Reinsurance News
Climate change will offer long-term tailwinds: Goldman Sachs
4th February 2022
Analysts at Goldman Sachs believe that the London Market and re/insurance stocks are debating whether companies are pricing correctly for the increased cost of weather losses due to climate change, or whether companies are basing pricing on historical trends. According to analysts, the market is also questioning whether or not companies ... Read the full article
RGA’s full year net income rises despite $1.4bn in COVID-19 claims
4th February 2022
U.S life reinsurance company, Reinsurance Group of America (RGA), has reported net income of $617 million for the full year 2021 in spite of pre-tax COVID-19 claims of around $1.4 billion. Year-on-year, RGA's 2021 net income swelled by more than 48%, while operating income fell dramatically, from $496 million in 2020 ... Read the full article
AM Best finalises ratings for Brookfield’s Cayman reinsurer
4th February 2022
AM Best has finalised its financial strength and credit ratings for North End Re (Cayman), a segregated portfolio company owned by Brookfield Asset Management. The rating agency assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to the unit, in line with Read the full article
Premium renewal rates reached new high in December: IVANS
4th February 2022
IVANS, a division of Applied Systems, has released the Q4 and full-year results of its insurance premium renewal rate index, which show that premium renewal rates for most major commercial products reached new highs in December. The fourth quarter results showed an increase in the average premium renewal rate change across ... Read the full article
PIC signs further buy-in with MNOPF
4th February 2022
The Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has signed a further buy-in with the Trustee of the Merchant Navy Officers Pension Fund (MNOPF), covering £400 million of liabilities The deal between the two follows a £1.6bn transaction two years ago, where PIC secured the ... Read the full article
Gallagher Re reveals major catastrophe losses topped $116bn in 2021
3rd February 2022
Gallagher Re has revealed that insured losses from major catastrophes in 2021 have so far reached $116bn, which the broker said was the third largest in ten years. The figure was also reported by the reinsurance broker to be 63% higher than the average annual loss since 2011. Like the peak ... Read the full article
Markel eyes 90% reinsurance combined ratio after shift in focus
3rd February 2022
By 2023, Markel Corporation is hopeful of achieving at least a 90% combined ratio in its reinsurance business after its decision to reduce volatility in the book by transitioning the property line to its insurance-linked securities (ILS) operation Nephila. Markel began this process in the first quarter of 2021, and ... Read the full article
Verisk and HOVER team up to help streamline property claims
3rd February 2022
Verisk and HOVER are working together to help insurers, adjusters, restorers, and policyholders streamline claims. The two companies are teaming up to combine Verisk’s Xactimate with technology from HOVER that can take smartphone photographs and turns them into a ‘digital twin with valuable 3D data’. Property professionals and policyholders can use the ... Read the full article
Brace Underwriting appoints new head of distribution
3rd February 2022
Brace Underwriting has appointed Glenn Dorr to be its new head of distribution for North America. It is thought that Dorr will be stepping into his new role from the beginning of the month. In doing so, he will be reporting to Adam Holberry, co-founder and CUO. According to the company, he ... Read the full article
2022 to see less intense growth rates: MAPFRE report
3rd February 2022
Analysts at MAPFRE Economics have released a report which shows that the second half of 2021 saw less intense growth rates which will continue into this year, reducing from 4.9% to 4.8% for 2022 in the baseline scenario, while they predict an increase of 3.6% for 2023. They also explained that ... Read the full article
HDI Global SE names Meike Röllecke as Head of Cyber & Financial Lines
3rd February 2022
HDI Global SE has appointed Meike Röllecke as the new Head of Cyber & Financial Lines, where she will manage the global underwriting business of the industrial insurer with cyber insurance policies for industrial and corporate clients. Prior to her new role, Röllecke was Head of Cyber Local Risk, having previously ... Read the full article
Arrow Risk Management appoints new head of claims
3rd February 2022
Arrow Risk Management has appointed Mike Gardiner to be its new head of claims. Gardiner, the company said, will be starting in his new role immediately. He previously spent ten years as a consultant to Barbican Insurance Group. In his new role at Arrow Risk Management, Gardiner will be responsible for managing all ... Read the full article
LMA calls for market-wide approach to underwriter availability
3rd February 2022
The Lloyd’s Market Association (LMA) has today called for a transparent, market-wide approach to the availability of underwriters in the Lloyd’s Underwriting Room and in their respective offices. It says that this will provide the industry with more certitude around any business that needs to be conducted in person and ensure ... Read the full article
Hannover Re expects improved rate trends to persist at upcoming renewals
3rd February 2022
Sven Althoff, Board Member for Property and Casualty (P&C) at global reinsurer Hannover Re, said this morning that the company expects the "broad trend of improved rates will continue to apply both at the insurance and at the reinsurance level" at the April and mid-year renewals. Early this morning, Hannover ... Read the full article
AXA makes two leadership appointments
3rd February 2022
Global insurer AXA has promoted its current Head of Investor Relations, Andrew Wallace-Barnett as Group Chief Compliance Officer, succeeding Ian Johnson who will be retiring after a 30-year career in the Group. Wallace-Barnett will report to George Stansfield, Group Deputy CEO, General Secretary, and a Member of the AXA Group Management ... Read the full article
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