Reinsurance News

Longitude Exchange unveils world’s first digital market for trading longevity risk

2nd March 2022

Longitude Exchange, a new Insurtech recently launched in Bermuda, has announced the impending release of its digital marketplace for trading longevity risk in index-based format, as the company looks to lower frictional costs and timelines. The new platform brings together hedgers and investors on a web-based ecosystem that's been built specifically ... Read the full article

Russian cyberattacks may test insurer war exclusion language: Fitch Ratings

2nd March 2022

The risk of cyberattacks has increased following Russia’s invasion of Ukraine and may test the effectiveness of ‘war exclusion’ and ‘hostile act exclusion’ language in policies, says Fitch Ratings. A new note from the agency says that the wording, already under greater scrutiny following a recent court ruling that found an ... Read the full article

Tremor releases cloud-based system for buying and selling retro coverage

2nd March 2022

Tremor Technologies has released RetroOS, which it calls ‘a cloud-based operating system for reinsurers buying and selling retro coverage’. In a statement, the company said that the 125 reinsurers that it does business with can now buy or sell UNL, parametric, or blended retro coverage directly through the platform. Tremor Technologies ... Read the full article

Munich Re names Head of L&H for Spain and Portugal

2nd March 2022

Munich Re has announced the appointment of Daniel Rodríguez as its new Head of Life & Health Business in Spain and Portugal. He will take over the leadership of the Business Development and Client Relations team. Rodríguez joined Munich Re in 2015, and has developed different roles across the region not only ... Read the full article

AXA XL appoints new underwriters

2nd March 2022

AXA XL has appointed two new underwriters to its excess and surplus excess casualty team. According to a statement from the insurer, Ying Yin Zhong will become a senior underwriter based in New York, while Zachery Gentile will be an underwriter based in Exton, Pennsylvania. Zhong joins AXA XL from Arch Insurance ... Read the full article

Marsh signs five-year agreement with HSBC

2nd March 2022

Insurance broker and risk advisor Marsh has signed a five-year broker agreement with HSBC, building on an 11-year relationship which began in 2010. Under the agreement, HSBC commercial banking customers will have access to world-class insurance products not currently available through the HSBC portfolio. It covers seven markets including France, Hong Kong, ... Read the full article

Australian flood claims continue to rise, says ICA

2nd March 2022

The Insurance Council of Australia (ICA) has reported that 48,220 claims have been made related to the flooding in South-East Queensland and the New South Wales coast, this is a 53% increase on yesterday’s claims count and demonstrates the significant impact of this event. 37,807 of these claims are from Queensland, ... Read the full article

Echo Re promotes Pütz to CEO as Meyer retires

2nd March 2022

Zurich-based reinsurer Echo Re has promoted Fabian Pütz to be its new Chief Executive Officer (CEO), taking over from Gilles Meyer who is retiring from the company after five years of service. Incoming CEO Pütz first joined Echo Re in 2018 as the Head of Controlling, Technical Accounting & Claims, and ... Read the full article

Felicity Ace cargo ship sinks off the coast of Portugal

2nd March 2022

Almost two weeks after the Felicity Ace cargo ship caught fire on its way to the U.S., the vessel has reportedly sunk off the coast of the Portuguese Azores archipelago. Loaded with luxury cars, the Felicity Ace left Emden, Germany for Rhode Island on the 9th of February. While sailing ... Read the full article

Pool Re grows terror retro cover to £2.5bn

2nd March 2022

UK government-backed terrorism reinsurer Pool Re has completed the placement of its expanded £2.5 billion retrocession programme, led by Munich Re, and with Hannover Re and Fidelis also among those providing significant capacity. The retro tower was grown from £2.475 billion last year thanks to Pool Re's new Baltic ... Read the full article

AM Best turns negative on Russian re/insurer ratings

2nd March 2022

Ratings agency AM Best has placed under review with negative implications the Financial Strength Rating (FSR) and the Long-Term Issuer Credit Rating of a number of Russian insurance companies, driven by heightened geopolitical, economic and financial system risk in the country. As Western nations impose sanctions on Russia amid its unprovoked ... Read the full article

SiriusPoint made significant progress in 2021, says CEO

2nd March 2022

Sid Sankaran, Chairman and Chief Executive Officer of SiriusPoint, has said that the company made “significant progress” in positioning itself for the future over the past year. Headquartered in Bermuda, SiriusPoint launched in February 2021 as one of the first fully formed re/insurers of the Class of 2020, following the merger ... Read the full article

Hiscox returns to profit in 2021, produces strongest underwriting result in five years

2nd March 2022

Insurer and reinsurer Hiscox has reported profit of $190.8 million for 2021 against a loss of $268.5 million in the prior year, as the company produced its strongest underwriting result in five years. Despite elevated catastrophe activity, Hiscox has reported an underwriting gain of $215.6 million for 2021, compared with a ... Read the full article

Howden to acquire Italian broker Assiteca

2nd March 2022

Howden Group Holdings, the international insurance intermediary group, has announced plans to acquire Italian-headquartered broker Assiteca S.p.A. Assiteca has employees operating across 19 cities in Italy, as well as operations in Spain and Switzerland, with a turnover of brokerage commissions of approximately €90 million. Howden says the business will be “highly complementary” ... Read the full article

S&P Global Ratings takes negative action on rated Russian insurers

2nd March 2022

S&P Global Ratings has taken what it calls ‘negative rating actions’ on its rated Russian insurers. The agency said that its actions reflected its view about increased geopolitical and economic risks in Russia. According to S&P, it has:

• Lowered the ratings on Sogaz Insurance and Ingosstrakh Insurance to BBB-.
• Lowered the ratings