Reinsurance News
UN & NZIA launch target-setting protocol to accelerate transition to net-zero
17th January 2023
The United Nations-convened Net-Zero Insurance Alliance (NZIA) has launched its first Target-Setting Protocol at the World Economic Forum’s Annual Meeting in Davos, Switzerland. Version 1.0 of the Protocol will enable NZIA members to begin to independently set science-based, intermediate targets for their respective insurance and reinsurance underwriting portfolios in line with ... Read the full article
There’s reasons to be upbeat & positive on the MGA space, says Amwins’ Bernacki
17th January 2023
In an interview with Reinsurance News, Mark Bernacki, Chief Underwriting Officer of Amwins, suggested that he remains very upbeat and positive on the MGA/MGU world despite assessing that valuation expectations will trend down in 2023. Bernacki noted that the downward trend will be driven by a variety of factors. First noting ... Read the full article
Bermuda’s insurers can increase global resilience: PwC’s Wightman
17th January 2023
Arthur Wightman, PwC Bermuda territory and Insurance leader, has suggested that Bermuda’s insurers have a substantial opportunity to increase global resilience. Wightman's comments follow a PwC Global CEO Survey which polled 4,410 CEOs in 105 countries and territories, including Bermuda and the Caribbean region, throughout October and November in 2022. PwC's survey ... Read the full article
Catastrophe losses nearing agg trigger for Travelers as CEO sees exceptional underlying results
17th January 2023
U.S primary insurer Travelers has pre-announced estimated catastrophe losses of USD 459 million pre-tax (USD 362m after-tax), net of reinsurance, for the fourth quarter of 2022, but still expects to report an underlying, pre-tax underwriting gain of USD 723 million (USD 571m after-tax) for the period. Catastrophe losses for Q4 2022 ... Read the full article
Swiss Re’s Mumenthaler encouraged by net zero path as dynamics shift: WEF 2023
17th January 2023
As the World Economic Forum’s (WEF) Alliance of CEO Climate Leaders, which now includes 127 "seriously committed" executives from some of the world's largest companies, continues to make progress, Christian Mumenthaler, CEO of reinsurance giant Swiss Re, is seeing the tipping point. The WEF Alliance is a CEO-led community dedicated to ... Read the full article
Liberty Specialty Markets promotes O’Neill to CUO London
17th January 2023
Liberty Specialty Markets (LSM) has promoted Melanie O’Neill to the role of Chief Underwriting Officer (CUO) in London, effective immediately. Within her new role, O’Neill will hold responsibility for setting and delivering the underwriting strategy and annual underwriting plan for LSM’s London-based Commercial and Specialty business. Previously Chief Underwriting Officer, Commercial, O’Neill ... Read the full article
Oxbridge Re signs up new director
17th January 2023
Oxbridge Re Holdings Limited has appointed Arun Gowda to serve as an independent director on the Board of the Company, effective immediately. Gowda will also serve as a director of Oxbridge Reinsurance Limited (OxRe), subject to approval of the Cayman Islands Monetary Authority (CIMA). Oxbridge Re stated that Gowda’s appointment was made ... Read the full article
Moody’s turns positive on Zurich citing improved profitability
17th January 2023
Moody’s has upgraded the Aa3 insurance financial strength rating (IFSR) and debt ratings (A1 senior unsecured, A2(hyb) subordinated, A3(hyb) preferred stock) of Zurich Insurance Company Ltd ., the insurers outlook has been changed to positive from stable. Moody’s upgrade and change in outlook reflect the company’s improved profitability, which the rating ... Read the full article
Lloyd’s to achieve combined ratio of around 95% for 2022 & 2023: S&P
17th January 2023
Analysts at S&P Global Ratings have suggested that the Society of Lloyd's will report a combined ratio of around 95% at the year-end of 2022, anticipating the same for 2023. The rating agency noted that this prediction takes into account Lloyd's combined ratio of 91.4% at half-year 2022, while also considering ... Read the full article
SSIU names Andrew Fowles Chief Underwriting Officer
17th January 2023
South Shore Insurance Underwriters (SSIU), a niche, cat exposed, commercial and residential property surplus lines brokerage and MGA, has announced the appointment of Andrew Fowles as new Chief Underwriting Officer (CUO) Fowles brings a wealth of experience on the carrier side having worked in both Lloyd’s of London and the US ... Read the full article
MS Amlin launches $45mn Asia focused SPRV Phoenix 3 Re
17th January 2023
Specialty insurer and reinsurer MS Amlin, has announced that its Singapore-based operation, MS Amlin Asia Pacific Pte. Ltd (MS AAP), has launched a $45 million local special purpose reinsurance vehicle (SPRV); Phoenix 3 Re Pte. Ltd. This SPRV is a repeat of both the 2022 issuance $37.5 million Phoenix 2 ... Read the full article
WTW names Tony Yen Head of Taiwan
17th January 2023
Broking and solutions company, WTW has appointed Tony Yen as Head of Taiwan. Yen succeeds Charles Wang who retired from the role in December 2022. Overall, Yen, who joined WTW in 2015, brings over 20 years of risk engineering, risk management and insurance broking experience towards his new role. In addition to his ... Read the full article
WEF economists forecast global recession this year
16th January 2023
A majority of the World Economic Forum’s Community of Chief Economists expect a global recession in 2023, see geopolitical tensions continuing to shape the global economy, and anticipate further monetary tightening in the US and Europe. The forecast, published today at the World Economic Forum Annual Meeting in Davos-Klosters, Switzerland, shows ... Read the full article
International Group details reinsurance structure for 2023
16th January 2023
The International Group of P&I Clubs has completed its pooling and GXL reinsurance contract structure for 2023/24, securing coverage with only a “small increase in rates” for shipowners, despite challenging market conditions. To date, the IG has seen a benign pool claims environment for its 2022/23 program, but it notes that ... Read the full article
VIG Re announces host of transitions within its senior management team
16th January 2023
VIG Re, the reinsurance company of Vienna Insurance Group, has announced that Cristina Ferrari will become the new Chief Underwriting Officer, while Catrina Gemmerich will become the new Managing Director of VIG Re’s German Branch. VIG Re states that the changes to the leadership team come in accordance with the established ... Read the full article