Reinsurance News
Ardea launches new insurance portfolio optimisation tool
11th October 2022
Ardea Investment Management, a fixed income specialist, has launched a new tool developed specifically for optimising insurance portfolios and which addresses the complex asset allocation problem faced by insurers. According to the announcement, introducing the capital charge to the portfolio optimisation process creates a complex multi-objective optimisation problem unsolvable by traditional ... Read the full article
Supply chain issues compounding volatile business conditions: Moody’s
10th October 2022
According to a report from Moody’s, lingering supply chain disruptions from the pandemic and the Russia-Ukraine conflict are complicating strategic planning for US companies across a range of industries and upending predictability. The ramifications of this for the re/insurance sector are clear, particularly for insurance claims costs and business interruption coverage. The ... Read the full article
AXA XL names Florian Richard as Chief Risk Officer, Americas
10th October 2022
AXA XL has announced the appointment of Florian Richard as Chief Risk Officer for the Americas and as Head of Underwriting Risk. Richard previously served as Head of Underwriting Risk, Reinsurance at AXA XL, having taken up this role in January 2022. Prior to this he spent two years at AXA XL ... Read the full article
Scarcity of large cats in LatAm helped insurers while pricing under pressure: AM Best
10th October 2022
A new report from AM Best says that the low number of large-severity catastrophe events in Latin America over the last three years has helped reinsurers in the region, even while pricing and claims costs are under pressure due to high inflation. The firm said in its report, Limited Claims Activity ... Read the full article
HCI reports $78m loss from Ian, all reinsurance towers hit
10th October 2022
Paresh Patel, Chairman and CEO of HCI Group, Inc., has reported that his company is facing a total pre-tax net loss of $78 million from Hurricane Ian, with significant use of its reinsurance program to absorb costs. Speaking during a presentation this week, Patel said that HCI had received 10,000 claims ... Read the full article
DeNexus launches new version of cyber risk platform
10th October 2022
DeNexus, a provider of second-generation cyber risk modelling for industrial organisations, reinsurers and investors in insurance-linked securities (ILS), has announced the launch of the new version of its data-driven cyber risk platform aimed to better quantify and manage risks associated with cyber breaches. According to the announcement, DeRISK 5.0 offers a ... Read the full article
Global insured losses in 2022 likely to be above $100bn, says KBW
10th October 2022
A recent report by KBW suggests that Hurricane Ian could lead to $50bn of insured industry losses, with a likelihood of seeing global insured losses of more than $100bn in 2022. Industry loss estimates for Hurricane Ian somewhat vary, but remain high, with Verisk assuming re/insurance industry loss between $42bn-$57bn. CoreLogic put ... Read the full article
Tokio Marine Kiln adds Kristen Shastri as Head of Life Sciences
10th October 2022
Tokio Marine Kiln (TMK) has announced the appointment of Kirsten Shastri as Head of Life Sciences as it targets growth in the sector. Shastri will underwrite a range of Life Sciences risks including traditional medical device and pharmaceutical companies through to novel products being developed worldwide. She will report to the Departmental ... Read the full article
Swiss Re set for $399m Q3 loss in JP Morgan forecast
10th October 2022
Analysts at JP Morgan have forecast that Swiss Re will incur a net loss of $399 million for the third quarter of 2022, largely due to the impact of Hurricane Ian, as well as loss creep on other catastrophe events and investment market volatility. Based on a market-wide loss forecast of ... Read the full article
Hurricane adds to reinsurers’ capital drain in Q3: Morgan Stanley
10th October 2022
Analysts at Morgan Stanley have stated that this year's third quarter will be challenging, especially as Hurricane Ian has highly contributed to capital drain. According to analysts Q3 2022 started off as a quiet quarter from a catastrophe perspective in the US, with no land-falling hurricanes through the first two months. ... Read the full article
VIG Re appoint Tobias Sonndorfer to Executive Board of Directors
10th October 2022
VIG Re, the reinsurance company of Vienna Insurance Group, has announced the appointment of Tobias Sonndorfer as a new member of the Board of Directors, with effect from 1st January 2023. Sonndorfer has broad experience in both financial services and the reinsurance industry and will take over responsibilities for the reinsurance ... Read the full article
Consilium appoints six financial lines specialists from Ed Broking
10th October 2022
International re/insurance broker, Consilium, part of the Aventum Group, has appointed six financial lines specialists from Ed Broking. Neal Hughes and Nick Bachmann, previously Divisional Directors at Ed have been appointed Managing Partners at Consilium. Hughes spent six years at Ed Broking, as well as nine years at WTW, six years at ... Read the full article
No ratings impact on life insurers’ following UK outlook revision: Fitch
10th October 2022
According to Fitch Ratings, the recent revision of the UK’s outlook to negative has no immediate impact on UK life insurers’ ratings. Fitch expects the sector’s strong business profile and capital headroom to continue to underpin ratings in the hypothetical scenario of the UK sovereign rating being downgraded by one notch ... Read the full article
Hallmark sells E&S operations to Core Specialty
10th October 2022
Property and casualty firm Hallmark has sold its excess and surplus lines operations to Core Specialty. The company said in a statement that the transaction is taking place for $40m cash, plus an estimated $19.9m consideration for the acquisition costs associated with certain net unearned premium reserves. The transaction is comprised of ... Read the full article
Brit uses aerial imagery to expedite Hurricane Ian claims
10th October 2022
Insurer and reinsurer Brit has said that it used aerial imagery to help expedite payments arising from Hurricane Ian. The firm said it had used a proprietary machine learning algorithm in tandem with ultra-high-resolution ariel imagery to accelerate the accurate identification of US property damage and was then able to ‘virtually ... Read the full article