Reinsurance News
The biodiversity crisis is driving a need for reinsurers to better assess related risks: MSCI
31st March 2023
MSCI's Vice President of research Arne Philipp Klug has published a report on the importance of making biodiversity crisis a part of the underwriting process. Klug along with Cody Dong, Senior Associate at MSCI Research, has established a link between biodiversity loss and higher underwriting risks. This relationship is evident ... Read the full article
Struggle continued for U.S. personal auto & Florida specialists in 2022: Fitch
30th March 2023
Despite substantial premium growth for North American P&C insurers overall in 2022, the struggle continued for personal auto business and Florida homeowners insurers, suggest analysts at Fitch Ratings. According to the rating agency's review of the results for 40 North American re/insurers, the aggregate group combined ratio increased by 1.4 percentage ... Read the full article
Berenberg analysts expect higher reinsurance prices in Europe
30th March 2023
Berenberg analysts in their recent "2023: the dawn of a new reinsurance cycle" report have predicted that rates for European reinsurance will be higher during the upcoming renewal seasons. Climate change dilutes geographical diversification which in the analyst’s view could be a key driver of the need for more rate. According to ... Read the full article
CCR Re well placed to benefit from new market environment in 2023, says CEO
30th March 2023
Bertrand Labilloy, Chairman & CEO of CCR Re, has suggested the firm is well placed to benefit from the new market environment in 2023 as it managed to "deliver a clean sheet in a turmoiled market" in 2022. The French state-owned reinsurer reported a total premium income of €987m in ... Read the full article
Megan Watt appointed AXIS Chief Claims Officer
30th March 2023
AXIS Capital Holdings Limited, a global specialty underwriter and provider of re/insurance solutions, has announced the appointment of Megan Watt as Chief Claims Officer. Based in New York, Watt will start her new role on April 17, 2023, and will report directly to Vince Tizzio, CEO Specialty Insurance and Reinsurance, ... Read the full article
80% of insurers planning for significant growth within sustainable energy, Howden’s survey finds
30th March 2023
A recent survey conducted by international insurance broker Howden, shows that 80% of insurers are planning to achieve significant growth within sustainable energy throughout 2023, with an average planned GWP growth of 13% across respondents. The broker’s annual London Market Appetite Survey assesses the underwriting appetite by line of business and ... Read the full article
Reinsurers are more involved in the creation of MGAs becoming insurers’ risk capital partners: Pro MGA Global Solutions’ Maleary
30th March 2023
There has been a significant increase in reinsurers' appetite wanting to specialise in reinsuring insurer’s delegated authority portfolios. With both parties aligning their interests they have now effectively become one risk capital partner, a change that Pro MGA Global Solutions (Pro MGS) CEO, Danny Maleary, has seen starting to develop ... Read the full article
Lockton Companies hire new Senior Vice President of Regional Operations for Dallas
30th March 2023
Tyler Bolander has been appointed by insurance brokerage Lockton Companies as their new Senior Vice President of Regional Operations. Bolander is a market veteran with over 15 years of experience and will be based in Lockton’s Dallas, Texas office. Bolander has previously worked as an employee benefits and insurance professional. His ... Read the full article
APAC April reinsurance renewals on sounder footing than turbulent 1/1: Aon
30th March 2023
APAC (Asia-Pacific) renewals are proceeding in an orderly fashion as the reinsurance market finds itself on a more sustainable footing following a turbulent 1/1, suggests Aon Reinsurance Solutions APAC CEO, George Attard. Attard states that April 1 is a significant renewal for the Asia Pacific region, which is an important catastrophe ... Read the full article
Underwriting losses up as P&C income shrinks: Verisk & APCIA
30th March 2023
New data from Verisk and the American Property Casualty Insurance Association (APCIA) shows that key financial results for the US property and casualty (P&C) market significantly worsened in 2022, as its overall underwriting loss reached $26.9 billion. At this level, the underwriting loss was more than six times the $3.8 billion ... Read the full article
Canopius sees improved combined ratio and increased GWP in 2022
30th March 2023
Canopius Group, a global specialty re/insurer, has announced its 2022 financial results reporting that gross written premiums (GWP) increased to $2,338 million, up from $2,220 million in 2021, with growth seen in all geographies. Additionally, the Group’s combined ratio improved to 93.6%, down from 2021’s 96.7%. This was credited to its ... Read the full article
Cyclone Gabrielle insured loss estimated at NZ $1.543bn by PERILS
30th March 2023
Zurich-based catastrophe insurance data provider PERILS AG has released its initial insured market loss estimate for Cyclone Gabrielle which struck New Zealand in the middle of February, pegging the total at NZ $1.543 billion. The industry loss estimate is based on data collected from the New Zealand insurance market and covers ... Read the full article
Tremor’s new cat bond issuance platform targets increased transparency and efficiency
30th March 2023
Tremor Technologies, the reinsurance pricing and placing platform, has announced the launch of Tremor Issuer, an online catastrophe bond issuance platform powered by the firm's Panorama marketplace tech. The new platform can be accessed online by investors, issuers, bankers, and brokers, and is offered via the company's new regulated subsidiary, Tremor ... Read the full article
Jennifer Wilson to lead Newfront’s Cyber practice
30th March 2023
Newfront, the tech-driven insurance brokerage firm, has announced the appointment of Jennifer Wilson as the new Head of Cyber. In her new Boston-based role, Wilson will lead cyber coverage negotiation and claims advocacy at Newfront. She will report to Deirdre Finn, Head of Executive Risk. She is joined by Michele Lepper, Jennifer ... Read the full article
Net-Zero Asset Owner Alliance calls for more policies to reduce oil & gas demand
30th March 2023
The UN-backed Net-Zero Asset Owner Alliance - a member-led initiative with over $11trn in assets under management - is calling for members, which include many of the world's largest insurers, reinsurers and brokers, to set exclusion policies for new oil and gas extraction capacity. The Alliance has published a new position ... Read the full article