Reinsurance News
NFIP claims paid for Hurricane Ian rises 28% to $2.2bn, reports FEMA
18th January 2023
As of yesterday, the National Flood Insurance Program (NFIP) had paid USD 2.2 billion in claims for Hurricane Ian, which made landfall in Florida as a major Category 4 storm in September 2022, an increase of almost 28% from the figure reported by the US Federal Emergency Management Agency (FEMA) on ... Read the full article
Christopher Evans to build out Howden CAP capability in APAC
18th January 2023
International insurance broker, Howden has announced the appointment of Christopher Evans as Executive Director, Howden CAP. Based in Brisbane, Evans joins the new division as it builds out its geographical footprint, bringing expertise and new capabilities for the benefit of clients in Asia Pacific. According to the announcement, with this appointment, Howden ... Read the full article
Arcadian & Aviva enter into a D&F property binding arrangement
18th January 2023
Bermuda-based Managing General Agent (MGA) Arcadian Risk Capital has announced that it has entered into a Direct and Facultative (D&F) Property binding arrangement with Aviva. The multi-year agreement, which was arranged by Inver Re, is set to support Arcadian's short tail book of technically-engineered, risk management business, written either as a ... Read the full article
AM Specialty bolsters underwriting operation with senior hires
18th January 2023
AM Specialty Insurance Company (ASIC), a domestic excess and surplus insurer and accredited reinsurer, has announced the appointment of Dominick Tassone Jr. as Chief Underwriting Officer, and Anne Hoffmans as SVP of Program Underwriting. Tassone, the newly appointed CUO, holds over four decades of primary insurance experience, having spent the last ... Read the full article
ARPC finalises $3.5bn terrorism retro program for 2023
18th January 2023
The Australian Reinsurance Pool Corporation (ARPC), which administers the country’s terrorism insurance scheme, has renewed its $3.5 billion retrocession program for 2023 at the same price as 2022. The retrocession, which totals around $3.5 billion, in addition to ARPC’s net assets and the $10 billion Commonwealth guarantee, provides over $14 billion ... Read the full article
CCR Re launches 157 Re sidecar for 2023 with 40% more capital raised
18th January 2023
CCR Re, the French state-owned reinsurer, has sponsored the fifth renewal of its 157 Re 23 sidecar vehicle, increasing the capital raised on the previous year despite an extremely tight retrocession marketplace. According to the reinsurer, it succeeded in increasing the capital raised by over 40% when compared to 2022, ... Read the full article
PIC completes £400mn buy-in for Amey OS Pension Scheme
18th January 2023
Pension Insurance Corporation plc (PIC) has concluded a partial buy-in transaction with the Trustee of the Amey OS Pension Scheme. PIC worked directly with Amey and the Trustee, insuring approximately £400 million of liabilities, covering the pensions of 3,473 members, which includes 1,938 deferred members. Amey is a UK-based infrastructure services and ... Read the full article
Mark Dyson takes on interim role as CEO of Lloyd’s Asia
18th January 2023
Insurance and reinsurance marketplace Lloyd’s has appointed Mark Dyson as Interim CEO of Lloyd's Asia and Country Manager Singapore, taking over from Thomas Haddrill. It was announced last month that Haddrill would depart Lloyd’s for a new role as Head of Broking for the CEEMEA region at WTW. Dyson, who currently ... Read the full article
Aegon gets shareholder approval for Dutch business combination
18th January 2023
Aegon, a Netherlands-headquartered multinational life insurance, pensions and asset management company, has announced that its shareholders have approved a move to combine certain of its Dutch businesses with insurer a.s.r. Shareholders voted to allow Aegon to combine its Dutch pension, life and non-life insurance, banking, and mortgage origination operations at a ... Read the full article
Miller names Moore Account Executive in its Sports & Entertainment team
18th January 2023
Independent specialist re/insurance broker Miller has announced the appointment of Steve Moore as an Account Executive in its Sports and Entertainment team. Moore holds over three decades of industry experience, having spent the majority of his career at SBJ, which has since become Marsh Commercial. Here, he was responsible for assisting with ... Read the full article
Insurtech Joyn Insurance gets $17.7m in Series A funding round
18th January 2023
Insurtech company Joyn Insurance has announced it exceeded its target with a $17.7 million Series A funding round led by OMERS Ventures, with participation from SiriusPoint, ManchesterStory, Cohen Circle, Avanta Ventures and several other private investors. Joyn launched in July of 2021, announcing a key partnership and investment agreement with the ... Read the full article
BMS acquires Austbrokers Coast to Coast to boost Australian presence
18th January 2023
Independent specialist insurance and reinsurance broker, BMS has acquired Austbrokers Coast to Coast (C2C), the specialist Australian corporate, business, and retail broker. Terms of the transaction have not been disclosed. Founded in 1982, C2C is based in Burleigh Heads on the Gold Coast in Queensland. The firm specialises in transport, construction, hazardous goods, ... Read the full article
Cyber and business interruption are top risks for 2023: Allianz
17th January 2023
Cyber incidents and business interruption have ranked as the biggest company concerns for the second year in succession, according to the 2023 Risk Barometer report by Allianz, with economic and energy risks also on the rise. Cyber and business interruption were both flagged as top risks by 34% of the 2,700+ ... Read the full article
Parametric flood insurer, FloodFlash launches in the US
17th January 2023
Parametric flood insurer FloodFlash has announced that it has entered into the US insurance market. After a devastating hurricane season in the US, policyholders have been waiting weeks, and in some cases, months, to receive claims to be able to rebuild their businesses and revive local economies. Moreover, in the wake of ... Read the full article
Xchange Benefits launches reinsurance MGU
17th January 2023
Xchange Benefits LLC, a managing general underwriter owned by Ambac Financial Group, has launched a new reinsurance MGU called Xchange Re Underwriting Agency. The new entity has signed a reinsurance underwriting management agreement with United States Fire Insurance Company to underwrite worldwide accident and health (A&H) reinsurance coverage. Xchange Re will underwrite ... Read the full article