Reinsurance News
Brown & Brown completes acquisition of Orchid & CrossCover
1st April 2022
Brown & Brown has completed its purchase of Orchid Underwriters Agency and CrossCover Insurance Services. The deal was originally announced at the end of February, when the firm entered into an agreement to purchase the two firms. As we reported, following the acquisition by Brown & Brown, Orchid will continue to ... Read the full article
Evergreen Marine declares General Average on stuck ship
1st April 2022
The owners of stuck cargo ship Ever Forward have declared General Average after failed attempts to refloat the vessel. Evergreen Marine, which owns the ship, has made the declaration after two attempts to get it moving again failed. General Average is reportedly a maritime law principle where the shipowner and cargo ... Read the full article
Brexit threatening London Market’s influence in the insurance industry: Airmic
1st April 2022
Airmic, the UK association for risk and insurance professionals has said that Brexit is threatening the London Markets influence in the global industry. This was reported in the company’s March 2022 Pulse Survey which took place between March 3-11. One of the questions in the survey asked how has the influence of ... Read the full article
ICMIF members hold $576bn in sustainable investment frameworks
1st April 2022
International Cooperative and Mutual Insurance Federation (ICMIF) members have $576 billion of assets under management in investments aligned to sustainable investment frameworks, according to the ICMIF Members Sustainable Investment Report 2021. The report shows how the Federation’s members are collectively investing in green bonds, social bonds and resilience bonds; many of ... Read the full article
RenRe strengthens ESG aims with new appointments
1st April 2022
RenaissanceRe has made several appointments that it says will further the company’s work in its ESG aims. The firm said it had promoted Harriet James to be VP of its ESG strategy within the Corporate Strategy Team, where she will be responsible for managing strategy across the company. It said it ... Read the full article
AXA XL rolls out Environmental Ecosystem tech in North America
1st April 2022
AXA XL's North America Environmental insurance business has rolled out a tailored Environmental Ecosystem, in order to help clients adopt new technology solutions to manage business risks. Following the successful launch of AXA XL's Construction Ecosystem and its curated technology specifically for construction contractors, AXA XL's Environmental insurance team evaluated technology ... Read the full article
R.S. Class’s removal from IACS has consequences for shipping clients: CRC Group
1st April 2022
The removal of the Russian Maritime Register of Shipping (R.S. Class) from the International Association of Classification Societies (IACS), effective as of March 11, is set to impact ships obtaining insurance and entry into ports worldwide. Wholesale distributor of specialty insurance products, CRC Group said that classification societies, including the IACS ... Read the full article
CDRZ Act advancement approved by Senate Committee: RAA
1st April 2022
The Senate Committee on Homeland Security and Governmental Affairs has approved advancing the bipartisan Community Disaster Resilience Zones (CDRZ) Act of 2022 to the full Senate for debate and a vote. The CDRZ Act, which has already been approved by The Reinsurance Association of America (RAA), aims to improve climate ... Read the full article
Rokstone CRU launches Owners’ Interest program in US
1st April 2022
Rokstone Construction Risk Underwriters (Rokstone CRU) has launched an Owners’ Interest insurance program for the US market, delivering brokers and clients with coverage in an area with very limited capacity. The company specialises in Casualty and Builders’ Risk insurance for large complex construction projects, and has secured capacity on a non-admitted ... Read the full article
Ascot Underwriting adds Andrew Birrel to board
1st April 2022
Ascot has appointed Andrew Birrell to the Board of Ascot Underwriting Limited (AUL), the Managing Agent for Syndicate 1414 at Lloyd’s, as Non-Executive Director and Chair of its Audit Committee and Investment Committee with immediate effect, after the company announced the retirement of Homi Mullan. Birrel joins the AUL board after ... Read the full article
KGM acquires Eridge Underwriting Agency
1st April 2022
KGM Underwriting Services has acquired Eridge Underwriting Agency, a Managing General Agent (MGA) catering for specialist and higher rated motor insurance, which is expected to be completed in May. The acquisition is expected to strengthen the KGM broker product suite and maintain its focus on being the flexible and agile alternative ... Read the full article
Allianz’s Günther Thallinger joins new UN advisory council on climate action
1st April 2022
Allianz board member Günther Thallinger has joined the UN’s new advisory council on accelerating climate action. A statement from the insurance giant said that Thallinger has become one of sixteen experts on the High-Level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities (HLEG). HLEG will report directly to the ... Read the full article
Q1 large losses to harden reinsurance renewals in 2022: S&P
1st April 2022
Rating agency, S&P Global Ratings has released a report that showcases how the large losses the industry has already witnessed in Q122 will further harden upcoming reinsurance renewals in 2022, and potentially even into 2023. The rating agency explained how 2021 was an active natural catastrophe year, the fourth-costliest on record ... Read the full article
OIL expands energy operations to renewable fuels & carbon capture
1st April 2022
Oil Insurance Limited (OIL) has expanded the definition of its energy operations to include biochemicals, biofuels, renewable fuels, hydrogen and carbon capture and sequestration. The Bermuda-based mutual insurer, which insures over $3.6 trillion of global energy assets, had already broadened its scope to cover renewable energy sources such as solar and ... Read the full article
ACORD chosen as London market’s data standards methodology
1st April 2022
The London Market Group has agreed that ACORD will be the London market’s chosen data standards methodology, with the content of the Core Data Record (CDR) set to align with that. The decision was made at its meeting in March, with input from the Data Council, supported by its Technical Group. The ... Read the full article
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