Reinsurance News
CCRIF makes four payouts totalling $15.2m for 2022 Hurricane Season
31st October 2022
The CCRIF SPC has released a report stating it has made 4 payouts totalling US$15.2 million to 3 of its member governments during October for hydrometeorological events associated with the 2022 Hurricane Season. Nicaragua received US$8.9m on the country’s tropical cyclone policy following Hurricane Julia, which made landfall in Nicaragua on ... Read the full article
PERILS issues final AU$972mn insured loss estimate for Australia floods
31st October 2022
Catastrophe loss aggregator PERILS has disclosed its fourth and final industry loss estimate for the Southern Australia Severe Storms which occurred from October 28-30, 2021. The final estimate of the insurance market loss is AUD 972 million. This compares to the third loss estimate of AUD 1.016 million which was issued ... Read the full article
Argo rebuffs calls for new directors, defends record
31st October 2022
Bermuda-based specialty P&C insurer Argo has written to its shareholders in an effort to garner support to maintain its current line-up of directors, following calls to instate new ones to address alleged underperformance at the company. Earlier this month, activist investor Capital Returns Master, Ltd., a Cayman Islands exempted company, and ... Read the full article
Advisen-Zurich survey reports cyber resilience uptake, though concerns remain
31st October 2022
The annual Information Security and Cyber Risk Management study from Zurich North America and Advisen indicates that 86% of respondents now have cyber insurance, up 3% from 2021 and the highest percentage in the history of the survey, though increasing premiums and restrictions for cyber coverage have created frustration for ... Read the full article
Miller names Bradley O’Connor as Chief Information Officer
31st October 2022
Specialist re/insurance broker Miller has announced the appointment of Bradley O’Connor as Chief Information Officer. The firm states that in the new role, O’Connor will focus on creating a scalable technology and data platform that enables smarter, faster, better broking. His key priorities will include enhancing the capabilities Miller provides to its ... Read the full article
R&Q reports over 80% increase in Program Management business GWP
31st October 2022
R&Q Insurance Holdings Ltd. (R&Q), a non-life global specialty insurer, reported gross written premium (GWP) for its Program Management business has grown 83% for the nine months ending 30 September 2022. The legacy specialist has provided a performance update for its program management business for this year’s third quarter. Within the update, ... Read the full article
Commercial rates moderate further through Q3: Marsh
31st October 2022
Global commercial insurance prices continued to moderate through the third quarter of 2022, according to data from re/insurance broker Marsh, with increases slowing to 6%, down from 9% in the second quarter. Marsh’s Global Insurance Market Index marks Q3 2022 as the 20th consecutive quarter of commercial rate increases, but it ... Read the full article
Argenta appoints Stephen Haynes to new roles
31st October 2022
Lloyd’s managing agent Argenta has appointed Stephen Haynes to be its new marine excess of loss underwriter. The firm said that Haynes, based in London, will take on the role with immediate effect and will report to Heath Callan, head of energy and marine insurance at the firm. Callan said: “It’s been ... Read the full article
Brit CEO Wilson to step down, Martin Thompson named as successor
31st October 2022
Global specialty insurance and reinsurance firm Brit Ltd., part of the Fairfax Financial Holdings Limited group of companies, has announced that its CEO Matthew Wilson is stepping down from his role and to be succeeded by Martin Thompson. Thompson will become the new Brit Group CEO and also Executive Chairman of ... Read the full article
Vortex launches fully automated weather insurance portal
31st October 2022
Vortex Weather Insurance has announced that it will enhance its parametric weather index insurance offerings with an all-new, fully automated weather insurance portal. The company’s new Weather Insurance Portal is an industry-leading digital insurance platform that will allow event organizers and insurance brokers to quote, bind, and insure outdoor events online ... Read the full article
Insurance Council of Australia welcomes $800mn NSW flood resilience package
31st October 2022
The Insurance Council of Australia (ICA) has welcomed the joint announcement by the Federal and New South Wales Governments of an $800 million Resilient Homes Program to make homes in the Northern Rivers more resilient to flood. The announcement is in response to the February-March floods from earlier this year, ... Read the full article
Rcapital and Montague complete acquisition of UK General and PPL
31st October 2022
Rcapital and joint investor Montague Risk Partners have completed the acquisition of UK General Insurance and Precision Partnership Limited, following regulatory approval. The deal was first announced in August and brings together UKG and PPL under the chairmanship of Lord Marland, chief executive Tim Smyth, and CFO Ryan Gill. Lord Marland commented, ... Read the full article
Cyber insurers to benefit from SentinelOne’s new risk management app
31st October 2022
SentinelOne, an autonomous cybersecurity platform company, has announced the addition of a new app for cyber insurers' risk management in its Singularity Marketplace. For organisations, the WatchTower Vital Signs Report app communicates an accurate profile of cyber security posture and controls to cyber insurers, streamlining the process of obtaining cyber insurance ... Read the full article
There’s a lot going on in reinsurance, but ‘this is our wheelhouse’: Aon’s Andersen & Case
28th October 2022
It's clear that the property catastrophe market is going to be challenging in 2023, but while the market shifts there are levers out there re/insurance broker Aon is able to utilise to help clients de-risk. After all, "this is our wheelhouse," explained Greg Case, Chief Executive Officer (CEO). After reporting ... Read the full article
ICEYE delivers flood insights from recent hurricanes to FEMA
28th October 2022
World-leading provider of natural catastrophe solutions and insights, ICEYE, has said that through its partnership with New Light Technologies and Bana Solutions, its rapid flood extent and depth information have now supported the Federal Emergency Management Agency's immediate response efforts for four major flood events. ICEYE's Flood data has now been ... Read the full article