Reinsurance News
Non-life reinsurers experiencing strong pricing momentum: AM Best
6th April 2022
Rating agency AM Best has reported that non-life reinsurers are experiencing their strongest pricing momentum in recent history, despite new market entrants, robust capitalisation, and further alignment with third-party capital providers' interests. While AM Best anticipates continued pricing improvement throughout 2022, the impact on overall premium may be more complex to ... Read the full article
Andy Rear & Will Allen confirm London SPAC listing
6th April 2022
Former Munich Re executive Andy Rear and Will Allen, previously of investment bank KBW, have confirmed their intention to float a new special purpose acquisition company (SPAC) on the London Stock Exchange. The company, called Financials Acquisition Corp, is sponsored by FINSAC LLP, which is a limited liability partnership founded by Allen ... Read the full article
Munich Re will not provide cover for EACOP pipeline
6th April 2022
German reinsurance giant Munich Re has announced that it will not insure the East African Crude Oil Pipeline (EACOP) project. In a press release, Munich Re said that it had set out decarbonisation targets in 2020, for its liabilities, investments and operations. The reinsurance giant is also a member of the United ... Read the full article
US P&C industry’s Q4 premium growth decelerates to 8.5%: KBW
6th April 2022
Analysts at Keefe, Bruyette & Woods (KBW), have announced that the domestic P&C insurance industry’s 4Q21 year-over-year direct written premium (DWP) growth decelerated modestly to +8.5%, from 3Q21’s +10.4%, although the strong y/y increase probably still reflects recovering exposure units and sustained economically sensitive rate increases. In a report, analysts say ... Read the full article
Ascot backs Coalition’s US cyber program
6th April 2022
Commercial lines insurtech Coalition, has announced the addition of global specialty re/insurer Ascot Group to back its US primary surplus lines cyber program through Ascot Speciality Insurance Company. This new multi-year partnership will help to provide Coalition with long-term capacity for its cyber programs, further accelerating the company’s growth. In 2021, Coalition’s ... Read the full article
US Treasury seeks industry feedback on terror re/insurance
6th April 2022
The Federal Insurance Office (FIO) within the US Department of Treasury is seeking feedback from the insurance and reinsurance industry on the effectiveness of the Terrorism Risk Insurance Program (TRIP). TRIP forms part of the amended Terrorism Risk Insurance Act (TRIA) of 2002, and provides a federal backstop for re/insurers providing ... Read the full article
Florida renewals to be toughest in recent memory: analysts
6th April 2022
Analysts at JMP Securities have warned that the upcoming June 1 Florida reinsurance renewals are set to be “one of the toughest in recent memory,” as conditions in the state continue to be regarded as unsustainable. Last week, rating agency Demotech suggested that up to 20 Florida carriers could be downgraded ... Read the full article
Swiss Re invests in Climeworks’ $650mn equity round
6th April 2022
Reinsurer Swiss Re has invested in carbon dioxide air capture technology company specialist, Climeworks’ CHF 600 million (USD 650 million) equity round, which marks a major milestone for the company, and an even bigger step for the carbon removal industry. Last August, Swiss Re signed a ten-year purchase with Climeworks ... Read the full article
Moody’s predicts a strong renewals season
6th April 2022
Years of above-average insured cat losses has led to an environment of increased capital deployments towards property cat reinsurance because of increased pricing, says Moody’s in a new note. The agency said that reinsurers have so far this year boosted probably maximum loss (PML) exposures as higher pricing has drawn more ... Read the full article
Aon makes senior hire to its UK client industry sector
6th April 2022
Global re/insurance broker Aon has appointed David Kennedy as Client Industry Sectors Leader for the UK, where he will report to Jane Kielty, UK Chief Commercial Officer. Kennedy, who joins the firm on April 11 2022, brings more than 20 years of experience in corporate risk management, insurance broking and general ... Read the full article
Relm launches reinsurance business that accepts fiat and crypto
6th April 2022
Relm, an insurance provider to the crypto sector and only commercial insurer globally to hold Bermuda's IIGB License, has launched Relm II, a fully regulated collateralised reinsurance business that can accept both fiat and crypto as collateral. The new business enables the creation of regulated reinsurance capacity for companies operating in ... Read the full article
Australian Gov. rejects resilience funding contribution
6th April 2022
The Insurance Council of Australia (ICA) has expressed its disappointment in the Federal Government’s decision to not contribute to the Queensland Government’s extreme weather resilience package. Last month, the ICA praised the Queensland Government’s announcement of a $741 million Resilient Residential Recovery package to better protect Queenslanders from the impacts of ... Read the full article
Bishopsgate hires Caroline Richardson to lead new cyber practice
6th April 2022
Bishopsgate has appointed Caroline Richardson to lead its new cyber practice, joining from Miller Insurance Services, where she worked on both retail and wholesale cyber placements and solutions for global corporate organisations and facilities and grew its international and UK business. Prior to Miller she worked as Associate Director of Aon ... Read the full article
Life reinsurance carriers well capitalised despite COVID-19: AM Best
6th April 2022
In its latest market segment report, global ratings agency AM Best has said that life reinsurance carriers remain well capitalised withstanding pressures surrounding COVID-19. The report states that COVID-related life claims emerged much later for global life reinsurers, than it did for non-life reinsurers, with claims surging in late 2020 and ... Read the full article
Allianz & Swiss Re place first legally bound Cat XoL reinsurance DLT-contract, enabled by B3i
6th April 2022
Global insurer Allianz and Swiss Re, an international reinsurance company, have successfully placed the world's first legally bound catastrophe excess-of-loss (XoL) reinsurance contract on distributed ledger technology (DLT), enabled by B3i Re's live production network. The industry-led blockchain initiative, B3i, has been developing and enhancing its platform and solutions for some ... Read the full article
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