Reinsurance News
Lloyd’s names General Representative for Luxembourg
13th December 2021
Lloyd’s Insurance Company S.A. (LIC), the European subsidiary of the insurance and reinsurance marketplace, has appointed Martial de Calbiac as its General Representative for Luxembourg. de Calbiac has more than four decades of experience, and currently holds the position of Retraité - Gérant at Luxembourg-based firm Fremarlux Sàrl. He also served as ... Read the full article
Munich Re treating climate as systemic risk: analysts
13th December 2021
Analysts at Peel Hunt have noted that Munich Re now appears to be treating climate change as a systemic risk for the re/insurance industry, amid an ongoing rise on the probability of extreme weather events. Last week, Munich Re presented its ESG credentials to financial markets, which included interesting insights in ... Read the full article
W/R/B Underwriting hires Jaymin Patel as Senior Construction Underwriter
13th December 2021
W/R/B Underwriting, a W. R. Berkley-syndicate, has appointed Jaymin Patel as Senior Construction Underwriter. Patel brings a strong background in both Underwriting and Broking, and will further bolster the capabilities of the team. He joins from Alesco Risk Management Services where he was partner for just over two years. In that position, he ... Read the full article
Kin Insurance reports $11.3mn in Total Managed Premium in November
13th December 2021
Kin Insurance has announced select preliminary operating results through November 30, 2021, reporting its total Managed Premium increased to $90.7 million year-to-date through November 30, 2021, over four times the $21.2 million of Total Managed Premium for the same prior year period. The insurer also reported $11.0 million of Total Managed ... Read the full article
Dale hires Marcus Turner as class underwriter, property insurance
13th December 2021
Dale Underwriting Partners (DUP) has appointed Marcus Turner as class underwriter, property insurance. Turner will assume his position early next month and will report to Ian Bridge, deputy active underwriter at DUP. He will be responsible for building out DUP’s property open market business, an area of expected growth for DUP in ... Read the full article
US tornado outbreak likely a multi-billion dollar event
13th December 2021
A devastating severe weather event consisting of intense tornado activity across US states Arkansas, Missouri, Tennesse, and Kentucky is expected to generate industry losses into the low single-digit billions of dollars. Andrew Siffert, a Senior Meteorologist at insurance and reinsurance broker BMS Group, adds that December severe weather event typically fall ... Read the full article
British Columbia flood losses reach estimated $450mn
13th December 2021
The recent flooding in southern British Columbia is now estimated to have caused $450 million in insured damage, according to preliminary estimates from Catastrophe Indices and Quantification (CatIQ). This will be the most costly severe weather event in the province’s history, and began with a series of atmospheric rivers on November ... Read the full article
Reinsurers must meet their cost of capital to survive: AM Best
13th December 2021
According to a new report from AM Best, reinsurers must be able to meet their cost of capital to remain relevant and survive. Having navigated five years of elevated property catastrophe activity, and amid rising social inflation, reinsurers have struggled to meet their cost of capital, which has increased during the ... Read the full article
Howden acquires Ross Insurance
13th December 2021
International insurance broker Howden has acquired Ross Insurance Group, a commercial broker servicing corporate and technology clients, as it continues to build out its UK business. Ross Insurance Group offers a broad range of product lines, with a particular focus on Financial and Construction risks, and manages complex global programmes for ... Read the full article
Australian houses are not resilient to tropical cyclones: ICA
13th December 2021
A new report from the Insurance Council of Australia (ICA) has found that Australia’s houses are not resilient to tropical cyclone hazards, which are expected to become more severe as the climate changes. ICA's report outlines the changes required to building codes and construction standards to improve the cyclone resilience of ... Read the full article
WTW launches Ports and Terminals risk forum
13th December 2021
Willis Towers Watson has announced the launch of a dedicated risk forum for the Ports and Terminals space, as the broker looks to provide a means for its members to network and explore risk identification and response. WTW is collaborating with the University of Cambridge Judge Business School’s Centre for Risk ... Read the full article
Litigation funding driving social inflation, Swiss Re warns
10th December 2021
In a recent report, Swiss Re has warned that third-party litigation finance (TPLF) is a major contributing factor to the trend of social inflation in the US, which is having a knock-on effect on the price and availability of many insurance covers. Swiss Re notes that the US is the centre ... Read the full article
Chubb names Fran O’Brien as Deputy Chief Risk Officer
10th December 2021
Chubb has announced the appointment of Fran O'Brien to the position of Deputy Chief Risk Officer. In this role, O'Brien will help support all Chubb's enterprise risk management activities including strategy, management framework and related processes across the company. Concurrently, Ana Robic, who currently serves as Chief Operating Officer, North America Personal ... Read the full article
Appleford to lead Political Violence & Terrorism at Tysers
10th December 2021
Independent Lloyd’s broker Tysers has announced that Ciara Appleford is joining the firm to lead its Political Violence and Terrorism team. Appleford will lead a global team with the aim of driving growth across Tysers’ broking hubs in London, Dubai, Miami, and Singapore. She brings over 13 years of broking experience, market ... Read the full article
Verisk’s Sequel launches new distribution solution
10th December 2021
Insurance software specialist, Sequel a Verisk Business, has announced the development of a new solution designed to simplify the distribution of standalone products and delegated authority business. The solution, called Sequel Hub, will launch with over 10 carriers and two of the top 3 brokers. Sequel Hub orchestrates messaging between brokers, carriers, ... Read the full article
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