Reinsurance News
US life and annuity market sees income boosted by 4.1% in 2022
22nd December 2022
A new note from AM Best says that total income in the US life and annuity market rose 4.1% during the first nine months of the year. This was driven, wrote the firm, by a 7% increase in premiums and annuity considerations along with a 2.6% increase in net investment income. Over ... Read the full article
Arthur J. Gallagher acquires BCHR Holdings for $660m
22nd December 2022
Arthur J. Gallagher & Co. has announced an agreement to acquire the partnership interests of BCHR Holdings, known as Buck, in the firm's largest HR benefits acquisition to date, valued at $660 million. Buck is a leading provider of retirement, HR and employee benefits consulting and administration services, primarily serving customers ... Read the full article
Sompo Intl. names Crozier Head of UK Retail Casualty
22nd December 2022
Sompo International, a global Bermuda-based specialty provider of property and casualty re/insurance, has appointed Christian Crozier as Senior Vice President, Head of UK Retail Casualty. Based in London, he will predominantly focus on the UK, and will have responsibility for leading the company’s retail casualty segment. Additionally, working alongside colleagues from other ... Read the full article
Insurance Europe backs integration of sustainability risks in Solvency II
22nd December 2022
Insurance Europe has published a report supporting the integration of further sustainability risks in Solvency II. Insurance Europe notes that although requirements for insurers to integrate sustainability risks into their investment, underwriting and reserving are already a part of Solvency II, the industry acknowledges the benefit of adding some further clarifications. It ... Read the full article
Sukoon’s Syndicate 2880 at Lloyd’s obtains its DIFC licence
22nd December 2022
Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia region, has granted an operating licence to Sukoon’s Syndicate 2880. The new office at DIFC will be led by Amey Masurkar as the SEO and Syndicate Manager. Mike Davies will head International Marine and ... Read the full article
AM Best upgrades Covéa ratings following PartnerRe acquisition
22nd December 2022
AM Best has upgraded the financial strength rating of Covéa Coopérations to A+ (superior) from A (excellent), and its long-term issuer credit rating to “aa-” (superior) from “a+” (excellent), while removing its status of under review with positive implications. According to the rating agency, the ratings reflect Covéa’s balance sheet strength, ... Read the full article
NN Group scales up net-zero efforts with Climate Action Plan
22nd December 2022
Dutch insurer NN Group, has published a Climate Action Plan which sets out a roadmap to reduce greenhouse gas (GHG) emissions to net-zero in its own operations by 2040, as well as in its investments and insurance underwriting by 2050. The plan also includes a further tightening of NN’s investment policies ... Read the full article
Property cat rates need to increase 50% to offset rising claims costs: EY
22nd December 2022
Next year will be a challenging time for home and motor insurers. At the same time, consultancy EY has suggested that property catastrophe reinsurance rates need to increase by 50% in 2023 to help combat climate change impact and restore profitability. Ben Reid, UK Head of Specialty Insurance at EY, commented: ... Read the full article
Verisk to acquire Sweden-based insurtech Mavera
22nd December 2022
Global data analytics provider Verisk, has agreed to acquire Mavera, a Sweden-based insurtech firm with a strong regional presence and established customer base for its personal injury claims management platform. According to the announcement, this addition further accelerates Verisk’s expansion in Continental Europe, and supports its continued growth as a technology ... Read the full article
Florida market policyholders surplus sees 23.5% deterioration in Q3: Gallagher Re
22nd December 2022
According to Gallagher Re's Q3 Florida Market Watch report, the state's personal property carriers are facing further turmoil this year, with policyholders surplus (PHS) down 23.5% from $12.0Bn to $9.2Bn across the group. Gallagher Re writes that all subgroups have had PHS decreases ranging from 23.5%-32.5% year-to-date, aside from the Florida ... Read the full article
Great American appoints Divisional Assistant VP within its Fidelity/Crime Division
22nd December 2022
Great American Insurance Group has appointed Kevin A. Henry as a Divisional Assistant Vice President within its Fidelity / Crime Division. Henry brings over 25 years of experience exclusively in the kidnap and ransom insurance field, towards the role. Within the role, he will focus on growing the company’s kidnap and ransom ... Read the full article
American Equity rejects takeover from Prosperity Life & Elliott
22nd December 2022
Life and annuity insurer, American Equity has confirmed that its Board of Directors has reviewed and rejected an unsolicited, non-binding proposal from Prosperity Group Holdings LP, and its principal shareholder, Elliott Investment Management L.P., to acquire American Equity in an all-cash transaction at $45.00 per share. The initial proposal was received ... Read the full article
Traditional re/insurers well-positioned in difficult tech market: Sprout.ai
21st December 2022
Roi Amir, CEO of insurtech Sprout.ai, has noted that traditional re/insurers that are able to leverage brand and technology will “be the winners” in 2023 and beyond, as tech start-ups continue to struggle amid a huge drop in funding across industries. Amir explained that 2022 has seen tech funding fall across ... Read the full article
Progressive announces updated Hurricane Ian property loss of $1bn
21st December 2022
The Progressive Corporation has released an update of its incurred property losses from Hurricane Ian, stating that prior to giving effect to reinsurance, its loss and allocated loss adjustment expenses (ALAE) are estimated to be $1 billion. According to the firm, this reflects a favourable development of $400 million from ... Read the full article
FG announces reinsurance sidecar to bolster portfolio growth
21st December 2022
Reinsurance and financial management holding company FG Financial Group has announced that its reinsurance subsidiary, FGRe, has formed a reinsurance sidecar, FG Re Investors I LLC, to provide collateralised capacity to support its growing reinsurance portfolio. According to the firm, the new reinsurance sidecar intends to raise third-party investor capital to ... Read the full article