Reinsurance News
Capital adequacy & higher interest rates key issues for US life insurers: Morgan Stanley
5th December 2022
Capital adequacy, free cash flow expectations, portfolio repositioning, and the impact of higher interest rates were among the key issues in US life insurers' discussions at the 2022 Virtual Insurance Corporate Access Day, says Morgan Stanley. During the Access Day, the firm spoke to senior executives from eleven different life insurers, ... Read the full article
DARAG receives approval for Part VII transfer with China Taiping
5th December 2022
DARAG Group has announced that its German insurance carrier - DARAG Deutschland AG, has received court approval to complete a Part VII transfer with China Taiping Insurance (UK) Co Ltd (CTI), a subsidiary of China Taiping Insurance Group. In December 2021, DARAG announced that it had signed an agreement for ... Read the full article
Moody’s turns negative on global P&C sector
5th December 2022
Rating agency Moody’s has decided to change its outlook for global property and casualty (P&C) insurers to negative from stable, citing high claims inflation, the gradual return of claims frequencies to pre-pandemic levels, and rising reinsurance costs. With weaker economic growth and competitive pressures hindering insurers’ efforts to push through offsetting ... Read the full article
AGCS appoints Chris Terry to global product lead for structured insurance in ART
5th December 2022
Allianz Global Corporate & Specialty (AGCS) has appointed Chris Terry to be its new global product lead for structured insurance in alternative risk transfer (ART). In his new role, Terry will focus on further developing the ART underwriting strategy and driving a globally consistent approach for structured insurance, while streamlining systems ... Read the full article
Consilium appoints Suzanne Bazire as COO
5th December 2022
Broker firm Consilium has appointed Suzanne Bazire to be its new COO. The company, part of The Aventum Group, said that this was its third new senior leadership appointment in as many months. Bazire will be responsible for leading the operations for Consilium across all of its people and processes. She will ... Read the full article
GNP Seguros names Alejandro Padilla Head of Reinsurance
5th December 2022
Mexico-based insurer Grupo Nacional Provincial (GNP), has appointed Alejandro Padilla Mariscal as Head of Reinsurance. GNP Seguros is one of the largest insurers in Mexico providing insurance policies that cover life, damage and accidents among others. In addition, the company is also active in the provision of reinsurance services. Padilla Mariscal has ... Read the full article
ICAT names Cashman Interim Leader as CEO Butler departs
5th December 2022
Catastrophe focused underwriting manager ICAT (International Catastrophe Insurance Managers LLC), has appointed Ashleigh Cashman as Interim Leader of ICAT, effective immediately. While she steps into this role, Cashman will also be keeping her responsibilities as Chief Underwriting Officer. Cashman replaces President and CEO, Greg Butler. At this time ICAT has not confirmed ... Read the full article
AM Holding Company launches new E&S lines carrier
5th December 2022
AM Holding Company has announced the launch of AM Specialty Insurance Company (ASIC), an Arizona-authorised domestic excess and surplus (E&S) lines carrier and accredited reinsurer based in Dallas, Texas. According to the announcement, this new entity joins the group’s other insurance subsidiaries, AM RE Syndicate and AM Star Claims, as the ... Read the full article
Insurers should adjust for current high-inflation environment: WTW
5th December 2022
A new note from WTW suggests that insurers should look at their reserving, investment, and pricing strategies, alongside their approach to portfolio management, in order to best place themselves in the current high-inflation environment. The article, ‘What does inflation mean for the insurance market?’, published on the WTW site, says that ... Read the full article
Connect Underwriting launches Pixel Re for $500m+ property & downstream energy risks
5th December 2022
Specialist reinsurance MGA, Connect Underwriting Limited, has announced the launch of Pixel Re, a new dedicated monoline reinsurance vehicle for global property and downstream energy risks. For attachments of typically USD 500 million and above, the newly launched Pixel Re will offer facultative reinsurance for large multinational risks on an excess-of-loss ... Read the full article
R&Q Accredited completes loss portfolio transfer
5th December 2022
R&Q has completed a loss portfolio transfer worth $60m to its a- (IX) rated carrier, Accredited Surety and Casualty Company, Inc. According to the firm, the reinsurance transaction provides the California-based pool with economic finality for approximately $60m of reserves related to legacy General Liability, Employment Practices Liability and Auto Liability ... Read the full article
AXIS launches Specialty Package Policy for manufacturing sector
5th December 2022
AXIS’ Environmental business unit has announced the launch of a Specialty Package Policy for manufacturers (SPPm). It offers an integrated environmental and general liability coverage for the manufacturing sector. Exposures covered by the new policy include those associated with manufacturing, distribution, warehousing, and processing operations, as well as waste storage, treatment, ... Read the full article
Spanish insurance sector outlook to remain neutral: Fitch
5th December 2022
Fitch Ratings’ 2023 sector outlook for Spanish insurance is neutral, as the sector should maintain its strong credit fundamentals in both life and non-life insurance, according to the rating agency’s latest Outlook for the sector. Fitch expects technical margins of the non-life sector to deteriorate in 2023 due to high inflation, ... Read the full article
Marsh McLennan Agency acquires McDonald Zaring Insurance
5th December 2022
Marsh McLennan Agency (MMA), a subsidiary of Marsh, has announced the acquisition of McDonald Zaring Insurance (MZI), a US full-service agency located in Walla Walla, Washington. Terms of the acquisition were not disclosed. Founded in 1932, McDonald Zaring Insurance serves individuals and businesses across various industries and sizes, including agri-business, wineries, financial ... Read the full article
Loss of biodiversity seen to impact industry less than other risks: Geneva Association
5th December 2022
A loss of nature and biodiversity is perceived as less of a risk in terms of its impact to the re/insurance industry than other factors within the next five years, says a new report from The Geneva Association. The organisation said that it had spoken with twenty-five firms within the industry ... Read the full article