Reinsurance News
Aquiline acquires majority stake in insurtech Ripe
1st November 2021
Aquiline Capital Partners LLC, a private investment firm with a specialist focus on the intersection of technology and finance, has acquired a majority stake in Ripe Thinking Limited, a UK digital underwriting and insurance distribution platform. Ripe was founded in 1997 and serves customers across both personal and small commercial lines. ... Read the full article
Insurtech FloodFlash secures further Munich Re investment
1st November 2021
Munich Re is to provide capacity for the principal business of parametric flood insurtech FloodFlash, which aims to provide rapid-payout flood cover for SMEs and landlords. This is not the first time these two companies have crossed paths; the global reinsurer provided capacity for FloodFlash’s consultancy service in 2020. FloodFlash+ saw ... Read the full article
ICA declares Insurance Catastrophe for parts of South Australia
1st November 2021
The Insurance Council of Australia (ICA) has declared an Insurance Catastrophe for parts of South Australia impacted by significant hail, rain and strong winds last week. The catastrophe declaration was also extended to cover areas of Victoria and Tasmania affected by the same storm cell late last week. Insurers have received almost ... Read the full article
Microinsurance market growing on demand for health cover, study finds
29th October 2021
A significant surge in the global demand for health insurance across the world’s emerging economies offers "the most significant market and ESG opportunity in decades" for insurers, according to the international body representing the global microinsurance sector. The findings of the Microinsurance Network’s Landscape of Microinsurance Study 2021 suggest that the ... Read the full article
RAA endorses Resilient America Act for natural disasters
29th October 2021
The Reinsurance Association of America (RAA) has voiced its support for the introduction of the Resilient America Act, which aims to enhance community and system resilience in the face of rising natural disasters. The Act is intended to improve the provision of federal resources to help build capacity and fund risk-reducing, ... Read the full article
MIS partners with parametric hurricane insurance MGA Yokahu
29th October 2021
Geospatial imagery and re/insurance intelligence company, McKenzie Intelligence Services (MIS), has announced a strategic partnership with digital first Managing General Agent (MGA) McCosh Holdings Ltd, trading as Yokahu. Yokahu uses parametric underwriting and data visualisation to provide hurricane and tropical cyclone protection. The business is an approved Coverholder at Lloyd’s and is ... Read the full article
AXA extends oil & gas exclusions to support climate transition
29th October 2021
AXA has announced several new milestones in its approach to the energy sector by strengthening its existing Oil and Gas exclusions, with a specific focus on unconventional activities and new greenfield explorations. Firstly, AXA will stop investing in and underwriting new upstream oil greenfield exploration projects unless they are carried out ... Read the full article
MAPFRE highlights reinsurance growth as group hits €20bn in 9M revenues
29th October 2021
Spanish re/insurer MAPFRE has reported favourable growth of 14.5% within its reinsurance business, citing it as contributing factor in the overall group’s 6.4% increase in net earnings. MAPFRE RE contributed more than €95 million to earnings, compared to losses of €20 million for the same period in 2020, mainly related to ... Read the full article
S&P maintains negative outlook for global reinsurance sector
29th October 2021
According to a report from S&P Global Ratings, the global reinsurance sector has generated weak underwriting results in the past four years, from 2017-2020, with this current year shaping up to also be below-par, leading the ratings agency to stay negative on the industry. S&P noted that the industry continues to ... Read the full article
Carbon Underwriting announces two Data Analytics hires
29th October 2021
Carbon Underwriting has appointed Madu Gadzama as Data Analytics Engineer and Edward Saunders as Data Services Associate as the company continues to develop its data analytics capabilities. Saunders was previously an Assistant Accountant with Creaseys Group and prior to that, he was an IT project coordinator with AXA PPP Healthcare. These hires ... Read the full article
Claire O’Neill joins Hymans Robertson’s Risk Transfer team
29th October 2021
Hymans Robertson, the pensions and financial services consultancy, has appointed Claire O’Neill to further expand its Risk Transfer team. O’Neill joins from Mercer’s Risk Transfer team, where she focused on helping clients reduce the risk in their defined benefit pension schemes through a range of de-risking strategies, including both risk transfer ... Read the full article
Aon falls to $900mn Q3 loss after WTW merger collapse
29th October 2021
Re/insurance broker Aon has posted a net loss of $900 million and an operating loss of $801 million for the third quarter of 2021, after incurring $1.3 billion of charges related to the termination of its planned combination with Willis Towers Watson. But costs associated with the merger collapse disguised what ... Read the full article
Swiss Re CFO cautiously optimistic on 2022 rate improvements
29th October 2021
Swiss Re CFO John Dacey, speaking during a media call this morning, highlighted the reinsurer’s move away from certain lower-layers of risk to help protect earnings while expressing cautious optimism for industry-wide positive rate improvements in the run up to 1/1. Dacey noted how an increased frequency and severity of weather ... Read the full article
Daniel Smyrl named president of Admiral Insurance Group
29th October 2021
W. R. Berkley Corporation has appointed Daniel Smyrl as president of Admiral Insurance Group. He succeeds Curtis Fletcher, who has been named chairman of Admiral. Smyrl joined Admiral in 2002 and most recently served as executive vice president of underwriting. He has nearly 40 years of commercial property and casualty insurance experience in ... Read the full article
Arthur J. Gallagher earnings up 22%, Willis Re takeover on track
29th October 2021
Re/insurance broker Arthur J. Gallagher & Co. has reported 22% growth in net earnings across its brokerage and risk management operations during the third quarter of 2021, ending the period at $275.6 million. Revenues similarly increased by 17% over Q3, moving from $1.50 billion last year to $1.75 billion, with 10% ... Read the full article
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