Reinsurance News
American Overseas reports $0.4mn net loss in Q3 results
3rd January 2023
American Overseas Group Limited has reported a net loss of $0.4 million for the third quarter of 2022, compared to a $1.8 million net loss from the same period last year. At the same time, the company's operating loss for the Q3 was $0.4 million, compared to last years loss of ... Read the full article
Significant increase in weather-related cat losses over last 20 years: CRESTA
3rd January 2023
CRESTA, the re/insurance industry organisation that provides a global standard for risk accumulation zones and cat industry losses, has released its Q4 update of the CRESTA Industry Loss Index (CLIX), highlighting a significant rise in weather-related catastrophe losses over the last 20 years. CRESTA states that the CLIX index provides industry ... Read the full article
Multi-decadal high reinsurance rate rises achieved at Jan 1, says Howden
3rd January 2023
A myriad of events came together and drove the hardest property catastrophe reinsurance market in a generation at the key, January 1st, 2023, reinsurance renewals, with structures and coverage terms at the forefront of negotiations, according to re/insurance broker Howden. The coalescence of geopolitical and macroeconomic shocks, the ongoing war in ... Read the full article
Teresa Schorstein joins Swiss Re CorSo’s Innovative Risk Solutions team
3rd January 2023
Swiss Re Corporate Solutions, the commercial direct risk underwriting arm of Swiss Re, has announced a new appointment to the Innovative Risk Solutions EMEA team. Schorstein has been appointed Senior Structurer, a role with a significant focus on structuring index and parametric insurance risk transfer products. She commented: “The world of risk, ... Read the full article
Great Wall Re cat bond issued in Hong Kong for PICC P&C
3rd January 2023
Chinese domestic insurer PICC Property and Casualty Company Limited has sponsored a $32.5 million Great Wall Re Limited deal to provide it with earthquake reinsurance in the third catastrophe bond issuance to be domiciled in and issued out ... Read the full article
SCOR appoints Fanny Rosset as Deputy CUO of Alternative Solutions
3rd January 2023
Global reinsurer SCOR has appointed Fanny Rosset as Deputy Chief Underwriting Officer of Alternative Solutions. Rosset joined the firm's Alternative Solutions team at the beginning of the year. Throughout her16 year tenure at SCOR, Rosset has held a variety of different roles, including Pricing Actuary for five years, Agriculture Underwriter for 11 ... Read the full article
RenRe names Cathal Carr as CUO – Europe
3rd January 2023
Bermuda-based RenaissanceRe has appointed Cathal Carr as SVP, Chief Underwriting Officer - Europe. In his new role Carr will lead market engagement and deal execution in the continent from RenRe’s London, Zurich and Dublin underwriting platforms. Additionally, he will also be focused on maintaining key client and broker relationships and enhancing the ... Read the full article
Reinsurance a “key part” of successful wind projects, says SCOR partner
3rd January 2023
Insurance and reinsurance are a “key part” of allowing renewable energy companies such as SSE Renewables to develop wind and other clean energy projects successfully, according to a senior figure at the SCOR partner. SSE Renewables has developed a partnership with SCOR over the past few years to provide coverage for ... Read the full article
Gallagher Re outlines “complex” and “frustrating” Jan renewals
3rd January 2023
Gallagher Re has described the January 1st reinsurance renewals as “complex and in many cases frustrating” as tense negotiations ran “down to the wire” and reinsurers restricted capacity and pushed for tough terms and pricing. The broker’s 1st View January reinsurance renewals report notes that the two areas of most constraint ... Read the full article
Swiss Re Corporate Solutions receives approval to establish Canadian branch
3rd January 2023
Swiss Re Corporate Solutions, the commercial direct risk underwriting arm of Swiss Re, has received federal regulatory approval to establish a Canadian branch of Swiss Re Corporate Solutions America Insurance Corporation (SRCSAIC). Effective from January 1, 2023, the new entity will be called Swiss Re Corporate Solutions America Insurance Corporation – ... Read the full article
Reinsurers to remain in the driver seat, says Stonybrook
30th December 2022
Reinsurance companies on year-end 2022 renewals are pushing rates, retentions, and terms and conditions onto buyers of protection, with sellers generally achieving 35% of greater risk-adjusted rate rises, according to analysis by Stonybrook Capital. The January reinsurance renewals season, which is now underway and expected to be prolonged, has been described ... Read the full article
MS&AD Ventures increases fund by $100mn to $300mn
30th December 2022
MS&AD Ventures, the Silicon Valley-based fund owned by MS&AD Insurance Group Holdings, has increased its fund size by $100 million, bringing the total amount of funds under management to $300 million. Since its establishment in October 2018 as the first CVC of a Japanese insurance company, MS&AD Ventures has invested in ... Read the full article
Japanese insurers resume Russian coverage after restoring reinsurance
30th December 2022
Some of Japan's largest non-life insurers look set to continue providing marine war insurance coverage in a major policy U-turn, following negotiations with reinsurers, and after pressure from the Japanese Government not to drop the business. Insurers including Tokio Marine & Nichido Fire Insurance, Sompo Japan Insurance and Mitsui Sumitomo Insurance ... Read the full article
Howden acquires Spanish broker, March Risk Solutions
30th December 2022
Insurance broker Howden has acquired 100% of Spanish insurance broker March Risk Solutions (March R.S.) and has signed an alliance with Banca March, March R.S.’s parent company and one of the region’s pre-eminent investment banks. Following the purchase, Howden Iberia will exceed €100 million in revenue, as well as €700 million ... Read the full article
Relation names Timothy Hall as President
30th December 2022
US insurance brokerage Relation Insurance Services has announced the promotion of Timothy J. Hall to the position of President. In his new role, Hall will be responsible for strategic growth initiatives, performance management, carrier management/broking, information technology, human resources, and legal. He will also continue to oversee Relation’s corporate development, acquisitions, and ... Read the full article