Reinsurance News
US property cat reinsurance rates-on-line up 30.1% at January renewals: Guy Carpenter
2nd February 2023
The Guy Carpenter U.S. Property Catastrophe Rate on Line Index increased by a significant 30.1% at the January 2023 reinsurance renewals, taking rates to an all-time high, according to the latest data from the global reinsurance broker. Guy Carpenter, which is Marsh McLennan's reinsurance broking arm, has been ... Read the full article
Investments weigh on Markel through 2022, but underwriting stable
2nd February 2023
US re/insurer Markel Corporation has reported a comprehensive loss of $1.31 billion for 2022 as unrealized losses in the company’s investment portfolio continued to weigh heavily on results. However, underwriting profit remained stable for the year at $626.6 million on a combined ratio of 92%, including a return to profitability for ... Read the full article
Insurtech funding slumps by 57% in Q4: Gallagher Re
2nd February 2023
New data from reinsurance broker Gallagher Re shows that global insurtech investment declined by 57.0% to $1.01 billion in the fourth quarter of 2022, when compared with the previous quarter. According to the broker’s Global InsurTech Report, this means that insurtech funding is at its lowest quarterly point since Q1 2020. The ... Read the full article
Swiss Re targets improved efficiency with simpler set-up
2nd February 2023
Swiss Re, one of world's largest reinsurers, has announced plans to streamline its organisational structure, which includes splitting its Reinsurance Business Unit into P&C Re and L&H Re. Subject to regulatory approvals, the changes are effective April 3rd, 2023, and designed to simplify structures and improve efficiency and client experience. The new ... Read the full article
New EU cyber legislation directionally positive, neutral to credit ratings: Fitch
2nd February 2023
As new cybersecurity rules have recently come into force in the European Union, Fitch Ratings stated that, while they are directionally positive, enhancing cybersecurity postures from compliance with regulations is neutral to credit ratings. These rules include the NIS2 Directive, which replaces its 2016 predecessor NIS; the Resilience of Critical Entities ... Read the full article
Lockton appoints Ryan Willis to its UK Commercial Wholesale team
2nd February 2023
Independent insurance broker, Lockton has appointed Ryan Willis as Existing Business Team Manager within its Commercial Wholesale team, with immediate effect. In his new role, Willis will be responsible for leading and motivating the Wholesale Existing Business team. He will oversee the day-to-day operations and performance of the team, communicating the ... Read the full article
FTI Consulting appoints Senior Director for its Strategic Communications segment
2nd February 2023
FTI Consulting, Inc. has appointed Nathan Hambrook-Skinner as a Senior Director in the firm’s Strategic Communications segment. Hambrook-Skinner who will be based in London, joins FTI Consulting from Lloyd’s of London, where he previously led Brand, Marketing and Communications for the Americas from New York and London. He joined Lloyd’s in 2017 ... Read the full article
Farm Mutual Re goes live with Eurobase’s Synergy2 Reinsurance platform
2nd February 2023
Farm Mutual Re, a Canadian-owned reinsurer, has gone live with Eurobase’s Synergy2 Reinsurance Platform. Eurobase’s broad range of experience and commitment to significant, ongoing product investment were key factors in Farm Mutual Re’s vendor selection. Synergy2 is a leading released-based platform for reinsurance companies, enabling strategic growth in the digital age. Following this ... Read the full article
NEAM Limited promotes Graham Kirk to Managing Director
2nd February 2023
New England Asset Management Limited (NEAM), a provider of investment advisory services primarily to re/insurance companies, has announced the promotion of Graham Kirk to the role of Managing Director. Kirk joined NEAM Limited in 2010 as Investment Accounting Manager and Financial Controller, moving to NEAM Inc. in 2016 as a Client ... Read the full article
Reinsurance the smartest approach to cyber as AXIS gets more comfortable with the tail: CEO Benchimol
1st February 2023
After renewing its cyber treaty at the January 1st reinsurance renewals, AXIS Capital Holdings, the Bermuda domiciled global insurer and reinsurer, is "very satisfied" with the program it secured, as it continues to add more comfort around the tail risk, according to Albert Benchimol, President and Chief Executive Officer (CEO). Read the full article
Aspen joins UN-supported Principles for Responsible Investment
1st February 2023
Aspen Insurance Holdings Limited has announced that it has become a signatory of the United Nations-supported Principles for Responsible Investment (PRI). The PRI is a global network that consists of more than 5,000 different organisations that are committed to integrating environmental, social and governance (ESG) considerations into their investment decision-making and ... Read the full article
ICEYE’s nat cat insights now available in Esri GIS technology
1st February 2023
In an expanded partnership, ICEYE’s near-real-time flood data is now accessible via Esri's ArcGIS software, a comprehensive system for mapping and location intelligence. ICEYE has expanded its Esri Partner Network relationship to provide its users across the public and private sectors with direct access to near-immediate natural catastrophe insights at the ... Read the full article
Kingstone estimates Q4 cat losses of $3.66 million
1st February 2023
P&C insurance holding company Kingstone Companies has estimated net pre-tax catastrophe losses for the fourth quarter of 2022 of $3.66 million, primarily driven by Winter Storm Elliot. Barry Goldstein, Kingstone's Chairman and Chief Executive Officer suggested that the footprint of Winter Storm Elliott expanded to each of the geographies in which ... Read the full article
DUAL North America makes two leadership hires
1st February 2023
DUAL North America has announced two key leadership hires. The firm has appointed Ranjit Jaswal as Chief Risk Officer and Luke Wolmer as Senior Vice President of Actuarial and Data Analytics. In his role as Chief Risk Officer, Jaswal will lead the company’s risk and compliance vision and strategy. He will work ... Read the full article
Hiscox partners with reinsurtech Supercede
1st February 2023
Specialist global insurer Hiscox has partnered with reinsurtech software specialist Supercede for all 2023 outwards reinsurance placements. According to the announcement, this partnership will drive operational efficiencies and simplify complex placements for broker partners. Supercede’s reinsurance tools will allow Hiscox to capture data and confirm order terms to their broking partners and ... Read the full article