Reinsurance News
Sompo Intl. appoints Peter Buckley as Areospace VP
26th October 2021
Bermuda-based specialty re/insurer Sompo International is set to expand its general aviation offering with the appointment of Peter Buckley as Vice President, Aerospace. Buckley brings over 20 years’ experience in the aviation insurance industry to the role and most recently served at Cincinnati Global Underwriting. “As a long-standing market leader in aerospace ... Read the full article
Insurance pricing up 15% in Q3, led by cyber: Marsh
26th October 2021
Global commercial insurance prices increased by 15% in the third quarter of 2021, according to the latest Global Insurance Market Index released by re/insurance broker Marsh. It marks the 16th consecutive quarter of increases, but rates have continued to moderate in many lines of business and most geographies, suggesting that pricing ... Read the full article
Brown & Brown’s Q3 revenue improves to $770mn
26th October 2021
Brown & Brown's revenues for the third quarter of 2021 were $770.3 million, a $96.3 million increase from the prior year quarter. Net income increased $12.4 million to $146.4 million while commissions and fees increased 14.6%; organic Revenue was up 8.5% from the prior year quarter. Income before income taxes for the third ... Read the full article
The Hartford names Michael Garrison as head of Wholesale for Navigators
26th October 2021
The Hartford has named Michael Garrison as head of Wholesale for Navigators, where he will lead the strategic direction, growth, and underwriting for the business. He will report to The Hartford’s head of Global Specialty Adrien Robinson. Garrison brings over 28 years of experience in the insurance industry, having worked in New ... Read the full article
Suncorp’s nat cat bill reaches AU$492mn, closing in on full year budget
26th October 2021
Suncorp is expecting a financial hit of between $382 million and $492 million due to natural hazard claims incurred since July 1. Suncorp’s full year natural hazard allowance of $980 million is divided equally between the first and second halves of the financial year. The company’s maximum event retention on the main catastrophe ... Read the full article
AIG makes senior leadership changes
26th October 2021
American International Group (AIG) has made senior leadership changes as part of the separation of the Life & Retirement business. Mark Lyons, currently Executive Vice President and Chief Financial Officer, AIG, will step into a newly created role of Executive Vice President, Global Chief Actuary and Head of Portfolio Management, AIG. In ... Read the full article
ARPC operating result 53% above forecast
26th October 2021
The Australian Reinsurance Pool Corporation (ARPC), a government-backed terror risk reinsurance venture, has reported an operating result of $84.9 million for the year ending June 30th, 2021. The result was 53.2% higher than the $55.3 million that had originally been forecast for the year. Gross written premiums were similarly 17.3% higher than ... Read the full article
RenRe’s underwriting performance deteriorates amid heavy cat experience
26th October 2021
Bermuda-based reinsurer RenaissanceRe has reported a net loss of $450.2 million for the third quarter of 2021, as catastrophe losses contributed to a $726.8 million net negative impact on its result during the period. The Q3 2021 net loss compares with a gain of $47.8 million for the prior year period, ... Read the full article
BRP Group bolsters leadership team of Japanese practice group
26th October 2021
Independent insurance distribution firm BRP Group has bolstered the Japanese practice group within its middle-market indirect subsidiary, AHT Insurance. Brian Murphy joins as co-practice leader with over three decades’ experience with a recent focus on global strategy and placements. Hiro Ushikii, based in New Jersey, joins as co-practice leader and has more ... Read the full article
Ransomware is the largest cyber reinsurance market issue: PCS’ Johansmeyer
25th October 2021
In a recent video interview with our sister publication Artemis, Tom Johansmeyer, Head of PCS, discussed the subject of cyber risk, current cyber risk trends and how the insurance-linked securities (ILS) market can play a role in provision of reinsurance and retrocession capacity. During the interview Johansmeyer discussed ... Read the full article
Swiss Re CorSo adds Favorito as exec risk head of North America
25th October 2021
Swiss Re Corporate Solutions has appointed Chris Favorito to serve as Head of Executive Risks for North America. Favorito will be responsible for leading and driving the underwriting strategy for the firm’s North American Executive Risk book of business. This includes a suite of management liability products tailored for public and private ... Read the full article
Tokio Marine Kiln partners with CarbonChain
25th October 2021
Tokio Marine Kiln (TMK) has partnered with CarbonChain, a startup building technology solutions, to measure greenhouse gas emissions to inform underwriting decisions. TMK and CarbonChain began exploring this partnership a few months ago as part of a project within the Lloyd’s Lab, the innovation incubator of Lloyd’s. Following a successful trial using ... Read the full article
Re/insurers should expect global annual nat cat losses of $100bn+, says AIR
25th October 2021
The insurance and reinsurance industry should anticipate a long-run annual average bill of approximately $106 billion from global catastrophe events, according to analysis by catastrophe risk modeller, AIR Worldwide. Verisk's AIR Worldwide has released its 2021 Global Modeled Catastrophe Losses report, which shows that recent years of natural catastrophe losses are ... Read the full article
Generali takeover offer for Cattolica gets regulatory approval
25th October 2021
Italian insurer Generali has received regulatory approval for the acquisition of a controlling interest in Società Cattolica di Assicurazione. The European Commission has given Generali the green light to make an offer to acquire all the ordinary shares of Cattolica. Further details of the offer have not yet been disclosed. Generali committed to ... Read the full article
Aviva adds Martin Strobel as independent non-exec director
25th October 2021
Aviva has announced the appointment of Martin Strobel as an independent non-executive director, effective immediately Strobel was most recently the senior independent director of RSA Insurance Group and has held a number of senior roles during his career. Previous positions include group CEO of Baloise-Holding AG, Operating Partner of Advent International and time spent ... Read the full article
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