Reinsurance News
Further challenges ahead for cyber insurers, warns Fitch
21st April 2021
Analysts at Fitch Ratings note that a higher propensity of cyber incidents will likely hinder a near-term reversal of claims cost trends, suggesting increasing profit pressure for cyber insurers. During 2020, property / casualty (P/C) insurers that write cyber cover reported substantially higher claims losses than in prior years, reports Fitch. Over ... Read the full article
GIG hires David Charlton as Chief Executive of insurance operations
21st April 2021
Global Indemnity Group has appointed David Charlton as Chief Executive of insurance operations as well as a member of its board of directors. Charlton joins with particular expertise in excess and surplus, binding authority, small business, and other specialty insurance businesses. Prior to joining Global Indemnity, he worked at Chubb for seven ... Read the full article
Travelers nearly halfway to triggering aggregate reinsurance cover
21st April 2021
Travelers has reported that it accumulated almost $915 million of qualifying losses towards its aggregate retention during the first quarter of 2021. The insurer lifted the attachment point of its catastrophe reinsurance structure to $1.9 billion at the January renewals, meaning it is almost halfway to triggering its coverage with only ... Read the full article
Howden expands in Spain with ARTAI takeover
21st April 2021
International insurance broker Howden has announced the acquisition of ARTAI, an independent corporate broker based in Spain. The acquisition will expand Howden’s presence across Spain, Portugal and Morocco, where ARTAI maintains a workforce of 600 employees across 30 offices, and manages more than €350 million in premiums. ARTAI was founded 28 years ... Read the full article
GRS hires Andrew Whitfield as Intl. Executive General Adjuster
21st April 2021
International loss adjuster Global Risk Solutions (GRS) has appointed Andrew Whitfield as International Executive General Adjuster. Whitfield has over 30 years of experience in construction, energy, power, nuclear and property insurance sectors throughout the United States as well as Canada, Europe, Latin America and South Asia. Before joining GRS, he held the ... Read the full article
Helios names Reith and Libassi as Non-Exec Directors
21st April 2021
Helios Underwriting has announced the additions of Tom Libassi of ILS Capital Management and Martin Reith, the Founder of Ascot Underwriting Limited, as Non-Executive Directors of the company with immediate effect. Libassi is the Co-Founder and Managing Partner of ILS Capital Management. He joins Helios as a Non-Executive Director following his ... Read the full article
Trinity Underwriting forms carrier partnership with Obsidian
21st April 2021
Amwins Underwriting-owned Trinity Underwriting Managers has announced a new carrier partnership with Obsidian. The partnership will look to enhance Trinity Underwriting’s automotive liability product offerings, including solutions for towing, automotive repossession, sand and gravel, paratransit and intermodal trucking businesses. "The automotive industry has faced volatility and a myriad of complex challenges, leaving ... Read the full article
Global reinsurer capital grows 4% to new high of $650bn: Aon
21st April 2021
Analysts at Aon have reported that global reinsurer capital increased by 4% year-on-year to a new high of $650 billion at the end of 2020. According to Aon, the increase was driven by strong capital market recovery from the COVID-19 shock in the first quarter, new equity issuance and US dollar ... Read the full article
W. R. Berkley posts record quarterly underwriting gain for Q1
21st April 2021
W. R. Berkley Corporation has reported net income of $229.5 million and a quarterly underwriting gain of $182.6 million for the first-quarter of 2021. The company's net income improved significantly from the $4.4 million loss reported a year earlier, while underwriting income reached a quarterly high. Both gross and net premiums written ... Read the full article
EIOPA releases report on climate change risk scenarios in ORSA
21st April 2021
The European Insurance and Occupational Pensions Authority (EIOPA) has released a report which explores the use of climate change scenarios in the Own Risk and Solvency Assessment (ORSA) addressed to national supervisory authorities. Within the report, EIOPA set out expectations on the supervision of the integration of climate change risk scenarios ... Read the full article
Munich Re’s consulting unit adopts pricing tech from Akur8
21st April 2021
Munich Re has entered into a global cooperation agreement with Akur8 to boost the pricing capabilities of Munich Re’s Global Consulting Unit. Specifically developed for re/insurance, Akur8’s solution is designed to enhance pricing processes by automating risk and demand modelling, using artificial intelligence proprietary technology. The solution promises a reduction in modelling ... Read the full article
You can’t build a shiny new skyscraper on foundations of sand: Dun & Bradstreet’s Harrison
20th April 2021
The role of data & analytics is changing in the re/insurance industry but as carriers have looked to bolster their capabilities, a few things have served to hinder their efforts, according to James Harrison, UKI Head of Insurance at global data and analytics firm, Dun & Bradstreet (D&B). In a recent ... Read the full article
David Fike named Head of Zurich’s NA Life, Accident & Health unit
20th April 2021
The recently-formed North American Life, Accident and Health unit of Zurich is set to be led by new Head David Fike, an industry stalwart who has been with the global insurer since 2014. Fike will report to Zurich North America CEO Kristof Terryn. Reporting to Fike, David Dietz is to continue serving ... Read the full article
HDI Global SE hires Andrew Perry as Marine Underwriting Manager
20th April 2021
Primary commercial specialist HDI Global SE, Australia has appointed Andrew Perry to the newly created role of Marine Underwriting Manager, Western Region. Perry brings over twenty years of Marine underwriting experience and has served in senior roles at several well-known Marine insurers. His appointment will take place next month and will be ... Read the full article
Price Forbes launches digital General Aviation facility
20th April 2021
Independent insurance broker Price Forbes has launched a new digital General Aviation facility designed to quickly quote and bind risks with a leading Lloyd’s syndicate. This development within Price Forbes’ proprietary EDGE platform is expected to improve speed of service and placement for clients by delivering quotes in real time. EDGE is ... Read the full article
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