Reinsurance News
FERMA says captives should be regulated as low risk by default
17th January 2022
The Federation of European Risk Management Associations (FERMA) has argued that European insurance regulation should automatically treat captives as low-risk undertakings unless there are clear reasons to apply the full criteria. The comments form part of FERMA’s response to the latest consultation exercise on the revision of Solvency II by the ... Read the full article
Advanced & emerging markets pose unique inflation challenges: Swiss Re
14th January 2022
With inflation rates diverging significantly between advanced and emerging markets in recent months, analysts at Swiss Re warn that insurers and reinsurers will face diverse challenges in responding to this trend. Swiss Re notes that the rise in inflation since mid-2020 has been twice as steep in advanced than emerging markets. The ... Read the full article
Florida P&C insurers see 7% drop in litigated claims: CaseGlide
14th January 2022
New data from claims litigation management software provider, CaseGlide, shows that the number of new litigated claims dropped 7% between November and December 2021, for Florida’s largest P&C insurers. Analysts noted that December’s number also represents a 49% decrease from July’s high of 6,663 new litigated claims. Of the 17 largest Florida ... Read the full article
AXA XL makes three hires across NA Programs business unit
14th January 2022
AXA XL's North America Programs business unit has made three recent new hires with the addition of Scott Young, Vice President and Senior Program Underwriter; Linda Mai, Senior Actuarial Analyst; and Michael Branson, Senior Actuarial Analyst. Part of AXA XL Insurance's Americas team, the North America Programs unit works with delegated ... Read the full article
Eastern Canada storm causes estimated $152mn insured loss: CatIQ
14th January 2022
The storm which hit Eastern Canada in December has caused an estimated CAD 152 million in insured damage, according to Catastrophe Indices and Quantification (CatIQ). Ontario and Quebec were hit by strong winds, with heavy rain and wind being pushed to parts of the country's Atlantic provinces. The damage associated with the ... Read the full article
Q4 cats thought to have triggered Travelers agg reinsurance recoveries
14th January 2022
Analysts are anticipating that Travelers will have made further recoveries under its catastrophe aggregate reinsurance program during the fourth quarter of 2021. There appears to be consensus among figures at Bloomberg, KBW and Morgan Stanley that the US primary insurer’s Q4 results – due next week – will reveal further aggregate ... Read the full article
London’s IUA targets climate change, BI and regulation in 2022
14th January 2022
The International Underwriting Association (IUA) of London's 2022 business plan will have a focus on climate change, business interruption, regulatory changes, and pandemic responses. These issues are among the top concerns to London company market clients and will be addressed by the IUA as the marketplace moves through 2022. The Climate Risk ... Read the full article
SRG agrees to acquire Bridge’s Special Risks team
14th January 2022
Specialist Risk Group (SRG) has agreed to acquire the London-based Special Risks team from Bridge Insurance. The team, led by Jonathan Starkey and David Walker, have years of combined experience in arranging insurance programmes for businesses operating in conflict-affected territories. This includes mine clearance, humanitarian assistance and disaster recovery. The team will join ... Read the full article
Allianz makes commercial business leadership changes
14th January 2022
Allianz Insurance has made changes within its commercial business, adding four regional managers, who will each be responsibility for the engineering construction & power (EC&P) distribution and underwriting operations. The re/insurer has made these changes to bring together the former Commercial Broker Markets and the EC&P trading businesses. Chris Everett will lead the ... Read the full article
HDI Global SE names Niall Carberry as Head of Underwriting, Ireland
14th January 2022
HDI Global SE, UK & Ireland (HDI) has appointed Niall Carberry as Head of Underwriting, Ireland. In this role, Carberry will report to Stephanie Ogden, Director of Underwriting & Distribution. He joins HDI from Chubb where he most recently held overall responsibility for the Casualty Portfolio in Ireland. Carberry commented: “I am delighted ... Read the full article
Accelerant secures $190mn in funding round
14th January 2022
Insurtech Accelerant has secured $190 million at a USD2 billion pre-money valuation in a funding round led by Eldridge, with participation from Deer Park, Marshall Wace, MS&AD Ventures. Accelerant's platform helps its members better understand risk, benefit from insights, and handle operational and regulatory complexity. The insurtech works with its members to drive ... Read the full article
TigerRisk names Joe Springer as Partner
14th January 2022
Re/insurance risk, capital and strategic advisor TigerRisk Partners has appointed Joe Springer as Partner. Springer joins from Aon, where he was most recently Managing Director at Aon’s Reinsurance Solutions and will report to Steve Pfeiffer, Partner and will be based in Boston. He joined Aon in 2011 as a member of the ... Read the full article
Chubb names Pannala as Global Chief Information Officer
14th January 2022
Chubb Limited has announced the appointment of Shekar Pannala as Vice President, Chubb Group and Global Chief Information Officer. Formerly Executive Vice President, Global Technology, Pannala in his new role is responsible for the strategic direction and execution leadership of Chubb's global technology function across applications, operations and architecture as well ... Read the full article
Insurance Authority to continue nurturing ecosystem for green insurance
14th January 2022
The Hong Kong Insurance Authority (IA) recently hosted a discussion where insurance professionals shared their predictions on the industry’s participation in initiatives for addressing climate change, noting the emerging opportunities ahead. With climate change remaining as an imminent threat facing humanity, governments worldwide have created action plans to combat its impacts, ... Read the full article
Credit Suisse (CSAM) files claims connected to $1.1bn+ of Greensill-linked funds
14th January 2022
Swiss bank Credit Suisse has filed insurance claims related to over $1.1 billion in exposure across two of its Greensill-linked supply chain finance funds, as the bank works to recover $10 billion in funds linked to the insolvent financial services company. Greensill, which specialises in supply-chain finance, filed for administration last ... Read the full article
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