Reinsurance News

Tesla seeking to fix “incredibly inefficient” insurance market, says Musk

17th May 2022

Tesla CEO Elon Musk has commented on the growing importance of his company’s new car insurance offering, which he says aims to redress the “incredibly inefficient” process that is keeping premiums high for many drivers. Speaking at the All-In Summit in Miami yesterday, Musk remarked that the solution is "quite significant ... Read the full article

Nayms becomes fully regulated in Bermuda

17th May 2022

Nayms has said that it has become the world's first crypto-native insurance marketplace to become fully regulated in Bermuda. According to the firm, it now holds both the full Digital Asset Business Act licence and Innovative General Business Insurance licence, allowing their insurance partners to conduct regulated insurance business on-chain for ... Read the full article

Midwest Holding upbeat despite fall in premiums

17th May 2022

Midwest Holding is reporting a fall in its annuity direct written premium in Q1 2022, compared to Q1 and Q4 of last year. The firm said that it had seen a fall from $104.2m in Q4 2021 and $123.7 in Q1 of the same year to $98.1m. However, it also reported ... Read the full article

Buffett’s Berkshire takes $620m stake in Markel

17th May 2022

Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, took a $620 million stake in insurance and reinsurance provider Markel Corporation as part of a raft of investments during the first quarter of 2022. Analysts at KBW estimate that the value of Berkshire's equity portfolio has fallen by about $39.0 billion ... Read the full article

Munich Re launches new AI validation service

17th May 2022

Munich Re has launched a new validation service for trustworthy artificial intelligence. The firm says that the service, called CertAI, validates fully fledged AI systems or AI solutions already in productive use, analysing six different factors – fairness, autonomy and control, transparency, robustness, functional and cyber security, and data protection. It ... Read the full article

Andrew Smith to serve as Conduit Re’s Chief Risk and Sustainability Officer

17th May 2022

Andrew Smith, Chief Risk Officer (CRO) at reinsurer Conduit Re, has seen his role expand to lead the firm's climate change related initiatives, as Chief Risk and Sustainability Officer. In his expanded position, Smith will support Executive Chairman, Neil Eckert, and will report to and join the independently chaired ESG Committee. Smith ... Read the full article

SCOR backs Amynta Trade Credit Solutions

17th May 2022

Insurance services company, Amynta Group, has partnered with French reinsurer SCOR on the launch of Amynta Trade Credit Solutions, a new platform designed to provide a responsive and focused approach to trade credit insurance in the U.S. The new MGA will be led by Harpreet Mann as President of Amynta Trade ... Read the full article

SiriusPoint makes Nick Pascall its new head of London and international casualty

17th May 2022

SiriusPoint has a new head of London and international casualty in Nick Pascall. Pascall is joining the firm from AXA XL Re, where he was head of US casualty reinsurance. He will report to Robert Harman, general manager at the London branch of SiriusPoint. In his new role, he will ... Read the full article

UK and Ireland lead Q1 European M&A figures with 44 deals

17th May 2022

Analysis by FTI Consulting shows that the UK and Ireland region continued to lead the European market for insurance industry mergers and acquisitions (M&A) activity, with 44 announced transactions in Q1 2022. This represented a decline from 71 signed transactions in Q1 due to the increased saturation of the UK and ... Read the full article

SCHUMANN International launches London office, announces senior appointments

17th May 2022

SCHUMANN, a leading risk management advisor for trade credit and surety business, has announced that it is launching a dedicated and permanent London presence with a brace of senior appointments and the launch of a London office. After more than twenty-five years trading from its German headquarters, SCHUMANN International Limited will ... Read the full article

Lockton posts record Q1 revenue growth

17th May 2022

Insurance and reinsurance broker Lockton has posted record revenue growth of 27% over the period from Q1 2021 to Q1 of this year, most of which was organic revenue growth. The company reported revenue of $2.69 billion for the first quarter of 2022. "Our results are the outcome of being comprised of ... Read the full article

TMK partners with Altelium on battery energy storage warranty

17th May 2022

Tokio Marine Kiln (TMK) has partnered with Insurtech Altelium to deliver the worlds first data-driven battery energy storage system (BESS) warranty programme to help accelerate growth in the battery energy storage market. BESS technology plays a key role in ensuring homes and businesses can be powered by green energy. It is ... Read the full article

Korea insurance sector remains ‘stable’ – Moody’s

17th May 2022

The Korean insurance sector has been assessed by Moody’s as being stable. The agency said that this was underpinned by its expectation of rising interest rates and the transition to a new capital regime, which will support insurers' profitability, capitalisation, and asset quality. Gil Jo, analyst at Moody’s said: "We expect Korean ... Read the full article

“Fall in protection business could impact vulnerable households” – Swiss Re

16th May 2022

Ongoing wage inequality has left households vulnerable in the current cost-of-living crisis due to a fall in protection business, says Swiss Re in a new report. The reinsurance giant said in its Reshaping the Social Contract: The Role of Insurance in Reducing Income Inequality that decades of rising inequality in advanced ... Read the full article

MS Amlin (MS AUL) adds Rob Margetts to Strategy & Transformation team

16th May 2022

Lloyd’s global specialty re/insurer, MS Amlin Underwriting Limited (MS AUL) has appointed Rob Margetts to its Strategy & Transformation team. He will join MS AUL in the coming months, and will report to Martyn Rodden, Director of Strategy & Transformation. Within his new role, Margetts will develop and implement a range of ... Read the full article