Reinsurance News
Citizens’ looks to make cuts as market conditions remain challenging
24th March 2022
The board of Florida's Citizens Property Insurance Corporation has urged staff to strengthen the company’s financial position as the state’s insurer of last resort faces challenges brought on by increased policy count, litigation and a continued weak private insurance market. Despite Citizens currently holding $6.5 billion in reserves, its Chairman Carlos ... Read the full article
APCIA reports concerns over NAIC climate risk mandate
24th March 2022
The National Association of Insurance Commissioners (NAIC) Climate and Resiliency (EX) Task Force approved a new climate risk disclosure mandate, which will now be considered by its own Executive and Plenary Committees at their Spring national meeting. However, APCIA remains concerned that the new proposed survey requirements, which have a very ... Read the full article
Berkshire (BHSI) names NA President and Global COO
24th March 2022
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has announced the appointments of Sanjay Godhwani and David Bresnahan to new executive leadership roles. Godhwani has been named President, North America Region, while Bresnahan will take on the role of Global Chief Operating Officer. In ... Read the full article
Swiss Re CorSo makes head of EMEA claims permanent
24th March 2022
Swiss Re Corporate Solutions has made Jonathan Sargent into its new head of claims for EMEA. Sargent will move into the role permanently at the beginning of April, having been acting in an interim capacity for the last six months. He will report to Marc Scheidegger, chief claims officer for corporate ... Read the full article
MS Amlin Underwriting returns to profit after “careful restructuring”
24th March 2022
MS Amlin Underwriting (MS AUL) has reported its full year results for 2021 which saw the global re/insurer deliver a strong performance, as well as a return to profitability after years of careful restructuring and remediation. The return to profitability for the company is set against the backdrop of a year ... Read the full article
Zurich contributes $500,000 to North America climate resilience program
24th March 2022
The Z Zurich Foundation, a Swiss-based charitable foundation established by members of the major global insurance player, Zurich Insurance Group, has provided initial funding of $500,000 as part of a multi-year commitment to the North America Climate Resilience Program. The program was designed to strengthen climate resilience, as well help address ... Read the full article
Hannover Re opens up insurtech innovation platform hr | equarium
24th March 2022
Following the launch of hr | equarium in 2019, Hannover Re is opening up its innovation platform to all interested parties with immediate effect, in a move it says will enable more insurers to access services and solutions from insurtechs. hr | equarium is Hannover Re’s publicly accessible insurtech innovation ... Read the full article
Final re/insurance claims “highly uncertain” from new Russia aircraft law
24th March 2022
A new report from Moody’s has stated that at this stage it is unclear whether insurers will have to pay all current claims for lessors, in regards to the new Russian aircraft law effectively preventing foreign lessors from repossessing their aircrafts. Under usual circumstances, lessors are insured for this risk, but ... Read the full article
Cowbell Cyber hires new CTO
24th March 2022
Cowbell Cyber has appointed Joshua Chan as its new CTO. Chan will be joining the firm from Zimperium, where he was previously that company’s vice president of engineering. He joins Kara Owens, who joined the company earlier this month from Markel to become Cowbell’s chief insurance officer. The company has ... Read the full article
Aon names Colin Forrest as CEO, consulting
24th March 2022
Aon plc has appointed Colin Forrest as its insurance consulting team’s global chief executive officer in the firm’s Reinsurance Solutions arm. Forrest will be based in London and joins from WTW, where he was EMEA Regional Leader of WTW’s Insurance Consulting & Technology practice. Prior to WTW, he has held senior roles ... Read the full article
Buckle upsizes term loan to grow insurance platform
24th March 2022
Buckle, a digital financial services company for the gig economy, has completed a $15 million upsizing of its term loan with participation from Siguler Guff & Company, along with existing lender Hudson Structured Capital Management (conducting its re/insurance business as HSCM Bermuda). This increases the total to $35 million, with the ... Read the full article
LSM appoints new claims manager for open market specialty
24th March 2022
Liberty Specialty Markets (LSM) has appointed Sarah Howell to the newly created role of claims manager – open market specialty. Howell is responsible for managing the marine, aviation, energy, property, and construction claims team, and reports to Gavin Coley, head of specialty claims. She takes up the role with immediate effect ... Read the full article
Lloyd’s says Ukraine will be a major claim for the market
24th March 2022
The specialist Lloyd’s insurance and reinsurance marketplace has said it believes the ongoing conflict in Ukraine will be a major claim for the market in 2022. In comments alongside the release of its yearly results today, Lloyd’s said that it continues to be in “close dialogue” with market partners to ... Read the full article
Insured losses up to $4bn expected from Japan’s M7.3 quake: Verisk
24th March 2022
Analysts at Verisk Extreme Event Solutions (formerly AIR Worldwide), have estimated that insured losses to properties from the March 16th M7.3 earthquake that struck offshore from the island of Honshu, Japan, will be between JPY 240 billion (~USD 2 billion) and JPY 490 billion (~USD 4 billion). Of that figure, between ... Read the full article
SiriusPoint and Players Health partner up
24th March 2022
SiriusPoint and Players Health are going into partnership. According to a statement, SiriusPoint will provide Players Health with fronting and underwriting capacity, offering a combination of property & casualty and accident & health coverages. Prashanth Gangu, COO and president of insurance & services at SiriusPoint, said: “We are delighted to partner with ... Read the full article
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