable. Last week, rating agency Demotech suggested that up to 20 Florida carriers could be downgraded ... Read the full article
Swiss Re invests in Climeworks’ $650mn equity round
6th April 2022
Reinsurer Swiss Re has invested in carbon dioxide air capture technology company specialist, Climeworks’ CHF 600 million (USD 650 million) equity round, which marks a major milestone for the company, and an even bigger step for the carbon removal industry. Last August, Swiss Re signed a ten-year purchase with Climeworks ... Read the full article
Moody’s predicts a strong renewals season
6th April 2022
Years of above-average insured cat losses has led to an environment of increased capital deployments towards property cat reinsurance because of increased pricing, says Moody’s in a new note. The agency said that reinsurers have so far this year boosted probably maximum loss (PML) exposures as higher pricing has drawn more ... Read the full article
Aon makes senior hire to its UK client industry sector
6th April 2022
Global re/insurance broker Aon has appointed David Kennedy as Client Industry Sectors Leader for the UK, where he will report to Jane Kielty, UK Chief Commercial Officer. Kennedy, who joins the firm on April 11 2022, brings more than 20 years of experience in corporate risk management, insurance broking and general ... Read the full article
Relm launches reinsurance business that accepts fiat and crypto
6th April 2022
Relm, an insurance provider to the crypto sector and only commercial insurer globally to hold Bermuda's IIGB License, has launched Relm II, a fully regulated collateralised reinsurance business that can accept both fiat and crypto as collateral. The new business enables the creation of regulated reinsurance capacity for companies operating in ... Read the full article
Australian Gov. rejects resilience funding contribution
6th April 2022
The Insurance Council of Australia (ICA) has expressed its disappointment in the Federal Government’s decision to not contribute to the Queensland Government’s extreme weather resilience package. Last month, the ICA praised the Queensland Government’s announcement of a $741 million Resilient Residential Recovery package to better protect Queenslanders from the impacts of ... Read the full article
Bishopsgate hires Caroline Richardson to lead new cyber practice
6th April 2022
Bishopsgate has appointed Caroline Richardson to lead its new cyber practice, joining from Miller Insurance Services, where she worked on both retail and wholesale cyber placements and solutions for global corporate organisations and facilities and grew its international and UK business. Prior to Miller she worked as Associate Director of Aon ... Read the full article
Life reinsurance carriers well capitalised despite COVID-19: AM Best
6th April 2022
In its latest market segment report, global ratings agency AM Best has said that life reinsurance carriers remain well capitalised withstanding pressures surrounding COVID-19. The report states that COVID-related life claims emerged much later for global life reinsurers, than it did for non-life reinsurers, with claims surging in late 2020 and ... Read the full article
Allianz & Swiss Re place first legally bound Cat XoL reinsurance DLT-contract, enabled by B3i
6th April 2022
Global insurer Allianz and Swiss Re, an international reinsurance company, have successfully placed the world's first legally bound catastrophe excess-of-loss (XoL) reinsurance contract on distributed ledger technology (DLT), enabled by B3i Re's live production network. The industry-led blockchain initiative, B3i, has been developing and enhancing its platform and solutions for some ... Read the full article
Resolution Life announces new rep office in Singapore to serve Asian life insurers
6th April 2022
Global life insurance group, Resolution Life has announced the formation of its new Representative Office in Singapore, following recent approval by the Monetary Authority of Singapore. The formation of the Representative Office is the first step in the company’s plan to establish itself in Asia, with ambitions to grow its portfolio ... Read the full article
Energy transition risk accelerated by events in Eastern Europe: WTW
6th April 2022
According to the annual Energy Market Review by global re/insurance broker WTW, the need to manage energy transition risk is being accelerated by the requirement to seek alternative sources of energy to oil and gas, following events in Eastern Europe. The report also covers the volatility of the energy sector, with ... Read the full article
AJ Gallagher acquires UK claims administrator
6th April 2022
Global insurance broker, Arthur J. Gallagher & Co., has announced its acquisition of UK third-party claims administrator Claims Settlement Agencies Ltd (CSA). Arthur J. Gallagher’s risk management services subsidiary, Gallagher Bassett International Ltd (GB), carried out the purchase of CSA, which is based in Hadleigh, Essex. Founded in 1990, CSA specializes in ... Read the full article
New capital requirements in Japan are credit positive: Moody’s
6th April 2022
Moody’s has said that Japan's new economic capital regulations for insurers are credit positive by encouraging more efficient capital management. The firm said in a new report that the regulations will improve insurers' capital management, promote balanced risk-taking and make capital metrics more reflective of, and responsive to, interest rate changes. ... Read the full article
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