Reinsurance News
Commercial rates show hard market conditions persisting: IVANS
22nd October 2021
IVANS, a division of Applied Systems, has released the Q3 results of its insurance premium renewal rate index, which show that nearly all major commercial lines of business experienced quarterly increases in average premium renewal rate. This quarter’s results showed premium renewal rate change for all major commercial lines of business ... Read the full article
COVID-19 BI appeals to be heard from November 8
22nd October 2021
Policyholders and insurers have filed claims on a number of issues arising from the recent judgment delivered by the Federal Court of Australia in the business interruption insurance test case. The appeal is listed to be heard from 8 November 2021. The Federal Court judgment recently upheld the arguments advanced by ... Read the full article
Saudi Central Bank drafts new insurtech regulations
22nd October 2021
The Saudi Central Bank (SAMA) has released a new set of draft rules for the insurtech sector in the country, which aim to ensure the rights of both companies and customers. SAMA says the draft rules are designed to enable insurtech firms to execute their work in accordance with a regulatory ... Read the full article
Heritage to incur $51.4m of Q3 cat & weather losses
21st October 2021
Super-regional property and casualty insurance holding company has estimated that it will incur a total of $51.4 million catastrophe and weather losses for the third quarter of 2021. This figure includes approximately $16.0 million of catastrophe losses stemming from Hurricanes Elsa, Fred, Henri and Ida. It also includes $35.5 million of other ... Read the full article
Aon appoints Aspen’s Tim Aman to lead Re Solutions’ US actuarial team
21st October 2021
Re/insurance broker Aon has added Tim Aman to lead the US actuarial team within its Reinsurance Solutions business as an executive managing director. He reports to Brian Alvers, Global Chief Actuary and head of Casualty Analytics. Aman will be based in New York and focus primarily on building the team’s commercial client ... Read the full article
Acrisure expands into Brazil via It’sSeg takeover
21st October 2021
Insurance broker and fintech services provider Acrisure has announced plans to acquire It’sSeg, the largest independent benefit management and insurance broking firm in Brazil. The deal marks Acrisure’s entry into the Brazilian market and represents a substantial expansion of its Latin American operations. Founded in 2014 by Thomaz Menezes and the private ... Read the full article
Beazley adds Hiscox’s Simon Wilson to lead Open Market business
21st October 2021
Beazley has appointed Simon Wilson to serve as its Head of Open Market, a London-based role that involves directing and managing teams within the Property team and providing insight on market issues. Wilson is described as a seasoned underwriter and achieved success with Primary and Excess Property D&F products. He will join ... Read the full article
Howden acquires Bermudian broker Foram
21st October 2021
International insurance broker Howden has announced the acquisition of Bermuda-based Foram Brokerage as the firm looks to demonstrate its commitment to the Bermudian market. An independent re/insurance broker, Foram provides speciality services in Casualty, Energy, Professional Lines, Construction, Product Recall, Property and Healthcare lines. The purchase is considered complementary to Howden’s existing ... Read the full article
WTW bolsters Southeast and Mid-Atlantic FINEX teams
21st October 2021
Re/insurance broker Willis Towers Watson (WTW) has announced several senior appointments within its Financial, Executive and Professional Risks (FINEX) teams for the Southeast and Mid-Atlantic regions. Samuel Stern has been appointed as Director, Southeast FINEX Commercial Team Leader, reporting into Chris LoRe, Senior Director, Commercial East leader. Stern will be responsible for ... Read the full article
RLI falls to property underwriting loss following Q3 catastrophes
21st October 2021
US property and casualty insurance company RLI Corp. has posted a property underwriting loss of $16.5 million during the third quarter of 2021, after incurring $28.9 million of catastrophe losses for the period. Overall net earnings for the quarter were $29.4 million, down from $42.4 million for the same period last ... Read the full article
Allstate reports Q3 cat losses of $1.3bn
21st October 2021
US primary insurer Allstate has recorded total catastrophe losses of $1.3 billion for the third quarter of 2021, pre-tax, after taking $165 million in the month of September. Catastrophe losses in September were estimated at $103 million, plus reinsurance reinstatement premium and modest unfavorable reserve re-estimates. Two large wind/hail events, primarily impacting ... Read the full article
BF&M names Abigail Clifford as President and Group CEO
21st October 2021
BF&M Limited, the Bermuda-based re/insurance holding company, has appointed Abigail Clifford as President and Group Chief Operating Officer, and CEO Designate of the BF&M group of companies. A date for the transition has not been set and John Wight remains Group Chairman and CEO. The selection of Abigail Clifford as President & ... Read the full article
Guy Carpenter’s underlying revenue up 15% as Marsh hails outstanding quarter
21st October 2021
Reinsurance broker Guy Carpenter has reported a 15% rise in underlying revenue to $314 million for the third quarter of 2021, as its parent Marsh McLennan delivered impressive year-on-year growth. Buoyed by revenue growth across the business, global insurance and reinsurance brokerage Marsh McLennan has reported an increase in underlying revenue ... Read the full article
AXA XL appoints Danielle Roth to lead North American cyber claims
21st October 2021
AXA XL has announced the appointment of Danielle Roth as Practice Leader and Head of Cyber Claims, North America. Roth will be responsible for developing and implementing the segments’ claims strategy and best practices, as well as coverages analysis, claims investigations, reserving and resolution of claims. She has 10 years of Cyber ... Read the full article
Brunel Professions names new Divisional Director of London Markets
21st October 2021
Brunel Professions has appointed Wesley Richards as Divisional Director of London Markets. In this role, Richards will be responsible for the London market broking strategy as well as insurer relationships. He brings over 25 years of London market experience and an established reputation as a leading broker in the professional indemnity sector. With ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
