Reinsurance News

Potential collateral calls and sharp move in rates pressure UK life insurer stocks

4th October 2022

According to a recent report by Goldman Sachs analysts, UK life insurer stocks are being pressured by moves in the gilt market, mainly by the speed of the market moves and the potential of short-term collateral calls required by derivatives, even though hedges and derivatives appear to be performing as ... Read the full article

Alta Signa appoints Radgowska as Head of Business development Central and Southeastern Europe

4th October 2022

MGA firm Alta Signa has announced its expansion into Central and Southeastern Europe (CSEE) and has appointed Paulina Radgowska as Head of Business development CSEE. Specialising in Financial Institutions, Management Liability, Professional Indemnity, Cyber Risk, and Commercial Crime insurance, the firm has successfully launched operations in Austria, Belgium, France, Germany, Italy, ... Read the full article

Industry seeks more convergence between actuarial and data science, says Akur8

4th October 2022

According to Akur8’s first Global Pricing Survey, 83% of key players in the insurance pricing community believe the convergence between actuarial and data science would be highly valuable to their team in the future. The survey notes that pricing teams across the insurance industry are committed to activating the power of ... Read the full article

Arthur J. Gallagher sets its sights on M&T Insurance Agency

4th October 2022

Re/insurance broking firm Arthur J. Gallagher has announced that it plans to acquire M&T Insurance Agency, a provider of risk management and group benefits consulting services based in Buffalo, NY. The firm said in a statement that it had signed a definitive agreement to acquire the indirect subsidiary of M&T Bank ... Read the full article

Nat Re granted strong rating amid business mix revision

4th October 2022

The National Reinsurance Corporation of the Philippines (Nat Re), the Philippines’ sole professional reinsurer, has been assigned a financial strength rating of PRS A, with a stable outlook, by Philippine Rating Services Corporation (PhilRatings). The rating takes account of efforts that Nat Re has made to alleviate the economic headwinds it ... Read the full article

Hurricane Ian’s reinsurance losses may be within cat budgets: S&P

3rd October 2022

According to S&P Global Ratings, global reinsurers will be significantly exposed to the damage caused by Hurricane Ian in Florida, which could reach $40 billion. Despite this, analysts expect losses to remain within annual catastrophe budgets. Hurricane Ian made landfall in the Fort Myers metro area of southwest Florida on September ... Read the full article

Arcadian Risk Capital gets approval for London and Dublin companies

3rd October 2022

Bermuda-based MGA Arcadian Risk Capital has announced that it has received regulatory approvals for new London and Dublin companies. Arcadian UK standalone authorisation was approved by the Financial Conduct Authority on the 12th of August 2022 with Arcadian Ireland authorisation granted by the CBI Central Bank of Ireland on the 9th ... Read the full article

Hurricane Ian to demonstrate challenge of insuring Florida property: DBRS Morningstar

3rd October 2022

A new note from DBRS Morningstar says that Hurricane Ian, which hit Florida in recent days, will showcase the challenges of insuring property in the state. The note says that the economic loss, which the company says is likely to top the $50bn caused by Hurricane Irma five years ago, comes ... Read the full article

Arch MI secures $358m of indemnity reinsurance

3rd October 2022

Arch Mortgage Insurance Company (Arch MI) has announced that it has obtained over $358 million of indemnity reinsurance on a pool representing approximately $51.7 billion of mortgages from special purpose reinsurance, Bellemeade Re 2022-2 Ltd. The coverage was obtained by issuing approximately $201 million in bonds and $157 million in direct ... Read the full article

KatRisk estimates Hurricane Ian losses to fall between $29.9bn and $62.1bn

3rd October 2022

Risk-modelling firm KatRisk has estimated that the combined costs from Hurricane Ian, which has battered Florida in the last week, should fall between $29.9bn and $62.1bn. The firm said in a presentation that it estimates losses from storm surge to reach somewhere between $10.7bn and $24.9bn, with inland flood losses falling ... Read the full article

Aston Lark reports 75% growth in revenue in 2021 results

3rd October 2022

Aston Lark is reporting a 75% growth in revenue, growing to £160.1 million, and 82% growth in EBITDA in 2021, according to its latest results. The company’s organic growth in commission and fees of 11%, was mostly due to a positive result against a backdrop of the economic environment during the ... Read the full article

Hurricane Ian a “very expensive earnings event,” says KBW

3rd October 2022

Analysts at KBW have said they expect Hurricane Ian to represent a “very expensive earnings event” for the insurance and reinsurance companies it covers, rather than a capital event. Following new re/insurance industry loss estimates of $63 billion by KCC and $42-57 billion by Verisk, KBW has made put ... Read the full article

International cat loss activity above average in 2022, says CRESTA

3rd October 2022

CRESTA, the insurance industry organisation that provides a global standard for risk accumulation zones and cat industry losses, has released the Q3/2022 update of its CRESTA Industry Loss Index, (CLIX) which shows above-average loss activity for international catastrophe events in 2022 (excluding the US). Matthias Saenger, Product Manager of CRESTA, commented, ... Read the full article

IGI appoints Christopher Jarvis as Chief Underwriting Officer

3rd October 2022

International General Insurance Holdings (IGI), the specialty risks commercial insurer and reinsurer, has appointed veteran Christopher Jarvis as Chief Underwriting Officer of the IGI Group. As a member of the IGI Executive team he will be based in the company’s London office and will report to Waleed Jabsheh, President of IGI. In ... Read the full article

Monument Re announces merger of AME Life Luxembourg

3rd October 2022

Monument Re has announced that AME Life Lux S.A. will merge into its subsidiary, Monument Assurance Luxembourg S.A. following receipt of regulatory approval from the Commissariat aux Assurances. Following this merger, Monument Assurance Luxembourg S.A. will be the sole Monument Luxembourg entity. The acquisition of AME Life Lux S.A. was completed ... Read the full article