Reinsurance News
AXA XL promotes Andrew Maynard
1st February 2022
AXA XL, the property & casualty and specialty risk division of global insurer AXA, has named Andrew Maynard as its new Head of Life, Accident & Health (A&H), UK & Lloyd's, effective immediately. Maynard takes on responsibility for leading all underwriting activities for the UK & Lloyd's A&H operation, and for ... Read the full article
Kemper increases excess of loss reinsurance cover for 2022
1st February 2022
Kemper has increased the excess of its loss reinsurance program for this year by a third. The rise, from $225m to $300m, comes from what the insurer says is the ‘increased size of business’. The current program covers losses at 95% of $300m in excess of than $50m. Wrote the insurer in ... Read the full article
Louisiana insurers have paid or reserved $10.5bn of Hurricane Ida claims
1st February 2022
Insurance carriers in Louisiana have paid or reserved $10.5 billion on all types of claims related to Hurricane Ida, which devastated the state on August 29th, 2021, as a Category 4 storm after making a prior landfall in the Caribbean. The $10.5 billion figure comes from Insurance Commissioner Jim Donelon, who ... Read the full article
Munich Re US names SCOR’s Haynes Head of Casualty Underwriting
1st February 2022
Global reinsurer Munich Re has appointed Maura Haynes as Head of Casualty Underwriting in the U.S., Reinsurance Division, where she will be based in New Jersey. Haynes previously worked for SCOR for just under six years, holding numerous leadership roles, most recently as US Casualty Team Leader. During her time there, she ... Read the full article
Reinsurance cycle to catch primary through 2022: Goldman Sachs
1st February 2022
Analysts at Goldman Sachs believe that the reinsurance pricing cycle could catch up with the primary cycle through 2022 and into 2023. Despite the market now being five years into a hard cycle, Goldman Sachs notes that the traditional industry has remained strongly capitalised, meaning the supply of reinsurance has been ... Read the full article
POP Holdings launches M&A marketplace in Australia
1st February 2022
POP Holdings has launched io.insurer, an online mergers and acquisitions marketplace for SME transactions, in Australia. The service, which is designed to bridge the significant risk protection gap in the niche M&A segment for SMEs, will launch around the world at a later date, following an initial rollout in Australia. The service ... Read the full article
IGI appoints Stav Tsielepis as Chief Risk Officer
1st February 2022
International General Insurance Holdings Ltd. has announced the appointment of Stav Tsielepis as Chief Risk Officer of the IGI group. Based in the Company’s London office, Tsielepis will work with the executive team with responsibility for administering IGI’s risk management framework including the exposure management and capital modelling functions across the ... Read the full article
Wilkie Farr & Gallagher appoints David Luce as partner
1st February 2022
Wilkie Farr & Gallagher has appointed David Luce to be a partner in its New York office. Luce, who has joined the company’s Firms Insurance Transactional and Regulatory Practice, comes to the firm with over twenty years experience in complex insurance-related transactions, regulatory matters, and litigation. Wilkie Farr & Gallagher said that ... Read the full article
Rate increases persist, reflecting losses and low returns: Marsh McLennan CEO
31st January 2022
In the property and casualty (P&C) insurance market, rate increases have persisted and reflect elevated losses, low returns, concerns about inflation, and a firming reinsurance market, reported Dan Glaser, President and Chief Executive Officer (CEO) at Marsh McLennan (MMC). During the broker's Q4 earnings call, he explained that the Marsh Global ... Read the full article
NFIP keen to work with private sector; sees reinsurance partnerships as mutually beneficial
31st January 2022
The U.S. Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) is eager to continue working with the private sector to help close the country's flood protection gap and has called on its reinsurance partners to encourage clients to explore flood risk. "We want to continue to work with the ... Read the full article
Principal to reinsure $25bn of annuity & life business with Sixth Street’s Talcott
31st January 2022
Principal Financial Group has entered into an agreement with an affiliate of Sixth Street and its insurance platform, Talcott Resolution, to reinsure the company’s in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee blocks of business. Under the terms of the transaction, Talcott will reinsure approximately $25 billion ... Read the full article
CyberCube names Jon Laux as VP, Analytics
31st January 2022
Risk management firm CyberCube has appointed Jon Laux as Vice President, Analytics where he will oversee the company’s Actuarial and Cyber Risk Modelling teams. He joins from Aon where he held a number of senior roles over a 15 year period. Most recently he was Head of Cyber and Analytics , ... Read the full article
Greenlight Re to establish Lloyd’s Syndicate 3456
31st January 2022
Greenlight Re Innovations (GRI) has received ‘in-principle’ approval from Lloyd’s to establish an insurtech-focused syndicate. Syndicate 3456 will be established under the Syndicate-in-a-Box (SIAB) model and is slated to commence operations in Q2 2022. Greenlight Re said in a statement that it would provide capacity to its growing portfolio of insurtechs. ... Read the full article
PERILS affirms loss estimate of AUD$1.028bn for Australia storms
31st January 2022
PERILS has looked again at the loss arising from the Southern Australia Severe Storms of last October and issued a second estimate that pegs them at AUS $1.028bn. The organisation said it had based this figure on loss data collected from the majority of the Australian insurance market and includes losses ... Read the full article
FM Global promotes Sanjay Chawla as EVP
31st January 2022
Commercial property insurer FM Global has appointed Sanjay Chawla as Executive Vice President, where he will oversee strategic corporate initiatives, including collaborating with an investment lens on the company’s environmental, social and governance priorities. Chawla joined the company in 2018 as Senior Vice President of Investments, and will continue to report ... Read the full article
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