Reinsurance News
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
Aviation-focused investment manager Castlelake launches Bermuda reinsurer, Itasca Re
16th January 2023
Global, aviation-focused alternative investment manager, Castlelake, L.P., has established Itasca Re Limited in Bermuda, a new reinsurance company designed to provide insurance financing solutions to both buyers and owners of commercial aircraft assets. Castlelake specialises in asset-backed private credit, and has 17 years of experience investing in, financing, and managing aviation ... Read the full article
RGA & DigitalOwl form underwriting tech partnership
16th January 2023
Global life and health reinsurer, Reinsurance Group of America (RGA), and AI-focussed medical insurtech, DigitalOwl, have announced a collaborative partnership designed to support and streamline the underwriting process. DigitalOwl offers an innovative technology solution for analysing and summarising medical records for the insurance industry. The firm's Digital Underwriting Abstract (DUA) includes more ... Read the full article
Miller appoints Claire Connolly as Head of M&A
16th January 2023
Independent specialist re/insurance broker Miller, has appointed Claire Connolly as Head of M&A, to support the firm’s continued growth ambitions. Within this role, she will report to Ben Speers - Chief Corporate & Legal Affairs Officer. Connolly brings significant experience in M&A, corporate development, and finance in the insurance industry, towards her ... Read the full article
SCOR names Head of Business Model Development
16th January 2023
Lorcán Hall has been appointed as Head of Business Model Development & Corporate Foresight at French reinsurer SCOR. In this Zurich-based role, he will work to pilot and scale internal innovations and work with non-traditional partners to co-create risk and resilience solutions. These solutions will aim to deliver commercial and social benefits ... Read the full article
AM Best turns negative on Canopius ratings
16th January 2023
Rating agency AM Best has revised the outlooks to negative from stable for Canopius US Insurance, Inc. and Canopius Reinsurance Limited. At the same time, the rating agency affirmed both entities, which are wholly owned subsidiaries of Canopius Group Limited, a Financial Strength Rating of A- (Excellent) and the Long-Term Issuer ... Read the full article
Consilium appoints Paul Richards Co-CEO
16th January 2023
Consilium, the international broking re/insurance arm of Aventum, has announced that it has appointed Paul Richards to lead the business as Co-CEO. Richards will serve alongside long-time colleague James Baird, who was appointed CEO in November last year. Most recently, Richards operated as Executive Director and a member of Ed’s Executive Committee ... Read the full article
Velina Peneva appointed Group Chief Investment Officer at Swiss Re
16th January 2023
Reinsurance giant Swiss Re has announced that Velina Peneva will succeed Guido Fürer as Group Chief Investment Officer (CIO), effective April 1st, 2023. Currently, Peneva serves as Co-Head Client Solutions & Analytics in Swiss Re's Asset Management, having previously led Swiss Re's private equity investment mandate. Prior to joining the reinsurer in ... Read the full article
Renewals an opportunity for global aerospace insurance market to re-set: Gallagher
16th January 2023
The 2022/2023 aerospace reinsurance renewals season is a chance to re-set retention levels, policy conditions and pricing levels to enable the global aerospace (GA) insurance market to continue to serve its end-user client base, according to Gallagher analysts. This opportunity presents itself as this renewals season for the global insurance market ... Read the full article