Reinsurance News

Nexus Underwriting establishes new financial lines division

23rd June 2022

Independent specialty MGA Nexus Underwriting has announced the formation of a new financial lines division, called Nexus Frontier. Frontier is a new financial lines MGA structure for Nexus, where fronted insurance arrangements will be housed in the new division. Nexus will be utilising Accredited Insurance (Europe) Limited as its fronting partner, supported ... Read the full article

Promising outlook for aviation insurance: Swiss Re Institute

23rd June 2022

Despite recent challenges, the outlook for the aviation insurance industry looks promising, with an estimated premium growth of 4-5% per year to 2030, according to a new report by Swiss Re Institute. In addition to this, with airlines' investment in greener and safer new aircraft, the Institute sees growing opportunities for ... Read the full article

Parsyl opens office in London, hires underwriting team

23rd June 2022

Parsyl, a provider of insurance for essential supply chains, has announced that it has opened an office in London, and has hired a team of industry-leading marine cargo professionals to serve Lloyd’s open market via Parsyl’s Syndicate 1796. Joining the company are Kristopher Kimble, Director of Aon, Henry Wood, Partner at ... Read the full article

Cowbell releases Q2 Cyber Round-Up 

23rd June 2022

Cowbell Cyber has announced the results of its Q2 cyber insurance risk report, the Cowbell Cyber Round-Up. The report offers insight into and rationale behind cyber insurance for SMEs. A recent survey by GlobalData found that many SMEs will leave themselves exposed to cyber risk in 2022 due to ... Read the full article

MIC Global gets Lloyd’s approval

23rd June 2022

MIC Global has received approval for Lloyd's Syndicate 5183 to commence underwriting, effective immediately. According to the firm, Syndicate 5183 will be managed by Asta through Lloyd's syndicate in a box (SIAB) platform. It said that it further cemented MIC Global as an international leader in providing embedded insurance solutions to ... Read the full article

MNK Re appoints Steven Oluoch to head up Kenya offering

23rd June 2022

MNK Re Limited, an independent broker of worldwide specialist risks into Lloyd’s, has appointed Steven Oluoch as Chief Executive of its new Kenya and East Africa office. Oluoch has over 30 years of experience in the Kenyan and COMESA markets, having most recently worked as Chief Executive for a prominent East ... Read the full article

Home insurer Openly secures $75m funding round

23rd June 2022

Homeowners insurance provider Openly, has closed a $75m Series C investment as part of its mission to empower independent insurance agents, according to the company. Backers include a mix of current and new investors, such as Advance Venture Partners, Clocktower Ventures, Obvious Ventures, Gradient Ventures, PJC Ventures, Techstars, and Mtech Capital. The ... Read the full article

Fairfax sells two pet insurance brands to JAB Holding

23rd June 2022

Fairfax has sold its interests in C&F Pet and Pethealth Inc. to JAB Holding Company in a deal worth $1.4 billion. Fairfax will receive $1.4 billion in the form of $1.15 billion cash and $250 million in seller notes.  As a result of the sale, JAB’s combined global ... Read the full article

Future is “here and now” – Chubb CEO Evan Greenberg

22nd June 2022

Speaking at the recent S&P insurance conference, Chubb Ltd. CEO Evan Greenberg says insurance companies that have declared net zero targets are overpromising and leave themselves vulnerable to litigation.  Chubb hasn't declared such a target, he added, because it can't imagine how to measure the carbon footprint of ... Read the full article

Lloyd’s revises its guidelines on catastrophe exposure and line sizes

22nd June 2022

Following a review, Lloyd’s has revised its guidelines on Catastrophe Exposure and Line Sizes.  A new requirement has been introduced to restrict the amount of tail risk that a syndicate can be exposed to. This operates as follows (depending on whether a syndicate has an internal model ... Read the full article

Safety National reorganises management structure

22nd June 2022

Safety National Casualty Corporation has announced changes to its executive management structure designed to support organisational growth. Mark Wilhelm, formerly Chairman and Chief Executive Officer (CEO), has become Executive Chairman and will be responsible for the management, development and effective performance of the company’s executive management team. He will share overall responsibility ... Read the full article

AXA XL appoints Ravi Pachai to new CRO role

22nd June 2022

AXA XL has appointed Ravi Pachai to be its new chief risk officer for Bermuda and North America, Reinsurance. Announced over LinkedIn, Pachai has been with the company for over seven-and-a-half years. He joined the firm in January 2015 as its Bermuda catastrophe modelling manager before becoming an underwriting actuary, his incumbent ... Read the full article

CoreLogic reports NY and Miami have most homes at risk of storm damage

22nd June 2022

CoreLogic has said that New York and Miami have the most homes at risk of storm surge damage, alongside the highest reconstruction cost value. According to the firm, its 2022 Hurricane Report shows that nearly 7.8m homes with more than $2.3tn in combined reconstruction cost value (RCV) are at risk of ... Read the full article

Ledger Investing raises $75mn in Series B Funding to democratize Insurance Risk Capital

22nd June 2022

InsurTech start-up, Ledger Investing has announced that it has raised $75 million in Series B funding led by WestCap, with participation from Teachers’ Venture Growth and Intact Ventures, and previous investors: SignalFire, MassMutual Ventures, Allegis Capital, and Accel. Ledger Investing will use the funds to accelerate revenue growth across its insurance-linked ... Read the full article

US cyber liability market continues growth trend

22nd June 2022

Direct premiums written in the US cyber liability market continued to grow in 2021, seeing a 75% increase, far outpacing that of the overall property/casualty insurance industry.  However, according to an AM Best report, there has been a 16% increase in claims and just a modest reduction in the loss ... Read the full article