Reinsurance News
Global growth drivers outweigh elevated geopolitical and economic risks: Marsh
31st March 2023
Global growth opportunities outweigh the current elevated geopolitical and economic risk landscape, according to a recent report published by insurance broker and risk advisor, Marsh. The 2023 Political Risk Report, published by Marsh Specialty, outlines the major shifts and trends in the global political and economic landscape that will impact multinationals ... Read the full article
Chubb names Benoit Chasseguet Country President for France
31st March 2023
Global P&C insurer Chubb has appointed Benoit Chasseguet as Country President for France. Subject to regulatory approval, the appointment is effective immediately. Chasseguet, who currently serves as Regional Marine Manager for Continental Europe – a role he has held since 2013 - succeeds Veronique Brionne who has decided to leave the company. In his ... Read the full article
Athora Holdings posts 14% increase in profit in full-year results
31st March 2023
Athora Holding Ltd., a European savings and retirement services group, has reported its full-year results, announcing a €488 million IFRS profit before tax, which represents a 14% increase compared to 2021. At the same time, the firm also reported an Operating Capital Generation (OCG) of €442 million, representing a year-on-year increase ... Read the full article
Greenlight Re Innovations partners with Aanika Biosciences
31st March 2023
Greenlight Re Innovations, a unit of re/insurer and strategic investor Greenlight Re, has entered into a partnership with Aanika Biosciences Inc., a Brooklyn-based biotechnology company. Through the partnership, Aanika will be able to expand and grow its bio-backed insurance offerings, which will drive major footprint for the firm. Founded in 2018 in ... Read the full article
Oxbridge Re reports $1.8mn net loss in full-year results
31st March 2023
Oxbridge Re Holdings, a provider of reinsurance solutions primarily to property & casualty insurers, has reported a $1.8 million net loss for the full-year, compared to a $8.6 million net income from 2021. The company stated that the decline was primarily due to a decrease in unrealized gains within its investment ... Read the full article
Sixth Street’s Talcott sets up new Bermuda reinsurer Talcott Life Re
31st March 2023
AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of recently established Bermuda-based reinsurer Talcott Life Re. AM Best states that the ratings reflect the reinsurer's balance sheet strength, which it assesses as very strong, as well as its adequate ... Read the full article
Sang Hun Park returns to Allianz Re to lead retrocession
31st March 2023
Allianz Re, the reinsurance arm of global insurer Allianz, has announced that Sang Hun Park is set to return to the firm as its Global Head of Retrocession, effective May 1st, 2023. Park already has in-depth experience at Allianz Re having spent a little more than nine years with the company ... Read the full article
Chubb promotes O’Brien to CRO, names Ringstead Chief Digital Business Officer
31st March 2023
P&C insurer Chubb has promoted Frances O'Brien to Executive Vice President and Chief Risk Officer (CRO) as Sean Ringstead moves on to new role as Chief Digital Business Officer. O'Brien currently serves as Senior Vice President and Deputy CRO, a position she has held since January 2022. In the new role, effective ... Read the full article
R&Q confirms appointment of William Spiegel as CEO, Jeffrey Hayman as Non-Exec Chairman
31st March 2023
Global non-life specialty insurer with a focus on program management and legacy business, R&Q Insurance Holdings Ltd, has added Jeffrey Hayman as its new Non-Executive Chairman, with William Spiegel assuming the role of Group Chief Executive Officer (CEO). At the same time, Alan Quilter, the firm's current CEO, will now work ... Read the full article
Apollo to invest $500m into surplus notes issued by RGA’s Chesterfield Reinsurance
31st March 2023
Global alternative asset manager, Apollo Global Management, Inc., has closed an agreement for its affiliated companies, third-party insurance managed accounts, and other institutional clients to invest $500 million into surplus notes issued by Reinsurance Group of America's (RGA) wholly owned indirect subsidiary, Chesterfield Reinsurance Company. This bespoke, high-grade investment solution was ... Read the full article
With catastrophe losses on the rise, Swiss Re issues guidelines for underwriting
31st March 2023
According to a report published by Swiss Re, there has been an upward trend in natural catastrophe-insured losses over the past six years. The data shows a rise of about 5‒7% in average annual losses established over the last 30 years with the possibility of growth in this trend. This has ... Read the full article
HDI Global appoints new branch office leader in Greece
31st March 2023
HDI Global has announced that Konstantinos Semertzoglou will take over the executive management of its Greece branch office following the retirement of Notis Vagiakakos, who led the branch successfully for nearly two decades. Semertzoglou is set to join the Greek office on the 1st of April, whereupon Vagiakakos will assist him ... Read the full article
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