Reinsurance News
Allianz Holdings appoints Alison Rayner to new role
26th August 2022
Allianz Holdings has appointed Alison Rayner to the newly created position of chief compliance and corporate affairs officer, effective from February 2023. In this role, she will be responsible for setting a clear strategy for the organisation in terms of compliance and conduct relating to customer, clients, reputation, assets, and the ... Read the full article
IFRS 17 strategy changes could affect ratings, warns S&P
26th August 2022
Analysts at S&P Global Ratings have warned that ratings actions could be taken if insurers and reinsurers make significant changes to their risk appetite or capitalization strategies following the implementation of IFRS 17 in 2023. International Financial Reporting Standards (IFRS) 17 will reshape insurance accounting from January 1st in a move ... Read the full article
Liberty Specialty Markets appoints new senior underwriter in Ankita Dutta
26th August 2022
Liberty Specialty Markets has appointed Ankita Dutta to the role of senior underwriter for financial risk solutions. Dutta is joining the firm with immediate effect, will be based in London, and will report to Sam Wilde, head of London markets. Wilde, meanwhile, assumed his role in February as part of ... Read the full article
Kuwait Re hires Szeles as Regional Manager CEE/CIS
26th August 2022
Kuwait Re has appointed Mark Szeles as Regional Manager central and eastern Europe (CEE) and the Commonwealth of Independent States (CIS). Within this role, Szeles will be based in Budapest, Hungary. All in all, Szeles brings over 14 years of experience within the industry towards the role. He joins Kuwait Re from re/insurance broker ... Read the full article
Duck Creek continues to expand offerings in APAC region
26th August 2022
P&C solutions provider, Duck Creek Technologies has announced the release of the first of many planned software packages and implementation accelerators localised for the New Zealand insurance market. This release is part of the company’s continued investment and expansion in the Asia-Pacific (APAC) region. According to the announcement, Duck Creek’s local offerings ... Read the full article
Korean Insurance Capital Standard to have limited impact: Fitch Ratings
26th August 2022
Fitch Ratings has said that the implementation of the Korean Insurance Capital Standard (K-ICS) starting 2023 is likely to have a limited impact on insurers’ ratings, although the new capital regime, together with IFRS 17, will squeeze their capital buffers. The K-ICS comes into force from the beginning of next year. ... Read the full article
Our industry needs to look at hurricanes from an evolved perspective: Swiss Re
25th August 2022
A recent Risk Perspective blog from Swiss Re’s Mohit Pande has outlined the hurricane risks that the industry and economy currently face. According to CoreLogic, nearly 33 million homes on or near the Atlantic and Gulf coasts are at risk of hurricane-force wind damage, the estimated cost to replace them is ... Read the full article
Trean increases surplus with $50mn notes offering
25th August 2022
Trean Insurance Group has increased the surplus of its subsidiary Benchmark Insurance Company by completing a private offering of $50 million aggregate principal amount of its 6.75% Surplus Notes due August 2042. The company stated that surplus notes are unsecured, subordinated debt obligations of Benchmark and are planned to be treated ... Read the full article
TALANX joins roster of firms refusing to cover East African Crude Oil Pipeline
25th August 2022
German insurer TALANX had joined a chorus of firms now refusing to provide cover for the East African Crude Oil Pipeline (EACOP), a move that could have severe ramifications for the project. A statement from TALANX, posted to the Stop EACOP website, states that the firm is joining 11 other (re)insurers, ... Read the full article
Ocorian’s Bermuda offices deliver strong growth for captive insurance
25th August 2022
Ocorian, a provider of capital markets, and corporate and fiduciary services, has reported seeing a significant increase in the number of captives it supports, with its Bermuda offices showing particularly strong growth. According to the announcement, Ocorian believes that given the strength of its proposition, Bermuda will continue to grow its ... Read the full article
United P&C placed into run-off
25th August 2022
United Insurance Holdings Corp. (UPC Insurance) has confirmed that it is effectively placing its personal lines subsidiary into run-off due to concerns over a lack of available reinsurance capacity. UPC reported last month that its Board had initiated a review to explore range of strategic and capital raising alternatives, including ... Read the full article
Underinsurance risk in resurgent hospitality sector: Lockton
25th August 2022
Amidst the hospitality sector's recovery from the pandemic and rising inflation, re/insurance broker Lockton has warned businesses to closely evaluate building reinstatement values to avoid being inadvertently underinsured. The hospitality industry's financial prospects have significantly improved this summer thanks to increased demand and a decrease in COVID-19 restrictions. However, Lockton warns that ... Read the full article
Pricing conditions to remain favourable for reinsurers in 2023: Moody’s
25th August 2022
Analysts at Moody’s have asserted that pricing conditions will remain favourable for reinsurers next year, with momentum expected to continue through the January 2023 renewal season. With the Atlantic hurricane still to run its course this year, the rating agency believes it remains too early to determine whether reinsurers will post ... Read the full article
L&G’s PRT Monitor indicates continued momentum in H1
25th August 2022
Legal & General Group’s Global Pension Risk Transfer (PRT) businesses have released the latest edition of the Global PRT Monitor, which analyses industry trends and market outlooks in the UK and US. According to the Monitor, both markets reported a strong start to 2022, with the first half of the year ... Read the full article
BMS Re makes senior Caribbean fac hire
25th August 2022
BMS Group (BMS), the independent specialist re/insurance broker, has announced the appointment of Germán Torres-Ortíz as managing director and head of Caribbean facultative business for BMS Re Latin America and Caribbean (LAC), effective August 29th 2022. Based in Miami, he will report to Aidan Pope, CEO and executive chairman for LAC ... Read the full article