Reinsurance News
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
American Financial Group buys software company Verikai
19th January 2022
American Financial Group has announced that it has bought machine learning company Verikai. The latter, which has reportedly developed a machine learning tool to help assess insurance risk, will continue to be led by Jeff Chen, its current president and CEO. Carl H. Lindner III, co-CEO of American Financial Group, said that ... Read the full article
Indian regulator lowers mandatory reinsurance cession rate
19th January 2022
India's insurance and reinsurance industry regulator, the Insurance Regulatory and Development Authority of India (IRDAI), has announced plans to lower the country's obligatory reinsurance cession rate by 1% for the 2022 to 2023 financial year. Currently, insurers are required to cede 5% of the sum insured on each general insurance policy ... Read the full article
WTW names new Corporate Risk and Broking Leader, Southern California
19th January 2022
Re/insurance broker WTW has appointed Jennifer Knox as its new Corporate Risk and Broking Leader for the Southern California market. Knox has worked in the Southern California marketplace for over 15 years and brings with her nearly 30 years of Commercial P&C experience spanning multiple disciplines and responsibilities. She recently launched the ... Read the full article
Falvey partners with R&Q and Great American
19th January 2022
Falvey Cargo Underwriting has added R&Q Accredited America and Great American Insurance Group to its panel of security partners alongside its existing supporters: Lloyd's of London, Beazley, and Nationwide. In addition to onboarding these new partners, Falvey has increased its in-house claims settling authority from $350,000 to $500,000. This authority encompasses all ... Read the full article
Chubb North America makes leadership changes
19th January 2022
Global re/insurer Chubb has appointed Drew Spitzer as Treasurer of the company, where he will be responsible for all treasury-related functions. Spitzer currently serves as Chief Financial Officer for the company's North America Insurance, and will be succeeded by Kevin Harkin, currently the Senior Vice President, North America Financial Operations. Spitzer will ... Read the full article
Solvency ratios expected to strengthen further in 2022
19th January 2022
Analysts at Deutsche Bank are forecasting that the solvency ratios of European insures and reinsurers will strengthen further in 2022, following a market gain of +14pts of solvency in total last year. Solvency improvement in 2021 was largely driven by higher bond yields, while organic capital generation net of dividends added ... Read the full article
Bermuda’s tax status to be affected by 15% minimum tax rate
19th January 2022
The net profitability gap between Bermuda and non-Bermuda incorporated companies is likely to narrow over time given the implementation of the OECD-driven multilateral agreement to establish a 15% global minimum tax rate, according to Fitch Ratings. The rating agency warned that although the overall benefits of maintaining a Bermuda market domicile ... Read the full article
Berenberg points investors to reinsurance market
19th January 2022
Banking firm Berenberg has posited that investors should be looking to the reinsurance market, especially considering the growth potential it holds arising from climate change. The argument, put forward in a recent newsletter, says that the current protection gap can spur innovation in product development. Berenberg put this in the context ... Read the full article
Alliant names Collin Krickl as Vice President, Phoenix
19th January 2022
US insurance broker Alliant has appointed Collin Krickl as Vice President to its team in Phoenix. He joins with years of expertise in property and casualty insurance and risk management to service Alliant's base of clients across the Southwest region. Prior to joining Alliant, Krickl was a Business Insurance and Risk Management ... Read the full article
Trisura launches E&S Insurance Carrier
19th January 2022
The US subsidiary of International specialty insurance holding company Trisura Group has launched Bricktown Specialty Insurance Company, its new E&S Insurance Carrier to further expand the company’s footprint within the insurance industry. This new carrier will allow its current clients to expand, whilst bringing in new clients who will not have ... Read the full article
SiriusPoint invests in crypto data & tech provider Lukka
19th January 2022
Global specialty re/insurer SiriusPoint has announced a new investment into Lukka, an institutional crypto data and software provider. Lukka raised $110 million in its latest round of financing, with SiriusPoint acting as one of the lead investors. The company says this latest investment will enable it to expand its offering to institutional ... Read the full article
Brown & Brown announces new additions to senior leadership team
19th January 2022
Mary Raveling, Tom Kussurelis, and Anurag Batta are to join Brown & Brown’s senior leadership team. Raveling, currently the president for property and casualty in the retail segment; Kussurelis, COO for the National Programs segment; and Batta, COO of Bridge Specialty Group will all arrive on the senior leadership team with ... Read the full article
Resilience earns Coverholder status at Lloyd’s
19th January 2022
Resilience, an insurance and security solutions specialist, has earned delegated authority as a Coverholder, enabling it to deliver its comprehensive cyber risk management and insurance solutions to the worldwide insurance marketplace served by Lloyd's. Cyber risk is highly complex and difficult to address under traditional risk transfer approaches. Resilience provides intuitive cyber coverage ... Read the full article
AM Best releases latest MENA region risk analysis
19th January 2022
AM Best has released its latest analysis of risk across the MENA countries, finding that risks within those nation states largely remain high to very high. The analysis outlined five country risk tiers (CRT), with one showing that the nation had the lowest level of risk. Looking at fourteen countries in the ... Read the full article
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