Reinsurance News
RGA to reinsure 160bn JPY of Taiyo Life reserves
7th April 2022
Global life and health reinsurer Reinsurance Group of America (RGA) has reached an agreement to reinsure statutory reserves for Taiyo Life Insurance Company (Taiyo Life), a subsidiary of T&D Holdings, Inc. The deal will see RGA reinsure 160 billion JPY of reserves through a coinsurance agreement. “Reinsurance transactions require a solid partnership," ... Read the full article
Andrew Doran takes Chief Underwriter role at Pacific Life Re
7th April 2022
Pacific Life Re has announced the appointment of Andrew Doran as Chief Underwriter, taking over from Warren Copp who will be retiring at the end of 2022. Doran has almost 20 years of experience in the life and health insurance industry across the UK and Asia markets. He joined Pacific Life Re ... Read the full article
P&C underwriting profits to improve through 2022: Fitch
7th April 2022
Analysts at Fitch Ratings believe that the property and casualty (P&C) re/insurance industry is positioned for better underwriting profits in 2022, driven by continued favourable commercial lines pricing trends and likely stabilization in personal auto business. The 2021 GAAP full-year results for a peer group of 45 North American P&C firms ... Read the full article
Committee urges London Market regulation reforms
7th April 2022
The UK Industry and Regulators Committee has written to the Economic Secretary to the Treasury to express concerns about a “lack of proportionality” in the regulation of the London Market. In a letter, the Committee charges that the “one-size-fits-all” approach to the regulation insurers and reinsurers by the Financial Conduct Authority ... Read the full article
TMK appoints Spyropoulos as Asia’s Regional Managing Director
7th April 2022
Tokio Marine Kiln (TMK) has appointed Pavlos Spyropoulos as Regional Managing Director for Asia. Spyropoulos joins TMK from Lloyd’s Asia, where he served as Chief Executive Officer. In 2014, Spyropoulos relocated to Singapore to assume responsibility for Lloyd’s Asia’s market development, and since then he has served in a variety of senior ... Read the full article
Rate growth maintained at 6% through Q1: MarketScout
7th April 2022
The composite rate increase across insurance and reinsurance lines across the first quarter of 2022 was 6%, according to data from US electronic insurance exchange and specialty MGA MarketScout shows. The figure represented a slight increase over growth of 5.8% for the fourth quarter, as re/insurers continued to assess rate increases ... Read the full article
Reinsurance dedicated capital grows 8.4% to $728bn: Gallagher Re
7th April 2022
New data from broker Gallagher Re shows that global reinsurance dedicated capital totalled $728 billion at the end of 2021, representing growth of 8.4% over the previous year. Capital had ended the previous year at $672 billion, according to the latest reinsurance market report by Gallagher Re. Since 2015, total reinsurance dedicated ... Read the full article
WTW names Ed Day as Head of International Property
7th April 2022
Global re/insurance broker, WTW has appointed Ed Day as Head of International Property, where he will report to Garret Gaughan, Head of Direct & Facultative, WTW and based in London. Day was previously EMEA Strategic Broking Director at Aon, as well as a former partner at JLT Speciality, Marsh. Before that, Day ... Read the full article
Saudi Re targets expansion with 50% increase in capital
7th April 2022
The Board of Directors of Saudi Re, the first reinsurance company established in Saudi Arabia, has recommended a 50% increase in the company's capital to SAR 1.336 billion (approx. USD 356m) through a rights issue. Currently, Saudi Re's capital stands at SAR 891 million (approx. USD 238m) with 89.1 million shares ... Read the full article
2022 expected to be second largest ever year for UK bulk annuities: RBC
7th April 2022
2022 is forecasted to be the second largest ever year for UK bulk annuities, with volumes of £41 billion, according to analysts at RBC Capital Markets. The analysts stated they expect this will be followed by 2023 and 2024 record volumes of £45 billion and £48 billion respectively, with UK listed ... Read the full article
Swiss Re targets further nat cat expansion, higher L&H Re profits
7th April 2022
Global carrier Swiss Re has reiterated how core its reinsurance operations are to its overall strategy, as the company targets a Group return on equity (ROE) of 14%, supported by greater profits in its Life and Health (L&H) business and attractive margins in property and casualty (P&C). At today's Swiss Re ... Read the full article
Reinsurers’ underlying combined ratio sub-100 for first time since 2014: Gallagher Re
7th April 2022
According to global reinsurance broker Gallagher Re, reinsurers’ weighted average reported combined ratio was 97.6% in 2021, a sharp improvement from the COVID-19-impacted 104.1% for the year prior. On an underlying basis, so excluding prior year development and normalising for natural catastrophe losses, reinsurers' combined ratio improved from 100.7% to 99.8% ... Read the full article
Dual Europe names Maurizio Ghilosso as Executive Chair
7th April 2022
The global underwriting division of Howden Group Holdings, DUAL Group, has appointed Maurizio Ghilosso as Executive Chair, DUAL Europe as part of its plan to create a $5bn GWP international MGA by 2027. Ghilosso will take on the chairmanship role in addition to his existing role as Managing Director, DUAL Italia. Kieran ... Read the full article
VIG in sustainable housing cooperation with GROPYUS
7th April 2022
Vienna Insurance Group (VIG) has signed a cooperation agreement with Austria-based international PropTech company GROPYUS to provide insurance, assistance services, and financing, while also supporting the company’s planned expansion to Central and Eastern Europe. VIG’s partnership with GROPYUS began as early as 2021 with VIG's investment in the company, and now ... Read the full article
AF Group names Fournier as Vice President & Chief Actuary
7th April 2022
Specialty insurer AF Group has announced the appointment of Amy Fournier as Vice President and Chief Actuary. Fournier’s responsibilities will include oversight of AF Group’s Actuarial and Data Science teams along with pricing and rate functions. Fournier joins AF Group with nearly two decades of experience in personal and commercial insurance lines, ... Read the full article
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