Reinsurance News
Litigation increases US Commercial Auto Insurance costs, report finds
16th February 2022
According to a new report from Insurance Information Institute (Triple-I), social inflation has increased claim payouts for commercial auto insurance liability in the US alone by over $20 billion between 2010 and 2019. The report, which was in partnership with the Casualty Actuarial Society (CAS), showed that Social Inflation and Loss ... Read the full article
AM Best rates Himalayan Re
16th February 2022
AM Best has assigned a Financial Strength Rating of B (Fair) and a Long-Term Issuer Credit Rating of “bb+” (Fair) to Himalayan Re. The agency described the outlook to these ratings as being ‘stable’ and that the company’s balance sheet was strong. It also said it had an adequate operating performance, limited ... Read the full article
At-Bay appoints new head of reinsurance
16th February 2022
Cyber insurance provider At-Bay has appointed Stephanie Lynch to be its new head of reinsurance. Along with Adam Petrone, who will become the firm’s head of insurance operations and strategy, Lynch is joining the company to work with reinsurers to increase capacity. Most recently, she served as vice president at Safety ... Read the full article
Brit recruits Hodgkins as Cyber Underwriting Consultant
16th February 2022
Specialty insurer Brit has announced the appointment of Tim Hodgkins as Cyber Underwriting Consultant. He joins from cybersecurity solutions provider SureCloud, where he held the role of Senior Security Consultant and focused on supporting financial services businesses manage and reduce risk across their technology landscape. Hodgkins started his career at PwC, working ... Read the full article
Marsh promotes Nick Faull to Head of Climate and Sustainability Risk
16th February 2022
Re/insurance broker Marsh has appointed Nick Faull as Head of Climate and Sustainability Risk, where he will be based in London reporting to Amy Barnes, Head of Climate and Sustainability Strategy. In his new role, Faull will help to develop Marsh’s global sustainability and climate services, including risk modelling and management, in ... Read the full article
Tokio Marine HCC Intl. bolsters UK Professional Risks division
16th February 2022
Tokio Marine HCC International has strengthened its UK Professional Risks division with a relocation to two larger premises in Cardiff and Birmingham, as well as a number of new hires and promotions. Specifically, Adam Bradford will take on the role of Underwriting Manager - Professional Risks Midlands and South, to lead ... Read the full article
Cincinnati Financial’s P&C combined ratio strengthens in 2021
16th February 2022
Cincinnati Financial Corporation has reported a rise in net income for both the fourth quarter and full year 2021, as the firm's property and casualty (P&C) insurance operation produced an improved combined ratio for both periods. When compared with the previous year, net income increased by 40% to $1.47 billion for ... Read the full article
QIS Framework to hinder growth and investment in UK: WTW
16th February 2022
Re/insurance broker WTW has released a report, exploring the key challenges that come from the PRA's Quantitative Impact Study, whilst analysing HM Treasury’s call for evidence on re-shaping the UK insurance regulatory regime. The purpose of the study is to explore variations in several technical aspects of particular importance to writers ... Read the full article
Argo finalises sale of Brazilian arm to Spice PE
16th February 2022
Specialty P&C insurer, Argo Group International Holdings, Ltd., has announced the completion of the sale of its Brazilian arm, Argo Seguros Brasil S.A., to Spice Private Equity Ltd. It was revealed in October of last year that Argo and Spice PE, an investment company focused on global private equity investments, ... Read the full article
Sompo International targets European growth with new German HQ
16th February 2022
Sompo International has moved its headquarters in Germany from Dusseldorf to Cologne. The move will see the Bermuda-based specialty provider of property and casualty insurance and reinsurance take up new offices on Opladener Straße 8, 50679, close to the city’s main train station. Eric J. Kox, country manager for Germany at Sompo ... Read the full article
Discovery & AIA plan insurtech joint venture in Asia
16th February 2022
South African-founded financial services organisation Discovery Limited has announced plans to establish a pan-Asian health insurtech business with life insurer AIA Group, called Amplify Health. Expected to launch in April 2022, Amplify Health will operate as a join venture in the Asian market, excluding China, Hong Kong and Macau, where Discovery ... Read the full article
Insurance industry profit practically at a standstill, warns McKinsey
15th February 2022
In a new report, analysts at management consulting firm McKinsey have warned that insurance industry profits are “practically at a standstill” due to longstanding economic challenges. Examining the industry in the wake of the COVID-19 pandemic, McKinsey concludes that half of insurers globally are not earning their cost of capital, and ... Read the full article
Brazil’s reinsurance market remains at negative: AM Best
15th February 2022
Analysts at AM Best have commented on the impact the COVID-19 pandemic has had on Brazil's macroeconomic instability, and how macroeconomic and political uncertainties have grown, making the country more vulnerable to volatility in the global markets. The analysts explained that although these issues were not enough to stop the country's ... Read the full article
Delaware permits corporations to use insurance captives for D&O liability
15th February 2022
The US state of Delaware has amended its General Corporate Law to permit corporations to use insurance captives to provide coverage for D&O liability. Open market insurers have generally raised their rates in each of the past 17 quarters for D&O liability coverage. Until today, it was unclear under Delaware law ... Read the full article
Howden launches new Wildfire Excess Liability Lineslip
15th February 2022
International insurance broker Howden has launched a new Wildfire Excess Liability Lineslip (WELL) due to the increase in demand for insurance cover for contractors and subcontractors operating in wildfire-prone areas in the US, such as California, Washington, Oregon and Arizona. WELL will allow contractors engaged in wildfire-exposed areas of operations, such ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
