Reinsurance News
Tokio Marine Holdings joins the Net-Zero Insurance Alliance
20th January 2022
Tokio Marine Group is supporting the transition towards achieving net-zero greenhouse gas (GHG) emissions and is promoting measures to combat climate change through both mitigation and adaptation. The group has been launching new insurance products and services that help achieve the goals of the United Nations Sustainable Development Goals (SDGs) and ... Read the full article
Travelers reports record Q4 net income, but exhausts agg reinsurance
20th January 2022
The Travelers Companies has today reported its net income of $1.3 billion for the fourth quarter of 2021, which was driven by higher net investment income and a higher underlying underwriting gain. At $1.333 billion, the insurer’s net income hit a record number in comparison to $1.31 billion which was reported ... Read the full article
Atlas Merchant to invest in MarshBerry’s expansion
20th January 2022
Investment banking and consulting firm, MarshBerry has partnered with investment firm Atlas Merchant Capital in order to expand its presence by improving its current offerings to improve better outcomes for its clients. This partnership provides access to additional resources to help execute on strategic growth initiatives including expanded client solutions and ... Read the full article
New entrants shifting umbrella & excess market dynamic: RPS
20th January 2022
Analysts at Risk Placement Services (RPS) have argued that a wave of new market entrants are helping to shift dynamics in the umbrella and excess market space, resulting in more competitive pricing that favours insureds. RPS notes that investment capital looking to take advantage of current market conditions has flooded into ... Read the full article
Markel Intl. names new war and terrorism underwriter
20th January 2022
Markel International, a subsidiary of the Markel Corporation, has appointed Matthew Brooke as a war and terrorism underwriter. The latest move forms part of the organisation’s growth plans to strengthen its current position in the war and terrorism market. He will report to Will Newman, senior underwriter for war and terrorism and ... Read the full article
AXA XL’s New Energy Risk partners with Markel on Bloom Energy fuel cell tech
20th January 2022
AXA XL's New Energy Risk subsidiary has partnered with insurer Markel to address the surge in demand for Bloom Energy fuel cell technology in the U.S. and globally. The collaboration sees New Energy Risk underwrite and structure performance insurance solutions that are issued by a member of company of Markel, and backed with ... Read the full article
BI test case payouts approach £1.3bn at one-year mark: FCA
20th January 2022
New data from the Financial Conduct Authority (FCA) shows that the total reported claims payments for policies related to the COVID-19 business interruption (BI) test case in the UK are now approaching £1.3 billion, 12 months on from the Supreme Court's final ruling on the case. The data shows that, as ... Read the full article
TWIA committee selects Aon for catastrophe risk modelling
20th January 2022
The Actuarial & Underwriting Committee of the Texas Windstorm Insurance Association (TWIA) has recommended the organisation contract with broker Aon for its catastrophe modelling services. A request for proposals in October 2021 from the TWIA saw propositions put forwards by Aon for $600,000 and $1.6m, respectively. The Committee recommended at this ... Read the full article
Howden Group’s 2021 organic growth hits new high
20th January 2022
Howden Group Holdings has reported record organic growth of 19% for the full-year 2021, alongside a 48% rise in revenue to roughly £1.2 billion, and a 50% increase in EBITDA to £335 million. Organic growth of 19% marked a notable improvement on the 6% posted for 2020. While revenue of almost ... Read the full article
CyberCube designs scenarios for Lloyd’s RDS exercise
20th January 2022
Cyber analytics specialist CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise. The three scenarios include a cyber power outage, a widespread malware event and a cloud outage event. These will allow Lloyd’s managing agents and syndicates to stress test ... Read the full article
Samphire Risk gets UK approval
20th January 2022
Samphire Risk has received approval from the FCA to start trading in the UK. The company gives its mission on its LinkedIn page as, “to create world-class products that insure against extortive crime, hostage-taking and kidnap; terrorism in all its guises; travel into, and within, insecure countries and locations.” It is ... Read the full article
Everest and The Hartford to join Berne Union
20th January 2022
The Berne Union has added two new private underwriters of credit and political risk insurance, expanding its presence within the re/insurance industry. The union confirmed that Everest and The Hartford have been added as Observer Members of the Medium and Long-Term Committee, taking the total number of Members and Observers to ... Read the full article
One80 acquires Pearl Insurance
20th January 2022
Massachusetts-based One80 Intermediaries has purchased broker firm Pearl Insurance for an undisclosed amount. The purchase of the 350-person company will see One80 take over a firm that operates throughout the US, and reportedly has partnerships with over 100 carriers. Matthew F. Power, president of One80 Intermediaries, said in a statement: “The team ... Read the full article
Berenberg positive on reinsurance as underlying earnings power improves
19th January 2022
Investment bank Berenberg remains positive on the outlook for the reinsurance sector in light of improved underlying earnings power on the back of consecutive years of rate increases. With a continuation of market hardening at the January 1st, 2022, reinsurance renewals, albeit with "increasing fragmentation" between loss-hit and non-loss-hit lines, Berenberg ... Read the full article
US Federal Reserve is behind the curve on tackling inflation: Swiss Re
19th January 2022
The US Federal Reserve (the Fed) is behind the curve on tackling inflation and will need to tighten policy using a combination of levers like rate hikes and quantitative tightening, according to analysts at global reinsurance giant, Swiss Re. With CPI inflation amounting to 7% YoY and has remained elevated ... Read the full article
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