Reinsurance News
Arch Insurance names Joe Morrello as SVP
28th February 2022
Arch Insurance, part of Arch Capital Group, has appointed Joe Morrello as Senior Vice President, E&S Property where he will oversee the expansion of Arch E&S Property through the company’s strong relationships with its broker partners and our decisions based on advanced analytics. Morrello is a seasoned property professional with years ... Read the full article
Gallagher Re partners with BitSight to deliver cyber-modelling insights
28th February 2022
Global reinsurance broker Gallagher Re and BitSight have collaborated to integrate BitSight cybersecurity data with Gallagher Re’s reinsurance insights and analytics. The partnership will provide reinsurance clients with a holistic view of security performance and supply chain aggregation within their portfolios, giving them a comprehensive and differentiated understanding of cyber risk ... Read the full article
Russian invasion of Ukraine likely to have ‘significant fallout’: AM Best
28th February 2022
Russia’s invasion of Ukraine will likely have significant fallout in the capital markets, impacting the entire industry in the short-to-medium term, says AM Best. Citing the potential for cyberattacks, AM Best said that the invasion may have ‘a substantial impact on the world’s insurance industry’. It added: “The economic effects of sanctions ... Read the full article
Aanika Biosciences accepted into BMA Reinsurance Innovation Hub
28th February 2022
Aanika Biosciences, an emerging biotech company that uses microbial based technologies to improve food safety, has received acceptance into the Bermuda Monetary Authority’s (BMA) Innovation Hub. The program will allow reinsurers to explore how the application of Aanika’s traceability and prevention technology can help reduce the size of claims while lowering ... Read the full article
German government to contribute €21mn to V20 climate-vulnerable countries
28th February 2022
In response to the calls from the Insurance Development Forum (IDF) and the V20 Group of Ministers of Finance from 48 climate-vulnerable countries, the German Federal Ministry for Economic Cooperation and Development (BMZ) is committing €21 million to help further protect poor and vulnerable countries against the adverse effects of ... Read the full article
Brown & Brown to acquire Orchid & CrossCover
28th February 2022
Global insurance brokerage Brown & Brown has entered into an agreement to acquire Orchid Underwriters Agency and CrossCover Insurance Services. Established in 1998, Orchid is a specialty underwriter of catastrophe-exposed property insurance for homeowners in coastal zones and for high net worth customers. The Orchid management team partnered with industry veteran, Scott ... Read the full article
Marsh makes two senior cyber appointments
28th February 2022
Insurance broker and risk advisor Marsh has appointed Helen Nuttall as UK Head of Cyber Incident Management, Marsh Specialty, and Patrick Cannon as UK Head of Cyber Claims. Both appointments are based in London, with Nuttall reporting to Sarah Stephens, Head of Cyber, International, Marsh Specialty, and Cannon reporting to Helen ... Read the full article
Volante launches Shareholder Activist Protection Insurance
28th February 2022
Volante Lloyd’s Syndicate 1699, managed by Asta Managing Agency, has launched Shareholder Activist Protection Insurance (SAPI), which provides standalone expense cover for shareholder activist activity and offers protection through its Lloyd’s Syndicate 1699 stamp. Developed by Volante Global and the help of experts at Marsh, the policy provides insurance for costs ... Read the full article
Australia floods trigger insurance catastrophe declaration
28th February 2022
Severe weather and flooding has resulted in the Insurance Council of Australia (ICA) declaring an insurance catastrophe for Southeast Queensland, as well as areas of New South Wales and the Mid-North Coast region. The catastrophic conditions have now been ongoing since February 21st, with record flood levels recorded in the Mary ... Read the full article
Allianz (AGCS) hires new regional head of legal
28th February 2022
Allianz Global Corporate & Specialty (AGCS) has hired William Fawcett to be its new regional head of legal for North America. In taking on the role, Fawcett will be based in Chicago and will report directly to Quirin Emmerich, global head of legal. He will succeed Julie Garrison, who left the ... Read the full article
RMS pegs industry loss from storms Dudley & Eunice at up to €4.5bn
28th February 2022
Catastrophe risk modeller RMS has estimated that insurance industry losses from windstorms Dudley (Ylenia) and Eunice (Zeynep), which battered parts of Europe in February, will be between €3 billion and €4.5 billion. Of this total, RMS expects storm Eunice to account for the large majority, or between €2.5 billion and €3.5 ... Read the full article
AXA XL promotes Kendall to Strategic Partnerships manager, Design Professional
28th February 2022
AXA XL's Design Professional insurance business has promoted Michaela Kendall to the newly created role of Strategic Partnerships manager to oversee and strengthen key industry and market relationships. Kendall will be based in AXA XL's Atlanta office, and report to Douglas Strong, Chief Underwriting Officer, Design Professional. She will lead a team ... Read the full article
Descartes & Reask partner on AI-powered parametric cover
28th February 2022
Descartes Underwriting, a parametric-specialized provider of corporate insurance against nat cat and climate risks, has formed a new partnership with Reask, a tropical-cyclone risk analytics firm. The collaboration aim to expand parametric cyclone insurance into new locations by combining wind data from Reask with Descartes’ ability to incorporate new technology into ... Read the full article
Lloyd’s re/insurance market backs sanctions against Russia: report
28th February 2022
The specialist Lloyd's insurance and reinsurance marketplace has told The Straits Times that it is backing sanctions against Russia following its ongoing invasion of Ukraine. With Russia's invasion now on day five, western nations have announced a range of sanctions designed to damage the country's economy and cut it off from ... Read the full article
Everspan partners with auto insurer Branch
28th February 2022
Everspan Insurance has entered into a partnership with Branch Financial (Branch), an auto insurer, to help expand its product offerings in select states throughout the US. Since launching in 2019, Branch has expanded at an unprecedented speed while helping members save an average of $548 a year. Wyatt Blackburn, President of Everspan ... Read the full article
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