Reinsurance News
Top insurers called to end trade with Russian companies
4th March 2022
In response to Russia’s invasion of Ukraine, a coalition of NGOs and groups around the world are calling on financial institutions most exposed to Russian oil, gas, and coal to cease all ties with these companies. More than 75 organisations have written to insurers, which include AIG, Allianz, Atradius Re, AXA, ... Read the full article
Duck Creek and CoreLogic expand partnership
4th March 2022
P&C insurance software provider, Duck Creek Technologies has expanded its collaboration with CoreLogic, a provider of property intelligence solutions, to help connect critical touchpoints for an improved underwriting experience. The growing relationship enables customers to obtain a deeper level of business intelligence, one where decisions can be made in real-time. Duck Creek ... Read the full article
AXA XL makes three promotions to zonal manager in the US
4th March 2022
AXA XL has promoted three people to newly created zonal manager roles within its design professional insurance business. The insurer says that the move will help it align its underwriting teams more closely within its US regional operating model. The promotions include the appointments of Bob McLucas to east zone manager, ... Read the full article
Zurich enters partnership with Celonis
4th March 2022
Execution management company and creator of process mining Celonis and Zurich Insurance (Zurich), have collaborated to accelerate Zurich’s journey to become more data-driven as a business, whilst also working with the company to set up a dedicated Center of Excellence (CoE). The CoE will create value across all business processes including ... Read the full article
Verisk expands Canadian footprint with Opta acquisition
4th March 2022
Data analytics provider Verisk has acquired Opta, a Canadian provider of property intelligence and technology solutions, to further expand Verisk’s footprint in the Canadian market. The acquisition has enabled Verisk to adopt Opta’s technology and commitment to innovation, which will further fuel efforts to help customers improve operational efficiencies by delivering ... Read the full article
Munich Re’s HSB appoints Touahri to senior finance role
4th March 2022
Munich Re-owned specialty insurer HSB has announced the appointment of Amin Touahri to its finance team as Head of Financial Solutions. Touahri has worked for Munich Re since April 2017, having originally joined the reinsurer as a Casualty Treaty Underwriter. Most recently, he worked with Munich Re in Paris as Origination Lead ... Read the full article
FedNat loss grows, reinsurance costs blamed
4th March 2022
Florida based primary insurer FedNat has reported a net loss of $103.1 million for 2021, compared with a loss of $78.2 million in the previous year. The company says the larger loss in 2021 was primarily the result of higher reinsurance costs and the lack of any income tax benefits in ... Read the full article
AXA XL makes two underwriting hires
4th March 2022
AXA XL has appointed Kate Zhou as Senior Underwriter and Ian Lui as Underwriter for its Energy business, where they will be based in Toronto and will report to Jennifer Arezes, Head of Property, Construction and Energy, Canada. Zhou joins AXA XL from Royal & Sun Alliance Insurance Company of Canada ... Read the full article
Liberty Mutual completes acquisition of State Auto Group
4th March 2022
Liberty Mutual has completed the acquisition of State Auto Group, a super-regional property and casualty insurance holding company headquartered in Columbus, Ohio. State Auto distributes personal and small commercial coverages in 33 states through approximately 3,400 independent agents. The company has confirmed that over 2,000 State Auto employees will join Liberty ... Read the full article
CyberCube advises stress testing of portfolios with eastern European business
4th March 2022
CyberCube has released a new report saying that insurers and reinsurers should stress test their portfolios if they hold eastern European business, following the invasion of Ukraine by Russia. The company has released a new report called War in Ukraine creates fundamental shift in the cyber threat landscape that presents eight ... Read the full article
Potential moderate losses to specialty lines from Russia-Ukraine war – Moody’s
4th March 2022
A new note from Moody’s says that international insurers have little exposure from the fallout over Russia’s invasion of Ukraine, but specialty lines could be impacted. While insurance penetration is low in Russia and Ukraine, write Moody’s, with the local markets dominated by local players, it will be specialist lines that ... Read the full article
Estimated total flood claims reach AUD$1bn: ICA
4th March 2022
The Insurance Council of Australia (ICA) has reported that insurers have received 67,537 claims related to the ongoing flooding in South-East Queensland and New South Wales, a 12% increase from yesterday’s claims count, indicating that the rate at which claims are coming in is slowing. 76% of those claims were from ... Read the full article
IGI results strong overall, but reinsurance flounders
4th March 2022
International General Insurance Holdings Ltd. (IGI) has reported largely positive results for both the fourth quarter and full-year periods in 2021, with Chairman and CEO Wasef Jabsheh describing it as "another excellent year" for the company. But despite the strong performance, IGI's reinsurance segment faced difficulties due to high claims, including ... Read the full article
AIG appoints new chief procurement officer
4th March 2022
American International Group (AIG) has promoted Jeanne Edwards to be its new chief procurement officer. In her new role, Edwards will be responsible for the overall strategy and performance of all purchasing and vendor services across AIG. She will report to Shane Fitzsimons, executive vice president and CFO of AIG. In a ... Read the full article
Kin raises further $82m in funding
4th March 2022
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has raised $82 million in the first close of its Series D funding round, with additional commitments for a second close totalling $18 million. The funding was led by QED Investors with participation from returning investors ... Read the full article
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