Reinsurance News
Allianz renames Euler Hermes to Allianz Trade
29th March 2022
Global insurance carrier Allianz has renamed trade credit insurer, Euler Hermes to Allianz Trade, effective immediately. Allianz Group purchased the trade credit specialist in 2018. The company said: “We are the world leader in trade credit insurance, operate in 52 countries and count over 5,500 employees. Changing our brand name to Allianz ... Read the full article
KPMG Bermuda names James Berry as CEO
29th March 2022
Financial advisory firm, KPMG has appointed James Berry as Chief Executive Officer (CEO) in Bermuda, after the company announced the sale of its restructuring practice to Teneo. Berry has been with KPMG for over 20 years and in Bermuda for 17 years. As the Head of Audit for the last six years, ... Read the full article
Cancellation clauses may limit aviation losses from Ukraine crisis: Jefferies
29th March 2022
Cancellation clauses could limit aviation insured losses from Ukraine crisis, according to analysts at Jefferies. The analysts believe that when Russia introduced a law that allowed Russian airlines to register planes locally, this is the first point in time that the country demonstrated an intent to confiscate the aircraft, so they ... Read the full article
Constellation to pick up Michigan Professional Insurance Exchange
29th March 2022
Constellation has announced that it is to acquire the business, assets, and liabilities of Michigan Professional Insurance Exchange (MPIE). The agreement, which is subject to regulatory and subscriber approval, comes as AM Best said the financial strength rating and long-term issuer rating ratings of Constellation will remain unchanged. A release from Constellation ... Read the full article
Tailored insurance solutions for climate risk are key for agriculture: SCOR
29th March 2022
In a recent report, global reinsurer SCOR has assessed the impact that climate change can have on key natural perils that affect insurers and reinsurers, saying it’s important that solutions are developed to address the evolving risk landscape. The report was released in the second part of the reinsurers technical paper ... Read the full article
Concert names new chief actuary
29th March 2022
Concert has appointed Sam LaDuca to the position of chief actuary. LaDuca will begin his role at the beginning of April, reporting into Jonathan Reiss, CEO of Concert. Reiss said: “With Sam’s hire, Concert’s full executive team is now in place. He’s an excellent addition, bringing broad operational capabilities and underwriting leadership ... Read the full article
Activists urge Munich Re and Lloyd’s to stop insuring EACOP Pipeline
29th March 2022
Environmental activists are calling for Munich Re and Lloyd's to follow other global re/insurers by no longer insuring the East African Crude Oil Pipeline (EACOP). The campaign #StopEACOP has been urging for a number of the worlds largest re/insurance companies to pull back from the scheme. On the campaign’s website it states ... Read the full article
Howden’s Flandro: Hardening market to last longer than expected
28th March 2022
The fast-changing macroeconomic issues currently impacting the re/insurance industry are expected to cause for the hardening market to last longer than expected, according to Head of Analytics at Howden unit HX, David Flandro. In the insurance broker's latest review and earnings update for FY2021, Flandro, alongside Michelle To, Head of Business ... Read the full article
Deloitte names Karl Hersch as leader of its US insurance sector
28th March 2022
Deloitte has named Karl Hersch as the leader of the firm’s US insurance sector. In this role, Hersch will oversee more than 3,200 practitioners providing a broad range of services to organizations across the insurance industry. Hersch, a principal with Deloitte Consulting LLP, will be responsible for leading the overall insurance ... Read the full article
AXA condemns Russia’s invasion of Ukraine
28th March 2022
Since the start of Russia’s invasion of Ukraine, global insurer AXA has fully enforced all international sanctions, having stopped underwriting new insurance business, as well as all renewals, with respect to Russian owned assets located in Russia. The insurer has also stopped all new investments in Russian assets. With respect to AXA’s ... Read the full article
Lloyd’s CEO Neal seriously injured in car accident
28th March 2022
Lloyd’s of London Chief Executive Officer John Neal is undergoing treatment in hospital after sustaining “serious injuries” from a collision with a car. A statement from the specialty insurance and reinsurance marketplace says that Neal had been riding his bike on Saturday 26th March when the collision occurred. The Lloyd’s boss is ... Read the full article
AIG and BlackRock go into partnership
28th March 2022
AIG and BlackRock are going into partnership based on the management by the latter of certain liquid fixed income and private placement assets. A statement from the companies says that the arrangements contemplate BlackRock managing up to $60bn of the global AIG investment portfolio and up to $90bn of the Life ... Read the full article
COVID widened insurance innovation divide: AM Best
28th March 2022
Analysts at AM Best have argued that the COVID-19 pandemic has widened the ‘innovation divide’ among nonlife re/insurers, with a clear link to better top-line growth for insurers with more-developed innovation initiatives. In a new report, the rating agency found that global nonlife insurers with higher innovation assessments had a five-year ... Read the full article
Orchid Insurance and Openly to work together
28th March 2022
Orchid Insurance will be working with platform company Openly. A statement from the former says that the relationship will enable it to deliver added capacity to its national network of retail agents and strategic distribution partners and broaden its range of high-net-worth customers who seek solutions for hard-to-place risks. Charlie Graham, head ... Read the full article
UK pension schemes increasing number of investments, says Aon
28th March 2022
Global re/insurance broker Aon has said that with 2022 promising to be another active year in the UK pension risk settlement market, an increasing number of schemes are focusing on their investment approach in the bid to be “settlement ready”. Aon’s recent Global Pension Risk Survey 2021/22 showed that more UK ... Read the full article
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