Reinsurance News
Steel City Re launches parametric ESG insurance product
15th September 2021
Steel City Re, a provider of parametric insurance solutions for reputation risk, has announced the launch of a new environmental, social and governance (ESG) product designed to protect Boards of Directors. Shareholder and public pressure has propelled ESG issues to the forefront of companies’ minds in recent years, but Steel City ... Read the full article
BMS Australia names new claims and technical manager, financial lines
15th September 2021
Independent specialist re/insurance broker, BMS has appointed Guy Van Dugteren as national claims and technical manager, financial lines in Australia. BMS has also hired Andrew McKenzie as head of financial lines, Northern Region in Australia. McKenzie and Van Dugteren are based in Brisbane and report to Stuart Davies, head of financial lines ... Read the full article
Global insured catastrophe losses 101% above long-term average: Jefferies
15th September 2021
Global insured catastrophe losses are running 101% higher than the long-term average (2008-2020) and more than 87% above the 10-year average, as Hurricane Ida adds an estimated USD 32.2 billion to the load in August, reports Jefferies. Excluding Ida, analysis by Jefferies shows that year-to-date (Jan-Aug) losses are coming in 15% ... Read the full article
Marsh Specialty adds leaders to UK Marine & Cargo Practice
15th September 2021
Insurance broker and risk advisor Marsh has announced the appointments of Sarah Dyer as Head of Logistics and Nick Adams as Business Development Leader within Marsh Specialty’s UK Marine & Cargo Practice. Based in London, Dyer will report to Louise Nevill, CEO, UK Marine & Cargo Practice, and Adams will report ... Read the full article
Work of the scientific community and re/insurers needed to assess climate change: Lloyd’s
15th September 2021
To better assess the impacts of climate change over time, there's a real need to integrate the work of the scientific community with the actuarial work undertaken by the re/insurance industry, according to Dr. Kirsten Mitchell-Wallace, Head of Portfolio Risk Management, Lloyd's. Executives from the specialist Lloyd's insurance and reinsurance market ... Read the full article
Envelop Risk eyes expansion following successful $130mn Series B funding
15th September 2021
Data-driven underwriting and analytics company, Envelop Risk, has announced a Series B funding round in which it secured investments of USD 130 million led by SoftBank Vision Fund 2. As part of the transaction, Neil Cunha-Gomes, Investor for SoftBank Investment Advisers, is set to join Envelop Risk’s board of directors. The company ... Read the full article
We have to come back to doing the job of the underwriter: Munich Re’s Golling
14th September 2021
The focus on underwriting and discipline of traditional reinsurance players is what drives rates, not so much alternative capital or secondary perils, according to Stefan Golling, Member of the Board of Management at Munich Re. Yesterday, Munich Re hosted its annual insurance-linked securities (ILS) Roundtable as part of the 2021 rendez-vous ... Read the full article
Markel Intl. hires Janita Leu as senior marine underwriter
14th September 2021
Markel International, a subsidiary of the Markel Corporation, has appointed Janita Leu as a senior marine underwriter focusing on Fine Art and Specie insurance. Based in Singapore, Leu will report to Markel Asia’s Director Colin Fordham and work closely with the marine team, both in Asia Pacific and across the wider ... Read the full article
AXA XL promotes Innes to Global Practice Leader, Products & Airports, Aerospace
14th September 2021
AXA XL has promoted Andrew Innes to Global Practice Leader, Products & Airports, Aerospace. Based out of London, Innes will be responsible for strategically developing AXA XL’s global portfolio of aerospace manufacturers, service providers and airports, while also driving global governance, underwriting guidelines and pricing. He brings over 20 years’ experience of ... Read the full article
European floods will hit reinsurers harder than Ida: AIG’s Zaffino
14th September 2021
AIG Chief Executive Officer (CEO) Peter Zaffino has suggested that the July flooding across Europe will likely “hit the reinsurance market more than Hurricane Ida.” Speaking during an interview as part of a recent KBW virtual insurance conference, Zaffino said that it remains too early to judge what the eventual loss ... Read the full article
KCC estimates insured Mexico quake loss at $200mn
14th September 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that a recent M7.0 earthquake near Acapulco City in Mexico will drive close to $200 million of insured losses. The earthquake occurred on September 7th, and is expected to result in economic losses of around $900 million. While major structural damage has ... Read the full article
Liberty Mutual commits to 50% emissions cut by 2030
14th September 2021
Liberty Mutual Insurance has announced a new climate commitment to reduce its Scope 1 and 2 global greenhouse gas (GHG) emissions by 50% from its 2019 levels by 2030. To reach these goals, the company plans to decrease its operational carbon footprint by taking actions to increase operational efficiencies and identifying ... Read the full article
Markel eyes French market SMEs with Paris office launch
14th September 2021
Specialist insurer Markel has opened a new branch office in Paris to help support small and medium-sized enterprises (SMEs) in the French market. The move also helps further the firm's longstanding strategy to expand and scale its global footprint in key specialty insurance markets. As a result Markel will partner with a ... Read the full article
White Mountains pulls commitment to invest $200mn in Ark
14th September 2021
White Mountains and Ark have together decided to terminate a commitment to invest $200 million of additional capital into Ark, following White Mountains’ acquisition of the company last year. Ark manages syndicates 4020 and 3902 at Lloyd’s, which underwrite a mix of reinsurance and insurance business, including property, accident & ... Read the full article
Swiss Re partners on digital motor product in France
14th September 2021
Swiss Re has announced a new partnership with community-based travel platform BlaBlaCar and motor insurance specialist L’olivier Assurance, the French branch of Admiral Group, to launch a digital motor product in France. The product, called BlaBlaCar Coach, is a smartphone app that offers drivers personalised coaching and tips for safer driving ... Read the full article
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