Reinsurance News
Litigation funding driving social inflation, Swiss Re warns
10th December 2021
In a recent report, Swiss Re has warned that third-party litigation finance (TPLF) is a major contributing factor to the trend of social inflation in the US, which is having a knock-on effect on the price and availability of many insurance covers. Swiss Re notes that the US is the centre ... Read the full article
Chubb names Fran O’Brien as Deputy Chief Risk Officer
10th December 2021
Chubb has announced the appointment of Fran O'Brien to the position of Deputy Chief Risk Officer. In this role, O'Brien will help support all Chubb's enterprise risk management activities including strategy, management framework and related processes across the company. Concurrently, Ana Robic, who currently serves as Chief Operating Officer, North America Personal ... Read the full article
Appleford to lead Political Violence & Terrorism at Tysers
10th December 2021
Independent Lloyd’s broker Tysers has announced that Ciara Appleford is joining the firm to lead its Political Violence and Terrorism team. Appleford will lead a global team with the aim of driving growth across Tysers’ broking hubs in London, Dubai, Miami, and Singapore. She brings over 13 years of broking experience, market ... Read the full article
Verisk’s Sequel launches new distribution solution
10th December 2021
Insurance software specialist, Sequel a Verisk Business, has announced the development of a new solution designed to simplify the distribution of standalone products and delegated authority business. The solution, called Sequel Hub, will launch with over 10 carriers and two of the top 3 brokers. Sequel Hub orchestrates messaging between brokers, carriers, ... Read the full article
BHSI promotes Angela Meyer to Head of Life Sciences, NA
10th December 2021
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Angela Meyer to Head of Life Sciences in North America. Meyer was previously Head of Life Sciences for the Southeastern region of the U.S, and joined BHSI in 2014, holding 20 years of experience in the insurance industry. Steve Harris, Vice President, Casualty, BHSI said: ... Read the full article
U.S. commercial insurance prices continue to rise in Q3: WTW
10th December 2021
U.S. commercial insurance prices have risen again in the third quarter of 2021, according to Willis Tower Watson’s latest Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies underwritten during the third quarter of 2021 to those charged for the same coverage during the same quarter in ... Read the full article
S&P capital model changes could affect 10% of re/insurers: analysts
10th December 2021
A new report by Litmus Analysis notes that the ratings of up to 10% of insurers and reinsurers rated by S&P Global could be affected by new proposed changes to the rating agency’s capital model. Analysts warn that “winners and losers are inevitable” from the changes proposed by S&P earlier this ... Read the full article
Richard Leavitt joins Alliant Insurance Services
10th December 2021
Alliant Insurance Services has announced that Rich Leavitt has joined the company as Senior Vice President. In this role, he will provide risk management services to healthcare, life sciences and technology clients as part of Alliant’s Healthcare Practice. Leavitt has over 30 years of experience in the insurance industry, including outsourced risk ... Read the full article
DARAG announces LPT agreement with China Taiping UK
10th December 2021
DARAG Group, a leading legacy acquirer, has announced that its German carrier DARAG Deutschland AG has signed an agreement for a loss portfolio transfer (LPT) with China Taiping Insurance (UK) ahead of an intended Part VII transfer. The deal includes CTI’s business underwritten in the Republic of Ireland, the Netherlands, Belgium ... Read the full article
1/1 renewals “very late” as reinsurers maintain discipline: KBW
10th December 2021
Analysts at KBW have reported that 1/1 renewal negotiations for property and casualty (P&C) business are running “very late” as reinsurers have managed to remain disciplined on pricing in the lead-up. After meeting with several reinsurance company executives in Bermuda, KBW analysts are anticipating “solid rate increases overall” for P&C business ... Read the full article
COVID-19 a turning point for Africa’s insurance sector: AIO
10th December 2021
The aftermath of COVID-19 will be a turning point for the entire insurance sector in Africa, according to Tope Smart, who will assume the role of President of the African Insurance Organisation (AIO) next year. "This is because the insurance sector plays an important role in the economic development of the ... Read the full article
James Hastings to join WR Berkley Syndicate Mgmt as President
10th December 2021
W. R. Berkley has announced the appointment of James Hastings as president of its Syndicate Management subsidiary, a role that's expected to dovetail into Chief Executive Officer upon the departure of David Bronsen in early 2022. Brosnan will remain on the Board of Directors of the Managing Agency following the transition. Hastings ... Read the full article
PERILS reports loss estimate of AUD$1.028bn for Australia storms
10th December 2021
Independent provider of industry-wide catastrophe insurance data PERILS has disclosed its initial industry loss estimate for the Southern Australian storms which occurred during the period of 28 to 30 October 2021. PERILS’ initial estimate of the insured market loss, based on loss data collected from the majority of the Australian insurance ... Read the full article
Swiss Re to sell elipsLife to Swiss Life International
10th December 2021
Swiss Re has announced plans to sell its life insurance subsidiary Elips Life AG (elipsLife) to Swiss Life International and to enter into a long-term reinsurance partnership for elipsLife’s in-force and new business. elipsLife is an insurance company for institutional clients such as pension funds, collective foundations, companies, and associations. The company ... Read the full article
Healthcare sector should expect post-COVID claims crisis: New Dawn Risk
10th December 2021
Max Carter, CEO of specialist insurance broker, New Dawn Risk has expressed concern over an expected post-COVID claims crisis in healthcare. Commenting on how COVID-19 has impacted the healthcare system, Carter said: “If there is one thing that parties on all sides can agree, it is that COVID has stretched and ... Read the full article
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