Reinsurance News
ANT Exceptional Risks to underwrite Kidnap & Ransom with Schillings
25th January 2022
Guernsey-domiciled Insurer ANT Exceptional Risks will commence underwriting a Kidnap & Ransom and Marine Piracy account, partnering with Schillings Critical Risk to support its product. ANT was recently launched in October last year by former AXA XL executive Jonathan Beck and underwriter Richard Spurrier, with an initial focus on Fine Art, ... Read the full article
AM Best warns of secondary peril threat to insurer profitability
24th January 2022
Analysts at AM Best have warned that insurers and reinsurers with exposure to secondary perils will face heightened enterprise risk managements concerns and impacts to bottom-line profitability. In a new report, the rating agency notes that secondary peril events are becoming more impactful and generating an increasingly large amount of insured ... Read the full article
Vermont licensed 45 new captive insurers in 2021
24th January 2022
The US state of Vermont is reporting that forty-five new captive insurance companies were licensed within its borders in 2021, a feat that the state is calling the fourth-highest year of growth within the last four decades. That figure brings the total number of licensed captives within the state to 620 ... Read the full article
Floridian P&C insurers seek higher rates and sustainable profits
24th January 2022
Concerns over sustainable underwriting profits has seen three domestic property insurers in Florida file for a state-wide average rate change, highlighting that the market for homeowners and commercial property insurance is still under pressure in the state. The carriers believe that significant additional rate is required to make it an economic ... Read the full article
Marsh shakes up its FINPRO division again
24th January 2022
Tim Payne and Michael Morgan have been recruited by Marsh to be its respective UK chairman of its FINPRO practice and the head of professional liability. Based in London, the two men will report to current UK CEO of FINPRO business Beth Thurston. Payne has over 35 years' industry experience and was ... Read the full article
Acrisure launches cyber services division
24th January 2022
Michigan-based Acrisure is to launch its own cyber services division. The company, which already has insurance, reinsurance, real estate services, and asset management divisions, said that it is forming Acrisure Cyber Services. The fintech company said that its new division would offer businesses an all-in-one solution encompassing risk assessment, insurance, security ... Read the full article
Lousiana insurer placed into receivership following hurricanes
24th January 2022
Beleaguered Louisiana homeowners insurer Americas Insurance Company was officially placed into receivership last week after incurring unmanageable losses first from Hurricane Laura in 2020, and then from Hurricane Ida last year. The decision by the state's Insurance Commissioner, Jim Donelon, represents an important step toward the Louisiana Insurance Guaranty Association (LIGA) ... Read the full article
Insurers show continued climate improvements: ClimateWise
24th January 2022
A new report by global insurance industry collaboration ClimateWise has found continued improvements in efforts to address climate change among its member companies. The initiative’s 2021 Independent Review highlights increased value chain collaboration to enhance understanding of climate risks and opportunities and enable net-zero objectives within and beyond the industry. The independent ... Read the full article
LIIBA & LMG first to give evidence at House of Lords commercial market inquiry
24th January 2022
The House of Lords Industry and Regulators Committee will hear from both the London & International Insurance Brokers’ Association (LIIBA) and the London Market Group (LMG) as part of its inquiry into the regulation of the UK commercial insurance and reinsurance market, which opens tomorrow. Last week, the Committee published ... Read the full article
Martello Re and SFG Bermuda join BILTIR
24th January 2022
Martello Re and SFG Bermuda have joined the Bermuda International Long-Term Insurers and Reinsurers (BILTIR). The two companies entering BILTIR will reportedly bump the association’s total number of members up to 64, up from the five it began with in 2011. Martin Laframboise, executive director of BILTIR said he was pleased to ... Read the full article
Aon adds Whelan & Stewart to UK operations leadership team
24th January 2022
Re/insurance broker Aon has bolstered its operations leadership team in the UK with the appointments of Katy Whelan as London Chief Operating Officer(COO) and Charles Stewart as Head of Strategy, Planning and Implementation, Aon Business Services (ABS), UK. They are both based in London and will report to Nathan Shanaghy, Aon ... Read the full article
Generali (GC&C) makes new appointment
24th January 2022
Alejandro Muñiz has joined Generali Global Corporate & Commercial as its new head of construction and green energy. Muñiz’s appointment with the company began on 1 January and is being undertaken In addition to his current role as head of engineering underwriting Iberia & LatAm. In his new position, he will revamp ... Read the full article
Net zero goals top LIIBA’s agenda for 2022
24th January 2022
The London and International Insurance Brokers’ Association (LIIBA) has highlighted the issue of how to achieve net zero goals as one of its key goals for 2022, as leaders brace for another year of change at an “unprecedented pace.” In its agenda for this year, LIIBA said that the government’s desire ... Read the full article
Lou Smith to lead WTW’s Consulting and Technology business
24th January 2022
WTW has has appointed Lou Smith to the company’s Insurance Consulting and Technology business, where she will lead the unit’s Commercial Lines data strategy and expand its digital trading capability. Smith most recently served as the first Chief Digital Officer at Lloyd’s of London, holding the responsibility for shaping and delivering ... Read the full article
Pacific Life Re promotes Nicholas Lax to lead R&D in Europe
24th January 2022
Pacific Life Re, a global provider of mortality, morbidity, and longevity reinsurance solutions, has announced the appointment of Nicholas Lax as Head of Research & Development (R&D), Europe. Having joined the company in 2018 as a member of the R&D team, Lax brings 17 years of life and pension industry experience ... Read the full article
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