Reinsurance News
Technology is changing consumer behaviours: Moody’s
25th November 2021
According to Moody’s, the rapid take-up of digital technology by businesses and consumers during the pandemic underlined its critical importance for the insurance sector. The company's research showed that insurers increasingly use data from social media and devices connected to the internet to gain actionable insights into policyholder behaviour, which supports ... Read the full article
Generali in talks to acquire La Médicale from Crédit Agricole Assurances
25th November 2021
Italian insurer Generali has entered into exclusive negotiations to acquire La Médicale, the insurance subsidiary for healthcare professionals owned by Crédit Agricole Assurances. Under the terms of the arrangement, Generali France will also acquire Predica's death coverage portfolio, which is marketed and managed by La Médicale. Predica is a life insurance entity ... Read the full article
China insurance industry to hit $313bn in 2025: GlobalData
25th November 2021
The general insurance industry in China is projected to grow from CNY 1.36 trillion (USD 196.8 billion) in 2020 to CNY 2.13 trillion (USD 313.0 billion) in 2025, in terms of direct written premiums (DWP), according to data and analytics company GlobalData. GlobalData’s latest figures show that the general insurance industry ... Read the full article
Sompo Intl. announces two hires in Germany
25th November 2021
Sompo International Holdings has appointed Eric Kox as Country Manager, Germany for its insurance operations in the country. Susanne Adam has also joined the company, and will report to Udo Puetzer, who is responsible for Sompo’s progress in the last two and half years since the company launched Professional Lines in ... Read the full article
Re/insurers shift focus as renewal activity stalls, say analysts
24th November 2021
As insurers and reinsurers shift focus ahead of the key January 1st, 2022 renewals, there's uncertainties around the property catastrophe space while activity for 1/1 is reportedly behind schedule, according to Morgan Stanley. Analysts at Morgan Stanley recently hosted the firm's insurance corporate access day, which featured nine property and casualty ... Read the full article
North American P&C insurers show improved GAAP performance: Fitch
24th November 2021
According to a new report from Fitch Ratings, North American Property & Casualty (P&C) re/insurers’ strong premium revenue growth led to improving GAAP operating performance for the nine months in 2021. The revenue growth came from rising commercial rates, reduced incurred losses tied to the coronavirus pandemic and large investment gains ... Read the full article
Universal places $100m of senior notes to support growth
24th November 2021
Florida headquartered and expansive primary insurance company, Universal Insurance Holdings, has completed an upsized and oversubscribed private placement of $100 million aggregate principal amount of 5.625% senior unsecured notes to support its growth ambitions. The notes, due 2026, were placed with institutional accredited investors and qualified institutional buyers. Universal intends to use the ... Read the full article
Marsh McLennan and BitSight partner to bolster cybersecurity performance
24th November 2021
Marsh McLennan and BitSight have entered a partnership to help both organisations better understand, measure, and manage their cyber risks. Marsh McLennan's recently announced Cyber Risk Analytics Center will leverage BitSight Security Ratings, data, and analytics, enabling clients to better understand their cybersecurity performance and make more informed risk management decisions. Throughout ... Read the full article
Premium prices continued to increase in Q3, finds CIAB survey
24th November 2021
According to a new survey from The Council of Insurance Agents & Brokers (CIAB), premium prices continued to increase by 8.9% in Q3 2021, up slightly from the average increase of 8.3% recorded in the previous quarter. When segmenting the data by account size, large accounts had the highest increase out ... Read the full article
AXA XL Risk Consulting names new safety expertise in US
24th November 2021
AXA XL Risk Consulting has expanded its loss prevention expertise with the addition of Christina Roll as Workers Safety Casualty Risk Consultant for the Americas and announced regional loss control leadership with the promotion of Tina King to Regional Engineering Leader for the West Zone. King will assume regional risk engineering ... Read the full article
Gallagher makes changes to market management team
24th November 2021
Global re/insurance broker Gallagher has announced that Ron Hayes, market management director, will move into a newly created chief broking officer role, where he will report to Simon Matson, CEO of Europe, Middle East and Asia (EMEA). He will be responsible for shaping the placement strategy for Gallagher in the UK ... Read the full article
Industry guidance on innovation flagged during climate-focused Aon fireside
24th November 2021
While industry momentum against climate change is building, guidance on where specifically to focus innovation efforts, as well as the success of communication between re/insurers and businesses, were both flagged as key areas still being refined and worked through. These comments came during a panel brought together for an Aon-hosted fireside ... Read the full article
Berkshire (BHSI) promotes leaders within UK Exec & Professional Lines
24th November 2021
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has announced the promotion of Chris Warrior and Jessica Kirby within its UK Executive & Professional Lines business. Warrior has been appointed as Head of Executive & Professional Lines in the UK, and Kirby as ... Read the full article
Year-on-year average premium rates remain positive: Applied Systems
24th November 2021
Applied Systems has announced the third quarter 2021 results of the Applied Commercial Index, the Canadian insurance industry’s premium rate index. The company discovered that overall, the magnitude of rate increases increased across all lines, in comparison with the average premium renewals in the same quarter last year with 8.76% in ... Read the full article
Mosaic launches UK transactional liability team, expands US unit
24th November 2021
Specialty insurer Mosaic Insurance has launched a transactional liability team in the United Kingdom and expanded its M&A unit in the United States. In connection with the launch of the UK team, Mosaic announced the hiring of Sam Whiteman and Andrew Gofton-Salmond in London to establish its international transactional liability platform, ... Read the full article
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