Reinsurance News
Actuarial Risk Management recruits Chuck Chacosky as Managing Director
20th October 2022
Actuarial Risk Management (ARM) has announced the addition of Charles (Chuck) Chacosky as managing director consulting actuary. As a senior member of the ARM network of actuaries, Chacosky will work to enhance the financial reporting and regulatory compliance capabilities of the firm’s actuarial services, particularly within the life, annuity, long term ... Read the full article
TMF Group and Rising Edge announce partnership
20th October 2022
Rising Edge, a London-based directors’ and officers’ (D&O) Managing General Agent (MGA), and insurance broker, TMF Group have partnered together to create a “market-changing” project to improve tax collection efficiency post bind. They created a process, using APIs to connect the tax data generated by TMF and the broker directly into ... Read the full article
ReSource Pro acquires software solutions firm, MIS Insurance Services
20th October 2022
ReSource Pro, a provider of business process solutions for the insurance industry, has acquired MIS Insurance Services LLC., a software solutions company that provides an integrated suite of web-based services to the commercial property and casualty (P&C) insurance market. The transaction closed on October 14, 2022. RVR Consulting Group acted as ... Read the full article
Russell Group appoints weather analytics veteran as Head of Connected Risk
20th October 2022
Data and analytics company, Russell Group has appointed former CEO of weather analytics and insights modelling firm MetSwift, James Banasik, as Head of Connected Risk. Banasik’s appointment is part of a strategic transformation by Russell Group to provide its re/insurance clients, and corporate working group with the forward-looking data sets that ... Read the full article
Hurricane Ian erodes more of Travelers’ aggregate reinsurance retention
19th October 2022
U.S primary insurer Travelers has now accumulated $1.4 billion of qualifying losses for the retention of $2 billion on its property aggregate catastrophe excess of loss treaty, as the carrier booked losses of $326 million related to hurricane Ian in the third quarter. This morning, Travelers reported a strong set ... Read the full article
Hurricane Fiona insured damages at $660m, says CatIQ
19th October 2022
Hurricane Fiona is estimated to have caused $660 million in insured damages, according to initial estimates from Catastrophe Indices and Quantification Inc. (CatIQ), making it the costliest extreme weather event ever recorded in Atlantic Canada. Landfalling on September 24th, Fiona also represents the tenth largest event in Canada in terms of ... Read the full article
Great-West Lifeco records $100m Hurricane Ian reinsurance provision
19th October 2022
International financial services company Great-West Lifeco has announced that it will record a provision of US $100 million for estimated reinsurance claims expected to result from Hurricane Ian. Lifeco mainly has interests in life insurance, health insurance, retirement and investment services, and asset management business. But it also writes retrocessional property catastrophe ... Read the full article
Berkshire Hathaway completes Alleghany acquisition
19th October 2022
Berkshire Hathaway has officially announced the completion of its acquisition of Alleghany, having received all regulatory approvals earlier this week. It was first announced in March that Warren Buffett’s insurance and reinsurance firm had reached an agreement to acquire all of Alleghany’s outstanding shares in an $11.6 billion transaction. The deal, ... Read the full article
David Guest named Head of Crisis Management for SCOR UK & SCOR Syndicate
19th October 2022
French reinsurer SCOR has appointed David Guest as Head of Crisis Management for SCOR UK and the SCOR Syndicate. His remit will include Terrorism and Political Violence and is effective 24 October, 2022. Within this role, Guest will be based in London and he will report to Marie Biggas, Chief Underwriting Officer ... Read the full article
Guy Carpenter expands delegated authority capabilities, adds new hires
19th October 2022
Reinsurance broker, Guy Carpenter has announced it has expanded its capabilities in the delegated authority arena. It is welcoming three new members to its GC Access team and forming a new collaboration with Guy Carpenter’s Ratings Advisory Service. Bryan Willingham joins as Managing Director and Co-Head of the Southwest Region. He ... Read the full article
Unrealised losses on fixed maturities caused by rising interest rates: AM Best
19th October 2022
According to a report from AM Best, publicly traded insurers have reported more than $200bn of unrealised losses on their fixed-income portfolios through the second quarter of 2022, as rising interest rates have diminished bond values. The report states that over a quarter of publicly traded insurers have lost more than ... Read the full article
Allianz Commercial appoints Carey as Managing Director, mid-market
19th October 2022
Allianz Commercial has announced that it has appointed David Carey to the newly created position of managing director, mid-market, effective from April 2023, subject to regulatory approval. Within this role, he will hold responsibility for leading Allianz Commercial’s regional trading teams, as well as focusing delivery on key customer segments and ... Read the full article
Travelers reports solid Q3 with stronger combined ratio despite hurricane Ian
19th October 2022
Primary insurance group The Travelers Companies, Inc. has reported a 31% year-on-year dip in net income to $454 million for the third quarter of 2022, but despite experiencing a higher catastrophe load in the period, driven by hurricane Ian, the firm's underwriting return for the period increased by $40 million. Quarterly ... Read the full article
Aspida Re finds new CEO in PartnerRe’s David Florian
19th October 2022
Aspida Life Re, a Bermuda-based life and annuity reinsurance company, has announced that David Florian has been named as its new Chief Executive Officer (CEO). He brings over three decades of industry experience and over two decades of leadership experience to the Aspida Re team, joining from PartnerRe, where he was ... Read the full article
Swiss Re sees significant increase in demand for reinsurance protection
19th October 2022
Leaders at reinsurance giant Swiss Re continue to see strong and rising demand for reinsurance protection across all lines and regions on the back of the current high inflationary environment. This morning, Swiss Re hosted a media briefing ahead of the 2022 meeting of the reinsurance industry in Baden-Baden, a key ... Read the full article