Reinsurance News
Chubb gains greater market penetration in China with Huatai deal
19th December 2022
According to GlobalData, Chubb's increased stake in Huatai Insurance Group from 47.3% to 83.2% will allow the firm to bolster its life insurance business in the Asia-Pacific region, giving access to Huatai’s 19 million customer base and a network of 400 branches and 23,000 agents, spread across 20 out of ... Read the full article
AM Best turns positive on AIG, noting “steady improving trend”
19th December 2022
AM Best has revised the outlook to positive from stable and affirmed the Long-Term Issuer Credit Ratings of “bbb” (Good) of AIG, and has revised the outlooks to positive from stable for the Long-Term ICRs and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of ... Read the full article
McGill appoints Stochmal as Partner – Fac Reinsurance
19th December 2022
Re/insurance broker McGill and Partners has appointed Erin Stochmal as Partner - Facultative Reinsurance. Based in Chicago, Stochmal joins McGill and Partners from CNA Insurance, where she held the role of Underwriting Consulting Director Umbrella & Excess Within that role, she was responsible for developing and driving strategy for Lead Umbrella and ... Read the full article
ACORD study highlights key drivers of high performance among insurers
19th December 2022
Recent research by ACORD, the global standards-setting body for the insurance industry, highlights key drivers of high performance among top insurers, including the advantages of scale, the importance of talent and the unsustainability of relying on investment. The 2022 U.S. Property & Casualty Value Creation Study also underscored the importance of ... Read the full article
RenRe’s Fontana Re units get AM Best ratings
19th December 2022
AM Best has assigned ratings to Fontana Reinsurance and its US counterpart, two subsidiaries of the casualty and specialty venture recently launched by Bermuda reinsurer RenRe. Fontana Re has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent), and ... Read the full article
Reinsurance capacity strained with rates to increase 50% for US cat: Goldman Sachs
19th December 2022
A new note from Goldman Sachs around P&C insurance reports that reinsurance capacity is strained with rates potentially up by over 50% for US cat. The note arises from conversations the financial giant had with property and casualty insurers, that the firm said were ‘most optimistic’ with the current environment favourable ... Read the full article
Fenchurch announces new additions to its insurance disputes team
19th December 2022
Fenchurch Law, the UK legal firm focused on insurance coverage disputes, has announced it is expanding its London team with three new additions to its coverage disputes team. The team was set up to help level the playing field between policyholders and their insurers, when coverage disputes arise. Michael Robin is joining ... Read the full article
Skuld reports positive nine month result amid amiable claims environment
19th December 2022
Marine insurance provider Skuld has reported a positive result of $13.4 million for the first nine months of the 2022/23 financial year, an improvement of $33.9 million compared with the same period last year. According to the firm, gross premium and calls ended at $350.5 million, an increase of $41.5 million ... Read the full article
Trean Insurance Group agrees to be acquired by Altaris Capital Partners
19th December 2022
Trean Insurance Group has announced that it has entered into a definitive merger agreement with affiliates of Altaris, which currently owns approximately 47% of Trean’s outstanding common stock. The transaction, which implies a total equity value for Trean of approximately $316 million, is expected to close during the first half of ... Read the full article
Relation announces retirement of President & CEO, Ed Page
19th December 2022
Insurance brokerage, Relation Insurance Services has announced the retirement of President and Chief Operating Officer, Ed Page. The company stated that Page had initially planned to retire at year’s end, but continue on as a significant shareholder, board member, and strategic advisor. However, after a recent heart diagnosis, Page has decided ... Read the full article
WTW names Director of Corporate Risk & Broking activities for France
19th December 2022
Brokerage, consulting and software solutions firm WTW has announced the appointment of Florence Tondu-Mélique as the new Managing Director of WTW in France and as Director of Corporate Risk & Broking for France. Tondu-Mélique will be tasked with deploying WTW’s transformation and investments plans in France, reporting to Anne Pullum, President ... Read the full article
Vantage Risk joins as Observer & Participant in the MLT Committee
19th December 2022
Bermudian reinsurer Vantage Risk has joined as the latest Observer Member and participant in the Medium and Long Term (MLT) Committee of the Berne Union. The reinsurer was admitted as a member following a presentation of their business to the Berne Union Annual General Meeting in Kigali and a vote among ... Read the full article
Palomar planning to underwrite “uncorrelated” reinsurance
16th December 2022
Palomar Holdings, the California-headquartered specialty insurer that provides largely catastrophe exposed property products, is planning to begin underwriting some reinsurance lines that are "uncorrelated" with its broader portfolio. The company is a leading insurer of earthquake exposed residential and commercial property in the United States and also writes business exposed to ... Read the full article
Canadian crop hail industry provides record $10 billion coverage in 2022
16th December 2022
According to the Canadian Crop Hail Association (CCHA), the Canadian crop hail industry provided a record-setting $10 billion in coverage as producers purchased more insurance in the wake of increasing input costs, inflation and strong crop prices. The Association stated that producers who delayed purchasing hail coverage late in 2022 likely ... Read the full article
In our industry we rely on the past to have a glimpse of the future: Mican, PCS
16th December 2022
In an interview with Reinsurance News, Alex Mican, Director, Specialty Lines Product Development, PCS, Verisk Claims, suggested that given the events of the past year, having access to additional loss data sources will be vital to a successful January 1st renewal. Discussing what challenges specialty lines underwriters have faced this year, ... Read the full article