Reinsurance News
BRP reports $58m loss despite revenue doubling
3rd March 2022
Independent insurance distribution firm, BRP Group, Inc., has reported a net loss of $58.1 million for 2021 despite increasing its revenue by 135% over the year. The result follows a loss of $29.9 million in 2020, and is mainly attributable to the company’s Q4 performance, which resulted in a $44.4 million ... Read the full article
HDI Global Specialty appoints new head of aviation and space for the UK
3rd March 2022
HDI Global Specialty has promoted Neil Dave to be its head of aviation and space for the UK. Dave will assume his new position on 1 March, having been at the company since November 2020 where is currently senior aviation underwriter. Rafael Rebitzky, managing director at HDI Global Specialty’s UK Branch said: ... Read the full article
LMA names digital transformation as top priority
3rd March 2022
The Lloyd’s Market Association (LMA) has revealed its ongoing agenda, with digital transformation at the top. According to the LMA, Future at Lloyd’s is its highest priority, with a specific focus on digitisation and adoption of standardised, high-quality data through the Data Council, Lloyd’s/DXC’s joint solution for risk, premiums and claims, ... Read the full article
Australian flood claims rise again as ICA provides $900m insured loss estimate
3rd March 2022
Claims from the ongoing flooding in Southeast Queensland and New South Wales have increased by a further 25% on yesterday's count to 60,163, resulting in estimated cost of approximately $900 million, according to the Insurance Council of Australia (ICA). Of the total, 46,235 claims are from Queensland and 13,928 are from ... Read the full article
MGAA makes board appointments
3rd March 2022
Sharon Brown, Managing Director of Harbour Underwriting and William Morris, Director of Underwriting Delegated Authority UK at HDI Global Specialty SE, have been added to the board of the Managing General Agents’ Association (MGAA). Brown has been elected to join the board for a tenure of four years. She has over 30 ... Read the full article
Rokstone signs binder agreement with Slovenian insurer
3rd March 2022
Rokstone has signed a binder agreement worth €1m with insurer Zavarovalnica Triglav. The deal, which will see the insurer provide the MGA with an additional €1m for Facultative Property worldwide, is the first the carrier has had with any international MGA. It was brokered by Howden Re. James Potter, CEO of Rokstone, ... Read the full article
GRS adds new Middle East partners
3rd March 2022
International loss adjuster Global Risk Solutions (GRS) has announced the addition of Middle East companies Elsheikh Elite Experts and Urgent Loss Adjusters to its Global Partners Network. These partnerships will see Elsheikh and Urgent work closely with GRS’ Middle East regional head office based in Dubai. The move follows GRS’ partnership announced in ... Read the full article
Aon finds many insurance sectors experiencing ‘challenging’ circumstances
2nd March 2022
Conditions within many of the the insurance sectors are ‘challenging’, according to the latest Markets Dynamic report from Aon. The report specifically pointed to four sectors—casualty and liability, cyber, property, and employers liability and workers’ compensation—are being in ‘challenging’ or ‘very challenging’ circumstances. In regards to casualty and liability, Aon said: “The ... Read the full article
Motus and Beazley team up for earthquake insurance
2nd March 2022
Broker firm Motus Insurance Services has added Beazley to provide an ‘elective earthquake program’ for residential and commercial associations. The program, according to a press release, is designed to bring all the benefits of a traditional master earthquake insurance policy to the more than 30,000 associations and 2.2m condo owners not ... Read the full article
Cowbell Cyber appoints chief insurance officer
2nd March 2022
Cowbell Cyber has appointed a new chief insurance officer in Kara Owens. Owens’s appointment, nearly four years after she was hired by Markel to lead its global cyber executive, will see her oversee reinsurance partnerships, and risk and portfolio management, as well as driving new product development and innovation. It ... Read the full article
WTW makes senior hire within consulting & tech unit
2nd March 2022
Re/insurance broker WTW has announced the appointment of Pardeep Bassi as Global Proposition Leader in Data Science for its Insurance Consulting and Technology business. In this newly created role, Bassi will lead the advancement of the unit’s data science capability globally, building on WTW’s analytics and data science software, Emblem and ... Read the full article
Longitude Exchange unveils world’s first digital market for trading longevity risk
2nd March 2022
Longitude Exchange, a new Insurtech recently launched in Bermuda, has announced the impending release of its digital marketplace for trading longevity risk in index-based format, as the company looks to lower frictional costs and timelines. The new platform brings together hedgers and investors on a web-based ecosystem that's been built specifically ... Read the full article
Russian cyberattacks may test insurer war exclusion language: Fitch Ratings
2nd March 2022
The risk of cyberattacks has increased following Russia’s invasion of Ukraine and may test the effectiveness of ‘war exclusion’ and ‘hostile act exclusion’ language in policies, says Fitch Ratings. A new note from the agency says that the wording, already under greater scrutiny following a recent court ruling that found an ... Read the full article
Tremor releases cloud-based system for buying and selling retro coverage
2nd March 2022
Tremor Technologies has released RetroOS, which it calls ‘a cloud-based operating system for reinsurers buying and selling retro coverage’. In a statement, the company said that the 125 reinsurers that it does business with can now buy or sell UNL, parametric, or blended retro coverage directly through the platform. Tremor Technologies ... Read the full article
Munich Re names Head of L&H for Spain and Portugal
2nd March 2022
Munich Re has announced the appointment of Daniel Rodríguez as its new Head of Life & Health Business in Spain and Portugal. He will take over the leadership of the Business Development and Client Relations team. Rodríguez joined Munich Re in 2015, and has developed different roles across the region not only ... Read the full article
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