Reinsurance News
Munich Re puts US winter storm loss in the mid-hundreds of millions
17th March 2021
Global reinsurance giant Munich Re has said that it currently expects claims expenditure from the severe winter weather conditions that affected the U.S. last month to reach the mid triple-digit million euro range. Winter storm Uri resulted in significant disruption across a number of southern U.S. states in February, especially Texas, ... Read the full article
Swiss Re highlights alt capital as key segment of property cat, retro market
17th March 2021
A Swiss Re report has highlighted alternative capital (AC) as an important segment of the property catastrophe and retrocession market, representing 20-25% of global reinsurance capacity. The report also notes how AC prices typically move in parallel with traditional reinsurance so is experiencing rate hardening in line with the wider sector. In ... Read the full article
Allianz Life makes Jasmine Jirele president and CEO
17th March 2021
Allianz Life Insurance Company of North America (Allianz Life), has appointed Jasmine Jirele as president and CEO of Allianz Life, succeeding President and CEO Walter White, who will retire at the end of this year. Jirele’s leadership experience spans strategy, product innovation, marketing, operations, and digital and experience management. She has served ... Read the full article
Munich Re partners with global freight data company, ClearMetal
17th March 2021
Global reinsurer Munich Re has entered into a partnership with logistics technology company, ClearMetal, to provide an insured guarantee to its offering. ClearMetal is a leading international freight visibility and dynamic planning company, providing shippers with quality, timely data on ocean container movements during transit so they can better plan on-time ... Read the full article
AM Best becomes signatory to the ESG-related principles for sustainable insurance
17th March 2021
Ratings agency AM Best has become a signatory of the United Nations Environment Programme’s (UNEP) FI Principles for Sustainable Insurance (PSI). The principles are endorsed by the UN Secretary-General and have led to the the PSI Initiative, largest collaborative initiative between the UN and the insurance industry. Furthermore, management of environmental, social and ... Read the full article
Zurich reaffirms Middle East commitments
17th March 2021
Zurich International Life in the Middle East (Zurich Middle East) has reaffirmed its support for its distribution partners with several key commitments. The company has laid out five partner commitments, including enhanced point-of-sale experience via the ZurichPro underwriting solutions and a 100% pay-out rate on COVID-19 related claims. It has also committed ... Read the full article
Data breaches threaten $223bn of top brands’ value, finds report
16th March 2021
A joint cybersecurity and brand value impact report by consulting firms Infosys and Interbrand has found that up to $223 billion of the brand value of the world’s largest brands could be at risk from a data breach. To quantify this risk, Infosys and Interbrand identified the brand factors most impacted ... Read the full article
Gurpreet Johal to lead Deloitte’s reinsurance & London market team
16th March 2021
Deloitte has announced the appointment of Gurpreet Johal as global leader for its reinsurance & London market team. Johal joined Deloitte in 1995 and most recently served as the company’s global AI financial services leader. Deloitte’s global reinsurance & London market practice delivers audit and assurance, risk advisory, tax and legal, consulting ... Read the full article
PRA sees no appetite to tear up the basic principles of Solvency II
16th March 2021
Sam Woods, Chief Executive Officer of the Prudential Regulation Authority, sees no appetite to tear up the basic principles of Solvency II given the huge investment made in their adoption. The PRA had previously suggested that the Solvency II review could result in changes to the design of risk margin ... Read the full article
MAPFRE eyeing solvency ratio close to 200%
16th March 2021
Spanish re/insurer MAPFRE has stated that its solvency position currently reflects a ratio of 183.5% as at the end of 2020. However, the company expects to receive approval from the Spanish supervisor for the internal model for calculating longevity risk within the Group, which would elevate the ratio above 190%. Furthermore, the ... Read the full article
Manuel Sicard to lead New Dawn Risk’s LatAm expansion
16th March 2021
Specialist insurance intermediary, New Dawn Risk Group, has appointed Manuel Sicard to lead the company’s expansion into Latin America. Prior to joining New Dawn Risk, Sicard was vice-president, financial lines at reinsurance broker Guy Carpenter. He previously held a similar role at Willis Towers Watson (WTW) in London. Earlier in his career ... Read the full article
Transactional risk insurance hits record high in 2020: Marsh
16th March 2021
A new report from Marsh shows that transactional risk insurance purchases reached a record high in the US and Canada over 2020 despite challenges due to the pandemic. After a dramatic downturn in the second quarter of 2020 due to the coronavirus pandemic, merger and acquisitions (M&A) deal volume soared to ... Read the full article
Applied Underwriters acquires Florida Casualty Insurance Company
16th March 2021
Risk services firm Applied Underwriters has announced the acquisition of Florida Casualty Insurance Company (FCIC), formerly Ashmere Insurance Company. The newly re-branded FCIC is based in Fort Lauderdale and licensed in 41 states. Once approved, the acquisition will form part of Applied Underwriter’s strategy to expand in key US and international markets. "Enterprises ... Read the full article
Castel Underwriting appoints leader for renewable energy cell
16th March 2021
Castel Underwriting Agencies, the club-style MGA formation platform, has appointed Matthew Melville to lead its renewable energy underwriting cell. Melville joins from Albus Underwriting and brings Castel 20 years’ experience of the renewable energy sector. He was previously Chief Underwriting Officer at GCube Underwriting Limited and founder and Global Head of Renewable ... Read the full article
SiriusPoint CEO to ring NYSE Opening Bell
16th March 2021
Following the recent launch of SiriusPoint, a new insurer and reinsurer incepted via the combination of Third Point Re and Sirius Group, the company's Chairman and Chief Executive Officer (CEO), Sid Sankaran, will today ring The Opening Bell of the New York Stock Exchange (NYSE). The new Bermuda-based company launched on ... Read the full article
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