Reinsurance News
Nat cats a key consideration for Europe’s big four reinsurers in H2, says Moody’s
30th August 2022
Natural catastrophes have weakened Europe’s big four reinsurers' results in H1, and with the peak North Atlantic hurricane season still to come, there is a risk that they might do so again in H2, says a Moody’s investors service report. The four reinsurers reported combined net profits of €1.9bn in the ... Read the full article
VYRD teams up with Verisk
30th August 2022
VYRD is partnering up with Verisk to launch a new homeowner insurance venture in Florida. The firm said that it was using Verisk’s LightSpeed for Homeowners platform to help streamline the process of obtain quotes for homeowners. Its initial focus, said the company, will be on those customers who are challenged ... Read the full article
Climate change negatively impacting home insurance affordability in Australia: Finity
30th August 2022
The severe impact of climate change is widening the gap in home insurance affordability for Australian households, says a recent green paper report from Finity. The Australian insurance industry has seen increasing losses from extreme weather-related events over the last ten years, despite allowing for inflation and exposure growth. 2022 has ... Read the full article
Reinsurance rates to increase regardless of cat activity: Fitch
26th August 2022
Analysts at Fitch Ratings have argued that reinsurance rates will continue to harden during the January 2023 renewals, even in the absence of significant catastrophe losses throughout the second half of the year. In a new report, the rating agency notes that, at $34 billion, H1 worldwide insured natural catastrophe losses ... Read the full article
Wilton Re sells ivari to Sagicor
26th August 2022
Wilton Re has announced that it has entered an agreement to sell Toronto-based life insurance company ivari to Sagicor. Ivari is one of Canada’s leading individual life insurance providers, with assets under management totalling $11bn in 2021. Wilton Re acquired the operations of ivari in 2015. Dmitri Ponomarev, CEO of Wilton Re, ... Read the full article
Live events resurge in a new risk landscape after Covid restrictions ease
26th August 2022
The restarting of live events due to the lull in coronavirus restrictions poses a new risk landscape for organisers, according to Allianz Global Corporate & Specialty (AGCS). The firm said in a statement that it was seeing increasing demand for live events following the end of lockdowns and restrictions. However, it said ... Read the full article
Caribbean re/insurers continue to navigate economic headwinds: AM Best
26th August 2022
According to AM Best’s market segment report, Caribbean insurers continue to navigate economic headwinds and market volatility while remaining highly vulnerable to several other risks. Climate, reinsurance, and cyber in particular. Despite the low level of claims activity in 2021 and thus far in 2022, reinsurance pricing continues to reflect increased ... Read the full article
Florida insurers could struggle to respond to a $100bn repeat of Hurricane Andrew: RMS
26th August 2022
According to RMS, a Moody’s analytics company, because of significant exposure growth, the impact of social inflation, and climate change complications, Florida’s insurance market could struggle to respond to a repeat of a Category 5 hurricane, such as Hurricane Andrew - which hit southwest Florida in 1992. RMS highlighted that the ... Read the full article
KBW highlights weakening reserve cushions for European reinsurers
26th August 2022
Keefe, Bruyette & Woods (KBW) has released a report highlighting weakening reserve cushions for reinsurers across Europe. According to the report, one of the key findings was that inflation had been eroding European reinsurers’ reserve adequacy for at least a few years before inflation even became a talking point at the ... Read the full article
M&A in insurance industry reaches highest growth rate in 10 years: Clyde & Co
26th August 2022
Mergers and acquisitions (M&A) in the global insurance industry reached the highest growth rate for 10 years in the first half of 2022, according to Clyde & Co’s Insurance Growth Report mid-year update. There were 242 completed deals worldwide, up from 221 in the second half of 2021 and 197 at ... Read the full article
Lack of extreme weather protection in semiconductor industry is concerning: WTW
26th August 2022
A significant percentage of the semiconductor industry likely lacks extreme weather protection, an issue highlighted in a recent survey by re/insurance broker, WTW. The Global Semiconductor Industry Survey also highlighted that gaps in cover could prove costly as extreme weather increases. It noted that one of the main challenges companies face ... Read the full article
Ace Insurance Brokers makes three appointments
26th August 2022
Ace Insurance Brokers has made three new appointments. A LinkedIn post from the firm said that Palak Sharma had been appointed to the role of assistant manager for directinsurance; Aditya Nigam as manager of direct insurance; and Akshay Kasare as executive of reinsurance. The post read: “A warm welcome and lots of ... Read the full article
Erie Insurance launches venture capital fund to drive innovation
26th August 2022
Erie Insurance, an auto, home, business and life insurer has announced the establishment of Erie Strategic Ventures to support visionary entrepreneurs. The fund follows Erie’s commitment in supporting entrepreneurship and delivering innovative products, services and experiences to its customers and network of independent agents. In a press release, it notes that Erie Strategic ... Read the full article
Europe’s big four see P&C reinsurance underwriting performance deteriorate: Moody’s
26th August 2022
Europe’s big four average net combined ratio from property and casualty (P&C) reinsurance deteriorated to 98.9% from 95.5% a year earlier, with only Munich Re reporting a stronger P&C combined ratio, says Moody’s. The report suggests that the group's weaker P&C underwriting performance partly reflects several small to mid-sized natural catastrophe ... Read the full article
Co-founder of Phoenix Asset Management deals more body blows to R&Q’s William Spiegel
26th August 2022
Another investor in R&Q has come out swinging at embattled executive chair and director William Spiegel. An open letter published on Phoenix Asset Management’s website by Gary Channon, cofounder and CIO at the firm, has dealt further blows to Spiegel’s tenure, which is due to be voted upon in a special ... Read the full article