Reinsurance News
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
ARC, GCA partnership targets more climate resilient agriculture sector
6th September 2021
The African Risk Capacity (ARC) Group has signed a Memorandum of Understanding (MoU) with the Global Center on Adaptation (GCA) to help facilitate investments into the risk management of government planning and high-level advocacy. Aimed at building a more climate resilient agriculture sector, the MoU will be supported by a joint ... Read the full article
Gallagher adds Elizabeth Jenkin as independent non-exec director
6th September 2021
Insurance broker Gallagher has appointed Elizabeth Jenkin as an independent non-executive director of Arthur J Gallagher Holdings (UK) Limited, subject to regulatory approval. Jenkin is the Chief Executive Officer of Nimbla, a chair of the Risk and Capital Committee and non-executive director for Fidelis UK. She is also a non-executive director of ... Read the full article
Whitespace bolsters advisory board with Paul Greensmith, Scott Purviance
6th September 2021
Digital e-trading platform Whitespace has added AIG’s global head of specialty Paul Greensmith and Amwins Chief Executive Officer Scott Purviance to its advisory board. Existing board members include Ascot CEO Andrew Brooks, Convex Chairman and CEO Stephen Catlin and Craig Kingaby of Ardonagh). The board meets quarterly with representation from Whitespace to ... Read the full article
Hurricane Ida loss estimates increasing to $30bn to $40bn: Goldman Sachs
6th September 2021
Hurricane Ida's loss estimates appear to be rising now that damage further north is being factored in, according to analysts at Goldman Sachs. The hurricane is the 9th named tropical storm of the 2021 Atlantic hurricane season, but the first to cause significant losses for the re/insurance industry. Since its landfall in ... Read the full article
SiriusPoint bolsters underwriting team with Pierre Favre
6th September 2021
International specialty re/insurer SiriusPoint has announced that Pierre Favre has joined the company as a Zurich based Senior Underwriter. Favre will report to Bernard Hoge, Vice President, Manager Credit, Bond & Political Risk Reinsurance while focusing on developing strong relationships with brokers and clients to grow SiriusPoint’s book. He has 25 years' ... Read the full article
Swiss Re forecasts rapid property market growth amid shift to higher-risk lines
6th September 2021
As economic development and climate change contribute to a fundamental shift to higher-risk, catastrophe-exposed property lines, global property and casualty (P&C) insurance premiums are forecast to more than double to USD 4.3 trillion by 2040, according to analysis by Swiss Re Institute. Driving the rise of more than 50% from 2020's ... Read the full article
Hamilton Re hires Kylie Tomas as SVP, Claims Counsel and Head of Claims
6th September 2021
Hamilton Insurance Group has appointed Kylie Tomas as Senior Vice President, Claims Counsel and Head of Claims at Hamilton Re. In this role, Tomas will manage the insurance and reinsurance claims teams and oversee all claims matters for the reinsurer. She joins Hamilton later this month and will be based in Bermuda, ... Read the full article
R&Q’s H1 premiums rise as legacy insurance sidecar Gibson Re launches
6th September 2021
Randall & Quilter Investment Holdings Ltd. (R&Q) has announced a pre-tax operating loss of $23.5 million for the first half 2021 against a gain of $12.8 million a year earlier. The firm has also launched Gibson Re, a legacy insurance sidecar vehicle. According to R&Q, the H1 2021 operating loss is ... Read the full article
2021 testing re/insurers catastrophe budgets: AM Best
6th September 2021
Rating agency AM Best has released a new report, which notes how 2021 started with significant catastrophe activity for reinsurers due to its major winter storms in the southern United States, testing the year’s budgeted catastrophe loads. Estimates place the total industry loss around USD15 billion to USD20 billion, which the ... Read the full article
Marsh McLennan Agency acquires Vaaler Insurance
6th September 2021
Marsh's marketing agency subsidiary Marsh McLennan Agency has acquired Vaaler Insurance, an independent agency in North Dakota. Vaaler is a third generation family-owned business, providing business insurance, employee health and benefits, and personal lines solutions, with specialised expertise in the construction, education, and healthcare industries. Founded in 1947, the company employs 81 ... Read the full article
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