Reinsurance News
L&G enter £225m buy-in with Newell Rubbermaid pension scheme
11th March 2022
Legal & General Assurance Society has agreed a £225 million buy-in with the Combined Newell and Record Section of the Newell Rubbermaid UK Pension Scheme (the scheme), securing the benefits of more than 800 retirees and 900 deferred members. The sponsoring company Newell Brands is a global consumer goods company with ... Read the full article
Australia flood costs creep higher, $2bn+ bill expected
11th March 2022
The latest reports from the Insurance Council of Australia (ICA) suggest that insured costs from flooding in Australia’s Queensland and New South Wales areas have continued to creep higher, with industry losses now estimated at $1.89 billion. According to ICA data, the number of insurance claims linked to the floods rose ... Read the full article
LIIBA appoints new chair
11th March 2022
The London & International Insurance Brokers Association (LIIBA) has announced that Alastair Swift, head of corporate risk and broking for global lines of business at WTW, as well as CEO of Willis Limited, will become its new chair. Swift will succeed Aon’s Richard Dudley in taking on his new role. Swift said: ... Read the full article
RMS expands Climate Change Models suite
11th March 2022
RMS has expanded its latest suite of RMS Climate Change Models to enable customers to strategically assess the near and long-term impacts of climate change across a wider range of perils and regions. The RMS Climate Change Models address the growing need for climate change analytics in operational underwriting and portfolio ... Read the full article
Australia to tighten offshore reinsurance rules
11th March 2022
The Australian Prudential Regulation Authority (APRA) has released an updated prudential standard designed to manage risks associated with the growing use of offshore reinsurers by the Australian life insurance industry. The updated standard includes amendments to ensure that the risks associated with using offshore reinsurers are appropriately managed and mitigated, following ... Read the full article
Is MAPFRE about to change its climate policy?
11th March 2022
MAPFRE will reportedly update its climate policy ‘significantly’ at its latest AGM, according to the pressure group Insure Our Future. According to Insure Our Future, MAPFRE, “ coal, gas and oil companies that do not commit to an energy transition plan that allows global warming to be maintained at around 1.5C." MAPFRE ... Read the full article
Aon appoints new chief strategy officer capital advisory
11th March 2022
Aon has appointed a new chief strategy officer capital advisory in Jim Fiore. The move was announced on LinkedIn by Fiore. His previous role was as chief reinsurance officer at QBE Insurance Group. Fiore joins Aon after almost three decades with QBE where he held numerous roles during his tenure, including as ... Read the full article
AmTrust Intl. appoints new underwriters to warranty team
11th March 2022
AmTrust International has appointed David Smith as senior underwriter and Callum Harding as assistant underwriter, both to the warranty team. The pair, according to AmTrust International, will be based in London. Rob Sadler, head of warranty underwriting at AmTrust international, said he was delighted to welcome them both to the company. He added: ... Read the full article
Marsh McLennan pulls out of Russia
10th March 2022
Global insurance broking and risk management firm Marsh McLennan has announced that it plans to exit all of its businesses in Russia. President and CEO Dan Glaser explained that the company felt “compelled” to sever all ties with Russia following its invasion of Ukraine. Western nations have already imposed tough economic sanctions ... Read the full article
Tesla influencing technology firms to undercut traditional insurers: Moody’s
10th March 2022
Tesla’s insurance business, which offers auto cover by using real-time driving data to assess accident risk, shows that there is potential for technology firms to undercut traditional insurers, as its own emergence as an insurer is already pushing the insurance industry to enhance its own data-led underwriting, according to Moody's. Tesla ... Read the full article
AGCS promotes new regional head of cyber in North America
10th March 2022
Allianz Global Corporate & Specialty (AGCS) has promoted Tresa Stephens to region head of cyber for tech and media in North America. Stephens will begin her new role on 1 April and will be succeeding Thomas Kang. Joe Caruso, regional head of financial lines for north America, whom Stephens will be reporting ... Read the full article
Marsh makes new appointments within its Affinity business
10th March 2022
Marsh has appointed Rebecca Bleek, Leo Gibbons, and Sam Suen to new roles within its Affinity business. According to the broker firm, Bleek will be Affinity leader in the MENA region, while Gibbons and Suen will be placement leader and business digital strategy leader for International Affinity. Phil Hobson, Affinity Leader, International, ... Read the full article
SiriusPoint & Mosaic strike Lloyd’s partnership, trade SIMA unit
10th March 2022
SiriusPoint has become a strategic investor in Mosaic Insurance as the company looks to "reinvigorate" its business at Lloyd's, through an arrangement that includes the sale of its Lloyd’s Managing Agency, Sirius International Managing Agency (SIMA), to Mosaic. Mosaic will acquire SIMA along with its employees as part of a larger ... Read the full article
US commercial prices up 7% through Q4: WTW
10th March 2022
U.S. commercial insurance prices rose again in the fourth quarter of 2021, according to WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS), with the aggregate commercial price change measured at 7%. The survey compared prices charged on policies underwritten during the fourth quarter of 2021 with those charged for the same ... Read the full article
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
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