Reinsurance News
Allianz and Sanlam announce joint venture
9th May 2022
Allianz has announced a joint venture with African financial services firm Sanlam. According to the two firms, the joint venture will create the largest financial services company on the African continent. The joint venture will house the business units of both Sanlam and Allianz in 29 African countries where one or ... Read the full article
Loadsure makes senior appointments in Nathan Trimble and Kate Lawson
9th May 2022
Loadsure has made two appointments at the top of its organisation. The firm said it has promoted Nathan Trimble to CCO and Kate Lawson to head of people and culture, effective immediately. They both report to Jim Heide, COO. Johnny McCord, CEO of the company, said: “Both Nathan’s and Kate’s contributions have ... Read the full article
WTW releases upgraded version of ResQ reserving software
9th May 2022
Insurance and reinsurance broker, WTW, has announced the launch of the newest version of its industry-leading loss reserving and financial reporting software, ResQ. ResQ 5.3 introduces a number of new features including ResQ Agent Processing, a new capability that represents a major evolution of the ResQ Enterprise Processing Engine. ResQ Agent Processing ... Read the full article
Weightmans buttresses its insurance team with Paul Hughes and Alice Wilson
9th May 2022
UK law firm Weightmans has added two partners to its insurance team. Paul Hughes joins Weightmans’ team in Newcastle from Thomas Miller Law, with the aim of establishing and growing a personal injury team for the firm in the North East. Alice Wilson, meanwhile, joins in London, where she will act ... Read the full article
Stagflation likely but conditions are temporary: Swiss Re
6th May 2022
Analysts at Swiss Re Institute say that their baseline outlook for the global economy is now a ‘stagflation-like’ scenario, although they assured that these conditions should be temporary, and may even benefit re/insurers in the long-term, despite representing a short-term threat to profitability. Reflecting on recent global events, Swiss Re notes ... Read the full article
IVANS says nearly all commercial rates up
6th May 2022
IVANS has said that the majority of commercial lines of business experienced increases in April and remain higher than at the same point last year. According to the firm, Workers’ Compensation remains the only line of business to decrease in average premium renewal rates. All other major commercial lines continue to ... Read the full article
RenRe ‘not that interested in Florida’, structural issues a big concern: CEO O’Donnell
6th May 2022
Ahead of the mid-year renewals, Bermuda-based RenaissanceRe is less interested in the Florida market than in the past, with the company's Chief Executive Officer (CEO), Kevin O'Donnell, explaining that the outcome in June is "of diminishing consequence to us." Plagued by structural and legal issues, the Florida domestic homeowners' market is ... Read the full article
Catalina General takes on loss portfolio transfer from QBE Insurance Group
6th May 2022
Reinsurance firm Catalina General has agreed with QBE Insurance Group’s subsidiaries for a loss portfolio transfer of QBE’s legacy North American Excess and Surplus (E&S) lines prior accident year liabilities. The deal is still subject to regulatory approvals and certain closing conditions. Steve Ryland, group head of global distribution for Catalina, said: ... Read the full article
Ark reports gross written premiums up more than 50% on Q1 2021
6th May 2022
Ark Insurance Group has reported gross written premiums of $633m, net written premiums of $544m, and net earned premiums of $194m in Q1 2022 against gross written premiums of $405m, net written premiums of $342m, and net earned premiums of $105m in Q1 2021. The firm said it was reporting a ... Read the full article
BMA introduces new innovative class for long-term insurers (Class IILT)
6th May 2022
The Bermuda Monetary Authority (BMA) has proposed amending the Insurance Act 1978 to introduce a new innovative class for long-term insurers. The BMA said in a statement that it believed market developments in the next decade will lead to a conflux of insurance, capital markets, artificial intelligence, and distributed ledger technology. In ... Read the full article
Heritage falls to net loss in Q1 despite strong premium growth
6th May 2022
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, Inc., has reported a net loss $30.8 million in Q122, compared to a loss of $5.1 million in the prior year quarter. The YoY change stems from a larger underwriting loss driven by higher weather-related losses, partly offset by an increase ... Read the full article
Reinsurance Group of America saw premiums grow 8.3% in Q1 2022
6th May 2022
Reinsurance Group of America (RGA) is reporting a growth in premiums of 8.3% between Q1 2021 and Q1 2022. The firm, in its latest results, said that the global estimated impact of Covid-19 would be $310m on a pre-tax basis. It also said that first quarter consolidated net premiums totalled $3.2bn, ... Read the full article
Kin Insurance reports strong Q1 as total written premium grows by 230% YoY
6th May 2022
Kin Insurance has reported a gross written premium (GWP) of $54.1 million for Q122, over three times more than the $16.4 million GWP the company reported in the prior-year period. $52.9 million (98%) of the GWP in Q122 was written through the Kin Interinsurance Network – a reciprocal exchange manged by ... Read the full article
TransRe profits help offset Alleghany investment dip
6th May 2022
A strong underwriting performance for Alleghany, including for its TransRe reinsurance subsidiary, has helped to offset a decline in investment income for the first quarter 2022 period. Alleghany reported underwriting profits of $186.5 million for Q1, compared with just $16.7 million for the same period in 2021. This included $71.6 million of ... Read the full article
SiriusPoint makes raft of IT appointments
6th May 2022
SiriusPoint has made a slew of appointments to its IT team. The company said that the new team will integrate the company’s platforms, creating improved IT functionality to enable the operational efficiency of the business. Darryl Siry, CTO of the company, said: “Developing an industry-leading technology approach has been a priority for ... Read the full article
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