Reinsurance News
Beazley predicts complex cyber threat landscape through 2023
3rd February 2023
Greater incident complexity, a shift in the way threat actors use stolen data, and a rise in US class actions will drive the cyber threat landscape in 2023, according to a Beazley report. The Cyber Services Snapshot report presents global data on incidents handled by Beazley Cyber Services including cause of ... Read the full article
RGA sees net income rise to $623m in full-year results
3rd February 2023
Global life and health reinsurer, Reinsurance Group of America (RGA) has reported that full-year net income totalled $623 million compared with $617 million in 2021. Adjusted operating income for the full year totalled $977 million, compared with $77 million the year before. Net premiums for the full year totalled $13.1 billion, increasing ... Read the full article
IAG to make reinsurance recovery of at least $114m for Auckland flooding
3rd February 2023
Australian insurer IAG has said that a preliminary assessment of expected claims from the Auckland flooding suggests that the natural perils cost impact, after reinsurance, will be at the $236 million retention level of its catastrophe and whole-of-account quota share arrangements. IAG says that gross costs for the Auckland event are ... Read the full article
WTW launch analytics platform ESG Clarified
3rd February 2023
Broking and solutions company WTW has launched ESG Clarified, an analytics platform to help organisations better understand and address their climate, sustainability and wider ESG risks. ESG Clarified offers a comprehensive, analytical solution, underpinned by multiple data sources to assist with trending insight, scenario analysis and reporting. WTW suggests that the rapidly ... Read the full article
Global commercial insurance rates continue to moderate in Q4: Marsh
3rd February 2023
Global commercial insurance prices increased 4% in Q4 of 2022, down from a 6% increase in Q3 and a 9% increase in Q2, according to Marsh's Global Insurance Market Index. Marsh's Index explains that this continues a trend of moderating increases that first began in Q1 of 2021. It adds that while ... Read the full article
Beatrix Grimm named Deputy CUO at DEVK RE
3rd February 2023
DEVK RE, the reinsurance subsidiary of German insurer DEVK Sach- und HUK-Versicherungsverein has announced the promotion of Beatrix Grimm to Executive Vice President & Deputy Chief Underwriting Officer (CUO). Grimm has worked at DEVK Re for more than two decades, having joined the company in 2001 as a Reinsurance Underwriter. She later ... Read the full article
Spanish broker RibéSalat opens UK subsidiary
3rd February 2023
RibéSalat, a Spanish re/insurance broker, has opened a subsidiary in London to consolidate its international growth. The broker said that through RibéSalat UK the company responds to the high volume of activity to continue providing its (re)insurance solutions to companies and cedants based in the country. CEO Mónica Ribé commented: “We are ... Read the full article
Apollo names Caroline Stanley Ports & Terminals Underwriter
3rd February 2023
Apollo, an independent specialist insurer and reinsurer, has appointed Caroline Stanley to the role of Ports & Terminals Underwriter within its marine energy liability class, effective immediately. Stanley brings significant experience to the new role, having specialised in ports and terminals for more than 15 years. Since beginning her insurance career at ... Read the full article
Verisk completes sale of its energy business, Wood Mackenzie to Veritas
3rd February 2023
Global data analytics provider Verisk has completed the sale of its energy business, Wood Mackenzie, to Veritas Capital for $3.1 billion. Plans for the sale were originally announced in October 2022. Over the last year, Verisk has also been shifting its focus towards becoming a pure-play re/insurance business. This sale therefore ... Read the full article
SOMPO Holdings & Palantir sign $50m expansion deal
3rd February 2023
SOMPO Holdings and Palantir Technologies have signed a $50 million, five-year expansion agreement to enable the rollout of critical workflows within SOMPO Japan, alongside further developments of SOMPO's Real Data Platform (RDP). Since 2019, SOMPO has used Palantir Foundry as the backbone of its RDP solution. RDP is a collaborative ecosystem designed ... Read the full article
Trade credit insurers “taking steps” to anticipate challenges in 2023: AM Best
3rd February 2023
A new report from AM Best addresses how trade credit insurers have continued to enjoy strong results through 2022, and that these results follow on from good performances from the last two years, and have come despite provisions from the conflict in Ukraine and the sanctions imposed on Russia. The report ... Read the full article
Reinsurance market shift an opportunity to re-set profitability: JP Morgan
2nd February 2023
Analysts at JP Morgan have suggested that the reinsurance market shift is an opportunity for companies to re-set profitability and rebuild buffers. JP Morgan's analysts state that additional exposure growth on top is a bonus, though this is not something that the firm is looking out for. They write, "For the first ... Read the full article
Corvus launches new cyber underwriting platform
2nd February 2023
Specialty insurance MGA, Corvus Insurance has launched Corvus Risk Navigator, an all-in-one cyber underwriting platform that arms underwriters with predictive data-driven insights. According to Corvus, its new platform will help underwriters to provide superior risk selection, accelerated decision-making, and IT security recommendations - capabilities that have resulted in Corvus achieving an ... Read the full article
Allianz (AGCS) appoints Schlesinger as North American Head of Financial Lines
2nd February 2023
Allianz Global Corporate & Specialty (AGCS) has announced the appointment of Jarrod Schlesinger as Regional Head of Financial Lines in North America. Based in New York, Schlesinger will start his new role on February 13, 2023. He will be reporting to Bill Scaldaferri, President and CEO of AGCS North America, with ... Read the full article
Likelihood of US economy falling into recession in 2023 is rising: AM Best
2nd February 2023
A new report from AM Best has cited that with economic activity expected to slow in 2023, and the likelihood that the Federal Reserve will continue to tighten monetary policy, the probability of the US economy falling into a recession over the next 12 months is steadily rising. In Best’s report, ... Read the full article