Reinsurance News
Zurich NA shuffles leadership; Meador to lead RCIS
17th January 2022
Global insurer Zurich's North America division has made a number of key leadership changes including the appointment of Jason Meador as the new Head of the firm's Rural Community Insurance Services (RCIS) unit, effective February 1st, 2022. Currently, Meador serves as Head of Captives at Zurich North America, and takes over ... Read the full article
Lloyd’s CFO to take on COO duties
17th January 2022
Lloyd’s CFO Burkhard Keese is lining up to take on COO duties when incumbent Jennifer Rigby departs towards the end of this month. The new structure, under which Keese will maintain both roles, is being put in place to facilitate the delivery of Lloyd’s Blueprint Two programme. That programme is the second ... Read the full article
US infrastructure package to boost surety market: AM Best
17th January 2022
Analysts at AM Best are expecting a recently enacted $1.2 trillion US infrastructure to result in more business opportunities for surety companies due to new investments in the transportation and energy sectors. The new law includes $550 billion in new spending on infrastructure over the next five years and billions more ... Read the full article
Markel hires Michael Briggs as PI Underwriter
17th January 2022
Markel International has hired Michael Briggs as a professional indemnity (PI) underwriter. Briggs' appointment marks Markel International’s expansion plans to drive further growth and investment in its PI portfolio. He will be based in Markel's London office, and report to Duncan Sinnott, senior underwriter of professional indemnity and telecommunications, media, and technology. In ... Read the full article
Blackstone and Westland expands partnership deal
17th January 2022
Independent property and casualty (P&C) insurance broker Westland Insurance Group has expanded its partnership with Blackstone Credit (Blackstone). Since its initial investment a year ago, Blackstone has committed over $1.2 billion to support Westland’s growth, which has included a facility dedicated to funding the company’s acquisition strategy. The company has expanded into ... Read the full article
Charles Kasmer joins Fortitude Re as CUO P&C Reinsurance
17th January 2022
Bermudian legacy reinsurance company Fortitude Re has appointed Charles Kasmer as Chief Underwriting Officer, where he will be responsible for sourcing and pricing new non-US P&C run-off transactions for the Fortitude International Re (FIRL) entity. He will also be assisting in the design and implementation of new products and structures, and expanding ... Read the full article
Reinsurance underperformance “ripe for reversal”: Berenberg
17th January 2022
Analysts at Berenberg consider a trend of underperformance among reinsurers as “ripe for reversal” following a strong January 2022 renewal period, which saw rate rises of more than 10% for natural catastrophe risks in many cases. Berenberg views the global reinsurance sector as having performed poorly in 2021, largely due to ... Read the full article
SCOR names Yves Cormier as Head of Investor Relations
17th January 2022
French reinsurer SCOR has appointed Yves Cormier as Head of Investor Relations, reporting to Ian Kelly, Group Chief Financial Officer (CFO). Cormier will be based in London, and joins from Rothschild, where he spent the last six years advising European insurers on corporate finance and strategy matters. Earlier in his career, ... Read the full article
FERMA says captives should be regulated as low risk by default
17th January 2022
The Federation of European Risk Management Associations (FERMA) has argued that European insurance regulation should automatically treat captives as low-risk undertakings unless there are clear reasons to apply the full criteria. The comments form part of FERMA’s response to the latest consultation exercise on the revision of Solvency II by the ... Read the full article
Advanced & emerging markets pose unique inflation challenges: Swiss Re
14th January 2022
With inflation rates diverging significantly between advanced and emerging markets in recent months, analysts at Swiss Re warn that insurers and reinsurers will face diverse challenges in responding to this trend. Swiss Re notes that the rise in inflation since mid-2020 has been twice as steep in advanced than emerging markets. The ... Read the full article
Florida P&C insurers see 7% drop in litigated claims: CaseGlide
14th January 2022
New data from claims litigation management software provider, CaseGlide, shows that the number of new litigated claims dropped 7% between November and December 2021, for Florida’s largest P&C insurers. Analysts noted that December’s number also represents a 49% decrease from July’s high of 6,663 new litigated claims. Of the 17 largest Florida ... Read the full article
AXA XL makes three hires across NA Programs business unit
14th January 2022
AXA XL's North America Programs business unit has made three recent new hires with the addition of Scott Young, Vice President and Senior Program Underwriter; Linda Mai, Senior Actuarial Analyst; and Michael Branson, Senior Actuarial Analyst. Part of AXA XL Insurance's Americas team, the North America Programs unit works with delegated ... Read the full article
Eastern Canada storm causes estimated $152mn insured loss: CatIQ
14th January 2022
The storm which hit Eastern Canada in December has caused an estimated CAD 152 million in insured damage, according to Catastrophe Indices and Quantification (CatIQ). Ontario and Quebec were hit by strong winds, with heavy rain and wind being pushed to parts of the country's Atlantic provinces. The damage associated with the ... Read the full article
Q4 cats thought to have triggered Travelers agg reinsurance recoveries
14th January 2022
Analysts are anticipating that Travelers will have made further recoveries under its catastrophe aggregate reinsurance program during the fourth quarter of 2021. There appears to be consensus among figures at Bloomberg, KBW and Morgan Stanley that the US primary insurer’s Q4 results – due next week – will reveal further aggregate ... Read the full article
London’s IUA targets climate change, BI and regulation in 2022
14th January 2022
The International Underwriting Association (IUA) of London's 2022 business plan will have a focus on climate change, business interruption, regulatory changes, and pandemic responses. These issues are among the top concerns to London company market clients and will be addressed by the IUA as the marketplace moves through 2022. The Climate Risk ... Read the full article
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