Reinsurance News
Donegal Insurance hires Hudnall as SVP of Commercial Lines
19th April 2022
The Donegal Insurance Group has announced the appointment of Matthew Hudnall as Senior Vice President (SVP) of the group's Commercial Lines business. In his new role as SVP of commercial lines, Hudnall will play a key role in developing and executing the strategy for Donegal’s Commercial Lines business, driving underwriting quality ... Read the full article
AM Best downgrades credit ratings of Tower Hill Prime
19th April 2022
AM Best has downgraded the Financial Strength Rating (FSR) to B+ (Good) from B++ (Good), and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb-” (Good) from “bbb” (Good) of Tower Hill Prime Insurance Company (Tower Hill Prime). The outlook of these credit ratings is negative. The ratings are said to reflect ... Read the full article
Marsh reports fall in property damage losses in global hydrocarbon sector
19th April 2022
A new report from Marsh says that the global hydrocarbon extraction, transport, and processing industry experienced a significant reduction in major property damage losses during 2020-2021. The broker’s report, 100 Largest Losses in the Hydrocarbon Industry, says that this was due in part to the Covid pandemic, alongside ‘well-executed business continuity ... Read the full article
Kin secures $175m in first cat bond issuance
19th April 2022
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has closed a $175 million private placement catastrophe bond transaction. The transaction represents Kin’s first foray into the capital markets, with the coverage set to provide the Kin Interinsurance Network with indemnity-based coverage for large hurricanes ... Read the full article
TigerRisk appoints Josh Everdell as global head of casualty and global accounts
19th April 2022
TigerRisk has signalled an intent to grow its global casualty business by appointing Josh Everdell as its new global head of casualty and head of global accounts. The Connecticut-based firm said that Everdell’s specialty was in casualty reinsurance treaty placements. He will report directly to Tim Ronda, senior executive at TigerRisk. Rob ... Read the full article
Fidelis names Swiss Re’s Olivia Brindle as Head of Sustainability
19th April 2022
Specialty insurer and reinsurer Fidelis has appointed Olivia Brindle as its new Head of Sustainability, joining from Swiss Re where she was an Investor Relations Senior Manager. In her previous role, she interacted with a wide range of stakeholders, both internal and external, on topics of financial and strategic importance, which ... Read the full article
PERILS estimates AUD 3.4bn in insured losses for Australia floods
19th April 2022
Catastrophe loss aggregator PERILS has disclosed its initial industry loss estimate of AUD 3.991 billion for the Eastern Australia floods, which occurred during the period of 23 February to 8 March 2022. The flooding was induced by an extended period of heavy rainfall resulting in major river and surface water flooding. PERILS’ ... Read the full article
Alleghany confirms end of “go-shop” period under Berkshire merger agreement
19th April 2022
The "go-shop" period under the merger agreement between Alleghany Corporation and Berkshire Hathaway has now ended, meaning the former is now bound by customary "no-shop" restrictions under the definitive merger agreement. Under the terms of the arrangement, Alleghany and its representatives were allowed to solicit and consider alternative acquisition proposals from ... Read the full article
VIG reports solvency ratio of 250% in 2021 results
19th April 2022
Vienna Insurance Group (VIG) has reported a solvency ratio of 250% at the end of the 2021 financial year, highlighting the company’s strong capitalisation. As of December 31 2021, VIG had own funds of roughly EUR 10.3 billion, approx. 85% of which was in the highest quality category. VIG also achieved a ... Read the full article
AM Best turns negative on French life and non-life sectors
19th April 2022
AM Best has turned negative its outlook on France’s life and non-life insurance segments. The ratings agency said that both were facing challenges, naming uncertain economic conditions, increased volatility, geopolitical tensions, and inflation in relation to the non-life sector, and low-interest rates and economic headwinds in relation to its life counterpart. ... Read the full article
FedNat rating downgraded to ‘S’ by Demotech
18th April 2022
Florida headquartered primary insurer FedNat has lost its 'A' rating as Demotech has downgraded its Financial Stability Ratings (FSR) to 'S' (Substantial), putting the carrier at-risk of its policies not being allowed for mortgaged homes. Only last October Demotech affirmed the 'A' (Exceptional) Financial Stability Rating (FSR) of FedNat Insurance ... Read the full article
SCOR expects high double-digit EUR million impact from Ukraine conflict
18th April 2022
French reinsurance company SCOR warned that it anticipates booking a first-quarter charge in the "high double-digit EUR million range" for potential losses related to the Ukraine - Russia conflict and that its result for Q1 2022 may be a loss. SCOR is the first of the major global reinsurance firms to ... Read the full article
Ukraine conflict industry loss could exceed $20bn: PCS
18th April 2022
The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... Read the full article
Russia-Ukraine conflict denting global confidence
14th April 2022
Russia’s invasion of Ukraine in recent weeks has caused confidence in global trade to fall dramatically, according to the latest Allianz Trade Global Survey 2022. The authors of the report say they conducted two surveys involving nearly 3,000 corporates. One survey was conducted before the start of the invasion, with the ... Read the full article
Gallagher Re names new Executive Director, France Benelux Life & Health
14th April 2022
Reinsurance broker Gallagher Re has appointed Arnaud Mézière as Executive Director, France Benelux Life & Health. Mézière joins Gallagher Re from Reinsurance Group of America, where he worked in the French region as a Business Development specialist. Prior to that position, he worked as NEEM Strategy Analyst at BNP Paribas Cardif, and ... Read the full article
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