Reinsurance News
Risk Strategies names Steve Trimarchi as SVP, Growth Leader
9th September 2022
Specialty insurance brokerage and risk management firm, Risk Strategies, has appointed Steve Trimarchi as senior vice president, growth leader for the New England Region. Trimarchi brings more than 16 years of commercial insurance sales and service experience with Marshall & Sterling, Pioneer Bank, and Arthur J. Gallagher & Co. In his new ... Read the full article
Korean digital insurer Carrot raises $250m in funding
9th September 2022
South Korean digital insurance carrier Carrot General Insurance has secured a fresh funding of 300 billion Korean won (US $25 million). Led by private equity firm Affirma Capital, the capital will be raised across two connected rounds with wide participation of existing investors. Carrot has successfully closed the initial funding of 175 ... Read the full article
Climate change stimulates cat bond development in Asia: Fitch
9th September 2022
Analysts at Fitch Ratings have suggested the catastrophe bond market will continue to develop given a rise in catastrophic events amid climate change. The demand for bonds issued via private placement by ILS is rising, suggests Fitch, with regular capital infusions to the reinsurance sector and ISLs in Hong Kong. Peak Re ... Read the full article
AM Best turns negative on US personal lines and auto
8th September 2022
AM Best has revised its market segment outlook from stable to negative on the U.S. personal lines insurance segment following a significant deterioration in the reported results of personal automobile insurers. Other major factors include rising loss cost severity, pricing pressures, and elevated reinsurance costs, says Best. It notes that the liability ... Read the full article
Westfield Specialty acquires Argo’s Lloyd’s Syndicate 1200 in $125m deal
8th September 2022
Westfield Specialty, a U.S. property and casualty insurer, has accelerated its "rapid growth" with the acquisition of Lloyd's Syndicate 1200 from Argo Group International Holdings, marking its entry into the international specialty market. The deal remains subject to regulatory approval but is expected to close in the first half of next ... Read the full article
Reinsurance market needs more navigating than in the past: Aon’s Andy Marcell
8th September 2022
The combination of the current inflationary trend and challenges in the property space is driving growth in values and total insurable values (TIVs), leading many buyers of reinsurance to seek more limit at the upcoming renewals. But as reinsurer appetite for property catastrophe business wanes, Aon sees a marketplace "that's ... Read the full article
AXIS launches dedicated wholesale division
8th September 2022
Bermudian insurer and reinsurer, AXIS Capital Holdings Limited, has established a new division dedicated to servicing the wholesale market, which will be led by Carlton Maner as Chief Executive Officer (CEO) of AXIS Wholesale. The new unit brings together AXIS teams and personnel alongside additional personnel dedicated to the Wholesale operation, ... Read the full article
Global reinsurance sector outlook remains neutral amid economic slowdown: Fitch
8th September 2022
Fitch Ratings has maintained its global reinsurance sector outlook at neutral and expects underlying profitability to remain broadly stable in 2022 and 2023. Demand for most reinsurance business should be relatively unaffected by the economic slowdown, says Fitch, noting that price increases and higher reinvestment yields should largely offset the impact ... Read the full article
US L/H segment rating activity in H1 2022 mixed with stable outlooks: AM Best
8th September 2022
Ratings activity for the US life/health (L/H) segment in the first half of 2022 has been mixed, with the percentage of upgrades increasing while the percentage of downgrades decreased slightly, according to a recent report by AM Best. Additionally, according to the US L/H Ratings Activity in 2022 Mixed as Insurers ... Read the full article
Liz Prior joins INSTANDA as Chief Financial Officer
8th September 2022
INSTANDA has announced the appointment of Liz Prior to its executive leadership team as Chief Financial Officer. A qualified actuary, Prior brings more than 13 years of experience in insurance, most recently as Managing Director at Hiscox Insurance Company. In this role, she will be responsible for optimising the business and developing ... Read the full article
Bermuda remains a global hub for P&C re/insurance: S&P
8th September 2022
A new note from S&P says that Bermuda has become a global financial hub for property/casualty re/insurance, with a growing presence in life re/insurance. This, said the firm, had happened due to the amount of related premiums written by Bermudian re/insurers. According to S&P Global Ratings, Bermuda's share of the global ... Read the full article
William Bruce joins Aon to lead climate risk consulting
8th September 2022
Aon has announced the appointment of William Bruce as Global Managing Director of Climate Risk Consulting. Bruce has over twenty-two years of consulting experience and was most recently Global Head of Enterprise Risk Consulting at Willis Towers Watson, where he led a global team that designed and delivered Transition Climate Risk ... Read the full article
GC confident industry ‘will come together’ despite property cat retreat: Lara Mowery
8th September 2022
Demand for property reinsurance protection is expected to increase in 2023 at multiples of recent years, but despite numerous reinsurers announcing some form of retreat from the property catastrophe space, Guy Carpenter is confident the market will find a way to provide solutions. Speaking yesterday during a media briefing held by ... Read the full article
The Hartford announces Doug Elliot to retire as company President
8th September 2022
The Hartford has announced that Doug Elliot will retire as president after more than 11 years with the company. Elliot spoke about his time at The Hartford, stating, “I am honoured to have had the opportunity to work for this iconic and trusted brand and proud to be a part of ... Read the full article
Säkra to be acquired by private equity firm Cinven
8th September 2022
Cinven, an international private equity firm, has announced it has reached an agreement to acquire Säkra, an insurance broker headquartered in Stockholm. The details of the transaction have not been disclosed, and it is subject to customary regulatory and antitrust approvals. Säkra is one of Sweden’s largest insurance intermediaries, providing life and ... Read the full article