Reinsurance News
Hamilton opts to cease writing property treaty reinsurance in London
20th October 2021
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, Ltd., has decided to stop writing property treaty reinsurance through Syndicate 4000 in London. The re/insurer says that it will continue to write this line of business out of Bermuda, consolidating its peak peril catastrophe reinsurance underwriting into a single hub. Additionally, the company will ... Read the full article
Castel launches North American Professional Liability underwriting cell
20th October 2021
Castel Underwriting Agencies has launched a new underwriting cell, North American Professional Liability (NAPL) to focus on the professional service business in the US. The cell is writing both primary and excess layer coverage for larger risk managed clients including law firms, accountants, architects and engineers and construction risks. NAPL has ... Read the full article
Lockton launches Crisis Management division
20th October 2021
Insurance broker Lockton has launched its specialist Crisis Management division, working closely with clients globally to understand and manage their exposures. Matt Humphries will be leading the dedicated Crisis Management unit within Lockton’s Wholesale Property & Casualty (P&C) division to initially encompass Product Recall, Terrorism/Political Violence and Special Contingency (K&R) product ... Read the full article
AXIS updates fossil fuel underwriting & investment policy
20th October 2021
AXIS Capital Holdings Limited, the Bermuda headquartered global specialty insurance and treaty reinsurance writer, has announced several new updates to its fossil fuel underwriting and investment policy. In particular, the company has bolstered its existing policy by committing to phasing out thermal coal business from its insurance, facultative reinsurance, and investment ... Read the full article
Mosaic offers up to $600m in war & terrorism, political violence capacity
20th October 2021
Specialty insurer Mosaic Insurance has extended its war, terrorism and political violence coverage to offer up to $600 million per risk. The increased capacity will enable the company to serve clients via domestic US or Bermuda markets through underwriting teams in both locations. Currently, Mosaic is the only carrier to write political ... Read the full article
Insurers have a key role to play in the transition to net zero: Geneva Association
20th October 2021
The Geneva Association and the Organisation for Economic Cooperation and Development (OECD) co-hosted a conference earlier this month with the aim of providing input for the discussions that will take place at COP26 in Glasgow in November. The conference included CEOs and senior officials from the insurance industry, financial sector, engineering ... Read the full article
Guy Carpenter sets up insurtech Center of Excellence
20th October 2021
Guy Carpenter, the reinsurance broking arm of Marsh McLennan, has announced the launch of an insurtech Center of Excellence (COE) that will provide services to carriers and Managing General Agents (MGAs) powered through modern technology platforms. The insurtech COE will offer a range of reinsurance broking, advisory and analytical services, and ... Read the full article
Rokstone names new Senior Property Underwriter
20th October 2021
Specialty re/insurance MGA Rokstone appointed Jack Pickard as Senior Property Underwriter. Pickard joins from Geo Specialty, where he was Property underwriter for five years. Before that he spent six years with The Channel Syndicate where he was International Property Underwriter. Pickard, commented: “I am hugely excited about joining the Rokstone team, their culture ... Read the full article
Aon opts for Kovrr to enhance client risk quantification, aggregation management
20th October 2021
Cyber risk modeller Kovrr is collaborating with broker Aon on a new cyber risk modeling reinsurance solutions designed to support the growing demand for data-driven insights. Aon will access Kovrr's impact-based modelling framework as well as its Portfolio Exposure Management solution to analyse insurance portfolios and reinsurance treaties. The tools also help ... Read the full article
Denis Kessler rejoins the Reinsurance Advisory Board as Chairman
20th October 2021
The Reinsurance Advisory Board (RAB), a specialist representative body for the European reinsurance industry, has appointed SCOR's Denis Kessler as Chairman. The RAB is represented by seven of the largest European reinsurers. Collectively they represent more than 50% of total reinsurance premium income worldwide. Kessler served in the Chairman role between 2009 and ... Read the full article
Bermuda’s tax status for the re/insurance sector to reduce: Fitch
20th October 2021
Bermuda's tax status for the insurance and reinsurance industry will be lowered following the expected passage of the multilateral agreement to establish a 15% global minimum tax rate, reports Fitch Ratings. Historically, Bermuda-based re/insurers have benefited from a low effective tax rate due to the lack of a Bermuda corporate income ... Read the full article
Marco completes acquisition of Guernsey’s Humboldt Re
20th October 2021
European P&C insurance run-off group Marco Capital Holdings has purchased Humboldt Re Limited, a Guernsey based reinsurance company. Humboldt is one of Credit Suisse's reinsurers, set up to underwrite for its ILS funds and other investors The deal is reported to have already received regulatory approval from the Guernsey Financial Services Commission ... Read the full article
Descartes enters partnership with ICEYE
20th October 2021
Descartes Underwriting, an insurtech focused on climate risk modelling and data-driven risk transfer, has partnered with ICEYE, a provider of flood hazard data. The partnership will combine Descartes’ ability to incorporate its technology into its parametric insurance product design with ICEYE’s synthetic-aperture radar (SAR) flood data and monitoring capabilities. Leveraging ICEYE’s multi-source ... Read the full article
Palomar pegs Q3 catastrophe losses at up to $15.5m
20th October 2021
Specialty property insurer Palomar Holdings, Inc. has announced pre-tax catastrophe losses of between $14.5 million and $15.5 million, net of reinsurance, for the third quarter of 2021. This loss estimate from Palomar represents expected losses from Hurricane Ida and Hurricane Nicholas, and remains subject to change owing to the complexity of ... Read the full article
EU-wide resolution framework unlikely to affect insurer ratings: Fitch
20th October 2021
Plans for an EU-wide insurance resolution framework are unlikely to affect insurers’ ratings, at least in the near term, according to Fitch Ratings. The Insurance Recovery and Resolution Directive (IRRD) proposals, put forward by the European Commission in September, aim to harmonise approaches across the EU to resolving failing insurers. The proposals ... Read the full article
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