Reinsurance News
Citizens’ board names Tim Cerio President, CEO & Executive Director
1st February 2023
Citizens’ Board of Governors has named Tim Cerio as President, CEO and Executive Director following the retirement of Barry Gilway after more than 10 years at the helm. Cerio takes over as the state’s insurer of last resort adopts recently enacted legislative reforms and prepares for the 2023 Legislative session ... Read the full article
P&C leverage ratios remain elevated due to capital declines: AM Best
1st February 2023
A new report from AM Best has stated that a combination of factors which includes rising interest rates, increased unrealized losses, and declines in capital, has led to leverage ratios ticking up among US property & casualty (P&C) insurers. The report, titled ‘U.S. P/C Insurers’ Leverage Ratios Remain Elevated Due to ... Read the full article
Cole Wagner joins Newfront from Marsh as US growth Leader
1st February 2023
San Francisco-based insurance broker Newfront has named Cole Wagner as US Growth Leader and Executive Vice President. Wagner holds more than two decades of experience building high-performing teams and developing successful marketplace strategies. He joins Newfront from Marsh, where he was most recently the Central Zone Growth Leader, overseeing 18 offices throughout ... Read the full article
Insurance brokers begin 2023 on sound footing: S&P
1st February 2023
Analysts at S&P Global Ratings have suggested that insurance brokers & service providers have started 2023 on sound footing despite the looming recession and tightening financial conditions. The rating agency's sector view for global insurance services is largely stable, reflecting resilient industry fundamentals for most subsectors. S&P expects limited rating changes ... Read the full article
Trium Cyber recruits Head of Product from AmTrust
1st February 2023
Lloyd’s cyber syndicate Trium Cyber has announced the appointment Jeffrey Batt as Head of Product. He joins from AmTrust Financial Services where he served as Head of Cyber Strategy. Batt also previously served as Cyber Insurance Practice Leader at M&T Bank where he worked closely with clients to identify and mitigate security ... Read the full article
The industry has experienced a rough ride, but it’s a great place for us to be: Conduit’s Carvey
1st February 2023
The re/insurance industry has witnessed a “structural shift” in the marketplace throughout the 1/1 renewals, says Trevor Carvey, Chief Executive Officer, Conduit Re. During Conduit’s 1/1 renewals trading update conference call, Carvey stated that the rise in inflation that has been emerging through has been recognised by both the client base ... Read the full article
Chubb reports “record” P&C underwriting results despite drop in net income
1st February 2023
Chubb has reported that full-year P&C underwriting income was a record $4.56 billion, up 23.2%, leading to a P&C combined ratio of 87.6% compared with 89.1% in the prior year. Full-year net income in 2022 totalled at $5.31 billion compared with $8.54 billion in the prior year. Core operating income was ... Read the full article
Heavy loss years often followed by innovation in the market: Aeolus’ Dutt
1st February 2023
Speaking at an AM Best expert panel that discussed the need to ford the gap between available capacity and reinsurance demand, Aditya Dutt, President of Aeolus Capital Management, suggested that despite heavy losses in recent years, such times have often acted as a catalyst for innovation in the market. Dutt described ... Read the full article
Topsail Re adds Brook Farlow to its team
1st February 2023
Cayman islands-based reinsurer Topsail Re has appointed Brook Farlow as a Reinsurance Staff Accountant. She joins the firm after a distinguished 24 years of service at Carolina Farmers Mutual Insurance Company. In her most recent position at the firm, she served as Chief Executive Officer and President. However, throughout her tenure at Carolina ... Read the full article
Oxbridge Re’s SurancePlus to issue tokenized reinsurance securities
1st February 2023
Oxbridge Re Holdings, a provider of reinsurance solutions to P&C insurers in the Gulf Coast region of the US, has announced the incorporation of SurancePlus, a new wholly-owned subsidiary. Incorporated in the British Virgin Islands (BVI) in December 2022, SurancePlus will issue tokenized reinsurance securities that indirectly represent fractionalized interests in ... Read the full article
Hannover Re posts income of €1.4bn for 2022, targets €1.7bn for 2023
1st February 2023
Reinsurer Hannover Re has reported group net income of €1.41 billion for the 2022 financial year, based on preliminary figures, up from €1.23 billion in the previous year. Looking ahead, the company is targeting net income of at least €1.7 billion for 2023, with reinsurance revenue expected to grow by at ... Read the full article
RenRe’s underwriting result improves but catastrophes dent 2022 net income
1st February 2023
Bermuda-based RenaissanceRe Holdings Ltd. (RenRe) has reported a rise in net income and underwriting income for the fourth quarter of 2022, although the impact of weather-related large losses pushed the reinsurer to report a net loss of $1.1 billion for the full year 2022. Year-on-year, Q4 underwriting income increased from $276.7 ... Read the full article
ESG concerns “on the rise”, may impact underwriting decisions for casualty: Alliant
1st February 2023
In a new report from Alliant Insurance Services, the firm highlights how Environmental, Social and Governance (ESG) concerns are on the rise, which could potentially impact future insurer underwriting decisions for casualty lines of business. The report also showed that capacity remains constrained for difficult risks, while at the same time, ... Read the full article
Rising claims & reinsurance costs set to erode the French non-life insurance sector: Fitch
1st February 2023
According to Fitch Ratings, rising claims and reinsurance costs due to persistent high inflation and climate change will erode underwriting margins in the French non-life insurance sector, most particularly within retail P&C where pricing dynamics are less favourable than in commercial P&C. Both government intervention and legislative changes also remain major ... Read the full article
AXA XL hires Cerquenich as Senior Risk Consultant, Marine, UK & Lloyd’s
1st February 2023
AXA XL has appointed Diego Cerquenich as Senior Risk Consultant, Marine, UK & Lloyd’s, effective immediately. He will report to Chris McGuire - Head of Risk Consulting, UK & Lloyd’s while also working closely with Pascal Matthey, Chief Risk Consulting Officer, Marine. Within this role, Cerquenich will work with the Marine Underwriting ... Read the full article
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