Reinsurance News
Clyde & Co merges with BLM law firm
28th March 2022
Global law firm Clyde & Co and UK-headquartered law firm BLM have agreed to a merger following a vote in favour by partners at both firms, which is due to take place in July. The combined entity will be known as Clyde & Co and together will have a global revenue ... Read the full article
Canopius names Jennie Rimmer as Head of Tax
28th March 2022
Specialty re/insurer Canopius Group has appointed Jennie Rimmer as Head of Tax, where she will report to Chief Financial Officer Gavin Phillips. Rimmer joins with over 25 years of experience in financial services. Jennie joins from her role as head of group tax at Randall & Quilter (R&Q). Prior to R&Q, she ... Read the full article
AM Best downgrades and withdraws credit ratings of Russian insurers
28th March 2022
AM Best has downgraded and withdrawn the credit ratings of two Russian insurance companies, and placed a third under review with negative implications, according to statements from the agency. The affected insurers were Ingrosstrakh, GIC Perestrakhovanie, and Russian Re. The first saw its long-term issuer credit rating downgraded from BB+ to ... Read the full article
Ardonagh income jumps by a third in 2021
28th March 2022
Global insurance brokerage and service provider, The Ardonagh Group, has reported income growth of 32.5% over the course of 2021, underpinned by organic growth of 7.3%. The company recorded income of £945.8 million for the full-year period, representing an increase of £232.0 million on the £713.8 million generated in the previous ... Read the full article
Hannover Re joins top reinsurers in rejecting EACOP pipeline
28th March 2022
Global reinsurer Hannover Re is the latest insurer to reject EACOP, joining Swiss Re, Axa, Zurich and SCOR in publicly committing that they will not underwrite the pipeline. Last week, SCOR had also committed not to insuring EACOP, with Hannover Re quickly following suit, stating, “we refrain from providing reinsurance coverage ... Read the full article
WTW appoints Richardson as leader for Insurance Consulting & Technology Europe
28th March 2022
Global insurance broker, risk advisor and consultancy WTW has appointed Tammy Richardson as Europe Regional Leader for its Insurance Consulting and Technology (ICT) business. Richardson previously served as the UK & Ireland Leader for the same business. Within her new role, Richardson will lead a team of over 500 colleagues with responsibility ... Read the full article
Rising material costs leaving commercial property underinsured: Towergate
28th March 2022
A study from Towergate Insurance Brokers suggests that more than 90% of commercial properties are not insured properly due to rising rebuilding costs. Citing a recent 20% increase in the cost of materials, Towergate said that many businesses could be put under financial strain if forced to rebuild. The broker company ... Read the full article
Financial volatility from Russia conflict poses minimal risk to insurers: experts
28th March 2022
During a recent panel hosted by the Insurance Information Institute (IIS), experts agreed that the possibility of a protracted period of high volatility poses only a minimal risk to the global insurance and reinsurance industries. Panellists used the discussion to explore the various potential impacts of Russia’s invasion of Ukraine on ... Read the full article
CFC revises tech and media policies
28th March 2022
CFC has revised its policies for tech and media companies which deliver comprehensive cover for the exposures these companies face today and remove the need for multiple policies. CFC’s Head of Tech, Media and IP, Michael Brunero commented: “Technology has changed the way we communicate, how we share and consume information, ... Read the full article
Helios reports improved syndicate forecasts
28th March 2022
Helios Underwriting, the Lloyd’s of London investment and underwriting vehicle, has announced the current mid-point forecasts for its portfolio of syndicate capacity for the 2019 and 2020 years of account, based on 4th quarter 2021 estimates. The company, which acquires and consolidates private underwriting capacity at Lloyd’s, recorded a capacity position ... Read the full article
Ategrity appoints Rosenzweig as its new CFO
28th March 2022
Ategrity Specialty Holdings, a specialty property & casualty insurance company has appointed David Rosenzweig as Chief Financial Officer. Rosenzweig holds just under 25 years’ experience in the industry, having served in various roles such as Vice President of Credit Suisse, CFO for Infinity Aviation Capital, and Divisional CFO for Global Atlantic ... Read the full article
Swiss Re outlines danger of stagflation
25th March 2022
Swiss Re has named stagflation as one of its main downside scenarios in a new note. The reinsurance giant said that it saw stagflation, which it defined as ‘stagnant or declining output alongside higher inflation’, as being a temporary state if it occurred, given that it would be driven mostly by ... Read the full article
Midwest Holding names Eric N. Berg as new CFO
25th March 2022
Midwest Holding has named Eric N. Berg as its new senior vice president and CFO. Most recently, Berg was CFO of Aviva India, a New Delhi-based insurer and asset manager. He is a CFA charterholder and has the CFA Institute's certificate in investment performance designation. He is also active in numerous ... Read the full article
Mexico launches IDF-backed parametric climate solution for farmers
25th March 2022
The Government of Mexico has announced the launch of a tripartite project to develop a sovereign parametric insurance solution for climate-vulnerable smallholder farmers, supported by investments in long-term risk finance and insurance market development. The solution represents a partnership between the Ministry of Finance & Public Credit, the Insurance Development Forum ... Read the full article
Rokstone partners with Accelerant to secure capacity for Livestock business
25th March 2022
Rokstone Agriculture Risk Underwriters, a division of the International specialty re/insurance MGA Rokstone, has announced that it has partnered with insurtech firm Accelerant, to secure admitted and non-admitted delegated authority A-rated capacity for niche Livestock business. The firm has also introduced the US markets only platform which gives insurance brokers full ... Read the full article
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