Reinsurance News
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
Extreme rainfall recorded in winter as Australia re-enters La Niña: Actuaries Institute
28th October 2022
The Actuaries Institute has released a report stating that the Winter 2022 reading of its Australian Actuaries Climate Index (AACI) partly reflected a brief reprieve in the rain-bearing La Niña phase, which is now causing havoc across Eastern Australia again. The Index was 0.32 in Winter 2022, compared with 1.10 in ... Read the full article
DUAL North America adds three members to Transactional Risk team
28th October 2022
DUAL North America, one of the largest independent underwriting organisations in the US, has announced the expansion of its Transactional Risk team with the addition of three new hires. Daniel Bond, Yash Jafari have both joined the team in the role of Senior Vice President and will be part of CUAL’s ... Read the full article
AXA XL launches Innovation Office in the Americas, appoints Head
28th October 2022
AXA XL Insurance has launched an Underwriting Innovation Office in the Americas, appointing Rose Hall as Head. Under Hall's leadership, AXA XL state that the Americas Underwriting Innovation Office will liaise across business lines and support functions in the Americas, including Client Distribution, Underwriting, and Risk Engineering/Consulting, to support innovation initiatives ... Read the full article
“Tremendous” market opportunity heading into 2023, says Everest Re
28th October 2022
Everest Re President and CEO, Juan Andrade, and Jim Williamson, Group COO and Head of Reinsurance, see a host of significant opportunities for growth in 2023, noting that Everest is very well positioned to take full advantage of them. Andrade cited Everest's strong client and broker relationships that the firm has ... Read the full article
Ageas sees strong impact from European inflation, plus financial strife in China
28th October 2022
Ageas has released its Q3 2022 results, saying that it saw a ‘strong impact’ from UK and Turkish inflation, along with adverse financial markets in China. The firm had said, while commenting on the first half year 2022 performance in August, that it was confirming its guidance of €1bn for the ... Read the full article
Gary Harris re-joins Appleby’s Bermuda Office
28th October 2022
Appleby expands its corporate practice with the announcement that partner Gary Harris is re-joining its Bermuda office. Harris joins Appleby from Fortitude Re, where he has been Head of Legal and Compliance in Bermuda for close to three years. His first tenure at Appleby began in 2014, where he advised commercial insurers, ... Read the full article
Aon revenues stable, buoyed by Reinsurance Solutions growth
28th October 2022
Re/insurance broker Aon has posted flat revenue of $2,696 million for the third quarter of 2022, as growth in its Reinsurance Solutions segment offset a decline in revenues across all other segments. The Reinsurance Solutions segment grew its revenue by 12% to $396 million in Q3, including organic revenue growth of ... Read the full article
The Hartford reports “strong” profits despite Hurricane Ian losses
28th October 2022
US property and casualty insurer, The Hartford, has reported a net income of $333 million for the third quarter of 2022, down 20% compared to the $476 million reported last year. According to the company, this was primarily due to lower net investment income and a change from net realised gains ... Read the full article
Gallagher grows earnings through Q3
28th October 2022
Insurance and reinsurance broker, Arthur J. Gallagher & Co., has reported net earnings of $256.3 million for the third quarter of 2022, compared with $238.6 million a year earlier. The firm’s overall revenues were down slightly from $2,105.6 million to $2,012.0 million, but were up by 15% for the combined brokerage ... Read the full article
It’s clear reinsurers require better expected returns, says Swiss Re’s John Dacey
28th October 2022
John Dacey, Chief Financial Officer (CFO) of Swiss Re, has said it's clear that reinsurers require better expected returns on the business they write, suggesting it's going to be a challenging January 1st, 2023, reinsurance renewals amid a classic supply-demand imbalance. Early this morning, Swiss Re released its 9M 2022 ... Read the full article