Reinsurance News
Financial costs of floods to rise more than 25% by 2050
3rd February 2022
New research suggests that the financial cost of flooding could increase by more than 25% by 2050. The University of Bristol study, published in Nature Climate Change, looked to forecast annual flood losses. It estimated that these would increase by 26.4% to $40.6bn in fewer than three decades. Using data from Fathom, ... Read the full article
Hannover Re grows book by 8.3% at Jan 1 reinsurance renewals
3rd February 2022
German reinsurance giant Hannover Re achieved average inflation and risk-adjusted price increases of 4.1% at the January 1st, 2022, reinsurance renewals, as the company grew its book by 8.3%. Hannover Re notes the influence of considerable natural catastrophe losses on market pricing, especially in Europe and North America, alongside the low ... Read the full article
BRP Group appoints new general counsel and corporate secretary
3rd February 2022
BRP Group has appointed Seth Cohen to be its general counsel and corporate secretary. The Florida-based company has appointed Cohen to lead its legal, compliance, and regulatory functions. It is understood that Cohen’s new position will be a promotion, having joined BRP Group in February 2020. Trevor Baldwin, CEO of the company, ... Read the full article
Convex becomes latest to rule out backing Adani mine in Australia
3rd February 2022
Convex has reportedly become the forty-third insurer to refuse coverage for the Adani Group’s Carmichael coal mine in Australia. The project has been called ‘disastrous’ and a ‘climate-wrecking coal mine’ by environmental protestors. According to the group Market Forces, Convex was one of the few remaining specialty insurers to not rule ... Read the full article
Concert Group appoints new head of claims
3rd February 2022
Concert Group Holdings has appointed Suzanne Fetter to be its inaugural vice-president of claims. The Chicago-based firm specialises in the fronting market and became known by its present name in 2021. Its current incarnation was founded by Brady Young, president and CEO of Strategic Risk Solutions; Wes Duesenberg, CEO of Southern ... Read the full article
AM Best reports US insurance lines bouncing back after 2020
2nd February 2022
The US property and casualty lined showed something of a rebound in 2021, according to new analysis from AM Best. The company just published a special report looking at the figures through Q3 2021. It said that there had been a return to more ‘normal’ results in comparison with 2020. AM Best ... Read the full article
National Security Group and VR Holdings to merge
2nd February 2022
Underwriting firm The National Security Group (NSG) is to merge with VR Insurance Holdings in a deal announced today. Under the deal, the latter has agreed to acquire all of the outstanding common shares of The NSG for $16.35 per share in cash, representing a 77% premium to the closing share ... Read the full article
Capco names Ben Kosic as Partner for Canadian insurance practice
2nd February 2022
Capco, a business and technology consultancy focused on the financial services industry, has hired Ben Kosic as a new Partner in its Canadian Insurance practice, bringing over 20 years of Canadian market experience in roles with client acquisition and sales responsibilities, as well as client project delivery. He joins Capco after ... Read the full article
Lockton names Marsh’s Andy Conti as SVP, Complex Casualty
2nd February 2022
Global insurance broker Lockton has named Andy Conti as Senior Vice President, Complex Casualty, based in the firm’s Chicago office. Conti brings over 20 years of experience to Lockton with various roles in the industry ranging from leadership, growth and consulting. He joins from Marsh where he spent 17 years within the ... Read the full article
BMS names Ian Matheson as non-exec chairman, Canada
2nd February 2022
Insurance and reinsurance broker BMS has appointed Ian Matheson as a non-executive chairman of its Canadian operations, where he will support Brian Gomes, president and CEO of BMS Canada and the national leadership team. Prior to his new appointment, Matheson spent 15 years at Aon and its subsidiaries, where he held ... Read the full article
Mosaic partners with Transverse on US syndicated cyber capacity
2nd February 2022
Mosaic Insurance has partnered with hybrid fronting carrier Transverse Insurance Group to activate $20 million of cybersecurity capacity in the US market. The strategic partnership marks an expansion of Mosaic’s syndicated program, brokered by Acrisure and based on London’s subscription market. This initiative matches Mosaic’s proprietary capital through its Lloyd’s Syndicate 1609 ... Read the full article
ABIR member firms contribute $8.5bn to Bermuda economy over a decade
2nd February 2022
The Association of Bermuda Insurers and Reinsurers (ABIR) has reported that its members contributed a significant $8.5 billion to the Bermudian economy over the decade ended 2020. The figures reported include the findings of the 16th annual ABIR Bermuda Economic Substance Survey, which documents a direct economic contribution of $722 million ... Read the full article
Generali agrees to acquire La Medicale for €435mn
2nd February 2022
Generali has agreed to acquire La Médicale, an insurance company for healthcare professionals, for an expected €435 million as part of the company's strategic growth plan. The acquisition follows the exclusive negotiation with Crédit Agricole Assurances, which was announced last November, and the consultation of the dedicated workers’ councils. The transaction also ... Read the full article
Swiss Re CorSo makes two senior leadership changes
2nd February 2022
Swiss Re Corporate Solutions has appointed the company's current Expert Engineering Underwriter Faris Nimri to the newly created role of Head of Renewable Energy, which will come into effect in May. Nimri will be based in Zurich and report to Manuela Baroncini, Head Engineering & Construction, Swiss Re Corporate Solutions. In this ... Read the full article
Marsh hires Latham as Alternative Risk Transfer Leader for UK&I
2nd February 2022
Re/insurance broker Marsh has announced the appointment of Matthew Latham as Alternative Risk Transfer Leader, UK & Ireland. In this role, he will advise clients on risk finance optimisation with a focus on alternative solutions including structured reinsurance, legacy transactions, and other bespoke insurance options. As part of Marsh’s UK Financial Solutions ... Read the full article
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