Reinsurance News
Resilience hires Chubb’s Kyle Bryant as International CUO
17th September 2021
Resilience Cyber Insurance Solutions has appointed Kyle Bryant as International Chief Underwriting Officer to lead its overseas expansion. Bryant joins Resilience from Chubb Overseas General Insurance where he was responsible for the strategy, development, and financial performance of the Cyber and Technology lines of business in international markets. Prior to joining Resilience, ... Read the full article
Concirrus introduces new platform for IoT-powered insurance
17th September 2021
Insurtech firm Concirrus has introduced a new platform for an Internet of Things (IoT) powered insurance market. The platform is designed to help insurers accelerate their transition to new digital operating models, create new products and drive cost savings. Specifically, Concirrus says the offering will help businesses digitise knowledge using a wide ... Read the full article
Flow announces Chaucer partnership
17th September 2021
Flood insurance platform Flow Insurance Services has announced a new partnership with Chaucer Group. The partnership is set up to allow the digital distribution of Chaucer's new residential flood insurance product. Flow's retail agents will have the ability to quote, bind, and service Chaucer's flood insurance product on the FlowRater. "I'm thrilled about ... Read the full article
Pool Re names Angela Knight as non-executive chair
17th September 2021
UK government-backed terrorism reinsurer Pool Re has appointed Angela Knight CBE to its board of directors as non-executive chair. Knight has previously held roles including economic secretary to the Treasury, chief executive of the British Bankers Association at a critical time in financial services, chair of the Office of Tax ... Read the full article
SCOR’s Rousseau notes “disconcerting” imbalance between losses and capacity
17th September 2021
SCOR CEO Laurent Rousseau has pointed to a “disconcerting imbalance” between rising loss trends and the supply of capital into the re/insurance market. Speaking during the company’s recent RVS event, which discussed lessons to be learnt from the COVID-19 pandemic, Rousseau acknowledged that the past few years have been “extremely costly” ... Read the full article
RMS raises hurricane Ida insured loss estimate to $31bn – $44bn
17th September 2021
Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insurance and reinsurance industry losses from Hurricane Ida will be between $31 billion and $44 billion, the majority of which relates to wind and surge impacts in the Gulf region. The latest estimate from RMS now includes inland flood and ... Read the full article
Munich Re backs energy storage systems provider ESS
17th September 2021
ESS, a manufacturer of low-cost and long-duration energy storage systems, has secured an investment from reinsurance giant Munich Re, allowing for expanded coverage of its Energy Center. The policy provides a warranty backstop for ESS’s proprietary flow battery technology and electrolyte management system, supporting the system performance guarantee regardless of project ... Read the full article
Climate change is not a risk, it’s a fact: Swiss Re CEO Mumenthaler
16th September 2021
In a recent video interview for the Artemis Live series from our sister site, Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re, stressed that while the re/insurance industry certainly has a role to play, it is not the solution to climate change. The 2021 IPCC Climate Risk ... Read the full article
AGCS names Vassallo as Regional Head of Energy & Construction
16th September 2021
Allianz Global Corporate & Specialty (AGCS) has appointed Anthony Vassallo as its Regional Head of Energy & Construction for London and Nordics. In this role, Vassallo will lead AGCS’ Energy & Construction business across the UK, Ireland, and Nordics with responsibility for the profitability of the portfolio and driving established and ... Read the full article
Everything points in the same direction – further hardening: MAPFRE RE CUO San Basilio
16th September 2021
While rate momentum has slowed somewhat throughout 2021, the current favourable reinsurance market environment is expected to persist into 2022 amid ongoing pressures from the pandemic, natural catastrophes and social inflation, according to Javier San Basilio, Chief Underwriting Officer (CUO) for MAPFRE RE. In a recent interview with Reinsurance News, San ... Read the full article
Corvus, SiriusPoint announce investment & underwriting capacity partnership
16th September 2021
Corvus Insurance, a provider of smart commercial insurance products, has partnered with specialty re/insurer SiriusPoint, via a strategic investment and multi-year underwriting capacity partnership that will support existing and future commercial insurance product offerings. The partnership’s first program, with leading program management solution provider R&Q’s Accredited acting as the fronting insurer, ... Read the full article
Reinsurers to take major share of Allstate’s $1.4bn hurricane Ida loss
16th September 2021
The Allstate Corporation has announced estimated gross losses of approximately USD 1.4 billion for the impacts of Hurricane Ida, with the company set to retain USD 631 million, pre-tax (USD 498mn after-tax) of this total thanks to its reinsurance protection. The U.S. primary insurer notes that Ida impacted 19 states with ... Read the full article
Further reinsurance rate increases needed through 2022: Berenberg
16th September 2021
Analysts at Berenberg believe that hardening market conditions will continue through into 2022, as reinsurers seek to earn returns above their cost of capital in the face of ultra-low interest rates, social and cost inflation as well as a prolonged period of above-average natural catastrophe losses. Berenberg’s key takeaway from its ... Read the full article
Beazley names Raf Sanchez as Global Head of Cyber Services
16th September 2021
Specialist insurer Beazley has appointed Raf Sanchez as its new Global Head of Cyber Services. Sanchez, currently International Manager of Beazley Breach Response Services, assumes his new Global Head of Cyber Services role next month and will continue to be based in London. Paul Bantick, Global Head of Cyber & Technology at ... Read the full article
Transition to a low carbon economy requires global collaboration: Lloyd’s CEO Neal
16th September 2021
The critical journey to a successful transition to a low carbon economy will require global collaboration on a vast scale, according to John Neal, Chief Executive Officer (CEO) of Lloyds. Executives from the specialist Lloyd’s insurance and reinsurance recently market held a virtual climate change discussion, as part of the 2021 ... Read the full article
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