Reinsurance News
Hannover Re’s E+S Rück expects rising reinsurance prices in Germany
18th October 2021
E+S Rückversicherung AG, the Hannover Re subsidiary responsible for the Group's German business, is anticipating appreciable adjustments to reinsurance prices and conditions in the property market in Germany following catastrophic weather events in the country. In Germany alone, low pressure system 'Bernd' is expected to drive insurance industry losses of more ... Read the full article
AXA makes new commitments to preserve biodiversity
18th October 2021
AXA has made new commitments to preserve biodiversity by implementing a plan to fight against the deterioration of forest ecosystems. Deforestation is one of the main causes of biodiversity loss and carbon emissions, presenting a double loss for the climate due to them being the largest contributing carbon capturer. To protect these ... Read the full article
West P&I Club to increase rates by 15%
18th October 2021
The Board of the West of England P&I Club, an insurance provider to the global maritime and offshore industries, has announced a 15% general increase for mutual P&I and FD&D Members. The increase reflects another challenging year for the P&I industry, as record IG Pool claims and pandemic-related liabilities remain a ... Read the full article
Reinsurance results to come under pressure through H2: Aon’s Van Slooten
15th October 2021
Mike van Slooten, Head of Business Intelligence for Aon's Reinsurance Solutions division, has warned that reinsurer results will come under pressure through the second half of 2021. Commenting on Aon’s Reinsurance Aggregate (ARA) report for the H1 period, Van Slooten noted that reinsurers generally performed well during this time, with ... Read the full article
Crop losses to weigh on 2021 underwriting profits: KBW
15th October 2021
Analysts at KBW have warned that crop losses will likely weigh on insurers’ overall underwriting profits for 2021, despite being overshadowed by more high-profile catastrophe losses such as Hurricane Ida and the European floods. While US crop underwriting losses should pale relative to the larger catastrophe losses in Q3, KBW notes ... Read the full article
Mosaic opens New York office
15th October 2021
Specialty insurer Mosaic Insurance has opened an office in New York City, which will accommodate members of Mosaic’s cyber and transactional liability lines, along with technologists, and finance executives The startup already has cyber and transactional liability underwriters based in Chicago, and other key employees in Los Angeles, Boston, and Virginia. Backed ... Read the full article
COVID-19, cyber and climate change remain as key risks for re/insurers: Aon’s Fireside Chat
15th October 2021
Aon precently hosted a panel debate on systemic risk as part of its Virtual Reinsurance Renewal Season fireside chat, to address key areas of its clients needs. The debate, which was hosted by Eric Andersen, President of Aon included Christa Schwimmer, Senior Executive Manager, Global Clients, Munich Re, Charles Fry, CEO, ... Read the full article
Truist reports income growth for insurance segment
15th October 2021
Purpose-driven financial services firm Truist Financial Corporation has reported net income of $105 million for its Insurance Holdings segment in the third quarter of 2021. Although this is lower than the segment's Q2 income of $156 million, it represents an increase of $28 million on the $77 million that it reported ... Read the full article
Allianz report highlights growing threat of ‘ransomware pandemic’
15th October 2021
An Allianz Global Corporate & Specialty (AGCS) report has identified a number of key trends in the ransomware space re/insurers should be aware of in order to protect itself from cyber criminals, including the recent development of ‘ransomware as a service’. AGCS’ report explains how ransomware as a service has made ... Read the full article
Aspen CFO Chidwick to depart, Coleman succeeds
15th October 2021
Aspen Insurance’s Kevin Chidwick is set to depart from his role as Chief Financial Officer at the end of this year and will be succeeded by Chris Coleman. Based in Bermuda, Coleman will also be joining Aspen’s Executive Committee. He was most recently CFO of Third Point Re and brings strong transactional ... Read the full article
Marco gets nod to provide RITC/legacy solutions to Lloyd’s syndicates
15th October 2021
European P&C run-off group Marco Capital has been granted ‘in principle’ approval to launch a Reinsurance To Close (RITC)/run-off syndicate. Formal approval of the syndicate is subject to completion of a review phase by the Lloyd’s Council. The Council’s approval would allow Marco to participate in and quote on RITC and other ... Read the full article
New Dawn Risk hires Elizabeth Strange as Head of Strategic Development
15th October 2021
New Dawn Risk has appointed Elizabeth Strange to the new role of Head of Strategic Development. Strange's role has been created as part of a fast-paced global expansion, which has also seen the recent establishment of New Dawn Risk Europe. Read the full article
Corvus enters FI market with new data-driven suite
15th October 2021
Corvus Insurance has announced its entry into the financial institutions insurance market with the launch of a data-driven suite of offerings designed for the investment advisor market. Smart Investment Advisor Insurance is a comprehensive, modular policy offering Directors & Officers, Errors & Omissions, Fund Liability, Employment Practices Liability and Fiduciary lines. Additionally, ... Read the full article
Canopius announces appointment of WTW COO Kate Roy
15th October 2021
Specialty re/insurer Canopius has announced the appointment of Kate Roy as Chief Operating Officer, a role she will assume in early 2022. She reports to Neil Robertson, the firm’s deputy Chief Executive Officer. Roy joins from Willis Towers Watson, where since 2015 she has held the role of COO for Great Britain ... Read the full article
WTW’s Forsgård to take command of Nordics at Aon
15th October 2021
Re/insurance broker Aon has announced the appointment of Johan Forsgård as Chief Executive Officer (CEO) for its Nordic region. He will join the firm in the fourth quarter of 2022, leaving Allan Karlsen, CEO for Aon Denmark and Nordic Chief Operating Officer, to continue leading the region along with the Nordic ... Read the full article
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