Reinsurance News
BofA forecasts good 1/1 pricing updates, property cat pruning for reinsurers
26th January 2022
Bank of America (BofA) expects European reinsurers to announce good 1/1 renewal pricing updates, with rises supportive of its 1.5% (net of claims inflation) rate increase assumption for 2022. The bank also predicts European reinsurers to show signs of portfolio pruning in part of the property cat books in order to ... Read the full article
AEGIS London names new CUO and new CEO
26th January 2022
AEGIS London is promoting Matthew Yeldham to CUO, while incumbent Alex Powell will become CEO. While both positions are pending regulatory approval, the two are expected to move into their roles in the middle of the year after current CEO David Croom-Johnson retires. In a statement, Powell said that he was delighted ... Read the full article
Chubb names Connole as CFO, Overseas General Insurance
26th January 2022
Chubb has appointed Miriam Connole as Chief Financial Officer for Overseas General Insurance, the company's international general insurance operations, where she will have overall financial management responsibility for the company's commercial property and casualty, traditional and specialty personal lines. Connole will also have responsibility for the company’s accident and health insurance ... Read the full article
Five Sigma expands Series A funding round with Aquiline
26th January 2022
Five Sigma, a claims management solution provider, has expanded its Series A funding round from Aquiline Technology Growth (ATG), bringing the company's total funding to date to over $20 million. The Series A funding was initially announced in September last year, with Five Sigma planning to use the proceeds to optimise ... Read the full article
London’s global reinsurance market share falls 2% in a decade: LMG’s Wagstaff
26th January 2022
Despite being the largest global re/insurance market in the world, the London Market faces challenges and while primary business has expanded minimally over the past decade, its reinsurance market share has shrunk by 2%. Yesterday, the House of Lords Industry and Regulators Committee opened its inquiry into the regulation of ... Read the full article
Archipelago expands property risk capabilities
26th January 2022
AI-driven technology platform Archipelago has enhanced its solution to address exposures among buyers from its corporations with insurable property assets. Archipelago’s new enterprise solutions for its SaaS platform include cloud management of property data, AI-enhanced enrichment of geo-coding, COPE and cat-risk data, data insights and benchmarking. Its new product capabilities include the ... Read the full article
Munich Re’s Digital Partners collaborates with Obie to automate purchasing
26th January 2022
Chicago headquartered Obie, a provider of insurance for landlords and investors, has partnered with Munich Re's Digital Partners on a new offering designed to enable landlords to rapidly obtain bindable insurance quotes for their investment properties. Digital Partners is owned by global reinsurer Munich Re and offers digitally enabled entrepreneurs with ... Read the full article
AEGIS London reports rise in profit for 2021; CEO Croom-Johnson to depart
26th January 2022
The London subsidiary of AEGIS has announced a £27 million rise in reported Syndicate profit for 2021 to £87 million, as the company prepares for the departure of its Chief Executive Officer (CEO), David Croom-Johnson, in June 2022. The rise in profit came alongside a 9% year-on-year increase in premium gross ... Read the full article
EY latest survey finds UK most-attractive location for financial services
26th January 2022
The UK remains a consistent and increasingly attractive place for global financial services firms to invest in, according to Ernst & Young’s latest UK attractiveness survey. That survey has reportedly found that confidence in the UK is at an all-time high, with 87% of global financial services firms saying that they ... Read the full article
Cyber MGA Resilience sets up captive reinsurer
26th January 2022
Resilience, a cyber insurance and security solutions managing general agent (MGA), has announced the establishment of a new captive reinsurance company. Through the captive, Resilience Cyber Insurance Solutions plans to retain a share of each risk it underwrites. This strategy, Resilience says, will enable additional growth while also helping it to underwrite ... Read the full article
Geraghty named MD of Intl. & Ireland division at Bishopsgate
26th January 2022
Bishopsgate has announced that Conor Geraghty will join its leadership team as Managing Director of the newly formed International and Ireland division. He will report to Bishopsgate CEO Graham Kilby, initially focusing on the Republic of Ireland and Australasia, with ambitions to build out into continental Europe through 2022 and beyond. Geraghty ... Read the full article
RenRe’s Q4 combined ratio strengthens but nat cats dent full-year result
26th January 2022
Bermuda-based reinsurer RenaissanceRe (RenRe) has reported positive income and an underwriting gain for the fourth-quarter of 2021, but the heavy catastrophe load experienced saw the company's full-year combined ratio deteriorate slightly to 102.1%. For Q4 2021, RenRe has posted net income of $210.9 million and operating income of $213.7 million, compared ... Read the full article
Starr Insurance and Reinsurance chooses Harel to be its representative in Israel
26th January 2022
The US-based Starr Insurance and Reinsurance have chosen Harel Insurance Group as their representatives in Israel. The news, as reported in the Jerusalem Post, will see Starr become the eighteenth company represented by Harel. Gideon Hamburger, president of Harel, said the company was continuing to expand its global activity. He added: "Harel Group ... Read the full article
Hardening cyber market shows no signs of slowing: Berenberg
25th January 2022
Analysts at Berenberg have reported that hardening conditions in the cyber re/insurance market show no signs of slowing down, as demand for coverage continues to outstrip supply. As of Q3 2021, rates were up 204% cumulatively over 12 months and, currently, and Berenberg sees no evidence that this momentum will be ... Read the full article
Parametrix Insurance and Leavitt Group to mitigate cloud downtime risk
25th January 2022
Provider of parametric cloud downtime insurance, Parametrix Insurance and brokerage Leavitt Group have both announced that ComTech-Leavitt Insurance Services, a member of the two, has partnered to help businesses that use the cloud reduce their exposure to the risks of cloud downtime. With the cloud turning into the alternative to traditional ... Read the full article
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