Reinsurance News
Verisk meets investor pressure with insurance focus, new directors
21st March 2022
Verisk has responded to demands from activist investors by agreeing to reposition itself as a pure-play insurance focused business and seek further margin expansion, while also nominating three new independent directors for election to its board. Last week, a letter was sent to Verisk’s Board of Directors on behalf of ... Read the full article
RenRe makes new appointment
21st March 2022
Bermuda-based RenaissanceRe has appointed a new SVP underwriting, global head of climate and sustainability strategy in Cathal Carr. Carr has been with RenaissanceRe for over seventeen years, beginning as a risk analyst in 2005. He has held a multitude of positions since then, including his most recent as SVP underwriting, global head ... Read the full article
Cat loss experience remained significant in 2021: AM Best
21st March 2022
According to analysts at AM Best, the global insurance-linked securities (ILS) market remains saddled with prior catastrophe losses, a decline in assets under management for some prominent ILS funds and a drop in the overall performance of ILS funds despite another year of a record catastrophe bond issuance. The analysts noted ... Read the full article
Russian sanctions threaten historic aviation insurance loss: analysts
21st March 2022
Following Russia’s move to nationalise jets stranded in the wake of Western sanctions, analysts and industry leaders have warned that the aviation insurance market could be facing a historic loss. More than 500 Western-built aircraft worth roughly $10 billion are thought to be grounded in Russia, as authorities in the country ... Read the full article
Layr raises $10mn in Series A funding round
21st March 2022
Insurtech startup Layr has raised $10 million in Series A funding round, which was led by HSCM Ventures, with participation from MGV, Sandbox Industries, Flyover Capital, and Hannover Digital Investments. The funding will go towards the expansion of Layr’s team and grow its footprint amongst insurance agents and brokers while adding ... Read the full article
TigerRisk makes two senior appointments
21st March 2022
TigerRisk Partners has made two new senior appointments. According to a LinkedIn post from the company, the firm has hired James Loggie, who will join the global trade credit, surety and political risk business, and become a partner. TigerRisk has also appointed Joel Hodges to be both partner and head of ... Read the full article
Markel Intl. adds three to wholesale claims team
21st March 2022
Markel International has appointed Alia Bamrah, Keifer Edmonds, and Tony Halling as senior claims adjusters, adding further experience and technical expertise to the wholesale claims team, as it continues evolving its services for clients. All three appointments will be based in the company’s London office, holding the responsibility for day-to-day claims ... Read the full article
New earthquake bill to be introduced in New Zealand
21st March 2022
The government of New Zealand has introduced a bill to make the claims process following a natural disaster easier. The Natural Hazards Insurance Bill will reportedly make the the rules for mixed and multi-use buildings clearer, clarify regulations relating to repairing buildings and land following a landslip or other land damage, ... Read the full article
ICA reports slowdown in number of claims made due to Australian flooding
21st March 2022
Australian insurers have received 153,769 claims related to the flooding in the country’s Queensland and New South Wales areas, a number that the Insurance Council of Australia (ICA) has said has increased by 2% since Friday. The ICA also said that the current estimated cost of claims is now $2.307bn. The ... Read the full article
Berkshire Hathaway to acquire Alleghany for $11.6bn
21st March 2022
Warren Buffett's insurance and reinsurance firm, Berkshire Hathaway, has reached an agreement to acquire all of the outstanding shares of Alleghany Corporation in an $11.6 billion transaction. A definitive agreement between the pair sees Berkshire acquire all outstanding Alleghany shares for $848.02 in cash. The deal has been unanimously approved by both ... Read the full article
BMS hires Howden’s Eliot Powell as Group Chief Commercial Officer
21st March 2022
Insurance and reinsurance broker BMS Group has appointed Howden's Eliot Powell as its new Group Chief Commercial Officer (CCO), based in London and reporting to Nick Cook, Chief Executive Officer (CEO) of BMS. In his new role, Powell will be tasked with further expanding and delivering on the re/insurance broker's strategic ... Read the full article
BMS makes two appointments to capital and legacy solution practices
21st March 2022
BMS has made two appointments to its capital solutions advisory and legacy solutions advisory practices. The firm said it was appointing Chris Harding and James Ferris as directors of capital and risk advisory, effective April 2022. Harding and Ferris will be based in London and Bermuda respectively, and will report to ... Read the full article
Pool Re names Clementi as its new CEO
21st March 2022
Tom Clementi is to join Pool Re as its new CEO, taking over the reigns from outgoing leader Julian Enoizi. Clementi, who will join the mutual on 4th April, is a strategic advisor at Lane Clark & Peacock. He has many years of insurance industry experience, specifically with MS Amlin where he ... Read the full article
Coface’s exposure to Russia’s invasion of Ukraine equates to €5bn: Deutsche Bank
21st March 2022
According to Deutsche Bank, at the end of February credit insurer Coface's total exposure to Russia’s invasion of Ukraine equated to EUR 5 billion, with 95% Russia, and 5% Ukraine, which is equivalent to less than 1% of total group insured exposure. The bank explained that this exposure has a duration ... Read the full article
ARC-ADRiFi partnership enables rapid aid for Madagascar: Beth Dunford, ADB VP
21st March 2022
Last month, the Government of Madagascar announced it was set to receive a payout of $10.7 million from the African Risk Capacity (ARC) following the impacts of tropical cyclone Batsirai, which has been completed. The funds will go towards recovery efforts such as building temporary shelters, reconstructing residences, as well ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
