Reinsurance News

WTW hires Giovanni Smyth as Regional Leader for ICT North & LatAm

26th April 2022

Leading advisory, broking and solutions company – WTW, has announced the appointment of Giovanni Smyth as the Regional Leader for North and Latin America for its Insurance Consulting and Technology (ICT) business. Smyth’s work has spanned across the insurance value chain, understanding and deepening connections between insurers’ technical and operational capabilities. His ... Read the full article

Inigo appoints Jane Bennett to lead entry into financial institutions

26th April 2022

Specialty re/insurer Inigo Limited has hired Jane Bennett to lead its newly established Financial Institutions team, which sits under the firm's Casualty and Financial Line. For more than two decades, Bennett has held similar roles at ACE (later acquired by Chubb) and Faraday, bringing a wealth of experience as an underwriter. In ... Read the full article

Lloyd’s negotiating lease renewal for 1 Lime Street, would like to stay: Carnegie-Brown

26th April 2022

The Lloyd's Chairman has told Bloomberg that 2026 would be too soon for the marketplace to leave its home on 1 Lime Street in London, as it continues to negotiate to extend its lease beyond 2030. In an interview with Bloomberg, Bruce Carnegie-Brown was questioned on the market's plans to stay ... Read the full article

Aircraft lessor writes off Russian jets, as hopes of recovery fade

26th April 2022

Lessor company Air Lease Corporation has revealed that it expects to record a write-off of its interests in its owned and managed fleet that remain in Russia, totalling approximately $802.4 million. The company believes it is “unlikely” to regain possession of aircraft that have not been returned by Russia since Western ... Read the full article

CyberCube partners with actuarial capital modeller

26th April 2022

Cyber risk analytics firm CyberCube has announced a new partnership with Ultimate Risk Solutions (URS), a provider of actuarial capital modelling to the insurance and reinsurance sectors. The partnership will see URS integrate CyberCube’s Portfolio Manager model outputs with its Risk Explorer financial analysis software for insurers and reinsurers. Risk Explorer models ... Read the full article

Ariel Re provides performance guarantee cover for sustainable waste firm

26th April 2022

Bermuda-based reinsurer Ariel Re has insured the long-term performance warranty of Ecogensus, a technology firm focused on delivering sustainable waste management solutions. Through its Lloyd’s Syndicate 1910, Ariel Re will provide insurance coverage to backstop comprehensive performance guarantees for Ecogensus’ recyclers, which process solid waste into high performance biofuels. In addition to ... Read the full article

Google a potential threat to incumbent insurers, says GlobalData

26th April 2022

A survey conducted by GlobalData suggests that Google poses the greatest threat to insurers in the UK were it to offer end-to-end household insurance products. It's been touted for some time now that the likes of Google and Amazon, both of which have substantial brand recognition, enhanced digital capabilities and speedy ... Read the full article

Falvey Insurance Group names Roxanne Nelson Chief People Officer

26th April 2022

Falvey Insurance Group has announced that effective immediately, Roxanne Nelson has been appointed to Chief People Officer, making her the first female member of the C-Suite in this brand new role within the organisation. Within her new role, Nelson will join the existing executive team at Falvey, which includes, Jack Falvey, ... Read the full article

FedNat has doubt it can continue amid downgrade and underwriting losses

26th April 2022

Florida headquartered primary insurer FedNat has cast doubt over its ability to continue as a going concern in light of its recent rating downgrade by Demotech, while the firm expects further underwriting losses in Q1 2022 on the back of new catastrophe weather events. Almost a decade ago, FedNat embarked on ... Read the full article

Brown & Brown reports revenue increases of 11%

26th April 2022

Brown & Brown is reporting revenues of $904.7m in its Q1 2022 financial results. The firm said that this included a $89.4m (11%) increase compared to Q1 2021. Income before income taxes was $265m, increasing 10.8% from the prior year with Income Before Income Taxes Margin remaining consistent with the prior ... Read the full article

GFIA outlines five areas of global minimum tax implementation concern

26th April 2022

The Global Federation of Insurance Associations (GFIA) has identified five areas of concern for the insurance industry in its response to the OECD’s public consultation on the Implementation Framework of the global minimum tax. The five areas outlined by the GFIA are:

1. implementation timeline and complexity
2. deferred tax recasting at the

W.R. Berkley posts record underwriting income

26th April 2022

Re/insurance holding company W. R. Berkley Corporation has posted record underwriting income of $274.4 million for the first quarter of the year. The company’s net income similarly more than doubled from $229.5 million to $590.6 million, while operating income moved from $201.8 million to $306.9 million. During Q1, net premiums written also ... Read the full article

Arcadian promotes Nicole Barna to new role

26th April 2022

Arcadian has promoted Nicole Barna to be its executive vice present, head of transactional liability underwriting in addition to her present role as underwriting counsel. According to the firm, Barna joined Arcadian shortly after its inception in January 2021 as a Senior Vice President with responsibility for the development of Arcadian’s ... Read the full article

Ryan Specialty and Nationwide partner to support specialty insurance marketplace

26th April 2022

International specialty insurance firm, Ryan Specialty has announced a new strategic arrangement with US based Nationwide to support innovation and address needs in the specialty insurance marketplace. Both companies remain parties to a joint venture first entered into in May 2019, that established Bermuda-based reinsurer – Geneve Re Ltd.  This new ... Read the full article

AM Best sees positives for London insurance market, maintains stable outlook

26th April 2022

A myriad of factors including upward rate momentum, greater clarity around COVID-19 losses, a focus on modernisation, and improved access to alternative reinsurance capital have led AM Best to maintain its stable outlook for the London insurance market segment. For several years now, the London market has welcomed rate increases with ... Read the full article