Reinsurance News
Quarter of Russian crude oil shipments in December used western insurance
29th December 2022
According to a Financial Times analysis of shipping and insurance records, around a quarter of Russian seaborne crude oil shipments since restrictions started on December 5 were insured by western companies. Based on an analysis of data from Kpler, the Financial Times report states that 18 Russian crude oil cargoes have ... Read the full article
Arthur J. Gallagher acquires Brazil-based Interbrok Group
29th December 2022
Arthur J. Gallagher & Co. has announced the acquisition of São Paulo, Brazil-based Interbrok Group for an undisclosed price. Interbrok Group is a retail insurance broker founded in 1976, which offers a variety of commercial and personal insurance products and services to clients throughout Brazil. Following the acquisition, Angeles de Magalhães, Anselmo ... Read the full article
Crédit Agricole signs non-life partnership with Banco BPM in Italy
29th December 2022
Crédit Agricole S.A. has announced that Banco BPM (BBPM) and Crédit Agricole Assurances (CAA), a subsidiary of Crédit Agricole S.A., have signed a binding Term Sheet for the establishment of a long-term bancassurance partnership in Italy to provide non-life insurance products and related services through BBPM distribution networks. Under the partnership, ... Read the full article
Insured weather losses in Germany reach €4.3bn in 2022: GDV
29th December 2022
The German Insurance Association (GDV) has reported that German catastrophe and weather insured losses amount to an estimated €4.3 billion in 2022, making it an average claims year for the industry. Severe weather such as storms and heavy rain regularly caused severe damage to buildings and cars this year, with the ... Read the full article
Hurricane Ian claims data shows cost to insurers of almost $12.6bn: FLOIR
29th December 2022
The Florida Office of Insurance Regulation (OIR) has released an updated insured loss estimate based on claims data submitted by primary insurers in the state following hurricane Ian, which now totals at almost $12.6 billion. According to data, there have been approximately 669,639 claims filed in Florida after hurricane Ian so ... Read the full article
Japanese insurers in talks with reinsurers to resume coverage in Russian waters
29th December 2022
Japanese insurers, Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance, which are all set to halt marine coverage of risks related to the war in Ukraine starting next month, are in talks with reinsurers to resume those operations. The three insurers told shipowners that they would ... Read the full article
QBE Asia’s P&I office rebrands to British Marine
29th December 2022
QBE Asia has announced that its protection and indemnity (P&I) office in Singapore will be rebranded as British Marine, as of January 1, 2023. QBE acquired British Marine in 2005. Founded in 1876, it is the largest fixed P&I insurance provider, specialising in marine insurance for owners of small, medium-sized and ... Read the full article
Christian Aid urges climate action as largest events all surpass $3bn mark
28th December 2022
Relief and development agency Christian Aid has called for more urgent action to combat climate change, as its data shows that all ten of the most costly extreme events surpassed $3 billion in losses this year. The organisation linked the trend of growing losses to the influence of the climate crisis, ... Read the full article
Reinsurers pull Ukraine ship cover for American Club
28th December 2022
The American Steamship Owners Mutual Protection and Indemnity Association, Inc. (the American Club) has announced that its reinsurers have served a notice to cancel certain war risk exposures related to the conflict between Russia and Ukraine. The American Club, a US-domiciled mutual protection and indemnity club, says that it in turn ... Read the full article
Cyber attacks set to become “uninsurable” suggests Zurich’s Greco
28th December 2022
In an interview with the Financial Times, Zurich CEO, Mario Greco, has warned that cyber attacks will become “uninsurable” as the disruption from hacks burgeon. “What will become uninsurable is going to be cyber,” Greco said, “What if someone takes control of vital parts of our infrastructure, the consequences of that? ... Read the full article
US insurers’ structured securities holdings rise continues amid uncertainty: AM Best
28th December 2022
According to AM Best, insurers continued to follow a years-long trend by increasing their structured securities investments in 2021, with 3% growth YoY to $1.14 trillion, though indications portray an uncertain picture for 2022 as issuances have dropped significantly. AM Best notes that despite the overall increase in holdings, insurers’ allocations ... Read the full article
Prosperity still interested in American Equity takeover at better terms
28th December 2022
Prosperity Group Holdings has released a statement affirming that it remains interested in acquiring life and annuity insurer American Equity, despite the company having rejected a recent takeover bid. On December 8th, Prosperity made an offer to acquire American Equity Investment Life Holding Company (AEL) in an all-cash transaction at $45.00 ... Read the full article
US winter storm likely to drive multi-billion re/insured loss
28th December 2022
Global insurers and reinsurers look set to incur costs stretching into the multi-billion-dollar range from the ongoing winter storm and severe cold weather impacting the United States and Canada. The storm, which has been labelled the “blizzard of the century,” has brought record low temperatures to parts of Montana, Pennsylvania, and ... Read the full article
Justin Cohen to become Ategrity Specialty Insurance new CEO
28th December 2022
Justin Cohen, Deputy CEO of Ategrity Specialty Insurance, risk and insurance solutions provider, is succeeding Mike Miller as the company’s CEO - effective January 1, 2023 - , according to a recent announcement. Cohen has led the evolution of Ategrity’s business in the excess and surplus lines (E&S) market, including an ... Read the full article
California earthquake to cause $600m of economic loss in Humboldt County: RMSI
28th December 2022
According to global GIS and geospatial technology company, RMSI, a 6.4 magnitude earthquake that jolted the northern coast of California near Ferndale on 20 December is set to cause $600 million of economic loss in Humboldt County. RMSI states that the earthquake occurred in the vicinity of the Mendocino triple junction, ... Read the full article