Reinsurance News
Corebridge Financial hires Lisa Longino as Chief Investment Officer
14th February 2023
Corebridge Financial, the recently rebranded Life & Retirement business of AIG, has appointed Lisa Longino as Chief Investment Officer, effective immediately. Within the role, Longino will report to Kevin Hogan, Chief Executive Officer, Corebridge Financial. She joins Corebridge from Prudential Financial, where she previously held the role of Head of Global Investment Strategy. Before ... Read the full article
B.P. Marsh reports NAV increase in latest update
14th February 2023
Venture capital provider B.P. Marsh has reported Net Asset Value (NAV) of £179.8 million for 31 July 2022, compared to £166.6 million at 31 January 2022. In a statement, B.P. Marsh singled out a number of its investment companies, saying that Kentro's performance remains strong across both Nexus Underwriting Limited, the ... Read the full article
Miller appoints Gary Stockley as Account Executive in Bermuda
14th February 2023
Specialist re/insurance broker Miller has announced the appointment of Gary Stockley as an Account Executive in its Bermuda office. Stockley has over three and a half decades of experience in the insurance market, primarily as a retail insurance broker. Twenty years of his storied career were spent working in Bermuda, specialising in ... Read the full article
BMS Iberia acquires Spanish specialty broker Viafina
14th February 2023
BMS Iberia has announced that it has signed a deal to acquire Spanish specialty re/insurance broker, Seguros Viafina. The agreement is set to be completed this month, with BMS acquiring Viafina in full. The deal is subject to regulatory approval by the Dirección General de Seguros y Fondos de Pensiones. BMS states that ... Read the full article
SCOR expands partnership with insurtech Concirrus
14th February 2023
SCOR has announced an expansion of its partnership with Concirrus, which will see the insurtech replace SCOR's existing data model, enabling the French re/insurer to more accurately price future risks within its marine line of business. The two firms first announced their working relationship in 2022 when SCOR began harnessing ... Read the full article
P&I Clubs underwriting upswing to be offset by investment losses: AM Best
14th February 2023
AM Best anticipates that Protection and Indemnity (P&I) clubs will see improved underwriting results in 2023, though the challenging investment environment will likely offset any profits. Best explains that the P&I segment is dominated by the members of the International Group of P&I Clubs (International Group), which collectively insures approximately 90% ... Read the full article
WTW appoints Doshi as Executive Director of Credit & Political Risk, Singapore
14th February 2023
Global brokerage firm WTW has announced the appointment of Deesha Doshi as an Executive Director of its Credit & Political Risk practice in Singapore. Doshi holds almost two decades of banking experience, having served at firms such as Westpac, JP Morgan and ABN AMRO in Singapore, Mumbai and London. Doshi also has ... Read the full article
TCIP made claims payments within 24 hours of quake, notified reinsurers: Türk Reasürans CEO
14th February 2023
Selva Eren, CEO of Türk Reasürans AŞ, which carries out the technical operations of the Turkish Catastrophe Insurance Pool (TCIP), has disclosed that claims payments were made within 24 hours of the devastating earthquake that recently struck the country. On February 6, 2023, an earthquake with a magnitude of 7.7 occurred ... Read the full article
Sompo Intl. reports positive Q3 underwriting result despite Hurricane Ian’s impact
14th February 2023
Sompo International has published its third-quarter of the 2022 financial year results reporting an underwriting income of $256m, a lower figure compared to the same period last year, which was $275m. The firm’s 3Q results felt the impact of Hurricane Ian, but was partially offset by top-line growth, Sompo noted. It ... Read the full article
Just ~5% of $20bn+ in economic losses from Turkey quakes to fall to re/insurers: Verisk
14th February 2023
The devastating M7+ earthquakes that occurred in Turkey on February 6th, 2023, are expected to drive economic losses of more than $20 billion, of which insurers and reinsurers will cover more than $1 billion, according to Verisk's Extreme Event Solutions. At least 37,000 lives have been lost following the M7.8 earthquake, ... Read the full article
Tokio Marine’s international business reports 43% growth in net premiums in Q3
14th February 2023
Tokio Marine’s international business has reported profit of JPY187.3 billion for the third quarter of the 2022 fiscal year, representing a slight increase in profit from last year’s JPY186.6 billion. While profit was strong across most of its international entities, in Asia & Oceania, the firm did report a decline ... Read the full article
S&P places CCR RE ratings on watch positive on potential acquisition
14th February 2023
Following the news of CCR RE potential acquisition by a consortium of French mutuals, S&P Global Ratings has placed its 'A-' issuer credit and financial strength ratings on CCR RE, and its issue ratings on the reinsurer's debt, on CreditWatch with positive implications. On February 8, 2023, French-based Caisse Centrale ... Read the full article
MS Amlin falls to net loss as hurricane Ian and war in Ukraine dent underwriting
14th February 2023
The impact of investment losses, Hurricane Ian, and the ongoing war in Ukraine has seen MS Amlin post a net loss of £305 million for the period January to end of September 2022, as the firm's combined ratio weakened to 111.9%. In its financial year 2022 3Q results, which covers the ... Read the full article
Arch Capital reports net income of $850m in Q4 results
14th February 2023
Bermuda-based Arch Capital Group has reported net income available to its common shareholders of $849.5 million in Q4 of 2022, a 29.5% annualised net income return on average common equity, compared to $613.1 million for the same quarter of 2021. After-tax operating income available to Arch's common shareholders was $805.9 million, ... Read the full article
AIG partners with Stone Point to launch high net worth MGA
14th February 2023
Global insurer and reinsurer AIG and Stone Point Capital, a re/insurance focused private equity firm, have entered into an agreement to establish an independent Managing General Agency (MGA) to serve the high net worth and ultra-high net work markets. Under this binding memorandum of understanding, AIG's Private Client Group (PCG) business ... Read the full article