Reinsurance News
Florida governor reaffirms target of stabilising state insurance market
2nd December 2022
Florida governor Ron DeSantis has reiterated his and his administration’s aim to improve the state’s insurance market in recent comments. DeSantis was speaking about the continuing work his administration is undertaking to stabilise the state’s insurance market. Recently, it was announced that the state is planning to undertake another Special ... Read the full article
Brian First named President of Arch Insurance North America
2nd December 2022
Arch has announced the promotion of Brian First to President of Arch Insurance North America from Chief Underwriting Officer (CUO) of Programs, Property and Specialty. In this newly created role, First will now have executive oversight over Arch Insurance’s business units and certain operations teams. He will continue to report to Matt ... Read the full article
Rising rates slow issuance in 2022 for US & Canadian life insurers: Fitch
2nd December 2022
According to a new report by Fitch Ratings, both US and Canadian life insurers are heading into 2023 in solid shape, despite more volatile capital markets and higher inflation drying up issuance in recent months. In the report, Fitch notes that throughout 2020 and 2021, insurers in the US and Canada ... Read the full article
Worldwide Broker Network hires Gyulaffyova as Global Network Coordinator
2nd December 2022
The Worldwide Broker Network (WBN), the world’s largest network of independent insurance brokers and employee benefits consultants, has appointed Alzbeta Gyulaffyova as Global Network Coordinator. Gyulaffyova, who will report to Global Operations, will help strengthen WBN’s leadership team, and add another level of dedication to the culture of care provided by ... Read the full article
AI use in Bermuda re/insurance market low, but set to accelerate: BMA
2nd December 2022
A new report by the Bermuda Monetary Authority (BMA) has concluded that use of artificial intelligence and machine learning technologies in the Bermuda re/insurance market is still currently in its infancy, but is set to pick up significantly over the next five years. Machine learning, which focuses on the use of ... Read the full article
L&G Retirement America completes $145m pension risk transfer deal with Rolls-Royce
2nd December 2022
Legal & General Retirement America (LGRA) has completed a c.$145 million pension risk transfer (PRT) transaction with Rolls-Royce North America Inc. The deal, which closed in July, covered approximately 1,200 plan participants from the Retirement Plan for Rolls-Royce NA, and also came off the heels of LGRA’s largest H1 to date ... Read the full article
TigerRisk warns of inconsistent climate conclusions from cat model indexing
2nd December 2022
Analysts at re/insurance risk, capital and strategic advisor TigerRisk Partners have warned that methods of indexing in catastrophe models can skew perspectives on recent loss trends and lead to “inconsistent conclusions” when it comes to the impact of climate change. In a recent report, the broker noted that there has been ... Read the full article
Aon hires John Morley as APAC growth leader in strategy & tech team
2nd December 2022
Aon has hired John Morley to be its Asia Pacific growth leader in its strategy and technology team. Morley’s role will become effective on 5 December and is joining the firm from EY, where he was an insurance consulting partner, having previously held roles at Accenture, KPMG, and Willis Towers Watson. He ... Read the full article
Howden & Fidelis study shows ESG ratings lead to improved underwriting
2nd December 2022
A joint study between international insurance broker, Howden and leading specialty insurer and reinsurer, Fidelis, shows that higher ESG ratings lead to better underwriting performance. The study of loss ratios across 30,000 policies from both Howden and Fidelis’ datasets, comprising a premium value of around $9 billion against third party ESG ... Read the full article
Corvus appoints Angela Singhal Whiteford as new Chief Marketing Officer
2nd December 2022
Specialty insurance MGA Corvus Insurance has appointed Angela Singhal Whiteford as its new Chief Marketing Officer. Whiteford holds more than twenty years of marketing and product management experience spanning several technology verticals, including telecommunications, identity management, and robotics. She also has a track record of driving category leadership and brand authority for ... Read the full article
MAPFRE RE targets growth with €250m capital injection
2nd December 2022
MAPFRE RE has announced that its Board of Directors has agreed to raise the company’s capital by the amount of €250 million as it seeks to offer greater reinsurance capacity to its clients and capitalise on favourable pricing conditions. Funding for the capital increase will be sourced internally, from surpluses resulting ... Read the full article
Verisk names Shavel to the role of President
2nd December 2022
Global data analytics provider Verisk has named Lee Shavel to the role of President, following the announcement that incumbent Mark Anquillare is to step down in the middle of January. Shavel, said the firm in a statement, will take on the role of President in addition to his current position as ... Read the full article
Claims inflation to cause short term impact and drive higher pricing: Goldman Sachs
2nd December 2022
Claims inflation will cause a short term impact in the re/insurance sector, but will drive higher prices, causing a positive impact in 2023 and 2024, according to Goldman Sachs analysts. While there has been much positive commentary on pricing, claims inflation remains a focus, analysts have pointed out, mainly regarding whether ... Read the full article
Chubb names Carene Madden Financial Lines Manager for UKISA region
2nd December 2022
P&C insurance company Chubb has appointed Carene Madden as Financial Lines Manager for the United Kingdom, Ireland and South Africa (UKISA.) Based in London, Madden will report to Hilda Toh - Property and Casualty Chief Underwriting Officer for UKISA. Madden’s appointment is effective in the second quarter of 2023. Within this role, Madden will be responsible for managing and ... Read the full article
Mosaic makes two hires to build out its global tax liability team
2nd December 2022
Mosaic Insurance has announced that Tax specialists Will Gay and Ze’ev Deutsch have joined the company’s transactional liability team, boosting the firm’s tax-risk capability. Based in London, Gay will be Head of International Tax, Transactional Liability for Mosaic, where he will lead the development of tax insurance underwriting on risks arising ... Read the full article