Reinsurance News
Reinsurance market environment is positive, but pricing must stay in place: Munich Re’s Jeworrek
7th September 2021
Overall, the re/insurance market environment is "very positive", but in order for the industry to be able to cover rising losses from natural catastrophes, it's "absolutely necessary that we keep this price level in place," according to Dr. Torsten Jeworrek, Munich Re's Chief Executive Officer (CEO) of Reinsurance. Global reinsurer Munich ... Read the full article
Palomar expands underwriting & reinsurance teams
7th September 2021
Specialty property insurer Palomar has expanded its underwriting and reinsurance teams with the addition of three additional personnel, including Ty Robben’s arrival from Great American as a Senior Vice President, Casualty Underwriting. A 14 year veteran, Robben reports to Chief Underwriting Officer Jon Christianson and will spearhead the firm’s Casualty business. Meanwhile, ... Read the full article
Generali promotes Pedro Ruano to lead global claims
7th September 2021
Generali has named former Head of GC&C Iberia & LatAm Pedro Ruano as Head of Claims, a role that sees him take over the direction of the firm’s claims processes at a global level. Ruano directly reports to Hayden Seach, within the newly created Insurance function, formerly Underwriting function. The new Insurance ... Read the full article
Munich Re continues to target cyber as top growth area
7th September 2021
Munich Re continues to see “favourable” prospects in the reinsurance market, with cyber, data analytics and artificial intelligence having been identified as the most important growth areas for the company. Discussing the trend of digitalisation within the industry, Board member Torsten Jeworrek asserted that traditional insurance will be “radically changed” by ... Read the full article
Aspen’s H1 net income improves to $87mn off underwriting, investments
7th September 2021
Bermuda domiciled re/insurer Aspen has reported a net income for 2021's opening six months of $87.4 million, rising from a $172.8 million prior period loss thanks in-part to superior underwriting performance. Underwriting profit for H120 stands at $33.3 million, compared to a loss of $109 million in 2020. Investment income has been recorded ... Read the full article
Rates need to and will harden further: Swiss Re CEO Mumenthaler
7th September 2021
Further reinsurance market hardening is expected in the months ahead as the severe flooding in parts of Europe in July and the more recent impacts of Hurricane Ida serve as a stark reminder of the issues at hand, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. Read the full article
AXA offloads insurance operations in Gulf region for $264mn
7th September 2021
Global insurer AXA has completed the sale of its 50% shareholding in AXA Gulf and its 34% shareholding in AXA Cooperative Insurance Company (in Saudi Arabia) to Gulf Insurance Group, for a cash consideration of $264 million. The sale of AXA’s 28% shareholding in AXA Green Crescent Insurance Company (in UAE), ... Read the full article
Guy Carpenter hires Quentin Perrot as Managing Director, GC Securities
7th September 2021
Reinsurance broker Guy Carpenter has appointed Quentin Perrot as Managing Director, GC Securities, where he will report to Shiv Kumar, President, GC Securities. In this role, Perrot will be responsible for the origination and structuring of insurance-linked securities, collateralised structures, and alternative capital, supporting clients from around the world including Bermuda, ... Read the full article
Fitch sees reinsurance sector outlook improving in 2022
7th September 2021
Analysts at Fitch Ratings are forecasting significant improvements in reinsurers’ financial performances next year due to higher prices in a hardening market, a strong rebound in economic activity and lower pandemic-related losses. The rating agency says these positive factors should outweigh the negative effects of declining investment returns, increasing natural catastrophe ... Read the full article
United Insurance hires Brooke Shirazi as CUO
7th September 2021
United Insurance Holdings has appointed Brooke Shirazi as Chief Underwriting Officer. Shirazi will be responsible for directing and leading all aspects of the company's underwriting operations. She brings over 16 years of insurance-related experience, most recently serving as Vice President of Underwriting at IAT Insurance Group (IAT), a property-casualty insurance and surety ... Read the full article
Swiss Re CorSo names Jack See as Head of Malaysia & Principal Officer
7th September 2021
Swiss Re Corporate Solutions, a division of the global reinsurer, has announced the appointment of Jack See as Head of Malaysia and Principal Officer of its operations in Malaysia, effective immediately. See, who will relocate from Singapore to Kuala Lumpur, takes over from Juerg Stoll, who is set to retire on ... Read the full article
Moody’s turns stable on reinsurance amid economic recovery
7th September 2021
Analysts at Moody’s have decided to change their outlook on the reinsurance sector from negative to stable as prices continue to increase amid a global economic rebound. The rating agency expects rate increases to drive stronger earnings for reinsurers through 2022, and notes that capitalization has remained solid with solvency ratios ... Read the full article
Marsh McLennan launches Flood Risk Index
7th September 2021
Marsh McLennan has launched its Flood Risk Index to help governments and organisations better assess their exposure and vulnerability to more frequent and severe flooding. The Flood Risk Index sets out the potential impact of flooding on populations and economic assets in 188 countries. It analyses the risk on a country-by-country basis, ... Read the full article
Hurricane Ida’s Gulf region impact to drive insured losses of up to $35bn: RMS
7th September 2021
Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insured losses from the impacts of Hurricane Ida in the Gulf of Mexico will be between USD 25 billion and USD 35 billion. This estimate from RMS includes wind and storm surge losses of between USD 21 billion and USD ... Read the full article
GuideOne adds Michael Hughes to board of directors
7th September 2021
GuideOne Insurance has elected Michael Hughes to the boards of GuideOne Mutual Holding Company and GuideOne Insurance Group. Hughes brings over 30 years of experience as an insurance leader in a variety of underwriting and executive roles. After 29 years at The Hartford, Hughes joined Safeco as head of underwriting for commercial ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
