Reinsurance News
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
Allianz Commercial launches new model to support independent brokers
5th December 2022
Allianz Commercial has announced the launch of a new model to provide a consistent and tailored approach to broker relationships. In the new model, brokers will be segmented into three tiers - identified as Broker Partners, Prime Partners or Strategic Partners - and each will receive a unique package of support. Each ... Read the full article
Microinsurance Network adds 13 new members
5th December 2022
In the year it celebrates its 20th anniversary, the non-profit association Microinsurance Network (MiN), has welcomed 13 new institutional members, achieving more than 10% growth in membership for the second consecutive year. With these new 2022 additions, the MiN now has around 90 institutional members who come from across the entire ... Read the full article
Swiss Re looking at one of the most “positive outlooks” for a while at the April renewal season: Paul Murray
2nd December 2022
Swiss Re’s Chief Executive Officer Reinsurance Asia, Paul Murray spoke with Reinsurance News to share his thoughts on Swiss Re’s outlook for the upcoming Asia renewal season, as well as how he sees market conditions developing within reinsurance in Asia Pacific. Addressing Swiss Re’s outlook for the Asia renewal season, Murray ... Read the full article
AM Best revises Lancashire’s outlook to negative and affirms credit ratings
2nd December 2022
Global credit rating agency AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of Lancashire Holdings Limited and subsidiaries. According to the announcement, these ratings ... Read the full article
US P&C industry falls to $24.3bn underwriting loss through 9M: AM Best
2nd December 2022
The US P&C industry recorded a $24.3 billion net underwriting loss in the first nine months of 2022, down $17.9 billion from the prior year period, according to data from AM Best. The rating agency noted that 8.4% growth in net earned premiums and a 22.3% decline in policyholder dividends during ... Read the full article
Jencap names Ben Beazley EVP of National Accounts, Property
2nd December 2022
Jencap, an U.S. wholesaler specialising in Workers’ Compensation, has announced the appointment of Ben Beazley as Executive Vice President of National Accounts, Property. In his new role, Beazley will focus on the development and recruitment of talent along with the overall growth of Jencap’s property capabilities and revenue. He will report to ... Read the full article
Florida governor reaffirms target of stabilising state insurance market
2nd December 2022
Florida governor Ron DeSantis has reiterated his and his administration’s aim to improve the state’s insurance market in recent comments. DeSantis was speaking about the continuing work his administration is undertaking to stabilise the state’s insurance market. Recently, it was announced that the state is planning to undertake another Special ... Read the full article
Brian First named President of Arch Insurance North America
2nd December 2022
Arch has announced the promotion of Brian First to President of Arch Insurance North America from Chief Underwriting Officer (CUO) of Programs, Property and Specialty. In this newly created role, First will now have executive oversight over Arch Insurance’s business units and certain operations teams. He will continue to report to Matt ... Read the full article
Rising rates slow issuance in 2022 for US & Canadian life insurers: Fitch
2nd December 2022
According to a new report by Fitch Ratings, both US and Canadian life insurers are heading into 2023 in solid shape, despite more volatile capital markets and higher inflation drying up issuance in recent months. In the report, Fitch notes that throughout 2020 and 2021, insurers in the US and Canada ... Read the full article