Reinsurance News
Invictus looks at insurance wrap for Sun Pacific solar plant
24th October 2022
Insurance and risk management consultancy Invictus Risk Solutions has been engaged by green energy company Sun Pacific to assess the opportunity for providing an insurance wrap for a $50 million funding of the company’s US-based solar manufacturing plant. If deemed feasible , the deal would be sourced through Lloyds of London, ... Read the full article
African Development Bank, UK & London Market insurers enter risk transfer partnership
24th October 2022
The African Development Bank, the government of the United Kingdom, and global insurers, AXA XL, Axis Specialty, and HDI Global Specialty, have closed on a new and innovative risk sharing transaction. The Room to Run Sovereign transaction was structured with the intention of scaling up the African Development Bank Group’s commitments ... Read the full article
Allianz Trade announces CEO leadership change
24th October 2022
Allianz Trade has announced that Aylin Somersan Coqui, currently Group Chief Risk Officer of Allianz SE, will become CEO and Chairperson of the Board of Management of Allianz Trade following the departure of Clarisse Kopff, who has decided to pursue a new leadership role outside of Allianz. Coqui joined the Allianz ... Read the full article
Reinsurance costs a factor in IAG premium hikes
24th October 2022
Australian insurer IAG has explained that higher reinsurance costs are a factor in its decision to increase premium rates for its customers across several lines of business. Speaking at the company’s annual general meeting, Chairman David Armstrong noted that the company performed well through the 2022 financial year despite facing a ... Read the full article
Zywave appoints Rob Stavrou as group vice president for carrier sales
24th October 2022
Insurtech provider Zywave has appointed Rob Stavrou as group vice president for carrier sales. The firm said in a statement that Stavrou had moved to his new position at the beginning of the month and will be based in the US. Most recently, Stavrou was chief commercial officer (USA and APAC) ... Read the full article
Emerging Asia growth to drive demand for risk protection: Peak Re
24th October 2022
A new report from Peak Re claims that the emerging Asian middle class shows clear signs of optimism despite economic headwinds with future economic prosperity increasing the demand for more risk mitigation and protection solutions that will create ‘significant opportunities’ for the re/insurance sector. According to the survey, the emerging Asian ... Read the full article
Re/insurance industry shift away from fossil fuels accelerates
21st October 2022
According to a new data report from the Insure Our Future campaign, insurance company restrictions on oil and gas are finally starting to catch up with those on coal, with 62% of reinsurers having coal exit policies and 38% now having oil and gas exclusions. The data is drawn from Insure ... Read the full article
APCIA announces approval of new Board Chair and Chair-Elect
21st October 2022
The American Property Casualty Insurance Association (APCIA) has approved new officers to its Board of Directors, with Alan Schnitzer, chairman and CEO of Travelers elected chair, and Dino E. Robusto, chairman and CEO of CNA Financial Corporation elected chair-elect, both effective January 1, 2023. Since becoming CEO in 2015, Schnitzer has ... Read the full article
Kin says Hurricane Ian loss to remain within reinsurance tower
21st October 2022
Kin Insurance, a US insurtech and primary carrier focused on home insurance for catastrophe-exposed areas, has reported that its gross loss from Hurricane Ian will remain “well below” the top of its $800 million overall reinsurance tower. To date, Kin has received approximately 6,800 claims related to Hurricane Ian. But thanks to ... Read the full article
WTW names Michael Machin Head of Broking for FINEX North America
21st October 2022
Global advisory, broking and solutions company, WTW, has announced the appointment of Michael Machin as Head of Broking for FINEX North America, Corporate Risk & Broking (CRB). Machin will also join the FINEX NA leadership team and partner with the FINEX segment leaders to advance strategic priorities for the business. In his ... Read the full article
QBE expands Canada office with new hires
21st October 2022
QBE has announced the appointment of Troy Wiebe as Casualty Underwriter and Jasper Hageman as Property Underwriter, as well as the promotion of Fiona Bui to Underwriting Support Team Lead. According to QBE with these new hires it expands its Vancouver office, which opened in 2015, to grow its Western Canada ... Read the full article
More property reforms proposed as Florida plans another Special Session
21st October 2022
The Governor of Florida, Ron DeSantis, has announced that he is planning to call a Special Session in December to address solutions to stabilise the state’s property insurance market following Hurricane Ian. DeSantis says he is working with the Legislature on a session to introduce more competition and policies that will ... Read the full article
US renewables facing growing extreme weather risks: GCube
21st October 2022
According to a new report released by GCube, the financial impacts of natural catastrophe events are outpacing the development of mitigation strategies in the North American renewables market. In its North American Nat Cat Update, GCube stated that market correction has not gone far enough to address the growing severity of ... Read the full article
Paul Gatutha named Director of SRS Bermuda
21st October 2022
Strategic Risk Solutions (SRS), a provider of insurance management and consulting services, has announced the appointment of veteran Paul Gatutha as Director in its Hamilton office. In his new role, Gatutha will be responsible for a broad portfolio of insurance and reinsurance clients and will be a key member of the ... Read the full article
Bank of England warns re/insurers on inflationary risks to solvency
21st October 2022
The Bank of England has published a letter sharing insights from its recent thematic review across the general insurance sector focusing on the effect of claims inflation on general insurance claims. The review found that the impact of a persistent spike in claims inflation may result in a material deterioration of ... Read the full article