Reinsurance News
Swiss Re & Carbonfuture partner to boost carbon removal market standards
1st December 2022
Reinsurance giant Swiss Re and carbon removal tracing platform Carbonfuture, have signed a multi-year offtake agreement to support high-quality standards in the biochar carbon removal market. Carbonfuture suggests that the partnership is among the largest biochar agreements ever signed, and further highlights the relevance that trustworthy approaches to carbon removal credits ... Read the full article
Financial leverage of European insurers rises to record high, says Moody’s
1st December 2022
A new note from Moody’s says that the financial leverage of Europe’s leading insurers rose to a record high of 28.2% on average in the first half of the year. The firm said that there had been a rise of 483 basis points over that time, with the increase reflecting a ... Read the full article
Hurricane Ian drives nat cat year-to-date losses to $115bn: Swiss Re
1st December 2022
According to the Swiss Re Institute, Hurricane Ian, alongside the winter storms in Europe, flooding in Australia and South Africa, and hailstorms in France and the US, have resulted in an estimated $115 billion of natural catastrophe insured losses this year to date. The re/insurance industry covered around 45% of the ... Read the full article
Convex Re Bermuda appoints Simons as deputy CEO, promotes Slater to CUO
1st December 2022
Specialty insurer and reinsurer Convex has appointed Paul Simons as deputy chief executive officer and has promoted Richard Slater to chief underwriting officer, subject to regulatory approval, at Convex Re. The firm said in a statement that both men will begin their roles this month and will be based in Bermuda. ... Read the full article
Validus Re to benefit from improving property cat reinsurance market
1st December 2022
The rapidly improving property catastrophe reinsurance market is a solid opportunity for American International Group (AIG) to more aggressively leverage the capabilities of Validus Re, the firm’s underwriting arm, said AIG CEO Peter Zaffino in conversation with KBW. Zaffino noted that the current property catastrophe reinsurance capacity shortfall, more closely resembles ... Read the full article
Munich Re estimates 2022 storm losses at $110bn, of which $65bn insured
1st December 2022
Reinsurer Munich Re has estimated that, following the 2022 North Atlantic hurricane season, overall losses from all storms amounted to around US $110 billion, with insured losses in the magnitude of $65 billion. Hurricane Ian alone is expected to generate losses of $100 billion, Munich Re said, with $60 billion of ... Read the full article
IFRS 17 adoption already impacting L&G operating profit: Berenberg
1st December 2022
A new note from analysts Berenberg says that next year’s adoption of IFRS 17 has led to Legal & General announcing a 20-25% reduction in its operating profit. The firm said that the incoming standard had led to a ‘dominance of annuities’ in Legal & General’s business model, becoming a key ... Read the full article
Actuaries highlight need for ethical use of AI in insurance
1st December 2022
While artificial intelligence (AI) promises faster and smarter decision making, the Actuaries Institute and the Australian Human Rights Commission (AHRC) worry about potential discrimination and highlight the need to prevent this. To address the issue, they created a Guidance Resource designed to help insurers and actuaries to comply with the federal ... Read the full article
Italian non-life insurance outlook deteriorating, life neutral: Fitch
1st December 2022
According to Fitch Ratings, the outlook for Italian insurance in 2023 is deteriorating for the non-life sector, while life remains neutral. Fitch's non-life sector outlook is deteriorating due to the expectation of an inflation-related increase in claims cost to hitting non-life insurers’ profitability, notably in motor insurance. Alberto Messina, Director of EMEA ... Read the full article
AssuredPartners acquires Alpine Insurance Associates
1st December 2022
Insurance broker, AssuredPartners, has acquired Alpine Insurance Associates, located in Reno, NV. Alpine’s team will remain under the operational leadership of President, Chris Gonfiantini and Vice President, Ryan Garaventa. Gonfiantini, commented: “In addition to Alpine’s cutting-edge products and competitive pricing, building honest relationships has always remained at the forefront of what we ... Read the full article
Automation changing how insurers interact with consumers: PwC
1st December 2022
A new report from PwC Middle East has highlighted several key trends that are expected to make an impact on the future of the Middle East’s insurance industry. One of the key trends that the report addresses is how automation and artificial intelligence (AI), and how they are changing the way ... Read the full article
DA Strategy names Paul Uprichard Executive Director
1st December 2022
DA Strategy, a specialist Delegated Authority consultant and MGA Accelerator, has announced it is strengthening the company’s specialist offering to the London market with the appointment of Paul Uprichard as an Executive Director. He is joining the firm after working at Sompo International for six years as Head of Delegated Underwriting. ... Read the full article
Wejo and Ford partner to expand end-to-end insurance offering
1st December 2022
Wejo,a provider of software solutions for smart mobility, has teamed up with Ford Motor Company to expand its end-to-end insurance offerings across the US. Through this partnership, Wejo will have access to personalized connected vehicle data from Ford vehicles in the US, which were obtained with customer consent. According to Wejo, this ... Read the full article
Aon appoints head of transaction solutions for Sub-Saharan Africa
1st December 2022
Aon has appointed Maakopi Reason Maredi as head of transaction solutions for the Sub-Saharan Africa region. The firm said in a statement that Reason will be based in Johannesburg and joins the firm from Webber Wentzel, where she was a corporate partner and gained broad corporate and commercial transactional experience. Prior to ... Read the full article
Owners of re/insurance broker BMS said to be considering £600m sale
30th November 2022
Reports suggest that investment firms British Columbia Investment Management Corp. (BCI) and Preservation Capital Partners are mulling the sale of global insurance and reinsurance broker BMS Group. According to a Bloomberg report, citing people familiar with the matter, a sale of BMS could value the broker at more than £600 million ... Read the full article