Reinsurance News
Tokio Marine HCC promotes Vanesa Herrero to role of European CEO
24th November 2022
Tokio Marine HCC International has promoted Vanesa Herrero to the role of chief executive officer of Tokio Marine Europe. The firm said that the appointment follows the imminent departure of Christian Kanu who is leaving TMHCCI to take up a new role at a global insurer in his native Italy. In addition ... Read the full article
Consilium creates in-house claims team & names Nicola Chapman Head
24th November 2022
International re/insurance broker, Consilium, part of the Aventum Group, has announced that it has created a dedicated in-house claims team and has appointed Nicola Chapman to Head of Claims. Chapman holds almost two decades of claims experience working for independent brokers and joins Consilium from TUE, previously the Underwriting Exchange. In the ... Read the full article
Liberty Mutual Re names Ly Lam to newly-created Chief of Staff role
24th November 2022
Liberty Mutual Re has appointed reinsurance and retrocession expert Ly Lam to the newly-created role of Chief of Staff. In the new role, Lam will support the senior leaders to implement and execute the firm's strategic objectives. Liberty Mutual Re states that she holds a wealth of industry knowledge, and is experienced ... Read the full article
Ellie Horner takes over as Head of Ceded Reinsurance at Beazley
24th November 2022
Specialist insurer Beazley has named Ellie Horner as Group Head of Ceded Reinsurance, following the departure of William Mills to AGCS. Horner has served as Ceded Reinsurance Manager at Beazley since 2020. Prior to this, she spent 12 years working as a US Casualty Treaty Broker at Aon, having joined the firm ... Read the full article
Marsh to acquire majority share in Moroccan insurance broker Beassur Marsh
24th November 2022
Insurance broker and risk advisor, Marsh, has announced that it intends to exercise its option to acquire the majority of shares in Beassur Marsh, following its acquisition of a stake in the Moroccan insurance broker in June 2019. The Beassur Marsh team is headquartered in Casablanca and will become part of ... Read the full article
Capital constraints despite “very strong” pricing outlook for European reinsurance: JP Morgan
24th November 2022
Prices for the European reinsurance market are predicted to be at some of the highest levels seen in the last 30 years, according to JP Morgan analysts. According to the firm, some focused specialist reinsurers point to a pricing environment similar to the one seen post Hurricane Katrina. The JP Morgan ... Read the full article
Growth potential for cyber insurance market could be improved: CyberCube’s Bole
24th November 2022
There is a huge growth potential for the cyber insurance market, and more could be unlocked if re/insurers worked on a number of points to improve it, Rebecca Bole, CyberCube’s Head of Industry Engagement, suggested at AM Best's “Europe Insurance Market & Methodology Briefings”. Bole said: “I think that for future ... Read the full article
Sports insurance business expected to reach $600bn by 2025
24th November 2022
The global expansion of the professional sport industry combined with the varying type of its insurance needs, has resulted in the exponential growth of the sports insurance business in the past few years. DBRS Morningstar expects it to continue growing and to reach $600 billion in revenues by 2025. Currently, Lloyd's ... Read the full article
Etihad Credit Insurance & African Trade Insurance Agency sign reinsurance agreement
24th November 2022
Etihad Credit Insurance (ECI) and African Trade Insurance Agency (ATI) have signed a reciprocal reinsurance agreement to strengthen trade ties and boost exports between the two markets by providing trade credit insurance and trade finance solutions to businesses. The deal follows the Memorandum of Understanding (MoU) each entity signed in March ... Read the full article
Reinsurance returns to rise as sector runs counter to global economy: Howden’s Flandro
23rd November 2022
Analysts at international insurance broker Howden are forecasting that reinsurance sector returns will rise significantly in the next few years, with the sector set to grow in spite of – or perhaps even because of – the deteriorating global economic picture. Speaking as part of a Q3 insurance and earnings update, ... Read the full article
Vast majority of at risk homeowners doubt their wildfire coverage: NAMIC
23rd November 2022
A combined study from the National Association of Mutual Insurance Companies (NAMIC) and the Ohio State University has found that only 19% of nearly 600 homeowners across 10 states with an increased risk of fire are certain they have enough insurance to cover damages. Further, 59% of respondent homeowners in fire-risk ... Read the full article
Renewals is a time to move towards and not away from risk: Aon’s Marcell
23rd November 2022
This next renewals period is a time for reinsurers to move towards risk and not away from it in order to showcase what the industry does best, according to Andy Marcell, CEO of Aon Reinsurance Solutions. For more than 400 years, re/insurers have provided a vital foundation for economic trade and ... Read the full article
RAB welcomes proposed changes to India’s reinsurance rules
23rd November 2022
The Reinsurance Advisory Board (RAB) has responded to a consultation by the Insurance Regulatory and Development Authority of India (IRDAI) on a draft amendments to its reinsurance regulations. The IRDAI’s proposed changes on order of preference would deliver positive developments towards a more open and balanced reinsurance market, the RAB ... Read the full article
Personal Auto & Property lines premiums decrease YoY: Applied
23rd November 2022
Applied Systems has reported that quoted premiums for both Personal Auto lines and Personal Property lines decreased year over year in Q3 2022. The Personal Auto premium rate change decreased to 4.1% versus Q3 2021, though saw an increase of 4.1% versus Q2 2022. Meanwhile, the Personal Property premium rate change decreased ... Read the full article
Fannie Mae executes its eleventh and final CIRT transaction of 2022
23rd November 2022
Fannie Mae has executed its eleventh and final Credit Insurance Risk Transfer transaction of 2022, as part of its ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market. CIRT 2022-11 transferred $343 million of mortgage credit risk to private insurers and reinsurers. Rob Schaefer, ... Read the full article