Reinsurance News
Cutbacks in capacity & price hikes to follow Ian: Risk Strategies
7th November 2022
A recent report from Risk Strategies suggests property insurance buyers with locations exposed to climate change-related events will see significant reductions in coverage capacity, as well as higher deductibles and pricing well into 2023 following Hurricane Ian, as reinsurers grow increasingly concerned about inadequate values and peril losses. The report observes ... Read the full article
Chubb Studio expands tech features
7th November 2022
Chubb has announced that its global integration platform, Chubb Studio, has introduced new features that can embed insurance into the digital environments of its distribution partners more easily. The platform's three new features provide Chubb's distribution partners with access to Chubb-developed software development kits (SDKs) that enable the company's partners to ... Read the full article
Generali reaches insurance distribution agreement with CTT Group in Portugal
7th November 2022
Generali’s Portuguese entity Tranquilidade has entered into a long-term agreement with CTT Group, the Portuguese postal services group, for the distribution of Life and P&C policies, with the partnership being reinforced by the acquisition of a stake in ... Read the full article
BHSI promotes Katharina Rütz to new role in Cologne
7th November 2022
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Katharina Rütz to head of commercial lines for E&P in Germany. The firm said that Rütz was previously senior underwriter for D&O at the firm and will continue to be based in Cologne. She joined the firm last year and reportedly has over thirteen ... Read the full article
Aircraft lessor sues Lloyds Insurance over Russia losses
7th November 2022
Avolon, an aircraft leasing company based in Dublin, has taken legal action against Lloyds Insurance in the Irish High court over losses linked to Russia-Ukraine war, according to a Reuters report. Following European Union sanctions that forced the termination of all Russian leases, the lessor recorded a first-quarter impairment of $304 ... Read the full article
Zurich settles NotPetya cyber lawsuit
7th November 2022
Switzerland headquartered insurer Zurich has reached a settlement with multinational food and beverage company Mondelez International to close a $100 million lawsuit brought against the insurer for refusing to pay out on cyber claims related to the 2017 NotPetya attack. Details of the settlement have not been disclosed, but notably it ... Read the full article
Suncorp sees erosion of some of aggregate deductible after active period for catastrophes
7th November 2022
Australian insurer Suncorp has reported a cost of between AUD 350 million (USD 225m) to AUD 410 million (USD 265m) from five natural hazard events across Australia and New Zealand during the opening quarter of this financial year, suggesting the erosion of some of its aggregate deductible. From July 1st, 2022 ... Read the full article
Negative outlook for Germany’s non-life insurance segment: AM Best
7th November 2022
AM Best is revising its outlook for the German non-life insurance segment to Negative from Stable, mainly driven by uncertainty and significant changes in the operating environment. Factors that support the Negative outlook according to the rating agency, include growth prospects challenged by economic uncertainty and rising inflation and vehicle use ... Read the full article
WTW appoints Oliver Scarr to senior cargo role in Asia
7th November 2022
WTW has said that it is appointing Oliver Scarr to be its new head of cargo in Asia in its marine team within its corporate risk and broking business. The firm said in a statement that Scarr will be based in Singapore and report to Lewis Hart, head of marine Asia. ... Read the full article
ESG to increasingly influence insurers’ strategies, says Fitch
7th November 2022
Insurers’ underwriting and investment strategies in the coming years will be increasingly influenced by ESG considerations, suggests a report from Fitch Ratings. P&C insurer's large weather-related losses highlight the growing environmental physical risks many experts link to climate change, explains Fitch. Therefore, in response, the rating agency expects P&C re/insurers to increase ... Read the full article
Jamaica aiming to become microinsurance player
7th November 2022
Jamaica is set to become the first country in CARICOM with microinsurance legislation with a bill to be tabled in 2023. This was announced at the International Conference on Inclusive Insurance (ICII) which took place between October 24th and 28th at the Jamaica Pegasus Hotel in Kingston. The hybrid Conference, hosted ... Read the full article
Risk Strategies suggests cyber insurance market is beginning to stabilise
7th November 2022
According to Risk Strategies State of the Market update, the cyber insurance market is beginning to stabilise after years of steep rate increases, though insurers will continue to be on high alert through the remainder of the year and into 2023. The report notes that the pace of cyber attacks has ... Read the full article
Ryan Specialty announces Centurion Liability Insurance Services acquisition
7th November 2022
International specialty insurance firm, Ryan Specialty has announced it has acquired certain assets of Centurion Liability Insurance Services, LLC. The terms of the transaction have not been disclosed Centurion is a professional lines wholesale insurance broker with employees based in Florida and California. It was partially owned by the Insurance Office ... Read the full article
Specialty Program Group acquires the assets of Catapult Insurance Solutions
7th November 2022
Specialty Program Group LLC (SPG), a leading operator of specialty insurance brokerages and underwriting facilities, has acquired the assets of Catapult Insurance Solutions. Catapult is a privately held managing general insurance agency and wholesale brokerage for niche industries and hard-to-place risks. The company is led by President, Tim Sunderman. Moreover, Catapult's largest ... Read the full article
Berkshire Hathaway reports re/insurance underwriting loss amid Hurricane Ian claims of $3.4bn
5th November 2022
Warren Buffett-run holding company and conglomerate, Berkshire Hathaway, has reported pre-tax losses related to Hurricane Ian of $3.4 billion for the third quarter of 2022, as the company's insurance and reinsurance units fell to an underwriting loss of $962 million. The Q3 2022 insurance underwriting loss has widened from the $784 ... Read the full article