Reinsurance News
Risk landscape reshaped by ‘megatrends’ at Jan 1: Howden
4th January 2022
Analysts at Howden have observed a “reset” in the reinsurance risk landscape during the January 1st renewals, as a series of ‘megatrends’ upped the complexity of an already complicated underwriting environment. Reporting on the critical renewal period, the broker argues that the insurance macro-fundamental environment is clearly shifting, with higher inflation, ... Read the full article
Allianz Claims hires Carroll as Process & Improvement Manager
4th January 2022
Allianz Claims has appointed Chantelle Carroll to the newly created role of Process and Improvement Manager. In this role, she will be in charge of a team driving new technologies, innovation, and improving processes that foster personalised claims solutions. Carroll joined Allianz earlier this month from the Eden Motor Group, where she ... Read the full article
Will Cheney joins TigerRisk as Partner
4th January 2022
Experienced reinsurance broker Will Cheney has joined TigerRisk Partners LLC as Partner, with a focus on reinsurance, capital and strategic advisory for the firm's largest property accounts. In his new role, Cheney will be based in Boston, Massachusetts and reports to Wade Gulbransen, Head of North America at TigerRisk. With a focus ... Read the full article
Brookfield Reinsurance boosts equity stake in American Equity to 16%
4th January 2022
American Equity Investment Life Holding Company and Brookfield Asset Management Reinsurance Partners (Brookfield Reinsurance) have received regulatory approval for Brookfield Reinsurance to increase its common stock ownership. Brookfield Reinsurance currently owns approximately 9.85% of the company's issued and outstanding common stock, which was purchased in accordance with the terms of its ... Read the full article
July flooding in Europe costliest intl. cat event of 2021, says CRESTA
4th January 2022
The severe flooding in July across Western Europe is believed to be the costliest insurance and reinsurance industry loss event outside of the U.S. in 2021, costing carriers an estimated $12 billion, according to CRESTA. The latest quarterly update for 2021 of the CRESTA Industry Loss Index (CLIX), which provides loss ... Read the full article
Tokio Marine Asia names Masahito Hirai as CEO
4th January 2022
Re/insurance holding company Tokio Marine has appointed Masahito Hirai as Chief Executive Officer of Tokio Marine Asia (TMA), its Asia regional headquarters. Hirai will be based in Singapore and succeeds Noboru Yamagata, who had been interim CEO and will continue in his broader capacity as the managing executive officer of Tokio ... Read the full article
Fidelis promotes Louise Jarvis to Deputy Director of Underwriting
4th January 2022
Bermuda-based holding company Fidelis Insurance has promoted Louise Jarvis to the position of Deputy Director of Underwriting in addition to her current role of Group Head of Contract Wordings. Jarvis joined Fidelis in 2017 as Senior Wordings Specialist and was promoted to Group Head of Contract Wordings in 2019 where she ... Read the full article
Total reinsurance capital up almost 3% to $534bn in 2021: Guy Carpenter
4th January 2022
Total dedicated reinsurance capital increased by 2.8% from the end of 2020 to end 2021 at $534 billion, driven by growth in both traditional and alternative capital, according to reinsurance broker Guy Carpenter and ratings agency, AM. Best. The almost 3% growth in dedicated reinsurance capital from the $519 billion reported ... Read the full article
BMS Re adds Juan Carlos Gomez as EVP of LatAm & Caribbean
4th January 2022
Specialist reinsurance broker BMS Re has announced the hiring of Juan Carlos Gomez as Executive Vice President (EVP) of BMS Re Latin America & Caribbean, effective immediately. In this newly created role, Gomez will be based in London and reports to Aidan Pope, Executive Chairman & Chief Executive Officer (CEO), BMS ... Read the full article
Mixed outcomes for reinsurers at “challenging” Jan 1 renewals: Gallagher Re
4th January 2022
Analysts at Gallagher Re have reported that the January 1 reinsurance renewals concluded with a “wide range of outcomes” as a push for improved pricing resulted in a tense round of negotiations. The broker noted that most reinsurers were determined to seek further price increases at 1/1 after hopes of a ... Read the full article
Cyber requires significant investment in underwriting: Beazley
4th January 2022
Specialist insurer Beazley recently hosted a small group meeting with Paul Bantick, Global Head of Cyber and Technology, and Sarah Booth, Head of IR, which focused on cyber insurance. According to the insurer, cyber requires significant investment in underwriting and data analytics and cyber experts, but will generate attractive returns. It believes ... Read the full article
Duck Creek partners with motor startup Adiona
4th January 2022
Duck Creek Technologies has partnered with newly launched UK insurtech motor insurer, Adiona. The partnership was created to offer insurance policies with premiums built on data and telematics, artificial intelligence and machine learning that provide pricing based on the driving habits of each insured customer. Having launched in September, Adiona is a ... Read the full article
Core Specialty completes merger combination with Lancer
3rd January 2022
Specialty property and casualty (P&C) insurers Core Specialty has now completed its previously announced merger combination with commercial auto specialist Lancer Insurance Group, growing its business into one holding pro forma capital of over $1.1 billion. The merger was announced back in April 2021, with Lancer expected to operate as ... Read the full article
January renewals reflect “healthy but bifurcated” reinsurance market: Guy Carpenter
3rd January 2022
The January 1st 2022 reinsurance renewal season saw conditions that reflect a "healthy but bifurcated" reinsurance market, according to global broking firm Guy Carpenter. The reinsurance market is evolving, Guy Carpenter says, evidenced by reinsurers adjusting their risk appetites and pricing thresholds for certain sectors, as they respond to ongoing and ... Read the full article
Apollo completes merger with Athene, lifting market cap to $43bn
3rd January 2022
Apollo has now completed its merger with life and retirement reinsurance company Athene Holding Ltd., creating a company with an implied market capitalisation of around $43 billion. Apollo now considers itself a "high-growth alternative asset manager with asset management and retirement services capabilities", with two subsidiaries, Apollo Asset Management (formerly known ... Read the full article
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