Reinsurance News
Brit launches Direct Pay in the US
10th March 2022
Brit is launching its Direct Pay service within the US. Partnering with Visa, Mastercard, and Vitesse, Brit says the service offers end customers the ability to receive claims payments securely and instantly to their bank card. Sheel Sawhney, group head of claims and operation at Brit, said: “Direct Pay demonstrates how the ... Read the full article
Western planes worth $13bn stranded in Russia, analysts say
10th March 2022
Analysts at data and analytics company Russell Group have reported that 589 Western-built aircraft with a market value of approximately $13 billion are currently on the ground in Russian airports. Flights to and from Russia have been banned by nearly all Western nations in response to the country’s widely-condemned invasion of ... Read the full article
Swiss Re partners with dacadoo
10th March 2022
Swiss Re has signed a partnership with health and technology company dacadoo to enrich its MyWellLife offering. According to Swiss Re, the MyWellLife platform is a mobile-first, digital engagement platform that acts as a smart health coach. Jolee Crosby, global head of L&H underwriting at Swiss Re, said: “Lifestyle factors are gaining ... Read the full article
AM Best moves Russia to bottom country risk tier
10th March 2022
AM Best has moved its Country Risk Tier for Russia to a CRT-5 from a CRT-4 to reflect the significantly heightened geopolitical, economic and financial system risk in the country which has resulted from its invasion of Ukraine. Because of sanctions against Russia having targeted the financial system, it now faces ... Read the full article
Howden overhauls global management team
10th March 2022
Broker firm Howden has overhauled its global management team in the wake of its acquisition of Aston Lark. According to the firm Chris Evans has been promoted to deputy CEO of Howden Broking in a new role, while Alistair Barrett will become the company’s COO. Rebecca Scott will become chief ... Read the full article
Australia flood costs rise again, to $1.77bn
10th March 2022
The costs from flooding in Australia’s Queensland and New South Wales areas have risen to an estimated $1.77bn, according to the Insurance Council of Australia (ICA). The ICA, which has been releasing regular updates on figures, said that the costs originally estimated at $900m were still rising, with the larger ... Read the full article
SCOR Channel doubles UW profit, announces rebrand
10th March 2022
Lloyd’s syndicate SCOR Channel, which is part of global re/insurer SCOR’s Specialty Insurance platform, has announced improved results for 2021, including a 100% increase in its underwriting profit. SCOR Channel recorded a twofold increase in underwriting profit, which moved from £7 million to £14 million, as well as a £5 million ... Read the full article
ProExec partners with CyberCube’s Broking Manager
10th March 2022
ProExec, a part of RT Specialty, the wholesale broking division of Ryan Specialty Group, has partnered with CyberCube’s Broking Manager, the cyber risk analytics platform for insurance intermediaries, to further enable RT ProExec’s team to quantify and explain to its retailers and their clients the sources and potential financial impacts ... Read the full article
MP’s call for Australia’s cyclone reinsurance scheme to cover fires and floods
10th March 2022
The Guardian Australia has reported that state and federal MPs representing flood-affected communities in Australia have called for the planned commonwealth cyclone reinsurance scheme to be expanded to cover other natural disasters. According to the Insurance Council of Australia, the estimated current cost of claims is now just over $1 ... Read the full article
Clyde & Co name Susana Martínez as Partner in Madrid
10th March 2022
Global law firm Clyde & Co has appointed Susana Martínez as a Partner in Madrid to strengthen the firm’s global insurance group, where she will focus on giving advice, coverage dispute and defence work in complex matter across multiple jurisdictions within EMEA and Latin America. She brings experience within advice and ... Read the full article
Hannover Re’s net income rises to €1.23bn despite heavy cat & COVID load
10th March 2022
Global reinsurer Hannover Re has today reported a 39% rise in net income to €1.23 billion for 2021, despite major losses in its property and casualty (P&C) arm coming in above expectations, and a sizeable COVID-19 impact in its life and health (L&H) reinsurance business. Across the Group, net income increased ... Read the full article
Fusion appoints three new associate directors
10th March 2022
Insurer Fusion has appointed three new associate directors in its mergers and acquisitions underwriting team. The three—Danielle Eliatamby, Lillian Chau, and Sabrina Chia—will be based out of Sydney, Hong Kong, and Singapore, and will lead the underwriting of M&A deals across the Asia Pacific region and facilitate the issuance of policies ... Read the full article
AXA XL names Bewlay as Chief Executive Reinsurance as Cooper steps down
9th March 2022
AXA XL, the property & casualty and specialty risk division of global insurer AXA, has named Nancy Bewlay as its new Chief Executive Reinsurance, taking over from Charles Cooper. Bewlay brings more than three decades of industry experience to the role and has held numerous senior roles at XL Catlin and ... Read the full article
Russia-Ukraine war to increase cyber-related claims?
9th March 2022
The fallout from the war between Russia and Ukraine following the former’s invasion of the latter could increase cyber-related insurance and reinsurance claims within Europe and North America, according to a new note from DBRS Morningstar. The note says that considering the number of cyberattacks having ‘materially increased’ and the tightening ... Read the full article
L&G reports “strong year” for pension deals
9th March 2022
Life insurer Legal & General Group (L&G) has reported its results for 2021, with subsidiaries Legal & General Retirement Institutional (LGRI) and Legal & General Retirement America (LGRA) experiencing a “strong year,” the company says. L&G continued to maintain its position in the global pension risk transfer (PRT) market, securing a ... Read the full article
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