Reinsurance News
LDI fallout may trigger the uptake of pension risk transfer, says Fitch
7th October 2022
Fitch Ratings has said that the need for pension funds to put up large amounts of extra collateral due to tumbling gilt prices will lead more UK defined-benefit pension funds to favour pension risk transfer deals with life insurers over liability-driven investment (LDI) arrangements with asset managers. In its report, Fitch ... Read the full article
Hurricane Ian re/insured wind and flood losses could reach $53bn, says CoreLogic
7th October 2022
CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has raised its re/insurance industry loss estimate for the wind and flood impacts of hurricane Ian to between $31 billion and $53 billion. The latest figures from CoreLogic peg the insured wind loss in Florida at between $22 billion and ... Read the full article
Lloyd’s to collaborate on space sustainability initiative
7th October 2022
In partnership with Lloyd’s Market Association (LMA), Lloyd’s has announced it will collaborate with the UK Government and industry experts on the development of the Earth & Space Sustainability Initiative kitemark. At the same time, it is also launching ‘Our Fragile Space’ exhibition, led by renowned science communicator and space photographer ... Read the full article
Allianz SE announces key changes to its management board structure
7th October 2022
Allianz SE has announced significant changes that are being made to its divisional setup from the beginning of 2023. The company has announced that the changes are being prompted by the readiness of the Allianz Customer Model (ACM) concept to be implemented directly within the respective global product and segment owners ... Read the full article
Intact and RSA Luxembourg name Lynn O’Leary CEO
7th October 2022
Intact Financial Corporation and RSA Luxembourg S.A. have announced the appointment of a new Chief Executive Officer, RSA Luxembourg. Lynn O’Leary will take over the role following a transition period and receipt of regulatory approvals, and will be succeeding Rachel Conran who held the position since 2019. During Conran's time as ... Read the full article
Nils Arne Fagerli to lead Marsh Specialty’s Norwegian business
7th October 2022
Insurance broker and risk advisor, Marsh, has appointed Nils Arne Fagerli as Head of Specialty in Norway. Based in Oslo, Fagerli will start his new role in April 2023. He will assume overall responsibility for Marsh Specialty’s Marine & Cargo, Energy & Power, and Construction industry clients in the country. Additionally, the ... Read the full article
Elpha Secure raises $20m in Series A funding led by Canapi Ventures
7th October 2022
Elpha Secure Technologies has completed a $20m Series A funding round led by Canapi Ventures, with participation from Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, and EOS Venture Partners. Elpha Secure provides a cyber protection solution for small and midsize businesses that marries ... Read the full article
Gallagher Re to manage climate and food risk in Senegal
7th October 2022
Gallagher Re, the global reinsurance broking and advisory firm, has been selected by Senegal’s Public Solidarity Fund (FSN, Fonds de Solidarité Nationale) to develop a risk financing strategy for climate risk and food insecurity in the country. FSN is the national authority in charge of providing financial assistance to populations in ... Read the full article
RGA and Sompo partner to improve elderly care
7th October 2022
Reinsurance Group of America (RGA), a leading global life and health reinsurer, and Sompo Holdings, a global property and casualty insurance company with a nursing care business in Japan, have announced a new partnership aimed at improving eldercare and promoting healthy aging. Together, Sompo and RGA will leverage their experience in ... Read the full article
bolttech expands in Indonesia with Axle Asia acquisition
7th October 2022
Singapore-based international insurtech, bolttech, has announced it has completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia. Founded in 2008, Axle Asia is a Jakarta-based insurance broker serving a diverse range of clients across corporate lines and employee benefit insurance. Bolttech suggests the addition ... Read the full article
FEMA receives more than 25,000 NFIP claims following hurricane Ian
6th October 2022
A week after hurricane Ian caused significant flooding in the State of Florida, FEMA's National Flood Insurance Program (NFIP) has received over 25,000 claims. The average claims cost of previous significant flood events suggests that the claims received by the NFIP as of October 4th, 2022, amounts to well over ... Read the full article
Talcott in $7bn block reinsurance deal with Guardian
6th October 2022
International life insurance group Talcott Financial has entered into a transaction with The Guardian Life Insurance Company of America to reinsure $7.4 billion in variable annuity liabilities. The deal will be conducted between subsidiaries Talcott Resolution Life Insurance Company and The Guardian Insurance & Annuity Company, Inc., and will primarily cover ... Read the full article
Munich Re acquires API-focused insurtech
6th October 2022
Reinsurance giant Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software-as-a-Service (SaaS) for the insurance industry’s ecosystem. apinity is an API software platform that enables insurers to utilise third-party API services, in turn making it possible to transparently manage both ... Read the full article
Aston Lark Ireland announces acquisition of Pembroke Insurances
6th October 2022
Aston Lark Ireland, an insurance broker and Howden company, has announced the acquisition of Pembroke Insurances Limited. Set up in 2007 by Graham Weir and John McGuire, Pembroke Insurances has been providing commercial insurance solutions for over a decade, and has grown a strong reputation as a trusted name within the ... Read the full article
Raul Vargas to succeed Jeff Dailey as Farmers Group President & CEO
6th October 2022
Farmers Group Inc. has promoted Raul Vargas to become the company’s next President and Chief Executive Officer at the start of 2023. Current President & CEO Jeff Dailey is stepping down, but will continue to serve as Chairman of the Farmers Group, Inc. Board of Directors. At the same time, Vargas will also become ... Read the full article