Reinsurance News
Falvey Cargo launches new cyber coverage with Chaucer
18th March 2022
Falvey Cargo Underwriting has announced its brand new coverage protection – Cyber for Cargo. This new coverage will also see the company partnering with the leading speciality re/insurance company, Chaucer Group, to help bring this exclusive protection to Falvey clients. The company says that it recognises that cyber risk exposure is an ... Read the full article
Demex launches Climate Risk Appraisals Service
18th March 2022
The Demex Group, a technology company that focuses on delivering climate-resilience through financial risks on a global scale, has launched a new service – Climate Risk Appraisals. The company says that Climate Risk Appraisals will provide a new management strategy for climate resilience. Demex assesses and prices climate-driven risk across an unlimited ... Read the full article
Planck targets customer acquisition costs with new product
18th March 2022
Artificial Intelligence (AI) data platform Planck has announced the launch of a new product to help insurers identify high-potential prospects and markets that match their risk appetite. By using utilising Prospect Intelligence platform, Planck argues that carriers will be able to reduce their customer acquisition cost, increase growth & expansion and ... Read the full article
“Japan earthquake losses likely to go into the billions” – Aon
18th March 2022
The economic toll of the earthquake that struck off the coast of Tokyo this week is likely to be in the billions, says Aon. Harkening back to a $2bn+ industry loss from 2021, Aon said that recent historical performances of similar earthquakes had resulted in billion-dollar economic losses. Back then, the magnitude ... Read the full article
Verisk tells D.E. Shaw actions taken are contributing to significant progress
18th March 2022
In response to demands from activist investors, Verisk Analytics has said that actions it has already taken are contributing to significant progress in its continued efforts to generate a robust performance for its shareholders. Yesterday, a letter was sent to Verisk's Board of Directors on behalf of certain investment funds ... Read the full article
Market Volatility: Main risk for European re/insurers from Russia – Ukraine
18th March 2022
American credit rating agency Fitch Ratings warns that the war between Ukraine and Russia is more likely to impact the European insurance sector through second-order financial market volatility, instead of through direct effects from sanctions on Russian entities and other measures that are restricting Russian businesses. European re/insurers have little direct ... Read the full article
Swiss Re names Ivan Gonzalez as CEO of Reinsurance, China
18th March 2022
Global reinsurance giant Swiss Re has announced that Ivan Gonzalez will serve as the Chief Executive Officer (CEO) of Reinsurance for China and China Country President, where he relocates from New York to Beijing. In his new role, Gonzalez takes on responsibility for all of the firm's reinsurance operations in China. ... Read the full article
Prolonged Russia-Ukraine conflict deleterious to insurers – DBRS Morningstar
18th March 2022
Prolonged conflict between Russia and Ukraine could have deleterious effects on the bottom line for major insurers, writes DBRS Morningstar in a new note. The current conflict, aligned with increased inflation, could lead to insurers being squeezed by claims, while unable to pass on costs to customers, wrote Tomasz Walkowicz and ... Read the full article
Lloyd’s syndicate Verto partners with Optalitix to enhance offering
18th March 2022
Verto syndicate 2689 (Verto), a follow-only Lloyd’s syndicate, has partnered with Optalitix, an insurtech company providing SaaS software to leading insurers in the UK, to innovate the Lloyd’s market using a fully digital pricing system with full AI capability. Embracing AI and rapid algorithm development through the Optalitix Quote product will ... Read the full article
Markel reports court approval for CATCo fund buyout schemes
18th March 2022
Markel Corporation and Markel CATCo Investment Management has announced court approval of the buy-out transaction and schemes of arrangement being undertaken by Markel CATCo Reinsurance Fund and the CATCo Reinsurance Opportunities Fund. According to Markel, these two insurance-linked securities funds are currently in runoff and are managed by MCIM, the Funds' ... Read the full article
OIC’s syndicate 2880 receives Lloyd’s approval
18th March 2022
Oman Insurance Company (OIC) and Asta, a third-party managing agent at Lloyd’s have announced that OIC’s syndicate 2880 has received Lloyd’s approval to commence underwriting. The syndicate was launched under Lloyd's syndicate-in-a-box (SIAB) initiative and will operate on the Lloyd’s platform under the Dubai International Financial Centre (DIFC). OIC is based in ... Read the full article
D. E. Shaw urges Verisk to become a pure-play insurance-focused business
17th March 2022
The D. E. Shaw Group has written to the Board of Directors of Verisk Analytics to highlight concerns about the long-term underperformance of the firm's share price, and has called on Verisk to position itself as "a standalone insurance focused business." The letter was sent today on behalf of certain investment ... Read the full article
Howden invests into data and analytics capabilities
17th March 2022
Howden Group Holdings has made a strategic alignment of its digital, data and analytics capabilities by embedding them directly into the client-facing business areas in which they support. HX was launched in 2019 to develop key areas of the group’s digital, data and analytics platform delivery and accelerate the growth of ... Read the full article
CCR Re income more than doubles, combined ratio improves
17th March 2022
French state-owned reinsurer CCR Re has reported that its net income more than double over the course of 2021 reaching €41 million, versus €18 million in the previous year. This performance contributed to a similar 2x increase in income at parent firm CCR, which reported net income of €134 million for ... Read the full article
Palomar renews aggregate excess of loss reinsurance limit
17th March 2022
Palomar has renewed the $25m aggregate excess of loss reinsurance limit it bought in Q1 2021. The firm previously secured $25m of aggregate excess of loss reinsurance providing coverage to across all perils above a qualifying level of $2m, and with an attachment point of $30m, in February last year. According ... Read the full article
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