Reinsurance News
ICA calls for overhaul of cyber policy settings
30th March 2022
The Insurance Council of Australia (ICA) has argued that Australian businesses, insurers and government must work together to establish the settings for a sustainable cyber insurance market to underpin economic growth into the future. In a new report, the ICA highlights challenges to maintaining and developing a cyber insurance market to ... Read the full article
Commercial insurer profits to peak in 2023, weaken after: Fitch
29th March 2022
Analysts at Fitch Ratings believe that commercial insurance price momentum peaked last year, meaning insurer profits are likely to reach a high in 2023 and weaken thereafter. In a new report, the rating agency notes that price increases since 2017 helped regain healthy profitability in 2021, but warns that price momentum ... Read the full article
Sollers opens new US office and appoints country manager in Japan
29th March 2022
Sollers has opened a new US-based office and appointed a new country manager for its presence in Japan. The company said the two developments were related to its attempts to expand its business in North America and Japan. It also said that the US office will be headed by Justin Hall, ... Read the full article
Jefferies calculates aviation war losses could hit $1.5bn
29th March 2022
Jefferies has calculated that aviation war losses due to the Russia-Ukraine conflict could reach $1.5bn for the market. A new note from the financial services company points to recent pronouncements from the CEO of Lloyd’s of London that estimated insured losses were to be between 15% and 20% of asset values. ... Read the full article
Mosaic expands London team
29th March 2022
Mosaic Insurance has expanded its international transactional liability team in the United Kingdom, adding four more employees to its London-based unit. According to the firm, its recent additions include Frances Gerrard, manager; Ciaran O’Hara, AVP, underwriter; Ignacio Lope Regules, analyst; and Vladislàva Pràngadzhiýska, also an analyst. Also counted within the new arrivals ... Read the full article
AM Best halts all commercial activities in Russia
29th March 2022
Global ratings agency AM Best has decided to halt all commercial activities to clients in Russia and has also withdrawn all credit ratings on insurers and reinsurers domiciled in the country. The move comes in response to sanctions imposed by the European Union (EU) and in advance of its April 15th, ... Read the full article
Zurich NA makes key leadership changes
29th March 2022
Zurich North America, a division of Zurich Insurance Group, has made key leadership changes that will further position the organization to continue providing strong claims services to its customers whilst expanding its position with large corporate customers. Paul Lavelle, currently Chief Claims Officer at Zurich North America, has been appointed to ... Read the full article
Pricing must remain favourable to outstrip inflation: Gallagher Re
29th March 2022
Analysts at reinsurance broker Gallagher Re have contended that pricing and terms need to remain favourable in order for re/insurers to maintain or grow margins in 2022 and 2023. Reflecting on recent conference calls, the broker noted that inflation remains one of the most widely discussed themes among senior executives. Last year, ... Read the full article
US D&O premium growth drives loss ratio improvement: Fitch
29th March 2022
According to rating agency Fitch Ratings, several years of U.S director and officers’ (D&O) insurance rapid premium growth led to a material decline in 2021’s direct loss ratios, and it is expected that it may continue in the near term. But, recent performance improvement and competitive factors are expected to temper ... Read the full article
The Hanover publishes select historical financial information
29th March 2022
Property and casualty (P&C) insurance company The Hanover Insurance Group has published select historical quarterly and annual financial information reflecting the planned changes to the company's segment reporting. Beginning with first quarter 2022 reporting, the company will disaggregate the former Commercial Lines segment into Core Commercial and Specialty segments, including expenses, ... Read the full article
Lloyd’s & Schroders partner on market investment platform
29th March 2022
Specialist insurance and reinsurance marketplace Lloyd’s of London has appointed Schroders Solutions as the investment partner of its new investment platform. The open-architecture firm manages £150 billion of global assets for insurance companies and has long-standing partnerships within the Lloyd’s market. The new platform will consist of a series of select funds ... Read the full article
TigerRisk appoints Simon Chandler and Richard Laird to key positions
29th March 2022
TigerRisk has made what it calls two ‘key hires’ in Australia and the UK. The firm said it was entering the Australian Reinsurance and Programme Market with the appointment of Simon Chandler as head of reinsurance broking, programmes and binders. Based in Sydney, Australia, he will be responsible for driving the ... Read the full article
Carbon hires Turner from Chubb as Property Underwriter
29th March 2022
Carbon Underwriting Limited (Carbon), the specialist, independent managing general underwriter (MGU) and Lloyd’s syndicate has announced the appointment of Claire Turner, who will join the company as a Property Underwriter. Turner joins Carbon after working for 25 years at global insurer Chubb. Her most recent position at the company was underwriting ... Read the full article
ICA monitoring severe weather warnings
29th March 2022
The Insurance Council of Australia (ICA) has said that it is closely monitoring the severe weather and flood warnings currently in place across south-east Queensland and New South Wales, and that at least 14 recovery centres, including Lismore and Mullumbimby, have closed in the past 24-hours to ensure the safety ... Read the full article
Planes still stranded in Russia as lessors end rental contracts
29th March 2022
Hundreds of Western-manufactured planes remain stranded on the ground in Russia, despite Irish lessors having now terminated their Russian airline leases in line with the European Union's (EU) sanctions deadline. Irish lessors, which account for more than 60% of the world’s fleet of leased aircraft due to the country’s favourable tax ... Read the full article
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