Reinsurance News
Cyber market GWP to hit $20.6bn by 2025, says GlobalData
13th July 2021
GlobalData analysis suggests the global cyber insurance market is set to thrive post-Covid and reach $20.6 billion in Gross Written Premium (GWP) by 2025. The cyber market is already reported to have hit the $7 billion GWP mark, as the COVID-19 pandemic forced businesses to digitise processes and adopt remote working ... Read the full article
Tegron Specialty names Ray Pallett CUO
13th July 2021
Directors & Officers underwriting specialist Tegron Specialty has appointed Ray Pallett to serve as Chief Underwriting Officer. Pallett will report to Chief Executive Officer Paul Shore and assumes his role with immediate effect subject to regulatory approval. He joins with over 20 years’ experience across various senior industry roles and previously worked ... Read the full article
Swiss Re appoints Scalzi to lead automated underwriting strategy in Asia
13th July 2021
Global reinsurer Swiss Re has appointed Barbara Scalzi to lead its automated underwriting solution Magnum in Asia. In her role as Head Magnum Asia, Scalzi will help drive the development of innovative solutions, leveraging alternative data to meet customer needs. Prior to Swiss Re, Scalzi spent three years at fintech platform UnderwriteMe serving as ... Read the full article
Clyde & Co survey highlights London PI market confidence
13th July 2021
Global law firm Clyde & Co says confidence is high and appetite strong in the London professional indemnity (PI) market, despite a trinity of challenges facing the industry. 95% of insurers expect a greater number of claims in the next two years with 67% expecting them to be more severe. Meanwhile, recession, ... Read the full article
Rokstone secures coverholder licence in Africa
13th July 2021
International speciality re/insurance MGA Rokstone has secured an insurance agent licence from the Financial Services Commission in Mauritius (FSC) and is now fully authorised to underwrite business directly in Africa. Initially writing Political Violence & Terrorism and Property directly from Mauritius, the office expects to offer Financial Lines later in the ... Read the full article
KCC estimates Storm Elsa insured costs at $290m in US & Caribbean
12th July 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured loss to onshore properties from Hurricane Elsa will be around $290 million. This figure consists of around $240 million in the US from both wind and storm surge and $50 million in the Caribbean from wind. Elsa was the ... Read the full article
Apollo Syndicate Management names Farah Buckley as non-executive director
12th July 2021
Apollo Syndicate Management, the independent specialist insurer and reinsurer, has appointed Farah Buckley as non-executive director. Buckley brings 19 years of experience to Apollo, with a deep understanding of M&A, risk and corporate finance. She is a non-executive board member at iHybrid Ltd, an ePOS tech start-up, and was previously head of ... Read the full article
Olympics crowd ban could cost reinsurers up to $400m: Fitch
12th July 2021
Japan’s decision to bar spectators from the Tokyo Olympics is likely to cost the global reinsurance sector between $300 million and $400 million due to payouts for ticket and hospitality refunds, according to Fitch Ratings. However, the rating agency notes that this total is only 10%–15% of the amount reinsurers would ... Read the full article
Liberty Mutual makes $2.30bn move for State Auto Group
12th July 2021
Liberty Mutual is preparing to acquire super-regional insurance holding company State Auto Group in a cash deal that values the company at roughly $2.30 billion, or $52 per share. The acquisition will significantly expand Liberty Mutual's position in the personal lines and small commercial insurance space. Through the deal, Liberty Mutual will ... Read the full article
Beazley adds HSBC’s Dehmann as COO
12th July 2021
Specialist re/insurer Beazley has appointed 20-year industry veteren Troy Dehmann to serve as Chief Operating Officer (COO). His appointment follows former COO Ian Fantozzi’s transition to lead Beazley’s recently established digital business unit. Dehmann most recently served in a similar role for Finance Operations and Core Finance at HSBC. Before that he held ... Read the full article
Aon warns of $4.5bn insured loss from June storms in Europe
12th July 2021
Re/insurance broker Aon has estimated that total insured losses from the prolonged stretch of severe weather that impacted Europe between June 17th and 25th could exceed $3.4bn, with overall losses reaching even higher. And looking at the larger period of storm outbreaks up to June 30th, insured losses could reach $4.5 ... Read the full article
KBW explores potential consequences of Aon / WTW deal break
12th July 2021
Analysts at KBW have modelled the potential impact on Aon and Willis Towers Watson (WTW) if their pending merger deal were to collapse. The firm believes that the brokers will ultimately end up selling more businesses to satisfy ongoing regulatory concerns, but the deal is currently facing significant roadblocks, including Read the full article
Miller adds Seema Pandey to marine team
12th July 2021
Specialist re/insurance broker Miller has announced the appointment of business development specialist Seema Pandey to its marine team. She brings over 16 years of industry experience to Miller, joining from Mar Risk Services where she most recently led its marine team and held a position on the Board. Pandey’s hire forms part ... Read the full article
Beazley launches nutraceutical-focused insurance solution
12th July 2021
Specialist insurer Beazley has launched a new insurance product available to companies active at all points of the nutraceutical industry value chain. NutraGuard has been designed as a way for nutraceutical manufacturers and distributors to secure cover for liability, general liability, errors and omissions (E&O), product recall expense, employee benefits liability ... Read the full article
India life industry premiums to hit $98.5bn in 2024: GlobalData
12th July 2021
The life insurance industry in India is projected to grow from INR 5.7 trillion (US $81.4bn) in 2019 to INR 8.0 trillion ($98.5bn) in 2024, in terms of gross written premium (GWP), according to analysts at GlobalData. GlobalData, which has revised its India forecasts in the aftermath of COVID, believes that ... Read the full article
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