Reinsurance News
Adrian Hicks to head WTW Mid-Market and Real Estate team
10th November 2022
Advisory and broking solutions company, WTW has named Adrian Hicks Head of Mid-Market and Real Estate for North American business placed in London and the international market. In his new role, Hicks will be responsible for establishing and executing the strategic direction of middle-market and real estate broking across Direct & ... Read the full article
Novatae Risk acquires MarketScout, names Richard Kerr CEO
10th November 2022
Novatae Risk Group, a full-service wholesale insurance broker, managing general agency (MGA) and programme manager, has acquired fellow, Dallas-based brokerage firm MarketScout Corporation, and announced the latter's Founder and Chief Executive Officer (CEO), Richard Kerr, as its new CEO. Effective immediately, Kerr takes over from acting CEO and Chief Operating Officer (COO), ... Read the full article
Pen Underwriting signs new partnership with Paladin Cyber
10th November 2022
Pen Underwriting has announced a new UK strategic partnership with Paladin Cyber to arm brokers and their clients with cyber risk management tools to tackle cybercrime and reduce the risk of data loss, extortion, and exfiltration. A statement from the firm says that the first phase of the partnership has been ... Read the full article
Guy Carpenter announces MetaRisk Live launch
10th November 2022
Reinsurance broker Guy Carpenter has announced the launch of MetaRisk Live, a new tool to enable real-time reinsurance strategy optimization. With MetaRisk Live clients will be able to evaluate instantly the impact of changes to their reinsurance structure, creating a dynamic process that supports a better understanding of buying decisions. This tool ... Read the full article
United (UPC Insurance) reports $70.9mn net loss in Q3
10th November 2022
United Insurance Holdings Corp (UPC Insurance) has reported a net loss of $70.9 million for the third quarter of 2022, compared to a net loss of $14.3 million in 2021. UPC Insurance specified that the loss was driven by decreased gross written premiums, an unfavorable prior year loss development during the ... Read the full article
American Equity goes into reinsurance partnership with 26North
10th November 2022
American Equity has said it is going into a long-term partnership with multi-asset platform 26North. A statement from the firm says that American Equity already holds a strategic investment in 26North. However, the new partnership will see Anant Bhalla, chief executive officer and president of American Equity, join 26North’s board of directors. In ... Read the full article
Reinsurance growth to persist as market evolution sees segregation and risk decoupling: Corinthian Re
10th November 2022
The segregation of different areas of expertise within issuing carriers and the decoupling of risk is a trend that will accelerate in the reinsurance industry as it is cost effective and gives consumers and investors more opportunity, according to Christopher Collins, CEO of Corinthian Re. This is where the market is ... Read the full article
Enstar completes loss portfolio transfer with Argo
10th November 2022
Enstar has completed a loss portfolio transfer with underwriting firm Argo to reinsure a number of its direct US casualty insurance portfolios relating to accident years 2011 to 2019. Enstar’s subsidiary covers ground up reserves of $746m and an additional $275m of cover in excess of $821m, up to a policy ... Read the full article
Generali reports GWP increased to €59.8bn in Q3, driven by growth in P&C
10th November 2022
Italy-headquartered insurer Generali has reported Gross Written Premiums rose to €59.8bn in the third quarter of 2022, citing continued growth in the P&C segment. The net result for the quarter stood at €2,233 million, compared to €2,250 million in the same quarter last year. This was affected by the impacts of ... Read the full article
Lockton Re hires Ben Ryan to new London role
10th November 2022
Lockton Re has hired Ben Ryan as a senior broker within its non-marine retrocession and property specialty team in London. The firm said in a statement that Ryan began his career as part of the graduate programme at Aon’s reinsurance solutions. He then joined the non-marine retrocession team in 2015 and ... Read the full article
Allianz sees operating profit grow 7.4% in Q3 2022
10th November 2022
Allianz has released its Q3 results, saying that operating profit grew by 7.4% in the period to reach €3.5bn. The firm also said, through a statement on its website, that total revenues rose 1.3% in the period to reach €34.8bn. It attributed the growth in its operating profit to what it ... Read the full article
Zurich reports 8% rise in GWP in Q3 2022
10th November 2022
Zurich has released its Q3 results, saying that gross written premiums in its property and casualty segment were up 8%, compared to the same period in 2021. The firm said in a statement that gross written premiums in property and casualty for the first nine months rose 13% compared with the ... Read the full article
RenaissanceRe appoints David Marra and Ross Curtis to new roles
10th November 2022
RenaissanceRe has announced the appointments of David Marra to EVP, Group Chief Underwriting Officer and Chief Executive Officer of Renaissance Reinsurance U.S., and Ross Curtis to EVP, Chief Portfolio Officer, effective January 1, 2023. David Marra is currently the Chief Underwriting Officer for the Casualty & Specialty segment and President of ... Read the full article
PartnerRe falls to loss for Q3 & 9M 2022 on catastrophes, unrealised losses on investments
10th November 2022
Bermuda-based PartnerRe has reported a net loss of $387 million for the third quarter of 2022 as the firm records a non-life underwriting loss of $100 million on the back of losses related to Hurricane Ian of $300 million, and unrealised losses on fixed maturities and short term investments of ... Read the full article
Hurricane Ian to have immediate impact on E&S property market: CRC
10th November 2022
Hurricane Ian is expected to have an “immediate and substantial” impact on the excess and surplus (E&S) lines property market, according to the latest edition of the REDY Index by CRC Group. The Index shows that the property catastrophe market had already been tightening prior to Hurricane Ian’s landfall, but that ... Read the full article