Reinsurance News
RIMS replies to FIO on federal cyber backstop
28th November 2022
The Risk and Insurance Management Society (RIMS) has written to the Federal Insurance Office (FIO) in response to legislative dialogue regarding a federal backstop for large-scale catastrophic cyber incidents impacting infrastructure. The eight-page letter from RIMS says that a recent survey of its members shows that they overwhelmingly support a federal ... Read the full article
Corvus hires Joe Duplock as manager of underwriting
28th November 2022
Cyber insurer Corvus Insurance has hired Joe Duplock to be its new manager of underwriting. Duplock made the announcement on LinkedIn, saying that he had begun working for the firm this month. He is based in London. Prior to moving to Corvus Insurance, Duplock spent nearly four years at AXA XL, ... Read the full article
Interest rates reduce value of insurer securities: Moody’s
28th November 2022
A new note from Moody’s says that the movement of interest rates this year has reduced the carrying value of fixed income securities held by insurance companies. This, said Moody’s, has lowered reported equity for insurers that mark such securities to fair value. However, it said that its credit analysis focuses ... Read the full article
Hard property cat reinsurance market to support 2023 margins: Fitch
28th November 2022
According to Fitch Ratings, reinsurance rates for property catastrophe business should increase by over 10% at the January renewals, supporting underwriting margins against rising claims from high inflation and climate change. Further, increasing prices and higher reinvestment yields will help offset the effects of rising claims inflation and lower asset values, ... Read the full article
CelsiusPro partners with Global Earthquake Model Foundation
28th November 2022
Swiss InsurTech CelsiusPro has announced it has partnered with Global Earthquake Model (GEM) Foundation to enhance earthquake modelling capabilities and products. Based on GEM models, CelsiusPro will generate stochastic long-term earthquake catalogues and corresponding shake maps for different ground motion parameters. Dr Alireza Khodaverdian, Earthquake Risk Specialist at CelsiusPro, explained that the ... Read the full article
Aon hires Senior Marine Broker within Reinsurance Solutions division
28th November 2022
Re/insurance broker Aon has appointed Ronnie Tyler as a Senior Marine Broker in the firms Reinsurance Solutions division. Tyler joins Aon from Gallagher Re, where he previously served as a Divisional Director for just under four years. Prior to that role, he served as a marine and energy reinsurance broker for ... Read the full article
Miller makes three senior hires for Solicitors’ Professional Indemnity team
28th November 2022
Re/insurance broker Miller has announced three senior hires for its Solicitors’ Professional Indemnity (PI) team. Kerry Greenwood, Marianne McWilliams and Louise Chagas have all been appointed, and they will each report into Zarina Lawley, Head of Solicitor’s PI, and will lead the expansion of Miller’s offering beyond London into the North ... Read the full article
Suncorp appoints Rachel Yao to new reinsurance role
28th November 2022
Suncorp Group has appointed Rachel Yao to the position of reinsurance manager for group RI strategy. Yao, who has been with the firm since July 2019, began her new role last month. She had, for over three years, served as senior capital and reinsurance specialist at the firm. Prior roles include ... Read the full article
Insurance fraud costs $308.6bn annually, coalition reports
28th November 2022
The Coalition Against Insurance Fraud has released a report estimating that annually, insurance fraud costs the US $308.6 billion. In 1995, the Coalition estimated this number at $80 billion, though at the time, only the property & casualty insurance line was considered. The present report addresses all lines of insurance and is ... Read the full article
Marsh hires Billy Aldous as Vice President, Cyber
28th November 2022
Broker and risk advisory firm, Marsh, has appointed Billy Aldous as Vice President, Cyber. Aldous joins Marsh from McGill and Partners, where he served as a reinsurance broker. Prior to McGill and Partners, Aldous spent three years working at AIG, where he held the role of Assistant Ceded Reinsurance Manager, where he ... Read the full article
Milliman launches new asset/liability management software
28th November 2022
Global consulting and actuarial firm Milliman has announced the release of Milliman Agile ALM, a software package that makes asset/liability management (ALM) and stochastic valuation accessible to insurers, helping them comply with Solvency II, IFRS 17, and other requirements. The firm states that, unlike traditional dynamic ALM models, Milliman Agile ALM ... Read the full article
Fidelis gets regulatory green light for MGU launch
28th November 2022
Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited, has received regulatory approval from all relevant regulators to create a new Managing General Underwriter (Fidelis MGU), separate from its existing balance sheet insurance companies. Approvals or non-objections have now been received from the FCA and PRA in the UK, CBI ... Read the full article
Tysers appoints Andrew Kendrick as new non-exec chair
28th November 2022
Tysers Insurance Brokers has appointed Andrew Kendrick to be its new non-executive chair. The firm said that Kendrick will take up his position from the beginning of December, pending regulatory approval. In the meantime, Peter Haynes will remain as chair until the FCA gives approval. Kendrick is a former non-executive director of ... Read the full article
Changes to the market following Solvency II reforms will be a gradual process: Aon
28th November 2022
Following the UK Government's response to consultations over changes to Solvency II, re/insurance broker Aon has released a report highlighting the potential impact on the market, noting it will be a gradual process rather than an observable one as insurers change behaviours and optimise strategies. According to Aon, the primary legislative ... Read the full article
Markel Intl. merges professional & financial risks division with expanded cyber team
28th November 2022
Markel International, a subsidiary of Markel Corporation, has announced that it will merge its professional and financial risks (PFR) division with its recently expanded cyber team. The decision to merge the two division together is part of the businesses efforts to simplify the trading experience for its broking partners, and to ... Read the full article