Reinsurance News
HDI Global Specialty promotes Fleiser to Managing Director of Australia branch
19th October 2022
HDI Global Specialty (HDI) has announced that Mark Fleiser, former General Manager of its Australian operations, has been promoted to Managing Director of its Australian branch. Fleiser’s appointment is effective immediately. Within his role as General Manager, Fleiser has been able to successfully oversee the growth of the firms Australian operation. HDI’s ... Read the full article
ICA declares insurance catastrophe in three Australian flooded states
19th October 2022
The Insurance Council of Australia (ICA) has declared an Insurance Catastrophe for Victoria, Tasmania and New South Wales. The three states are suffering the impacts of severe weather and flooding that started last week. The ICA’s Catastrophe declaration escalates and prioritises the insurance industry’s response to the disaster. The escalation includes obliging ... Read the full article
Insured cat losses nearly at $100bn already in 2022: Aon
19th October 2022
Re/insurance broker Aon has reported that year-to-date economic losses, including preliminary estimates for Hurricane Ian, are already at $277 billion year-to-date, of which $99 billion is expected to be covered by public and private insurers. The firm’s latest Global Catastrophe Recap shows that global natural disaster losses by the end of ... Read the full article
BMS names Alex Tesei as director of European energy reinsurance
19th October 2022
BMS Group has announced further expansion of its specialty energy practice with the hire of Alex Tesei as director of European energy reinsurance. Tesei holds almost two and a half decades of industry experience, having spent ten years building up and leading the reinsurance division of Ribé Salat in Spain, specialising ... Read the full article
Amazon launches new home insurance product in the UK
19th October 2022
Amazon has announced the launch of its Amazon Insurance Store, a new way for UK customers to shop for home insurance. For the initial launch, Amazon partnered with Ageas UK, Co-op, and LV= General Insurance, noting that each company was carefully selected using a number of customer-focused criteria, including reasonable time ... Read the full article
Buy-in and buy-out volumes hit £12bn in H1: Hymans Robertson
19th October 2022
Data from pensions and financial services consultancy Hymans Robertson shows that total pension scheme buy-in and buy-out volumes reached £12 billion in the first half of 2022. Analysts report that demand for transactions was steady at the start of the year and gathered pace from Q2 onwards. In total £12 billion of ... Read the full article
Arch sees Q3 2022 cat losses of up to $560 million
19th October 2022
Bermuda-based carrier Arch Capital Group Ltd. has announced pre-tax catastrophe losses of $530 million to $560 million in the third quarter of 2022, net of reinsurance and reinstatement premiums, across its property casualty (P&C) insurance and reinsurance arms. The re/insurer expects its Q3 2022 results to be negatively impacted by hurricane ... Read the full article
LMA publishes Consumer Duty guidance for Managing Agents
19th October 2022
The Lloyd’s Market Association (LMA) has published a general guidance document for the implementation of the FCA Consumer Duty, which has been gradually introduced over the past year in a series of policy announcements. The Consumer Duty sets standards of care that firms are required to give retail customers, including that ... Read the full article
Howden names Mike Godfrey as Head of Equine division
19th October 2022
Insurance broker, Howden has appointed Mike Godfrey as Executive Director and Head of its Equine division, part of its Sports & Entertainment practice. Godfrey will commence employment at Howden subject to completion of his contractual obligations. Within this role, he will be based in London and will report to Duncan Fraser, Global ... Read the full article
ChAI secures seed round funding to expand into AI insurance services
19th October 2022
AI-driven commodity intelligence company, Commodities AI Ltd (ChAI), has completed a seed round to help expand its industry-leading services into new markets, providing real-time commodity price forecasts to new global audiences, including raw-material businesses and key supply chain providers. The funding announcement marks an important milestone in ChAI’s product development, as ... Read the full article
Businesses may be overconfident about resilience to cyber threats: Beazley
18th October 2022
According to a recent Risk & Resilience research report from Beazley, there is a "worrying" degree of complacency around active cyber risk management and maintaining resilience to cyber threats, with over 41% of UK and US business leaders feeling "very prepared" to meet the cyber threat, which although down marginally ... Read the full article
Verisk releases climate projections for US hurricane & Caribbean cyclone
18th October 2022
Global data analytics provider Verisk has announced the release of climate change projections for its U.S. Hurricane and Caribbean Tropical Cyclone Models to help quantify climate-related, extreme event losses and their potential evolution over the next few decades. The climate change projections provide a probabilistic view of future risk in 2030, ... Read the full article
California looks to lower insurance costs with new wildfire regulations
18th October 2022
California has introduced new wildfire safety regulation to help drive down cost of insurance by recognizing and rewarding wildfire safety and mitigation efforts made by homeowners and businesses. Insurance Commission Ricardo Lara’s regulation will require insurance companies to submit new rates that recognize the benefit of safety measures such as upgraded ... Read the full article
AM Best maintains negative outlook on Colombia’s insurance market
18th October 2022
AM Best is maintaining its negative outlook for Colombia’s insurance industry, owing to the challenging global conditions that continue to pressure the country’s economy. In its report, Best notes that despite economic conditions in the country improving over the past few years, development has been limited by the spread of COVID-19 ... Read the full article
QBE Intl. makes two senior appointments within US marine team
18th October 2022
QBE International Markets has made two appointments within its US marine insurance team. The company has announced that Sean Dollahon has been appointed as Vice President, US Marine Manager, and Katie McCord has been appointed as Vice President, Senior Marine Underwriter. Dollahon brings nearly twenty years of industry experience towards his new ... Read the full article