Reinsurance News
Munich Re promotes Yaoling Bai to new role in Beijing
28th September 2022
Munich Re in China has promoted Yaoling Bai to the role of senior property treaty underwriter and nat cat consultant. Bai has been with the firm since February 2019 when she joined as a property treaty underwriter. Prior to this, she worked for RMS for nearly two-and-a-half years as senior product ... Read the full article
Acrisure acquires CRK Commercial Insurance Services
28th September 2022
Global insurance broker and fintech leader, Acrisure has announced its acquisition of CRK Commercial Insurance Services Limited, the specialist commercial schemes provider. The deal is expected to close at the start of October 2022. Established in 2000, CRK is a highly successful broker within the manufacturing and engineering space, under the leadership ... Read the full article
QBE sells Irish portfolio renewal rights to Ascot
28th September 2022
Australia headquartered insurer QBE has announced the sale of select Irish Casualty commercial insurance portfolios to the Ascot Group via a renewal rights transaction. The sale follows QBE’s decision earlier this year to conduct a phased withdrawal from underwriting certain Republic of Ireland-domiciled direct insurance business. Under the terms of the deal, ... Read the full article
Canopius appoints Adhiraj Maitra to new ESG role
28th September 2022
Global special re/insurer Canopius Group has named Adhiraj Maitra as its group head of sustainability, effective immediately. In his new role, Maitra will be responsible for overseeing the group’s ESG position around the world. This will involve developing a cohesive ESG strategy to meet regulatory requirements, including a forward-looking responsible underwriting policy, ... Read the full article
EMC Re to exit reinsurance business
28th September 2022
EMC has announced that it is to exit the assumed reinsurance business conducted through EMC Re. A statement from Scott Jean, president and CEO of EMC, said that the firm plans to focus on its core insurance products distributed through independent agents, including commercial property/casualty lines and bonds, and life insurance ... Read the full article
Major hurricane Ian shifts south ahead of Florida landfall
28th September 2022
The forecast path for hurricane Ian, which is now a major Category 4 storm with maximum sustained winds of 155 mph, has shifted south overnight, with a landfall now expected to be somewhere between Fort Myers and Sarasota. Some two million Floridians have been told to evacuate the state as hurricane ... Read the full article
Insurers need partners to reduce flood risk worldwide: Triple-I
28th September 2022
Analysts from the Insurance Information Institute(Triple-I) have stated that insurers need partners to reduce the threat flooding poses to life and property worldwide, and are taking several steps to achieve this. Advances in data and communication, as well as in collaboration and innovation are needed to achieve such a mindset focused ... Read the full article
Swiss Re collaborates with Waymo to study autonomous vehicles
28th September 2022
The safe deployment of autonomous vehicle (AV) technology could revolutionise the mobility space, though the insurance industry might not be equipped with the right knowledge and data to assess this novel risk, says Swiss Re. In a new report, Swiss Re has stated that AVs will likely result in a significant ... Read the full article
Antares tops JP Morgan’s Lloyd’s Peer Analysis for investment performance
28th September 2022
QIC Group subsidiary Antares has announced that Antares Syndicate 1274 has been ranked first for investment performance based on three-year average investment return over the period from FY 2019 to 2021 according to JP Morgan Asset Management’s Lloyd’s Peer Analysis. According to the firm, it achieved an average annual investment return ... Read the full article
Aurora appoints WTW’s Ian Thomas as Head of Product and Insight
28th September 2022
Digital platform and managing general agent (MGA) Aurora has hired Ian Thomas as Head of Product and Insight. As Head of Product and Insight, Thomas will be responsible for driving Aurora’s creative use of data with a key focus on the intelligent use of insights to deliver a first-class customer experience. He ... Read the full article
Tough road ahead for Japanese life insurers: GlobalData
28th September 2022
Japanese life insurers face a series of tough challenges over the next five years because of the country’s ageing demographic and economic factors, according to GlobalData. The data and analytics company has forecasted that the Japanese life insurance industry is expected to grow at a compound annual growth rate (CAGR) of ... Read the full article
Duck Creek Producer to expand internationally
28th September 2022
P&C solutions provider Duck Creek Technologies has announced the international expansion of Duck Creek Producer – a platform for enhancing the relationships between insurers and brokers and accelerating speed-to-market for distributing new products. Launched in the US in 2020, Duck Creek Producer has been gaining attention and traction, including a recent ... Read the full article
PlanetWatchers raises $11m funding for expansions plans
28th September 2022
Crop monitoring and technology company, PlanetWatchers, has raised $11 million as part of its Series A funding round, as part of the company’s expansion plans. The company uses advanced machine learning to support crop insurers and the agricultural industry in verifying cover crops, tillage, planting dates, acreage, crop classification and weather ... Read the full article
Large, nationwide homeowners insurers have most cat exposure to hurricane Ian
27th September 2022
Analysis shows that some of the nationwide homeowners insurance giants in the U.S. have some of the highest level of catastrophe exposure to hurricane Ian, which is currently forecast to reach west-central Florida as a major Category 3 storm Wednesday evening local time. After making landfall in Cuba's Pinar del Río ... Read the full article
Over one million Florida homes at risk from Hurricane Ian storm surge: CoreLogic
27th September 2022
CoreLogic has released data analysis showing that more than one million single-family and multifamily homes along the Florida gulf coast with a reconstruction cost value (RCV) of approximately $258.3bn are at potential risk of storm surge damage from Hurricane Ian. Hurricane Ian has now reached major Category 3 status with ... Read the full article