Reinsurance News
Insurers expect minimal losses from Mexico’s September earthquakes
30th September 2022
Ratings agency AM Best does not expect claims activity to increase significantly owing to the recent earthquakes that hit Mexico in September, as few minor damages have been reported and are unlikely to result in large insurance losses. The 7.7° magnitude shake on September 19 and one 6.9° on September 22 ... Read the full article
UK insurers should be able to navigate gilt volatility: Moody’s
30th September 2022
The current volatility in the UK’s gilt markets should be manageable for UK insurers, says an analyst at Moody’s. Last Friday, Kwasi Kwarteng, the UK’s new Chancellor of the Exchequer laid out a much-derided Budget that sought to slash taxes for high-earning households in the UK. Among the changes laid out by ... Read the full article
Hurricane Ian sustained winds at 85 mph ahead of South Carolina landfall
30th September 2022
The latest forecasts show hurricane Ian making its second U.S. landfall along the South Carolina coast later today as a Category 1 storm with sustained winds of 85 mph and gusts of just above 100 mph. The damage and consequential industry loss caused by hurricane Ian is set to worsen as ... Read the full article
Michael Bachrodt named kWh Analytics’ COO
30th September 2022
Provider of climate insurance for renewable energy assets, kWh Analytics has announced the appointment of Michael Bachrodt as the company’s new Chief Operating Officer. Bachrodt has over 20 years of project finance, transaction management, and underwriting experience, most recently serving as Vice President, Structured Finance for OYO Hotels where he led ... Read the full article
$2.81bn of Australian East Coast flood claims now closed
30th September 2022
The Insurance Council of Australia (ICA) has released new data showing more than half of insurance claims related to the February and March floods have been closed, with the latest figures revealing a 10% increase from last month amounting to $2.81bn or 54%. Read the full article
Hurricane Ian to cause near record US fire & natural hazards loss: GlobalData
30th September 2022
After devastating Florida’s west coast as a strong Category 4 storm before weakening over land, Hurricane Ian is likely to bring incurred losses in US fire and natural hazards market to near record levels, according to analysts at GlobalData. Benjamin Hatton, Associate Insurance Analyst at GlobalData, described the storm as one ... Read the full article
AXA XL Reinsurance names Mark Twite CEO, Bermuda
30th September 2022
Mark Twite has been appointed Chief Executive Officer (CEO) of AXA XL Reinsurance Bermuda, the property and casualty and specialty risk unit of global insurer AXA. From 3 October, Twite will be responsible for the strategic growth of the business in Bermuda, ensuring capital is effectively deployed in order to drive ... Read the full article
AUB Group completes Tysers acquisition
30th September 2022
Australia equity-based insurance broker network AUB Group has completed its acquisition of Tysers. In accordance with the terms of the acquisition and as previously announced, AUB confirmed that it has issued 9,018,974 new shares to Tysers’ former owner, Odyssey Investment Partners. The new shares will be escrowed for a 24-month period. AUB ... Read the full article
Fitch estimates losses of up to $40bn from Hurricane Ian
30th September 2022
Hurricane Ian, which hit Florida in recent days, is unlikely to affect credit for rated P&C (re)insurers because of ample capital levels and the ability to increase premium rates, said Fitch Ratings. However, the company said that Florida insurance specialists that are unrated by Fitch have suffered financial losses and diminished ... Read the full article
Security budget cuts may escalate cyber risk, warns Fitch
30th September 2022
Fitch Ratings has warned of a potential increase in cyber risk as corporate and infrastructure cybersecurity budgets across the US come under increasing pressure due to poor revenue outlooks. Analysts note that cybersecurity spending is often viewed as an added cost rather than an essential business expense, with ROI metrics difficult ... Read the full article
Parsyl appoints RenRe’s Mishambi as Director and names new Active Underwriter
30th September 2022
Approved Lloyd's coverholder and provider of insurance for essential supply chains, Parsyl has announced that Edward Mishambi, Senior Vice President (SVP) and Chief Risk Officer- Europe at RenaissanceRe, will join its board as an independent non-executive director. Mishambi joined RenaissanceRe in 2009, in his current position he is responsible for leading, ... Read the full article
CoreLogic estimates insured wind and surge loss from hurricane Ian up to $47bn
30th September 2022
CoreLogic has estimated that the insurance and reinsurance industry losses from Hurricane Ian could reach $47bn. The firm said that its analysis indicated losses arising from the hurricane could land between $22bn and $32bn, with additional storm surge losses in Florida of another $6bn to $15bn. It also said that this ... Read the full article
DB pension trustees need to consider insurers’ ESG capabilities, says Hymans Robertson
30th September 2022
A new report from Hymans Robertson says that the ESG capabilities of insurers are an increasing priority for DB pension schemes trustees considering buy-ins and buy-outs. The firm said that trustees needs a ‘critical understanding’ of the role of ESG in order to gain the full benefit. The report, Spotlight: ... Read the full article
XS Brokers announces a series of promotions
30th September 2022
XS Brokers (XSB), an independent insurance underwriting and wholesale brokerage group, has announced a series of promotions. Misty Quail has been promoted to EVP, Business Development Manager. Under her leadership, she will ensure XS Brokers' family-owned company values extend to supporting clients and advance the company's efforts of attracting Top 100 retailers ... Read the full article
Underwriting performance still pressured across South Asia: AM Best
30th September 2022
AM Best notes that reinsurance companies in South and Southeast Asia (S/SEA) posted an improved combined ratio in 2021, although underwriting performance remains pressured with a continued reliance on investments to achieve bottom-line profitability. According to the rating agency, S/SEA reinsurers recorded an overall combined ratio of 108% in 2021, a ... Read the full article