Reinsurance News
AM Best revises Trisura’s outlook to negative and affirms credit ratings
20th March 2023
Global rating agency AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of the operating entities of Trisura Group Ltd. The operating entities of Trisura includes Trisura Specialty Insurance Company (TSIC), Trisura Insurance ... Read the full article
Slew of California homes at risk following Pajaro River levee breach: CoreLogic
20th March 2023
CoreLogic has estimated that 5,895 single and multifamily residential properties with a combined reconstruction value (RCV) of $2.88 billion are at risk of flooding following the Pajaro River in Central California overflowing its levee. On March 10, the water level in the Pajaro River surpassed its levee, leading to a breach ... Read the full article
Insurer AT1 exposure low amid Credit Suisse shock: JP Morgan
20th March 2023
Analysts at JP Morgan have assured that European insurers’ exposure to bank corporate credit and AT1 bonds are low, after a rescue deal for the beleaguered Credit Suisse shocked some investors by leaving their bonds worthless. JP Morgan notes that the average exposure to bank credit is around 6% of European ... Read the full article
Berkshire (BHSI) promotes Ruddlesdin to Head of Professional Indemnity & Cyber, UK
20th March 2023
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Ben Ruddlesdin to Head of Professional Indemnity & Cyber (UK), where he will continue to be based in London. In his most recent role at the firm, Ruddlesdin served as Senior Underwriter, PI & Cyber. Overall, he brings nearly 10 years of industry experience towards ... Read the full article
Howden names Andy Cox as Head of Energy Transition
20th March 2023
International insurance broker Howden has appointed Andy Cox as Head of Energy Transition, effective immediately. Cox holds over three decades of experience in the energy sector, having previously served as a Partner at KPMG. His most recent position there was UK Chair of Energy & Natural Resources, in which he was responsible ... Read the full article
Typhoon Nanmadol insured loss estimate rises to $988m: PERILS
20th March 2023
Zurich-based catastrophe insurance data provider PERILS has disclosed its third industry loss estimate for Typhoon Nanmadol, raising it to JPY 129.6bn ($988m). This latest figure compares to PERILS’ previous loss estimates of JPY 119.7bn (USD 910 million), released on 20 December, and JPY 113.5bn (USD 860 million), released on ... Read the full article
Life insurers facing unrealized losses due to pace of interest rate rises: Moody’s
20th March 2023
A report from Moody’s Investors Service has suggested that while the increase in interest rates within the last year has been positive for life insurers in Europe, the fast pace of the increase means that a majority of insurers are now sitting on significant unrealized losses in their fixed income ... Read the full article
L&G and Lifetri announce Dutch Pension Risk Transfer Initiative
20th March 2023
Legal & General (L&G) and Lifetri have announced plans to enter into a long-term strategic relationship, under which L&G will support Lifetri, as it expands to write further Dutch pension risk transfer (PRT) business for defined benefit arrangements. The agreement is subject to regulatory review. Currently the Netherlands is in the process ... Read the full article
Eurohold’s EIG Re to protect assets of Euroins Romania amid “hostile takeover”
20th March 2023
Eurohold Bulgaria has announced that its reinsurance unit, EIG Re, will keep and protect the assets of Euroins Romania following an "abusive" and "irresponsible" withdrawal of its operating licence and request for the launch of bankruptcy proceedings by Romania's financial regulator. According to a report from SeeNews, Romania's financial regulator has ... Read the full article
AdvantageGo and VIPR Solutions announce strategic alliance
20th March 2023
AdvantageGo, a commercial re/insurance software provider and VIPR Solutions, have announced a strategic alliance. Under the alliance, AdvantageGo's Underwriting workbench APIs will import bordereaux data for delegated authority business by integrating with VIPR's leading bordereaux management solution. Through this collaboration, this will ensure that raw Premium, Risk and Claims data being imported ... Read the full article
World Bank cat bond & swap to provide $630m cover for Chile quakes
17th March 2023
The International Bank for Reconstruction and Development (IBRD), has priced a joint catastrophe bond and swap transaction that provides a total of $630 million of earthquake insurance coverage to the Government of Chile. The deal by the lending arm of the World Bank consists of $350 million of protection from the ... Read the full article
Axis promotes Gonzales to Deputy Global Head of Ceded Reinsurance
17th March 2023
Axis Capital, a global specialty underwriter and provider of re/insurance solutions, has announced the promotion of Inmaculada Gonzales to Deputy Global Head of Ceded Reinsurance. In her new role, she will help advance ceded reinsurance strategic priorities and drive best practices in governance and compliance on outwards reinsurance and retrocessional placements. Gonzales ... Read the full article
IVANS Index shows yoy increases in average premium renewal rates
17th March 2023
Data from the latest IVANS Index shows that year over year all lines of business experienced an increase in average premium renewal rate over February. According to the report, Business Owners Policy (BOP) and Commercial Property remain the highest premium renewal rate increases year over year. Additionally, month over month, BOP, General ... Read the full article
Great American promotes Colosi to Divisional President, Alternative Markets
17th March 2023
Great American Insurance Group has announced the promotion of Thomas V. Colosi to Divisional President, Alternative Markets. Collectively, Colosi has 35 years of insurance experience and has expertise in underwriting specialty captives and programs. He joined Alternative Markets in 2014 and has since held numerous leadership roles within the division. He most recently ... Read the full article
Re/insurance non-exec director remuneration up 70% since 2018
17th March 2023
There has been a 70% uplift in re/insurance Non-Executive Director (NED) remuneration since 2018, according to a recent report by Damhurst, an executive search firm serving the global re/insurance community. The report provides NED remuneration data for several insurance industry segments including mutuals, MGAs, Lloyd’s Managing Agents and brokers. It also ... Read the full article