Reinsurance News
Guy Carpenter forecasts above normal tropical cyclone activity
7th June 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has published its annual briefing on the 2021 Western North Pacific Basic Tropical Cyclone season. According to the briefing, the number of tropical cyclones forecast to form between April 1 and September 30 is above normal. Near- to above-normal activity is consistent with ... Read the full article
Swiss Re Corporate Solutions names new Country Head Aus/NZ
7th June 2021
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has appointed Christine Bell as Country Head Australia & New Zealand. Bell will be based in Sydney, with her position taking place in August. She succeeds Melanie Slack who has taken up the position of Head UK, Ireland, SA & ... Read the full article
IFRS 17 to cost global insurance industry as much as $20bn: WTW
7th June 2021
The implementation of IFRS 17, the International Financial Reporting Standard that was issued by the International Accounting Standards Board, is estimated to cost the global insurance industry as much as $20 billion, according to a survey by Willis Towers Watson (WTW). The global insurance and reinsurance broker recently polled 312 carriers ... Read the full article
Canopius launches Vave platform as an MGA
7th June 2021
Specialty re/insurer Canopius Group has announced the launch of its algorithmic underwriting platform, Vave, as an MGA. Developed in-house, Vave began trading in May 2019, and has since quoted on over 1.2 million risks, representing $2.2 billion of premium. Vave MGA is forecast to exceed $100 million premium by the end of ... Read the full article
Collateralised reinsurers lead the way for Citizens 2021 renewal
7th June 2021
The largest slice of Florida’s Citizens Property Insurance Corporation's 2021 traditional reinsurance renewal went to providers of collateralised reinsurance, with these participants committing more limit than domestic and Bermuda reinsurers combined. For both the Coastal Account and Personal Lines Account segments of its $4.487 billion reinsurance tower, Citizens has secured a ... Read the full article
US P&C underwriting income down 53% in Q1: Fitch
7th June 2021
A new Fitch Ratings report has highlighted a 50% fall in first quarter net income within the US property/casualty space compared to the prior year quarter. Combined ratio, meanwhile, deteriorated from 95% to 96.4%, with catastrophe losses accounting for an estimated 6.9 points. This figure is up from 3.3 points seen in ... Read the full article
Brit creates new marine consortium
7th June 2021
Insurer and reinsurer Brit Ltd has created a new marine consortium named Keel, which has been launched to revolutionise the writing of Marine War and breach call risks. Keel offers up to $152.2m of capacity per risk and provides instant quotes that are fully sanctioned screened, which is an area of ... Read the full article
Crawford launches Japan desk in Thailand
7th June 2021
Crawford & Company, a provider of claims management solutions, has launched a new Japan desk in Bangkok, Thailand. Led by Tetsuya Fujita, the desk will provide a dedicated facility to support the growing presence of Japanese companies and their affiliates in the South East Asia region. Fujita is director of the company’s ... Read the full article
Validus Re promotes Wehmeyer to Exec VP, Head of Intl.
4th June 2021
Bermuda-based reinsurer Validus Re has promoted Sven Wehmeyer to serve as executive vice president, head of international. Reporting to Chief Executive Officer Chris Schaper, Wehmeyer succeeds Steve Bardill in the role, who retires later this year. Wehmeyer will maintain his current responsibilities for Validus Re's non-US property reinsurance and overseas offices. He has ... Read the full article
Greenlight Re Innovations invests in Paxafe
4th June 2021
Greenlight Re Innovations, a division of specialist hedge fund-backed property and casualty reinsurer Greenlight Capital Re, has invested in Paxafe, a supply-chain visibility and analytics platform focused on high value and perishable cargo. Historically, shippers and insurers have lacked certain basic insights into shipments’ location, condition, and custody, whereas this platform ... Read the full article
Ascot partnership to offer US builders risk insurance
4th June 2021
Bermuda-domiciled specialty re/insurer Ascot has formed a partnership with Highland Insurance Solutions to provide a builders risk insurance program for US projects. The partnership will provide Highland, a subsidiary of WNC Insurance Services, with additional capacity to underwrite frame and concrete construction projects on all risks policies. The solution will be available ... Read the full article
Stone Point, Insight complete $5.9bn Corelogic acquisition
4th June 2021
The $5.9 billion acquisition of catastrophe risk modeller CoreLogic by Stone Point Capital and Insight Partners has now been completed, according to an official statement. Shareholders voted to approve the acquisition back in April after a long drawn out saga involving the cat modeller and various other parties, including Stone ... Read the full article
Reinsurance pricing strength to continue into Jan 2022: Moody’s
4th June 2021
Analysts at Moody’s have noted that the 2021 Atlantic hurricane season activity looks set to be “well above long-term historical averages,” which could result in continued pressure on reinsurance rates. According to forecasters, the combination of warmer than average sea surface temperatures in the tropical Atlantic Ocean and Caribbean Sea, weaker ... Read the full article
AXA XL appoints Andrew Diesel to casualty risk consultancy role
4th June 2021
AXA XL, the property & casualty and specialty risk division of AXA, has added Andrew Diesel as casualty risk consultant, fleet in the Americas. Diesel will provide technical support to AXA XL's underwriters and clients primarily in the US and Canada. He’ll also take responsibility for executing engagements with clients, including in ... Read the full article
WTW announces parametric cover for Mesoamerican Coral Reef system
4th June 2021
Re/insurance broker Willis Tower Watson has partnered with the Mesoamerican Reef Fund on the development and implementation of insurance solutions aimed at protecting and restoring the 1,000km reef system along the Caribbean coast post-hurricane. The parametric insurance covers hurricane risk to the critically endangered Mesoamerican Reef (MAR) and the communities dependent ... Read the full article
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