Reinsurance News
MS Amlin Underwriting fined over £9m by UK regulator
21st October 2022
MS Amlin Underwriting Limited (MS AUL) has been fined £9,695,000, imposed by the Prudential Regulation Authority (PRA), for failing to comply with its regulatory obligations relating to its governance and oversight of underwriting, underwriting controls, management information, data quality, and risk management strategies and systems. The PRA found that MSAUL breached ... Read the full article
Palomar utilises reinsurance to offset Hurricane Ian loss
21st October 2022
Palomar has said that it is to use its reinsurance cover to offset losses arising from Hurricane Ian in Q3 2022. The firm said that it was looking at estimated pre-tax catastrophe losses of $12.5m, net of reinsurance, for the third quarter of 2022. This is a full-retention loss for Palomar, ... Read the full article
Accelerant names Jay Green as new global CFO
21st October 2022
Insurtech firm Accelerant has hired Jay Green to be its new global chief financial officer. Green will begin in his new role at the start of November and will lead the company’s worldwide financial planning and analysis as well as investor relations and capital markets. He joins from Goldman Sachs, where he ... Read the full article
Specialty MGA UK launches in London
21st October 2022
A new MGA has been launched in London a short distance from Lloyd’s market. Specialty MGA UK has been created with a focus on providing additional capacity for specialty lines of businesses and hard to place risks. According to the announcement, at the heart of this client-focused MGA is flexible and ... Read the full article
Munich Re to increase cyber cover prices in Germany & Europe
21st October 2022
According to Claudia Hasse, Chief Executive Manager at Munich Re, given the accumulation potential the firm sees in cyber re/insurance, it plans to increase cover prices in Germany and Europe. Hasse, who is responsible for Non-Life business in Germany, Cyber business in Europe and Latin America, and the German Pharmapool, noted ... Read the full article
AXIS pegs Hurricane Ian loss at $160m
21st October 2022
Bermuda-based re/insurer AXIS Capital has announced pre-tax catastrophe and weather-related losses of $212 million for the third quarter of 2022, of which $160 million relates to Hurricane Ian. AXIS says that its net loss estimate for Ian is consistent with industry insured losses of roughly $60 billion, excluding the National Flood ... Read the full article
LMA adds three senior market leaders to its Board
21st October 2022
The Lloyd’s Market Association (LMA) has appointed three senior market leaders to its Board. The three new Board members are Jane Warren, Chief Underwriting Officer, Liberty Specialty Markets, Alex Powell, CEO, AEGIS London, and Richard Milner, CEO, Aspen Insurance UK Ltd & Aspen Managing Agency Ltd. Warren has over twenty years of ... Read the full article
Compre to acquire Irish subsidiary of Covéa
21st October 2022
Bermuda-headquartered international legacy group, Compre has announced that it has signed agreements to acquire the Irish subsidiary of Covéa, Medical Insurance Company DAC (MIC), which provided general liability insurance covering professional medical malpractice risks. The transaction is subject to regulatory approvals. Moreover, the acquisition represents a further step in Compre’s ambition to ... Read the full article
Allianz (AGCS) names Mark Whayling Entertainment Global Product Lead
21st October 2022
Allianz Global Corporate & Specialty (AGCS) has announced the appointment of Mark Whayling as the new Entertainment Global Product Lead for the Live sector, effective immediately. Whayling was most recently Senior Underwriter, Live Entertainment, for AGCS’ London & Nordics region, having joined Allianz in 2017. In his new role, Whayling will be ... Read the full article
Skyward Specialty elects two new members for Board of Directors
21st October 2022
Skyward Specialty Insurance Group Inc. has announced that it has elected Kate Terry and Marcia Dall to its Board of Directors effective immediately. Terry is the co-founder and chief operating officer of Surround Group Inc., a property and casualty (P&C) insurance entity, and has more than 20 years of leadership and ... Read the full article
Fusion makes senior hires in Singapore & Hong Kong
21st October 2022
Specialty insurer Fusion has announced the appointments of Hui Ling Wong as Senior Partner, and Yen Lin Ee as Partner, in Mergers and Acquisitions (M&A) Underwriting. Hui Ling joins the Fusion team in Hong Kong as Senior Partner and is well regarded as an industry leader in the Asian M&A insurance ... Read the full article
Lack of trust in public institutions spills into view of insurers: Swiss Re
20th October 2022
Swiss Re's latest SONAR edition has identified eroding consumer trust in governments, public health institutions and medical science as an emerging risk. It also highlights that this lack of trust is inevitably spilling into how consumers view insurers. In times of crisis - the ongoing Covid-19 pandemic, the war in Ukraine, ... Read the full article
Volante targets Middle East growth with DIFC launch
20th October 2022
Volante Global, an international managing general agent platform and Lloyd’s Syndicate, has announced the launch of Volante (DIFC) at Dubai International Financial Centre (DIFC), the global financial centre in the Middle East, Africa and South Asia (MEASA) region. Having received regulatory approval from the local regulator, Volante (DIFC) will offer reinsurance ... Read the full article
Tightening cat market could be a tailwind for Guy Carpenter: Dean Klisura
20th October 2022
The impact of Hurricane Ian on an already stressed property market is expected to be significant and contribute to a much more challenging 1/1 renewals, but further tightening in the catastrophe space could be a tailwind for reinsurance broker Guy Carpenter, according to executives. Earlier today, Marsh McLennan (MMC) reported ... Read the full article
Greenlight Re to invest in short-term rental insurer Safely
20th October 2022
Greenlight Re Innovations (GRI), part of Greenlight Capital Re, has announced an investment in Safely, a provider of short-term rental protection. The short-term home rental market has grown rapidly as seen with the rise of booking platforms like Airbnb and Vrbo. With this, concerns have grown among homeowners about the possibility ... Read the full article