Reinsurance News
The Swedish Club announces General Increase of 12.5% for 2022
15th December 2021
The Swedish Club has announced a General Increase of 12.5% for 2022, a move which reflects the unique challenges currently faced by the P&I insurance market. This increase is in line with other members of the International Group, and with a backdrop of pricing inadequacy in the P&I sector, the Board ... Read the full article
IBISA raises €1.5m in seed round led by Insurtech Gateway
15th December 2021
The Luxembourg based startup IBISA has raised a €1.5m seed round, led by specialist incubator and venture fund Insurtech Gateway, alongside other strategic co-investors including Rockstart’s AgriFood fund. The funding will go towards IBISA's new solution, which has launched at a critical time, with the climate crisis accelerating and the frequency ... Read the full article
Recent tornado outbreak in the US an earnings event for P&C re/insurers: Fitch
14th December 2021
As initial estimates for the insured loss from the impacts of the recent tornadoes across a number of U.S. states start to be reported, Fitch Ratings expects this to be an earnings event for individual property and casualty (P&C) insurers and reinsurers. Earlier today, cat risk modeller KCC pegged the ... Read the full article
Ryan Specialty to acquire Keystone Risk Partners
14th December 2021
International specialty insurance firm Ryan Specialty Group, has signed a definitive agreement to acquire certain assets of Keystone Risk Partners, LLC based in Media, PA. Keystone generated approximately $8 million of revenue for the 12 months ended November 30, 2021. Terms of the transaction were not disclosed, although it is expected to ... Read the full article
Allianz names José Morago as Risk Director
14th December 2021
Allianz Holdings has appointed José Morago to the position of risk director for its personal lines business. In this role, Morago will be responsible for leading the risk function within the personal lines business and overseeing the risk activities for LV= general insurance, Petplan, L&G general insurance, Allianz Musical Insurance and ... Read the full article
Chubb in $800m sex abuse settlement with Boy Scouts
14th December 2021
Global insurance carrier Chubb has announced that its subsidiaries have agreed to pay $800 million to the Boy Scouts of America (BSA) as a contribution towards a compensation trust for sex abuse survivors. The BSA filed for bankruptcy back in February 2020 after facing hundreds of individual lawsuits and at least ... Read the full article
Aon warns of severe convective storm risk, pegs US tornados as multi-billion dollar event
14th December 2021
Aon analysis of the devastating tornado outbreak which swept several US states over the weekend echos other outlet's in its expectation for both economic and insured losses to reach into the billions of dollars. Analysts note how the severe convective storm (SCS) peril has become an increasingly expensive one ... Read the full article
Ebix Europe to offer alternative trading platform for London Market
14th December 2021
London Market technology specialist Ebix Europe has announced that it is designing and developing a new electronic trading platform that will offer an alternative to the recently announced PPL platform. The platform, called PlacingHub, has been developed by Ebix Europe’s in-house specialists, and promises to offer users the equivalent functionality already ... Read the full article
Tremor sees $175m premium transacted in 2021, marketplace revenue swells 400%
14th December 2021
Leading online reinsurance pricing and placing platform Tremor transacted $175 million of premium in 2021 and achieved marketplace revenue growth of over 400% year over year. Tremor has seen over $275 million of reinsurance premium transacted on its marketplace since 2018. While the market has continued to harden overall and traditional reinsurance ... Read the full article
Swiss Re among investors in $1.4bn FWD capital raise
14th December 2021
Pan-Asian life insurer FWD Group Holdings Limited has announced that it has entered into subscription agreements with a number of investors, including reinsurer Swiss Re. Together, the investors agreed to participate in private placements which are to raise US $1.425 billion in aggregate. The private placements will take the form of cash ... Read the full article
US tornados to hit commercial multiperil, homeowners lines: AM Best
14th December 2021
AM Best is expecting losses from the weekend's devastating tornado outbreak to be concentrated in the commercial multiperil and homeowners lines, with some losses borne by auto physical damage. On December 10 more than 30 tornadoes were reported across five states—Arkansas, Illinois, Kentucky, Missouri, and Tennessee—causing widespread devastation and ... Read the full article
SiriusPoint helps create new Floridian insurer VYRD
14th December 2021
A new insurer serving homeowners in Florida has launched as a joint venture between specialty re/insurer SiriusPoint and insurtech Bolt. VYRD is set to deploy cutting-edge technology in its efforts to bring more choice and new solutions to customers in Florida. Residents in the state have faced rising prices as litigation costs ... Read the full article
Insured loss from U.S. SCS & tornado outbreak seen at $3bn by KCC
14th December 2021
Analysis from catastrophe risk modelling firm, Karen Clark & Company (KCC), estimates that the insurance industry loss from the recent severe convective storm (SCS) outbreak in the U.S. will be around $3 billion. The SCS outbreak, which brought damaging winds and hail, occurred over December 9th - 12th and saw tornado ... Read the full article
Liberty Mutual names Damon Hart as EVP
14th December 2021
Liberty Mutual Insurance has appointed Damon Hart as Executive Vice President and Chief Legal Officer. Hart succeeds Jim Kelleher, who announced he will retire at the end of this year. Previously, Hart was promoted to Deputy Chief Legal Officer in 2020 and prior to this, served as Senior Vice President and ... Read the full article
Alastair Swift named LIIBA representative on LMG board
14th December 2021
The London Market Group has announced that Alastair Swift, Head of Corporate Risk & Broking at GB Willis Towers Watson, has joined its board. Swift will be one of the elected board members chosen to represent LIIBA (the London and International Insurance Brokers’ Association) on the LMG Board. “Alastair Swift brings a ... Read the full article
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