Reinsurance News
Miller hires Matthew Keeping as Head of P&C
30th January 2023
Specialist re/insurance broker, Miller has appointed Matthew Keeping as Head of Property & Casualty (P&C), where he will report to Tim Norman, Managing Director, Miller UK. He succeeds Mike Papworth who was recently appointed to the new dual role of Managing Director of Miller International and Chairman of P&C, following ... Read the full article
Suncorp warns New Zealand floods could trigger its reinsurance
30th January 2023
Suncorp has warned that the flooding currently affecting Auckland and the North Island in New Zealand could trigger its reinsurance cover. At least 4 people have died with around 350 needing replacement accommodation as a state of emergency order continues. Residents in the affected areas have been told by authorities to brace ... Read the full article
Howden sees record organic growth, 60% rise in revenue for FY22
30th January 2023
Global re/insurance broker, Howden Group Holdings, has announced record organic growth of 19%, and a 60% rise in revenue to £1.84 billion for the year ended September 30th, 2022. Organic growth of 19% is in line with the previous year and is a result of new client wins and fresh talent ... Read the full article
Reinsurers fared well during Jan renewals and pricing momentum will persist: S&P
30th January 2023
While all parties found the January 1st, 2023, reinsurance renewals very challenging, reinsurers were disciplined and fared well on the back of further market hardening, and it's expected that reinsurance pricing momentum will continue for the upcoming renewals in 2023, according to S&P Global Ratings. "It appears that the hard market ... Read the full article
Global insured losses from natural catastrophes in 2022 seen at $140bn by Gallagher Re
30th January 2023
For the fifth year since 2017, insurance and reinsurance industry losses from natural catastrophe events exceeded the $100 billion threshold in 2022 at a huge $140 billion, reports reinsurance broker Gallagher Re. The broker's 2022 Natural Catastrophe report, published today, notes another year of complex natural disaster events in 2022, which ... Read the full article
reThought Insurance completes $10.5m funding round
30th January 2023
Technology-centric flood MGA, reThought Insurance has raised $10.5 million in a Series B funding round, which closely follows a successful $15.5 million round last summer. According to the announcement, the capital expansion will be used to extend the distribution of its advanced commercial and High Net Worth flood insurance products, and ... Read the full article
Grant Thornton Ireland adds Bermuda’s Arthur Morris & Company to network
30th January 2023
Professional services giant, Grant Thornton Ireland has announced that Bermuda firm, Arthur Morris & Company Limited, will join its network in a move that will support the expansion of its services and industry focus to its clients. The announcement comes as Grant Thornton continues to drive its international footprint. Grant Thornton Ireland ... Read the full article
Re/insurers can help accelerate net zero by facilitating capital: Aon’s Dudley
30th January 2023
As the re/insurance industry is feeling the emerging impacts of climate change, it also has the opportunity to help solve the climate crisis by matching capital to risk where it’s needed - such as via clean tech solutions, by de-risking projects and technology development -, Richard Dudley suggests. Aon’s Global Head ... Read the full article
Toa Re’s core companies downgraded to ‘A’, outlook remains stable: S&P
30th January 2023
S&P Global Ratings has lowered from 'A+' to 'A', its financial strength and long-term issuer credit ratings on Toa Reinsurance Co. and its two oversea subsidiaries, US-based Toa Reinsurance Co. of America and Switzerland-based Toa 21st Century Reinsurance Co. Ltd. The outlooks on the ratings remain stable. S&P said that the ... Read the full article
Insurtech Betterview raises new funding round
30th January 2023
Betterview, an insurtech company that allows insurers to identify and manage real property risk, has announced it has completed a new round of funding of undisclosed amount. Backers included existing investors EMC Insurance, Guidewire Software, Nationwide, MaidenRE, and ManchesterStory. The company intends to use the funds to continue its growth, support the ... Read the full article
Tesla Insurance forcing competitive rates from peers, says Musk
27th January 2023
Tesla CEO Elon Musk has said that his company’s insurance offering has already made a significant impression on the market, with other large car insurers having been forced to offer better rates for Tesla vehicles. Speaking during a Tesla Q4 earnings call, Musk also spoke to the “unreasonably high” repair costs ... Read the full article
Chaucer partners with Kita, Munich Re & RenRe to provide capacity
27th January 2023
Global specialty re/insurance group, Chaucer has announced its partnership with Kita, a carbon credit insurance specialist, to insure the delivery risk of carbon sequestration projects. The group is not only investing in Kita, but will also be providing lead underwriting capacity; follow capacity will be provided by Munich Re Syndicate and ... Read the full article
Direct Line Group CEO to step down
27th January 2023
Direct Line Insurance Group has announced that Penny James has agreed with the Board to step down as Chief Executive Officer and Director with immediate effect. The firm states that the Board is initiating a process to appoint a successor, noting that until that process is complete, Jon Greenwood, currently Chief ... Read the full article
AXIS lost <$10m of desired renewals after property cat exit: Benchimol
27th January 2023
AXIS Capital CEO Albert Benchimol has reported that his company feels “encouraged” by the fact it lost less than $10 million of desired renewals following its exits from property and property catastrophe reinsurance business. “In the end, we successfully balanced substantially all the non-property-related renewals that met our thresholds,” he said ... Read the full article
Quota share deal will not fix Direct Line’s problems: Berenberg
27th January 2023
Analysts at Berenberg have suggested that they aren't convinced Direct Line's recently announced quota share arrangement will fix all of its problems. Direct Line announced that it had executed the strategic reinsurance arrangement via the firm's principal underwriter, UK Insurance Limited on the 26th of January. Together, Direct Line said ... Read the full article