Reinsurance News
KBW predicts homeowners’ rates to accelerate soon
7th February 2022
Despite homeowners’ rate increases being lower, analysts at KBW have said they expect them to accelerate soon. Predicting a period comparable to that between 2007 and 2009, KBW said that the accelerating broad rate increases will come as a response to ‘persistently accelerating loss cost trends’, excluding catastrophes. Writing in its latest ... Read the full article
AM Best assigns ratings to Sixth Street affiliate Sutton Life Re
7th February 2022
AM Best has assigned a Financial Strength Rating (FSR) of A-(Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) to Sutton Life Re Ltd. (Sutton Life Re) (Hamilton, Bermuda). The ratings, which both have a stable outlook, reflect Sutton Life Re’s balance sheet strength, which AM Best assesses ... Read the full article
Climate and cyber still among top risks: report
7th February 2022
Re/insurers are still finding that climate risk and cyber concerns are the top emerging risks, according to an annual survey of risk managers. Climate change was at the top of the survey's emerging risks, with 26% of respondents anonymously noting it as their main concern, cyber came in at second with ... Read the full article
TigerRisk Partners appoints Joel Hodges as partner and head of analytics, international
7th February 2022
TigerRisk Partners has appointed Joel Hodges to be both partner and head of analytics, international. Hodges’s new role is a new one within the company, and will see him responsible for overseeing all data analytics with the overall aim to improve performance across the international business. Previously, Hodges was head of ... Read the full article
CNA’s 2021 P&C combined ratio the lowest for five years
7th February 2022
CNA Financial Corporation has reported a rise in net income for both the fourth quarter and full year 2021, as the company's property and casualty (P&C) segment produced its strongest combined ratio for five years. Net income jumped significantly in the final quarter of 2021 to $266 million from $38 million ... Read the full article
Howden names Nicolas Aubert as CEO, France
7th February 2022
Broking company Howden has appointed Nicolas Aubert as Chief Executive Officer, France, bringing over 30 years of experience to the role. Aubert was most recently at Willis Towers Watson as Head of Great Britain and CEO, Willis Limited. Prior to this, he held leadership roles at AIG, as COO EMEA and had ... Read the full article
Australia finalises cyclone reinsurance pool details
7th February 2022
Australia’s government has finalised the design of the reinsurance pool for cyclone and related flood damage. According to a statement from the Australian government, over 880,000 residential, strata, and small business property insurance policies in northern Australia are expected to be eligible to be covered by the reinsurance pool. The pool is ... Read the full article
LMA to offer “at the box or in the office” availability
7th February 2022
The Board of the Lloyd’s Market Association (LMA) has entered a market-wide agreement on “at the box or in the office” availability, ensuring Lloyd’s underwriters be physically present for in-person trading with brokers. Its broker will be available on Tuesdays, Wednesdays, and Thursdays, and will either be based in Lloyd’s Underwriting ... Read the full article
Tech partnerships to inform insurer market positions: Fitch
7th February 2022
Analysts at Fitch Ratings have argued that the success of partnerships with technology firms in the insurance space will play an increasingly important role in the future market position of insurance companies. The rating agency expects to see a rise in the number of partnerships between traditional insurance companies and insurtechs ... Read the full article
Beazley Digital goes live
7th February 2022
Beazley’s new digital hub that brings together underwriting, claims, technology, and operational experts into one team has gone live. The service, known as Beazley Digital, aims to provide digital access and services to a range of products for Beazley’s global broking partners. Ian Fantozzi, CEO of Beazley Digital said: “With technology playing ... Read the full article
Moody’s pegs bulk purchase annuities as one of the best opportunities for European insurers
7th February 2022
Bulk purchase annuities (BPA) within the UK provide one of the best long-term opportunities within the European insurance sector, says Moody’s in a new note. According to the agency, the market’s ‘strong growth prospects and healthy profit margins’ are ‘credit positive’ for the eight life insurers that are currently within the ... Read the full article
JBA Risk Management releases new UK Flood Model
7th February 2022
JBA Risk Management has released its new UK Flood Model for insurers. As part of its launch, the firm said that it had done a new analysis that suggested that a quarter of UK properties were at risk of flooding. It estimated that the cost of this would be £527m to ... Read the full article
AM Best sees re/insurance opportunity amid shifting market
4th February 2022
Analysts at AM Best have argued there are significant opportunities available to re/insurers that are quick to innovate amid increasingly complex market conditions. In a new report, the rating agency reflected on the shifting risk landscape in the re/insurance market, which is being increasingly influenced by technological advancements, as well as ... Read the full article
Aon hires Intl. Head of Cyber Analytics, Reinsurance Solutions
4th February 2022
Re/insurance broker Aon has announced the appointment of Rory Egan as International Head of Cyber Analytics for its Reinsurance Solutions unit, based in London. He joins the company from Munich Re, where he has spent the previous five years. Most recently, Egan worked as a Senior Underwriter for Munich Re’s Cyber Centre ... Read the full article
Maiden’s Genesis well positioned after completing ADC for AMS RRG
4th February 2022
Genesis Legacy Solutions (GLS), part of Maiden Holdings, has agreed to provide an adverse development cover (ADC) to Arizona-based Applied Medico-Legal Solutions Risk Retention Group (AMS RRG). This ADC transaction helped accomplish AMS RRG’s goal to achieve an upgraded financial rating by AM Best and enhances AMS RRG's capital position which ... Read the full article
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