Reinsurance News
Net zero goals top LIIBA’s agenda for 2022
24th January 2022
The London and International Insurance Brokers’ Association (LIIBA) has highlighted the issue of how to achieve net zero goals as one of its key goals for 2022, as leaders brace for another year of change at an “unprecedented pace.” In its agenda for this year, LIIBA said that the government’s desire ... Read the full article
Lou Smith to lead WTW’s Consulting and Technology business
24th January 2022
WTW has has appointed Lou Smith to the company’s Insurance Consulting and Technology business, where she will lead the unit’s Commercial Lines data strategy and expand its digital trading capability. Smith most recently served as the first Chief Digital Officer at Lloyd’s of London, holding the responsibility for shaping and delivering ... Read the full article
Pacific Life Re promotes Nicholas Lax to lead R&D in Europe
24th January 2022
Pacific Life Re, a global provider of mortality, morbidity, and longevity reinsurance solutions, has announced the appointment of Nicholas Lax as Head of Research & Development (R&D), Europe. Having joined the company in 2018 as a member of the R&D team, Lax brings 17 years of life and pension industry experience ... Read the full article
Howden acquires Italian firm Tower
24th January 2022
Broking company Howden has bought the Italian broking and risk consultants Tower. This is another acquisition of an Italian company by Howden, following the firm’s deal to take on Andrea Scagliarini in July last year. Howden’s newest acquisition specialises in the jewellery sector and is based in Vicenza. Luigi Sturani, regional CEO ... Read the full article
Pen Underwriting signs new £300m capacity deal with QBE
24th January 2022
Pen Underwriting has entered into two new long-term UK capacity deals with insurer QBE, focusing on the areas of public authority and higher education risks, as well as hazardous goods, environmental industries, and tanker transportation. Together, both of the agreements will see QBE provide capacity for nearly £300 million in premium ... Read the full article
BoA predicts strong numbers for European reinsurers
24th January 2022
Bank of America (BoA) has said that reinsurers in Europe should post strong last-quarter numbers for 2021, saying that figures for that period may be higher than expected. The bank said it believes that a strong Q4 2021 will contrast well with the same period of the year before, which was ... Read the full article
Peak Re adds Piotr Nowakowski to P&C business
24th January 2022
Hong Kong domiciled reinsurer Peak Re has appointed Piotr Nowakowski as Director, Head of Product Underwriting for the firm's Property and Casualty (P&C) operation. Effective February 1st, 2022, Nowakowski takes on direct responsibility for the underwriting function, which includes underwriting governance and controls, portfolio management, and product development for Peak Re's ... Read the full article
Covid-19 prompts investment rethinking for insurers
24th January 2022
The Covid-19 pandemic, two years in, has caused major shifts in the investment policies of major insurers, according to a new report from bfinance. The Insurer Investment Survey, released this week, reports on how insurers have been working to improve their investment outcomes since March 2020. This move, said bfinance, in ... Read the full article
Declining motor premiums puts Japanese focus on property and specialty
24th January 2022
A decline in motor premiums is pushing the Japanese general insurance market to focus on property and specialty lines. This trend has been pointed out by analyst firm GlobalData, who pointed to statistics from Japan that suggest a fall of 12.7% in the number of traffic accidents within the country between ... Read the full article
Government reforms to strengthen Indian insurers: Moody’s
24th January 2022
Analysts at Moody’s have reported that rising premium growth and government reforms are expected to strengthen Indian insurers’ profitability. The rating agency says growth prospects are favorable in the months ahead, supported by strong GDP expansion in India and demand for health insurance. Specifically, the government's plans to recapitalize India's dominant state-owned ... Read the full article
Better than expected 1/1 conditions leave Conduit Re’s Eckert bullish on outlook
21st January 2022
For Class of 2021 reinsurance start-up, Conduit Re, market conditions at the January 1st, 2022, renewals were ahead of expectations, leading the company's Chairman, Neil Eckert, to be optimistic for the months ahead. Earlier this week, $1.1 billion start-up reinsurer Conduit Re reported its January 2022 trading statement, which showed ... Read the full article
MetLife completes first UK pension scheme liabilities longevity swap
21st January 2022
Metropolitan Tower Life Insurance Company has completed its first longevity swap of UK pension scheme liabilities. The transaction, which went through in Q4 2021, means that company—a subsidiary of MetLife—will provide reinsurance for longevity risk associated with $3.5bn of pension liabilities. The lead adviser on the deal was Aon, while the intermediary ... Read the full article
Swiss Re announces raft of promotions
21st January 2022
Swiss Re Corporate solutions has begun to undertake the process of transitioning from national to regional underwriting of its single carrier deals. Announced yesterday, the organisation said it was making a raft of promotions within its regional underwriting organisation. These include Sarah Magill, group head central (former team lead based in Chicago ... Read the full article
Reinsurance market capital rose 3-4% in 2021
21st January 2022
The reinsurance market is well capitalised and able to absorb demand for its coverage, according to data from Fitch Ratings. Despite catastrophe losses of more than $100 billion 2021, Fitch reports that traditional and alternative reinsurance capital increased together by around 3-4%. As a result of this growth, the ratings agency feels ... Read the full article
Shanghai port disruption a BI concern for re/insurers: Russell Group
21st January 2022
Analysis by risk management organization Russell Group shows that current port congestion at Shanghai is costing an estimated $4.5 billion a week in lost trade, opening the door to both supply chain and business interruption risks. The firm says this is a “clear worry” both for insurers and reinsurers, who could ... Read the full article
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