Reinsurance News
M&A’s drop in first half of 2021: Clyde & Co
26th August 2021
Mergers and acquisitions (M&A) in the global insurance industry have dropped back slightly in the first half of 2021 with 197 completed deals worldwide, according to Clyde & Co’s Insurance Growth Report. The report also noted that M&A’s were down from 206 in the second half of 2020 and 201 at ... Read the full article
Insurers face $330mn Storm Grace loss across Mexico & Caribbean: KCC
26th August 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that insured losses from Tropical Storm Grace will be $300 million in Mexico and $30 million in the Caribbean, for a total of $330 million. This estimate includes the privately insured damage to residential, commercial, and industrial properties. In the Caribbean, Grace ... Read the full article
Aon announces regional senior leadership changes
26th August 2021
Aon plc has announced new regional leadership roles within its Reinsurance Solutions to further strengthen the team and enhance its local reach. Tim Ronda, Global Geographic Leader, will oversee Reinsurance Solutions’ regional capabilities worldwide to drive scale while focusing on unique regional trends and client needs. George Attard has been appointed Chief ... Read the full article
Lloyd’s partners with McKenzie for GEO tech platform
26th August 2021
The specialist Lloyd's insurance and reinsurance marketplace has entered into a two-year partnership with McKenzie Intelligence Services (MIS) to deliver a faster claims service through its geospatial (GEO) technology platform. The GEO platform will provide the Lloyd’s market with real-time analysis of global perils including storms, wildfires and flooding, producing data ... Read the full article
“Vital role” of re/insurance stressed at White House cyber meetings
26th August 2021
The “vital role” of re/insurance was highlighted by industry leaders in a recent series of cybersecurity discussions at the White House, which saw President Biden, members of his cabinet and national security team, and private sector and education leaders convene to confront the growing issue of cyber risk. During the closed ... Read the full article
Pacific Life announces changes to leadership roles
26th August 2021
Pacific Life Insurance Company has appointed Darryl Button as Chief Executive Officer (CEO) and president of Pacific Life. He will succeed current Chairman, President and CEO Jim Morris, in April 2022 upon Morris’ retirement. Button joined Pacific Life in 2017, bringing with him significant experience overseeing corporate and financial strategies, and he ... Read the full article
P&C reinsurers enjoy profit and premium rise over H1: RAA
26th August 2021
New data released by The Reinsurance Association of America (RAA) shows an increase in both profitability and net premiums for US property and casualty (P&C) reinsurers over the first half of 2021. The data, collected by RAA from 17 reinsurers globally, shows a marked improvement in the combined ratio of the ... Read the full article
Zurich hires Peter Kasahara as Chief Data Officer
26th August 2021
Zurich Insurance Group (Zurich) has appointed Peter Kasahara to the new role of Chief Data Officer (CDO). Kasahara will oversee all aspects of data management and to help drive the group’s digital transformation. Leading global data management and governance, he will help develop new data analytics capabilities and products, whilst expanding Zurich’s ... Read the full article
Howden hires Caroline Birch as Disaster Relief Executive
26th August 2021
International broker Howden has appointed Caroline Birch, to its new Climate Risk and Resilience division as Disaster Relief Executive. Birch has spent just under 20 years working in the field with the International Committee of the Red Cross, the United Nations, and the Directorate-General for European Civil Protection and Humanitarian Aid ... Read the full article
Jefferies sees promising tailwinds for Lloyd’s market
26th August 2021
Analysts at Jefferies expect the Lloyd’s of London re/insurance market to benefit from a number of promising tailwinds going forward, despite a challenging year in 2020. Last year, the Lloyd’s market reported a combined ratio of 110.3%, largely driven by the adverse impact of the COVID-19 pandemic, which caused some £3.4 ... Read the full article
Tokio Marine opts for CyberCube analytics solutions
26th August 2021
Tokio Marine, the global P&C insurance group, has partnered with cyber analytics provider CyberCube to gain access to its suite of products, including Account Manager, Portfolio Manager and a range of other modelling solutions. Tokio Marine Group currently writes cyber insurance via TMNF in Japan, TMHCC in US, Europe and Asia, ... Read the full article
Natcat protection gap totals around $60 billion in Asia: Fitch Ratings
26th August 2021
According to analysts at Fitch ratings, the Swiss Re Institute has estimated the protection gap between economic losses brought about by natural catastrophes and insured losses totalled around $60 billion in Asia. This points to many businesses and households that could be financially devastated by natural disasters. The global insurer believes that ... Read the full article
Inflation could put a significant squeeze on a company’s profitability: Willis Re
25th August 2021
According to a report by re/insurance broker Willis Re, there's an increase in concerns as the insurance industry faces a rise in inflation. Rising inflation hasn’t been a significant issue since the 1980’s, however recent trends have significantly increased during the post pandemic economic recovery, however, it’s yet to be determined ... Read the full article
Joyn Insurance recruits Chief Distribution Officer from Lloyd’s
25th August 2021
Insurtech firm Joyn Insurance has announced the addition of Uwe Schoberth as Chief Distribution Officer, effective September 1, 2021. Schoberth most recently served as Global Head of Distribution at re/insurance marketplace Lloyd's of London. His previous roles also include distribution positions at Blackboard Insurance, QBE Group, XL Group, Winterthur International Insurance Company, ... Read the full article
Swiss Re in carbon removal agreement with Climeworks
25th August 2021
Reinsurer Swiss Re has signed a ten-year purchase agreement with Climeworks, a specialist in carbon dioxide air capture technology, to tackle climate change using direct air capture and storage of carbon dioxide. Worth $10 million over the ten years, Swiss Re hopes the collaboration will help it to achieve its goal ... Read the full article
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