Reinsurance News
Burning car carrier Felicity Ace could be $500m cargo loss, says Skytek
18th February 2022
The fire that emerged on the Felicity Ace cargo ship, which was loaded with luxury cars as it departed Germany for the U.S. on February 9th, could result in a loss for the marine re/insurance market of as much as $500 million, reports Skytek. A fire broke out in one of ... Read the full article
Rokstone names Jo Lambe as Digital Product Development Manager
18th February 2022
Speciality re/insurance MGA, Rokstone has appointed Jo Lambe as Digital Product Development Manager, as part of the company's expansion within its digital underwriting team. Lambe, who holds over 20 years of experience with underwriting complex commercial insurance, will be responsible for the digital transformation of Rokstone’s existing products and leading the ... Read the full article
Mosaic activates more capacity to meet transactional liability risks
18th February 2022
Specialty insurer Mosaic Insurance is looking to activate further global capacity to meet transactional liability risks, as a growing consortia of industry partners joins its syndicated capital program. The specialty insurer will underwrite transactional risks for several new trade-capital partners, among them, HDI Global Specialty, Verto Syndicate 2689, and IQUW Syndicate ... Read the full article
QBE ups reinsurance spend at renewal, adds top layer
18th February 2022
Australian insurer and reinsurer, QBE Insurance Group Limited, has reported on the details of its reinsurance renewal for 2022, which included increased costs of $50 million for its Core Group Program, as well as the addition of a new catastrophe top layer for Australia and New Zealand. Coming out of the ... Read the full article
One80 acquires Professional Risk Solutions
18th February 2022
Intermediary firm One80 has bought specialty wholesale brokerage firm Professional Risk Solutions (PRS) for an undisclosed amount. According to a statement from One80, PRS specializes in management liability for non-profit, for-profit, public entities, and publicly traded companies; professional liability, including lawyer’s professional and errors and omissions coverage for technology, architects, and ... Read the full article
Cyber threats continue to grow: Tokio Marine HCC
18th February 2022
The threat from cyber threats continues to grow, according to a new report from Tokio Marine HCC. The second edition of the Cyber Incidents Report found that just ten incidents in 2021 led to the theft of over $600m in cash, while tens of millions of records, and ten of thousands ... Read the full article
December 2021 one of the toughest property renewal seasons: Liberty Mutual Re
18th February 2022
According to Liberty Mutual Re's Underwriting Manager James Green, December 2021 was one of the toughest property renewal seasons for all territories in a long time, with 2021 losses, and to a certain extent 2020 losses, particularly related to the COVID-19 pandemic, continuing to increase within the industry. Other events which ... Read the full article
AM Best downgrades Saipem’s captive reinsurer, Sigurd
18th February 2022
AM Best has decided to downgrade the credits of Sigurd Rück AG (Sigurd) (Switzerland) and place them under review with negative implications, due to its association with parent company Saipem S.p.A. Earlier this month, Saipem warned it would report a 2021 loss of over one-third of its equity, following €1 billion ... Read the full article
WTW partners with Falvey Cargo Underwriting on cyber coverage
18th February 2022
Re/insurance broker WTW has announced a new affirmative cyber coverage product for cargo and stock throughput risks, which is the result of a collaboration with Falvey Cargo Underwriting, a Falvey Insurance Group company. According to WTW, the product will be the first standalone cargo cyber solution available in the insurance marketplace. Among ... Read the full article
AXA XL promotes De Rosa to Head of Construction and Engineering
18th February 2022
AXA XL has appointed Francesca De Rosa to Head of Construction and Engineering, Reinsurance, succeeding Toni Vukadinovic from the 1st June. In her new role, De Rosa will lead AXA XL's Construction and Engineering Treaty and Facultative portfolio for International and US clients. She will be continued to be based in Zurich where ... Read the full article
QBE returns to profitability in 2021, helped by premium growth
18th February 2022
Global insurer QBE has announced net profit of $750 million over 2021, marking a return to profitability after taking a net loss of $1,517 million in the previous year. The improved performance reflects a turnaround in underwriting profitability, as well as considerable top-line growth, with gross written premiums increasing by 22% ... Read the full article
Swiss Re acquires Champlain Re in legacy deal
18th February 2022
Reinsurance giant Swiss Re has acquired Champlain Reinsurance Company (Champlain Re), a Swiss based run-off reinsurance captive of Alcan Holdings Switzerland AG, a member of Rio Tinto Alcan, in a legacy transaction. Champlain Re's remaining reinsurance liabilities consist mainly of General Liability and Workers’ Compensation exposures of the Rio Tinto Alcan ... Read the full article
Allianz strengthens CR but income falls on €3.7bn Structured Alpha charge
18th February 2022
German insurer Allianz has reported a 2.9% dip in net income for 2021 to €6.6 billion as the group-wide performance included a €3.7 billion charge related to the Structured Alpha Funds, which reduced income for the year by €2.8 billion. For the fourth quarter of 2021, Allianz has fallen to a ... Read the full article
AXA XL names Matthew Wells as Senior Underwriter, Marine
18th February 2022
AXA XL has appointed Matthew Wells as Senior Underwriter, Marine - UK & Lloyd’s, where he will be responsible for developing and managing underwriting strategies for both renewing and new business within AXA XL’s Marine book of business in the UK. He will also work closely with AXA XL’s team of ... Read the full article
IDF in disaster risk partnership for climate-vulnerable countries
18th February 2022
The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and supported by the UN, World Bank and other international organisations, has entered into a new trilateral partnership with MapAction and Start Network. The partnership will work to accelerate anticipatory action and disaster risk reduction in eight climate-vulnerable ... Read the full article
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