Reinsurance News
AXA XL Risk Consulting releases new risk assessment tool
28th January 2022
AXA XL Risk Consulting has released a new risk assessment service to help companies identify and mitigate pollution and environmental risks in Europe and in the UK. The tool, available through AXA XL’s Risk Scanning service, allows risk managers to generate assessments of their company’s sites by region, country or environmental ... Read the full article
Net zero re/insurers commit to further climate targets
28th January 2022
Insurers and reinsurers forming part of the UN-Convened Net-Zero Asset Owner Alliance have committed to a further set of climate targets that aim to reduce the impact of global warming. The Alliance is formed of 69 asset owner members, including Swiss Re, Munich Re, SCOR, Zurich, AXA, QBE, Generali, L&G and ... Read the full article
Legal & General completes £75m pension bulk annuity transaction
28th January 2022
Legal & General has agreed a bulk annuity transaction for the Triplex Lloyd Final Salary Plan. The transaction, valued at around £75m, will secure benefits for around 300 deferred members and 800 retirees, the insurer said in a statement. Adrian Somerfield, director of Legal & General Retirement Institutional, said: “Working with the ... Read the full article
Italian and UK non-life sector outlooks differ from rest of Europe: Fitch
28th January 2022
According to Fitch Ratings, the insurance sector outlooks for major European non-life insurance markets in 2022 are mostly neutral, with Italy and the UK being the only exceptions. The rating agency also noted that in most of the markets, the positives, such as better pricing conditions for commercial business lines, are ... Read the full article
Corvus Insurance names new head of international
28th January 2022
Corvus Insurance has named Oliver Delvos as its new head of international. Delvos will be based in Frankfurt, Germany, in a role that is slated to begin in the summer. In his new role, Delvos will develop and implement Corvus’s long-term operational and organisational strategy for territories outside of the US, with ... Read the full article
Success of the Lloyd’s market depends on Blueprint Two goals: John Neal
27th January 2022
Ahead of the publication of the second edition of the Lloyd's Blueprint Two Interactive Guide and roadmap, Chief Executive Officer (CEO) John Neal has stressed that the success of the Lloyd's market depends on the effective implementation of this strategy. The roadmap, due for public release tomorrow, runs from Q1 2022 ... Read the full article
AXIS cut reinsurance property & cat premiums by 45% at 1/1
27th January 2022
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, further reduced the volatility of its portfolio at the Jan 1, 2022, renewals, cutting its reinsurance property and property catastrophe premiums by 45%. The company's President and Chief Executive Officer (CEO), Albert Benchimol, confirmed on a recent earnings call that AXIS advanced its ... Read the full article
Apollo Syndicate Management appoints new head of aviation
27th January 2022
Apollo Syndicate Management has appointed Martin Jackson as its new head of aviation in a role set to begin later this year. Jackson is joining from HDI where he was the head of aviation and space for its UK branch. He will succeed Paul Letherbarrow, who is set to retire in the ... Read the full article
RLI reports improved earnings in Q4
27th January 2022
RLI Corp. has reported net earnings of $95.3 million for the fourth quarter of 2021, an improvement over the $83.8 million that it reported for the same period in the previous year. The company also achieved $49.7 million of underwriting income in in Q4 2021 on an 80.7% combined ratio, compared ... Read the full article
Allianz Global Corporate & Specialty adds three US team members
27th January 2022
Allianz Global Corporate & Specialty (AGCS) is expanding and buttressing its environment impairment liability (EIL) underwriting team in North America. Annalisa Ahumada, Andrew Hill, and Mark Heigh will take on roles in Chicago, New York, and Philadelphia, respectively. Ahumada and Heigh will be underwriting specialists, while Hill will be an executive ... Read the full article
RenRe couldn’t have had a better renewal, says CEO O’Donnell
27th January 2022
After achieving numerous goals at the January 1st, 2022, reinsurance renewals, Kevin O'Donnell, President and Chief Executive Officer (CEO) of Bermuda-based RenaissanceRe, feels that the reinsurer has constructed the most efficient portfolio possible. "We had a strong January 1 renewal," said O'Donnell, speaking yesterday during the company's Q4 and full-year 2021 ... Read the full article
Swiss businesses to rebrand as Gallagher
27th January 2022
Hesse & Partner and Verbag will operate under the Gallagher brand from Monday. The firms, which were bought by Gallagher in 2018 and 2019, are understood to continue operating as normal, but will now operate under the Gallagher brand in Switzerland. In a press release, Gallagher said this completed the integration of ... Read the full article
Guy Carpenter contributes to strong revenue growth at Marsh McLennan
27th January 2022
Global insurance broker Marsh McLennan has reported "one of the finest results" in its history with underlying revenue growth of 10% for both the fourth quarter and full year 2021, supported by 5% growth at Guy Carpenter, its reinsurance arm. Year-on-year, consolidated revenue increased by 16%, or 10% on an underlying ... Read the full article
Shams Patel named Chief Pricing Actuary at SiriusPoint
27th January 2022
Global specialty insurer and reinsure SiriusPoint has announced the appointment of Shams Patel to the role of Chief Pricing Actuary. Patel joined SiriusPoint in 2008 and most recently held the position of Head of Pricing and Business Planning in the UK. As Chief Pricing Actuary, he will lead pricing strategy across SiriusPoint’s ... Read the full article
AXIS reports improved underwriting performance across re/insurance in 2021
27th January 2022
Bermuda domiciled AXIS Capital Holdings Limited has returned to underwriting profit in the fourth quarter of 2021 and for the full-year, driven by an improved result in both its insurance and reinsurance business. Across the business, AXIS has reported a combined ratio of 93.1% for Q4 and 97.5% for the full-year ... Read the full article
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