Reinsurance News
PartnerRe to target niche areas in direct lines expansion: CEO Bonneau
23rd December 2022
PartnerRe CEO, Jacques Bonneau, has suggested that while the firm remains a reinsurance-focused operation, its recently announced expanded direct insurance presence will provide opportunities to source and write risks that may not be available to it as a reinsurer and will complement its overall portfolio. As part of a strategic review ... Read the full article
MS Amlin announces new appointments to underwriting leadership team
23rd December 2022
Lloyd’s global re/insurer, MS Amlin has announced it is strengthening its underwriting leadership team with new appointments within the division. Grant Baxter has been appointed Interim CUO, effective 1st January 2023, in addition to his reinsurance responsibilities. He joined the business at the end of December 2022 as Head of Reinsurance, ... Read the full article
DARAG names Till Mathis Wagner head of M&A Europe
23rd December 2022
Legacy acquirer, DARAG Group has appointed Till Mathis Wagner as head of Mergers and Acquisitions in Europe, effective in the first quarter of 2023. He joins from Guy Carpenter where he was most recently managing director of strategic advisory Europe, a Munich-based role he has held for seven years. In this ... Read the full article
Bermuda market cat risk exposure up 10% through 2021
23rd December 2022
New catastrophe risk exposure data from the Bermuda Monetary Authority (BMA) shows that, for the year 2021, the net loss exposure assumed by Bermuda insurers increased by 9.76%, from $76.45 billion in 2020 to $83.92 billion. Analysts also reported that the gross loss exposure assumed increased by 8.03%, from $208.30 billion ... Read the full article
BMS valued at £1.75bn after investment from Eurazeo
23rd December 2022
Up to 34% of BMS Group’s share capital is to be acquired by French investment company Eurazeo, which together with an investment in the re/insurance broker of up to £355 million, takes its valuation to £1.75 billion. Eurazeo and its affiliates will join BMS alongside its existing shareholders British Columbia ... Read the full article
WTW report finds US commercial insurance prices up YOY
23rd December 2022
A new survey from WTW has found that prices for US commercial insurance increased again during the third quarter of the year. A statement from the firm said that it had compared prices charged on policies underwritten during Q3 2022 to those charged for the same coverage during Q3 2021. The aggregated ... Read the full article
HDI brings together its UK & Irish Distribution & Marketing teams
23rd December 2022
HDI has announced its Distribution and Marketing teams of its UK & Irish operations, HDI Global SE and HDI Global Specialty SE, are being brought together under one team. The move will come into effect January 1, 2023. HDI has appointed Oliver Davies to lead the new team as Director of Distribution ... Read the full article
Marsh names Siân French as Head of Coverage for Global Placement
23rd December 2022
Global insurance broker and risk advisor Marsh has announced the appointment of Siân French as Global Head of Coverage for Global Placement. Effective January 1, 2023, she will take up the new position, working closely with insurance partners to negotiate and provide consistent coverage and claims outcomes for clients. French has worked ... Read the full article
Howden acquires TV & film broker Assimovie in Italy
23rd December 2022
International insurance broker Howden has announced plans to acquire Assimovie, a television, film and advertising insurance broker in Italy. The acquisition will make Howden the largest TV and Film production broking house in Italy and represents its ambition to expand its Sport and Entertainment operations in Europe. Founded in 2013 by Valeria ... Read the full article
Property a market where reinsurers are firmly in control: JMP Securities
22nd December 2022
Following conversations with re/insurers and brokers in London ahead of the January renewals, analysts at JMP Securities have suggested the property market feels like a market where the reinsurers are firmly in control, and that this likely has legs beyond just the 2023 renewals. According to the analysts, through the discussions, ... Read the full article
Insurance rates to stay flat for Ukraine grain cargo shipments
22nd December 2022
Rates will not increase for Ukraine grain cargo insurance as the ‘AsOne’ Black Sea facility - which provides cover for shipments via Ukraine's grain export corridor - is to continue next year, Chris McGill, Ascot's head of cargo, told Reuters. Twenty-one insurers are part of the cargo insurance facility, led ... Read the full article
Great American announces two senior promotions
22nd December 2022
Great American Insurance Group has promoted Elizabeth B. Leaird and Kenneth B. Patrick to the role of Divisional President, effective January 3, 2023. Leaird will lead the Equine Mortality Division, whereas Patrick will lead the AgriBusiness Division. They both succeed Jeffrey A. Cruey, who will retire in March 2023 after 11 years of ... Read the full article
Munich Re’s MEAG & EDF Renewables NA close on two US energy projects
22nd December 2022
Munich Re’s global asset manager, MEAG, and EDF Renewables North America, have announced the closing on a strategic investment whereby a subsidiary of Munich Re acquired a 50% stake in two renewable energy projects in California, totalling 310 megawatts (MWdc) of solar and 50 MW / 200 MWh of battery ... Read the full article
Mixed profitability for US specialty insurers: Fitch
22nd December 2022
A new note from Fitch Ratings says that the US specialty insurers it examines have produced mixed results in terms of profitability for this month. The firm said it had looked at Factory Mutual Insurance Company (FM Global), Associated Electric & Gas Insurance Service (AEGIS), Attorney’s Liability Assurance Society, The Doctors ... Read the full article
KBRA turns negative on Heritage, cites losses & equity concerns
22nd December 2022
Rating agency KBRA has revised its outlook from stable to negative for super-regional property and casualty insurance holding company, Heritage Insurance Holdings (HIH), citing continued operating losses and a significant equity decline. Analysts downgraded their outlook for HIH and for operating subsidiary Narragansett Bay Insurance Company (NBIC), but maintained table ratings ... Read the full article