Reinsurance News
Damaged Nord Stream 1 gas pipeline in re/insurance dilemma
25th October 2022
As the mystery surrounding the explosions that damaged undersea gas pipelines between Russia and Germany remains unsolved, Nord Stream 1’s re/insurers are trying to figure out how to handle potential claims worth hundreds of millions of dollars, reports Reuters. According to industry sources familiar with the matter, Munich Re and syndicates ... Read the full article
Vesttoo closes Series C financing round, company now valued at $1bn
25th October 2022
Vesttoo, the digital insurance risk transfer and investment platform, has closed its $80m Series C financing round, which it says has raised the valuation of the company to $1bn. The firm said in a statement that the round was co-led by Mouro Capital and a private equity fund. A US-based bulge-bracket ... Read the full article
Greenlight Re announces investment in cargo insurance platform, Otonomi
25th October 2022
Greenlight Re Innovations, part of Greenlight Capital Re, has announced an investment in Otonomi, Inc. – a New York-based parametric cargo insurance platform. Over the past few years, Greenlight Re notes that both globalization and technological advancements have led to a significant increase in global trade, increasingly exposing supply chain vulnerabilities. In ... Read the full article
Benefits & risks to US life dependence on Bermuda reinsurance, says ALIRT
25th October 2022
According to an ALIRT Insurance Research report, there are both benefits and risks to US Life insurers' growing dependence on Bermuda reinsurance, adding the nexus is likely poised to grow. The use of Bermuda reinsurance has grown significantly over the last five years, says ALIRT, becoming a core strategy for many ... Read the full article
HDI Global Specialty appoints Wilcox as Director of Delegated Authority
25th October 2022
HDI Global Specialty has appointed Jade Wilcox to be its new director of delegated authority. Wilcox is moving to her new role from her current position of underwriting manager. She joined HDI in 2021 from Arch Insurance where she an underwriting manager for property binders. She will be based in HDI’s London ... Read the full article
We’re not shy to lean into property cat reinsurance: W. R. Berkley CEO
25th October 2022
Commercial lines property and casualty insurance holding company, W. R. Berkley, has been making plans and positioning itself to take advantage of rising prices in the property catastrophe arena, with the company's President and Chief Executive Officer (CEO), W. Robert Berkley, saying that it could become a meaningful part of ... Read the full article
UIB announces new Corporate & Capital Risks practice
25th October 2022
Re/insurance broker UIB has announced the formation of its new practice, Corporate & Capital Risks, following a major restructuring of its Specialty Lines division. James Wilson will lead the new practice, which UIB states will cater to ... Read the full article
Brown & Brown revenues up 20%, but organic growth slows
25th October 2022
US broker firm Brown & Brown has reported revenues of $927.6 million for the third quarter of 2022, representing an increase of $157.3 million, or 20.4%, when compared with the same period last year. Notably, organic revenue totalled $799.1 million for Q3, up 6.7% from last year, but slowing from the ... Read the full article
William Pembroke named CEO of Aon Thailand
25th October 2022
Global professional services firm, Aon has appointed William Pembroke as chief executive officer of Aon Thailand. Andrew Bentley, who had been leading Aon Thailand over the past 31 years, will move to a senior consultant role. Based in Bangkok, Pembroke will be reporting to Owen Belman, chief executive officer of Asia ... Read the full article
WR Berkley releases Q3 results, with GWP up over 11%
25th October 2022
WR Berkley has reported its Q3 2022 results, saying that gross written premiums (GWP) in the period were $3bn up from $2.7bn in the same period from the prior year. Net premiums written, said the firm, also rose between the two periods, from $2.3bn in Q3 2021 to $2.5bn. The firm said ... Read the full article
Insurance an “essential stabilizing force” amid uncertainty, concludes UN
25th October 2022
A new report by the United Nations Development Programme (UNDP) has concluded that insurance provides an essential stabilising force in the face of ongoing economic uncertainty for communities around the world, particularly for those living in vulnerable circumstances. The UNDP's Human Development Report was authored in partnership with Assicurazioni Generali and ... Read the full article
UNDP says IRFF needs more financing to support growth
25th October 2022
The United Nations Development Programme (UNDP) has said that its Insurance & Risk Finance Facility (IRFF) needs more financing that will be used to support its growth. The remarks were made by Jan Kellett, team and corporate lead for insurance and risk planning, and Daniel Stander, special adviser on sustainable finance, ... Read the full article
WTW appoints Oyin Heath as Managing Director for aerospace unit
25th October 2022
WTW Global Aerospace, part of the international insurance and reinsurance broker, has announced that Oyin Heath will be joining its team as Managing Director. The firm states that in the new role, Heath will be focused on driving growth and continuing to bring innovative, market-leading solutions and best-in-class service to the ... Read the full article
EuroTempest extends flood alert service to Germany
25th October 2022
EuroTempest, a leading provider of European storm and weather risk management services to the re/insurance market, has announced the extension of its flood alerting and dashboard service to Germany, enabling insurers and operational teams across the country to better prepare for and respond to major flood events. The extension of the ... Read the full article
Goosehead appoints Justin Ricketts to executive vice president role
25th October 2022
Personal lines insurance agency Goosehead has appointed Justin Ricketts as executive vice president for technology and partnerships. In his role, Ricketts will lead all aspects of the company’s technology. He will be responsible for propelling the evolution of Goosehead’s Digital Agent Platform, a direct-to-consumer platform that provides home and auto insurance ... Read the full article