Reinsurance News

SiriusPoint made significant progress in 2021, says CEO

2nd March 2022

Sid Sankaran, Chairman and Chief Executive Officer of SiriusPoint, has said that the company made “significant progress” in positioning itself for the future over the past year. Headquartered in Bermuda, SiriusPoint launched in February 2021 as one of the first fully formed re/insurers of the Class of 2020, following the merger ... Read the full article

Hiscox returns to profit in 2021, produces strongest underwriting result in five years

2nd March 2022

Insurer and reinsurer Hiscox has reported profit of $190.8 million for 2021 against a loss of $268.5 million in the prior year, as the company produced its strongest underwriting result in five years. Despite elevated catastrophe activity, Hiscox has reported an underwriting gain of $215.6 million for 2021, compared with a ... Read the full article

Howden to acquire Italian broker Assiteca

2nd March 2022

Howden Group Holdings, the international insurance intermediary group, has announced plans to acquire Italian-headquartered broker Assiteca S.p.A. Assiteca has employees operating across 19 cities in Italy, as well as operations in Spain and Switzerland, with a turnover of brokerage commissions of approximately €90 million. Howden says the business will be “highly complementary” ... Read the full article

S&P Global Ratings takes negative action on rated Russian insurers

2nd March 2022

S&P Global Ratings has taken what it calls ‘negative rating actions’ on its rated Russian insurers. The agency said that its actions reflected its view about increased geopolitical and economic risks in Russia. According to S&P, it has:

• Lowered the ratings on Sogaz Insurance and Ingosstrakh Insurance to BBB-.
• Lowered the ratings

Roanoke MENA launches in Dubai, headed by David Howells

2nd March 2022

Roanoke International Brokers has launched a specialist reinsurance brokerage business in Dubai under Roanoke MENA, which offers a bespoke service for products and clients across the Middle East, and will be led out of Dubai by new SEO, David Howells. Howells joins from the Dubai operation of London-headquartered Besso Limited, where ... Read the full article

Specialist Risk Group to buy Hamilton Leigh

2nd March 2022

Specialist Risk Group (SRG) is to buy broker firm Hamilton Leigh. The deal, which is pending regulatory approval, follows SRG’s acquisitions of KBIS, The Channel Partnership, David Codling, and Associates, amongst others. In January 2022, SRG also acquired the London-based Special Risks team from Bridge Insurance. The firm also made news on these ... Read the full article

90% of insurers think automation is key to regulatory pressure: WTW

1st March 2022

90% of insurers surveyed by WTW have said automation is key to solving the pressures placed on them by regulators. Surveying 61 insurers across 17 countries, WTW said that the majority of respondents thought that cost management, a shortage in skilled resources, and improving governance and auditability, could be met with ... Read the full article

Optio adds David Robinson as MD

1st March 2022

Specialty MGA Optio Group has announced the appointment of David Robinson as Managing Director, effective March 1st. Based in London, he will join the group executive committee and oversee Optio’s underwriting, claims and data support functions and report to Executive Chairman Matthew Fosh. Robinson brings more than three decades of experience to ... Read the full article

CFC names Philippa Berry as Cyber Product Leader

1st March 2022

CFC has promoted Philippa Berry to the role of Cyber Product Leader, where she will contribute to CFC’s cyber underwriting strategy and oversee a variety of cyber-related special projects. She holds over 10 years of experience in the London market, much of which has been spent focused on cyber, and has ... Read the full article

James River reports $173m loss for 2021

1st March 2022

Bermuda domiciled insurance holding company, James River Group Holdings, Ltd., has reported a total loss of $173 million for 2021, after taking a $66 million loss in the fourther quarter of the year. The fourth quarter result included $115.0 million of adverse reserve development in the company's Casualty Reinsurance segment, primarily ... Read the full article

AIG targets net zero GHG emissions across underwriting & investments by 2050

1st March 2022

Global insurer and reinsurer AIG has committed to achieving net zero greenhouse gas (GHG) emissions across its underwriting and investment portfolios by 2050, or sooner. This announcement from AIG follows the carrier's commitment to achieve net zero GHG emissions by 2050, or sooner, within its own operations. The company says that it's ... Read the full article

Aon acquires Tyche actuarial software platform

1st March 2022

Aon plc has acquired actuarial software platform Tyche from technology and software firm RPC Tyche, which will provide re/insurers a single technology platform with the ability to seamlessly integrate capital modelling, pricing and reserving to drive better decision-making across both life and non-life business. Tyche is a specialist in developing customised ... Read the full article

Commissioner Lara sets new regulations to lower cost of insurance

1st March 2022

Insurance Commissioner Ricardo Lara has created new regulations to improve wildfire safety and drive down the cost of insurance for homeowners and businesses, which would see insurers being required to factor consumers’ and businesses’ wildfire safety actions into their pricing of residential and commercial coverage. The new regulations also will provide ... Read the full article

Martello Re completes first reinsurance transaction

1st March 2022

Recently launched Bermuda domiciled life and annuity reinsurer, Martello Re, has reportedly completed its first reinsurance transaction. The firm, which launched less than two months ago, said it had completed a transaction covering $14bn of inforce fixed annuity and fixed indexed annuity policies issued by a MassMutual subsidiary which will continue ... Read the full article

Bishopsgate appoints new head of property and casualty for Ireland

1st March 2022

Bishopsgate Insurance Brokers has appointed Sam Galbraith as head of property and casualty for the Republic of Ireland. In his new role, Galbraith will oversee the launch and growth of the company’s wholesale property and casualty business for Ireland. This will be done in conjunction with Ardonagh Specialty Europe with placement ... Read the full article