Reinsurance News
ICAT names Cashman Interim Leader as CEO Butler departs
5th December 2022
Catastrophe focused underwriting manager ICAT (International Catastrophe Insurance Managers LLC), has appointed Ashleigh Cashman as Interim Leader of ICAT, effective immediately. While she steps into this role, Cashman will also be keeping her responsibilities as Chief Underwriting Officer. Cashman replaces President and CEO, Greg Butler. At this time ICAT has not confirmed ... Read the full article
AM Holding Company launches new E&S lines carrier
5th December 2022
AM Holding Company has announced the launch of AM Specialty Insurance Company (ASIC), an Arizona-authorised domestic excess and surplus (E&S) lines carrier and accredited reinsurer based in Dallas, Texas. According to the announcement, this new entity joins the group’s other insurance subsidiaries, AM RE Syndicate and AM Star Claims, as the ... Read the full article
Insurers should adjust for current high-inflation environment: WTW
5th December 2022
A new note from WTW suggests that insurers should look at their reserving, investment, and pricing strategies, alongside their approach to portfolio management, in order to best place themselves in the current high-inflation environment. The article, ‘What does inflation mean for the insurance market?’, published on the WTW site, says that ... Read the full article
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