Reinsurance News
Insurtech Bluezone gets reinsurance backing for life insurance solution
17th November 2022
Insurtech Bluezone has secured its first-choice global reinsurer to partner with as it remains on track to launch its first product in the first quarter of 2023. Following a successful £1.5 million seed investment round led by Insurtech Gateway earlier this year, Bluezone has now confirmed it has successfully obtained its ... Read the full article
Falcão elected CEO of IRB Brasil Re as Carvalho resigns
17th November 2022
Brazilian reinsurer IRB Brasil Re has announced the resignation of Raphael de Carvalho as its Chief Executive Officer (CEO) a little over a year on from his appointment. In an extraordinary board meeting held on November 16th, 2022, the firm's Board of Directors elected Marcos Pessoa de Queiroz Falcão as ... Read the full article
Insurance industry to return to growth in 2023–2024: Swiss Re
17th November 2022
The insurance industry is forecasted to return to premium growth of 2.1% annually on average in real terms in 2023 and 2024 following total global premiums falling by an estimated 0.2% in real terms in 2022 due to inflation, which remains the key concern for insurers, according to Swiss Re ... Read the full article
MS Amlin unveils new, three-year ESG strategy
17th November 2022
MS Amlin has said it is laying out a three-year sustainability roadmap in order to embed ESG into its business operations. According to the firm, the Sustainability Strategy sets out the steps which the company will take over the next 36 months and provides multi-point plans for how it will embed ... Read the full article
Ryan Specialty opens new Copenhagen office
17th November 2022
Ryan Specialty Transactional Risks International has opened an office in Copenhagen, Denmark, becoming the business' fourth office. Transactional Risks International is a part of Ryan Specialty’s Underwriting Managers platform and specialises on the core transactional risk products of warranty and indemnity insurance and commercial tax liability insurance, servicing brokers internationally. The firm ... Read the full article
Pension risk transfer market to hit £30bn over the next year
17th November 2022
The UK’s Pension Insurance Corporation (PIC) is predicting a pension risk transfer (PRT) market of £30bn over the next year. In its update on the market following the recent volatility, the PIC said that net business premiums during 2022 have been £3.4bn (HY2022: £2.4bn), with a short-term pipeline of £10bn, and ... Read the full article
Gayner to become sole CEO of Markel in January, as Whitt retires
17th November 2022
US re/insurer Markel Corporation has announced that Thomas S. Gayner, currently Co-Chief Executive Officer (CEO) at the company, is set to take over as its sole CEO upon the retirement of Co-CEO Richard R. Whitt on January 1st, 2023. Also effective on that date, Jeremy A. Noble, Senior Vice President and ... Read the full article
Ryan Specialty MGU, SUITELIFE hires Patrick McCahill as CUO
17th November 2022
Ryan Specialty MGU, SUITELIFE Underwriting Managers, has appointed Patrick S. McCahill as Chief Underwriting Officer. In addition to his CUO responsibilities, McCahill will also be responsible for broadening the product offerings available through SUITELIFE’s delegated authority. Overall, McCahill brings over 12 years of experience within the insurance industry towards the role. Over the ... Read the full article
RMS pegs Hurricane Nicole insured loss at less than $2bn
17th November 2022
Catastrophe risk modeller RMS has pegged total private market U.S. insured losses from Hurricane Nicole at less than $2 billion, with a best estimate of $1.6 billion. The estimates from RMS reflect insured wind, storm surge, and inland flooding impacts for the U.S. Of the total, RMS sees private market insured losses ... Read the full article
Goldman Sachs forecasts 35% property cat rate-on-line increase
17th November 2022
Goldman Sachs has said that it is estimating a +35% increase in global property catastrophe reinsurance rates-on-line (RoL). This would, said the firm, be the strongest RoL increase since the early 1990s (+65% in 1993), which it said would surpass the +26% averaged in 2001-2002 post-9/11. The financial giant gave several reasons ... Read the full article
One Concern names Tim Kinsella Executive Director, Sales – P&C Insurance
17th November 2022
Climate analytics technology company, One Concern, has appointed Tim Kinsella as Executive Director, Sales - P&C Insurance. Kinsella joins from RMS, where he served for over three years as a Senior Client Director. Before this, Kinsella operated as a Solution Sales Executive for CoreLogic, and has also served at TCoR Consulting ... Read the full article
Insurance crucial for Asia to face climate challenges
17th November 2022
Insurance has a crucial role in anticipating, identifying, and managing climate-related risks in Asia, says Anusha Thavarajah, Regional Chief Executive Officer, Allianz Asia Pacific. Temperatures are rising two times faster in Asia than in global average, and the continent is at the frontline of the risks of climate change. Additionally it ... Read the full article
One80 acquires Comprehensive Planning – Goodman LLC.
17th November 2022
One80 Intermediaries, a specialty insurance broker, has acquired Comprehensive Planning – Goodman LLC. (CPG), an independent brokerage and managing general agency specialising in life insurance. According to the announcement, this move marks One80’s second major acquisition in the life insurance space, firmly establishing offerings in all 50 states. Boston-based CPG was established ... Read the full article
Canopius to use software solution from Allphins
17th November 2022
Global specialty (re)insurer Canopius has announced that it will be using software firm Allphins solution for treaty energy. The firms said in a mutual statement that the new software would allow it to digitise unstructured submission data, identify every single risk, enrich them with external data and generate actionable insights, pre-binding. Claire ... Read the full article
Singapore general insurance industry to reach $5.1bn in 2026
17th November 2022
According to GlobalData, Singapore’s general insurance industry is set to grow at a compound annual growth rate (CAGR) of 7.2% from SGD4.7bn ($3.5bn) in 2021 to SGD6.6bn ($5.1bn) in 2026, in terms of gross written premium (GWP). Analysts noted that growth is expected to remain high over the next five years, ... Read the full article