Reinsurance News
Munich Re’s MEAG launches European office property fund
27th April 2022
Munich Re’s MEAG has launched a new European core office property fund, which will focus on high-quality office properties in prime locations in Europe’s top venues. Both Munich Re and global Spanish insurer, MAPFRE, will be partnering as seed investors, as they will be contributing to the initial asset portfolio with ... Read the full article
WR Berkley appoints Scott M. McDonough as president of MEC
27th April 2022
WR Berkley has named Scott M. McDonough as president of Midwest Employers Casualty (MEC), succeeding Timothy Galvin. The company said, meanwhile, that Galvin will become chairman of MEC. Both appointments are to be effective immediately. J. Robert Berkley, Jr., president and CEO of the company, said: “We are exceptionally grateful to Tim ... Read the full article
Tesla Insurance could pose long-term threat to US auto insurance industry: Morgan Stanley
27th April 2022
Analysts at Morgan Stanley have said that in the long-term, Tesla Insurance may pose a threat to the ~$260 billion US auto insurance industry, following the company’s expansion of its new insurance product that uses real-time driving behaviour data. The insurance offering was recently launched in Virginia, Colorado and Oregon. It ... Read the full article
Chaucer commits to net zero by 2050
27th April 2022
Specialty reinsurer Chaucer has said it aims to achieve net zero in greenhouse gases by 2050, if not before. The firm said that this commitment encompasses its global underwriting and investment portfolios. John Fowle, CEO of Chaucer says: “We all need to play our part in addressing climate change. By committing to ... Read the full article
TWIA General Manager John Polak to retire at the end of 2022
27th April 2022
The Texas Windstorm Insurance Association (TWIA) has announced that its General Manager, John Polak will retire at the end of 2022 after 11 years of leading the wind and hail insurer of last resort for the Texas coast. TWIA’s Board of Directors will immediately begin a candidate search to find a ... Read the full article
Resilience names Sarah Thompson SVP of Underwriting
27th April 2022
Insurance and security solutions specialist, Resilience, has announced the appointment of Sarah Thompson as Senior Vice President (SVP) of Underwriting. Thompson joining Resilience reflects the strong market momentum toward the company’s Insure and Secure model. Within her new role, Thompson will be based in Resilience’s New York office, and she will report ... Read the full article
Goosehead loss widens despite revenue growth
27th April 2022
Goosehead Insurance, an independent personal lines insurance agency, has reported a net loss of $5.4 million for the first quarter of 2022, including a loss from operations of $6.1 million. This compares with a net loss of $1.1 million for the same period in the previous year. Despite the larger loss figure, ... Read the full article
Canopius names Claire Wallace Head of Marine Treaty
27th April 2022
Global specialty insurer and reinsurer Canopius Group has announced the appointment of Claire Wallace to Head of Marine Treaty, effective immediately. Based in London and reporting to Canopius’s Head of Specialty Reinsurance, Chris Gray, within her new role Wallace will be responsible for leading a team of global underwriters writing marine ... Read the full article
Howden, Munich Re & Skyline develop parametric solution for Jamaican farmers
27th April 2022
Broker Howden has partnered with global reinsurer Munich Re and Skyline Partners, a private-equity funded UK insurtech, to develop a parametric insurance solution designed to protect farmers in Jamaica from extreme weather events. With farming being the main the source of income for roughly 18% of the Jamaican population, adverse weather ... Read the full article
Chubb reports huge fall in reported net income
27th April 2022
Chubb has said its reported net income for Q1 2022 was $1.97bn, after falling from $2.3bn in the previous year. Other figures released by the insurer were that P&C combined ratio was 84.3% compared to 91.8% prior year, and the current accident year P&C combined ratio excluding catastrophe losses was 83.5% ... Read the full article
Markel’s CR strengthens in Q1 but investments dent result
27th April 2022
Markel Corporation has reported an improvement in its combined ratio to 89% for the first quarter of 2022, as earned premiums increased to almost $1.8 billion in the period. The re/insurer's combined ratio strengthened by five percentage points from the 94% reported in Q1 2021, driven by a lower current accident ... Read the full article
Impact of Russia-Ukraine on British insurers is ‘profound’
27th April 2022
British insurers being profoundly impacted by Western sanctions on Russia has been the message given to UK MPs. On Monday, the Commons Treasury Committee sat with insurers and other financial economic experts to hear about the impact of sanctions on London’s insurance sector. According to reports, Neil Roberts, head of marine and ... Read the full article
Skyward Specialty files IPO registration statement with SEC
27th April 2022
Specialty insurance firm Skyward Specialty has confidentially submitted a draft registration statement with the US’s Securities and Exchange Commission (SEC) relating to an initial public offering of its stock. The firm made the announcement in a statement but did not provide any information as to how many shares would be offered ... Read the full article
Beazley has war exclusions in every cyber policy: J.P Morgan
27th April 2022
In a report released by J.P Morgan based on findings from a recent conference call with Beazley’s Global Head of Cyber & Technology, Paul Bantick, to discuss the specialist insurers cyber business, it states that Beazley has war exclusions in every cyber policy. The report adds that the exclusions have two ... Read the full article
ICMIF reflects on progress at centenary milestone
27th April 2022
The International Cooperative and Mutual Insurance Federation (ICMIF) is celebrating 100 years since its inception in Rome in 1922, but leaders says the organisation “cannot afford to stand still.” In a recent interview, Hilde Vernaillen, the current President and CEO of one of the ICMIF’s founding members, the P&V Group (Belgium), ... Read the full article
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