Reinsurance News
Data suggests Demotech rated carriers have sufficient reinsurance for Ian claims
14th October 2022
Rating agency and financial analysis firm, Demotech, Inc., has reported that, at this stage, all of the Florida-focused insurance carriers it rates will be able to handle claims from hurricane Ian within their reinsurance towers, based on early reporting and cat modelling results. Of course, the ultimate insurance and reinsurance industry ... Read the full article
Inflation the leading catalyst for Pension Risk Transfer Activity: MetLife
14th October 2022
According to MetLife's 2022 Pension Risk Transfer Poll, 95% of defined benefit (DB) plan sponsors say that higher inflation is impacting their decision to move forward with a pension risk transfer (PRT), including 50% saying it’s very impactful. Elizabeth Walsh, head of Pension Solutions at MetLife, commented, “The economic landscape has ... Read the full article
Hannover Re to benefit from opportunities in ILS & Asia: Jefferies
14th October 2022
Analysts at Jefferies have asserted that Hannover Re is set to benefit from opportunities in areas of change that it has embraced to a greater extent than many peers, including the hard market environment, ILS markets, Asian growth and even IFRS 17. In terms of innovation, Jefferies notes that Hannover Re ... Read the full article
Lockton launches new custody insurance facility for digital asset clients
14th October 2022
Independent insurance brokerage Lockton, has launched a new industry-leading custody insurance facility available exclusively to its digital asset clients. Developed by Lockton's Emerging Asset Protection (LEAP) team in collaboration with leading global custody insurers, the facility is supported by Lloyd's syndicates, together with highly rated insurance companies. The facility will be able ... Read the full article
Geneva Association becomes a supporting institution of UN-convented NZAOA
14th October 2022
The Geneva Association has announced it has become a supporting institution of the UN-convened Net-Zero Asset Owner Alliance (NZAOA), an alliance of institutional investors committed to transitioning their investment portfolios to net-zero carbon emissions by 2050. The announcement was made at The Geneva Association’s 2022 conference for its Chief Investment Officer ... Read the full article
AssuredPartners acquires Quest Benefits, Inc.
14th October 2022
Broker, AssuredPartners, Inc. has announced that it has acquired Quest Benefits, Inc. Located in Chantilly, VA, Quest is now the 23rd acquisition completed by AssuredPartners so far in 2022. In a press release, it notes that the team will remain under the leadership of President, Sami Satouri. “Quest Insurance was thrilled to celebrate ... Read the full article
SecondSight launches AI-driven platform for underwriting amid funding round
14th October 2022
SecondSight has announced the launch of an AI-driven platform for "inside-out" underwriting, alongside an "oversubscribed" $3 million seed round of financing led by Tim Crown (co-founder of Insight Enterprises) with participation from Indiana Ventures, Cook Ventures, and Flywheel Fund, among other investors. SecondSight states that its product is the insurance industry’s ... Read the full article
Strong performance in 2023 critical after Ian losses, warns Jefferies
13th October 2022
Analysts at Jefferies have warned that it is “critical” that insurers and reinsurers exhibit a strong performance in 2023, following the huge impact of Hurricane Ian on the market. Jefferies notes that the investor reaction to Ian has been relatively benign, even as the re/insured loss forecasts have surged from an ... Read the full article
Progressive to retain only 14% of $1.4bn Ian property loss
13th October 2022
Property and auto-focused insurance group, The Progressive Corporation, has reported that it incurred $1.4 billion of property losses from Hurricane Ian, of which it is set to retain $200 million. This means that $1.2 billion, or 86%, of the company's gross loss will be absorbed by its reinsurance program. Progressive also reported ... Read the full article
SelectQuote partners with Munich Re Life US & Symetra Life for product launch
13th October 2022
SelectQuote has announced a partnership with Symetra Life Insurance Company and Munich Re Life US to bring SwiftTerm Select, its new instant decision point-of-sale term life insurance product, to the SelectQuote platform. SwiftTerm Select will be sold exclusively through SelectQuote, the customised term life product offering instant decision underwriting through alitheia, ... Read the full article
Cowbell appoints David Junius to CFO role
13th October 2022
Cowbell has appointed David Junius to be its new chief financial officer. Junius, who recently departed his role of chief financial officer at SiriusPoint, joins the firm in the wake of Cowbell debuting Adaptive Cyber Insurance. Jack Kudale, founder and CEO at Cowbell, said: "I am looking forward to David joining ... Read the full article
Heritage reports $40m of Hurricane Ian losses, taps reinsurance
13th October 2022
Super-regional property and casualty insurance holding company, Heritage Insurance Holdings, has revealed that it expects to incur $40.0 million of net retained losses from Hurricane Ian. The company specified that this estimate is inclusive of reinstatement premiums and participation by its captive reinsurer, Osprey Re. It added that ultimate gross losses continue ... Read the full article
Infrastructure projects the biggest opportunity in LatAm, says Lloyd’s head
13th October 2022
Despite geopolitical and economic challenges putting some businesses off investing in Latin America, Daniel Revilla, Lloyd’s regional head of Latin America and the Caribbean (LAC), sees plentiful opportunities for underwriters and brokers with specialist expertise and an appetite for risk. ”Infrastructure investment is where I see the biggest opportunity for Lloyd’s,” ... Read the full article
Munich Re & Swiss Re to bear largest market share of Ian losses: JP Morgan
13th October 2022
Basing its top-down view of Hurricane Ian losses on RMS’s $67bn estimate, JP Morgan has suggested that Munich Re and Swiss Re are likely to have the largest market share of Ian losses. JP Morgan observes that RMS gave a range of $53-74bn, with an additional $10bn in losses for the ... Read the full article
Aon names Gary Warman as Global Life Leader of STG
13th October 2022
Aon has appointed Gary Warman as global life leader of its Strategy and Technology Group, effective immediately. Warman is a qualified Fellow of the Institute of Actuaries and holds over three decades of experience in the life insurance industry, with significant experience in M&A, capital management, operational efficiency/cost management and developing ... Read the full article