Reinsurance News

Zurich to sell German legacy traditional life book to Viridium

24th June 2022

Zurich Insurance Group has agreed to sell its legacy traditional life insurance back book in Germany to Viridium Holding AG, a specialist in the management of life insurance portfolios in the country. The transaction includes the transfer of $20 billion of net reserves, mainly related to annuity and endowment products underwritten ... Read the full article

Argo confirms Thomas A. Bradley as CEO

24th June 2022

Argo has appointed Thomas A. Bradley to be its new CEO, replacing Kevin J. Rehnberg. Bradley served as Argo’s chairman since 2020 and has been serving as interim CEO since March 2022. He becomes CEO, effective immediately. Bradley will also continue in his role as executive chairman of the board ... Read the full article

Hyper-personalisation is the future of Insurtech – Capco

24th June 2022

Insurtech firms that prioritise hyper-personalisation and embedded insurance will come out the long-term winners and define the sector in the coming years, according to Usman Sheikh, Executive Director at Capco.  “Despite flagship Insurtech brands decreasing in valuation this year and the sector facing a ... Read the full article

Everest Insurance enters Asia market with Singapore office

24th June 2022

Everest Insurance, the primary division of Everest Re Group, has officially entered the Asian market after receiving regulatory approval from the Monetary Authority of Singapore to operate in country. The entity will be headquartered in Singapore and Senior Vice President and Regional Head of Insurance in Asia Ben Carey will lead ... Read the full article

May and June French storms cause over €1bn of claims

24th June 2022

French insurers are fully mobilised in order to meet the needs of over a quarter of a million victims of May and June’s storms across the country. The storms, over three days in June, led to around 258,00 claims that total an estimated €940m. Further storms in May brought another 93,000 ... Read the full article

Challenging times for Turkish insurers: Fitch

24th June 2022

Turkish insurers' earnings and capital adequacy will likely come under severe strain in 2022-23 as they face one of the most challenging environments of the past decade, according to Fitch Ratings. In a recent report, the agency stated that some insurers could be pushed below minimum regulatory solvency levels due to ... Read the full article

China’s yuan and the Japanese yen “most vulnerable to climate change” – Barclays

24th June 2022

China's yuan and the Japanese yen are the currencies most vulnerable to climate change, according to a new report by Barclays.  The bank looked at the effects of climate change on exchange rates, saying rising temperatures and associated economic costs could tank the value of the Chinese ... Read the full article

Frontier to offer cannabis and crypto risks solution in APAC region

24th June 2022

Frontier Global Underwriting has announced it will be offering its D&O and Professional Liability to cannabis, crypto and Web3 risks in Asia Pacific. The new offering by the specialist financial lines MGA and Lloyd's of London coverholder, will be supported by new capacity from global emerging risk insurer, Relm Insurance. Frontier will ... Read the full article

Oman’s CMA to implement risk-based approach for insurer solvency margins

24th June 2022

The Capital Market Authority of the Sultanate of Oman (CMA) has decided to adopt a new approach to calculate the solvency margin of insurance companies on the Audited Financial Statements of 2022. According to the CMA, their decision to switch to a risk-based approach was made to protect the rights of ... Read the full article

Inflation, not rates, driving property premium pain – WTW

23rd June 2022

WTW's Insurance Marketplace Realities Spring Update reports that property insurance premiums will continue to rise throughout 2022, but these increases will mostly be driven by inflation raising insurable values, as opposed to rate increases. Double-digit rate increases are however likely for challenged occupancies such as forest products, metals, waste management, food ... Read the full article

Markel Intl. appoints Schreiner as senior underwriter for M&E liability

23rd June 2022

Markel International – a subsidiary of Markel Corporation, has appointed Jeannie Schreiner as a senior underwriter for marine and energy (M&E) liability, where she will report Louise Foley, senior underwriter and head of M&E liability at Markel International. Within this new role, Schreiner will be based in the M&E team, where she ... Read the full article

Lockton Re names Kathy McCann as Senior Broker

23rd June 2022

Global insurance broker Lockton's dedicated reinsurance division, Lockton Re, has announced that Kathy McCann has joined the company as a Senior Broker. Within this role, she will support client development, and have a focus particularly on property business across various segments including Retrocession. McCann joins from Guy Carpenter where she most recently ... Read the full article

Omaha appoints Bryan Connolly Chief Operating Officer

23rd June 2022

Omaha National has appointed Bryan Connolly as Chief Operating Officer. Connolly, who co-founded Omaha National in 2016, previously served as Chief Financial Officer. Reagan Pufall, Omaha National President and CEO, said: "As CFO, Bryan led vital initiatives like the authorization of Omaha National Insurance Company, establishing our reinsurance program, creating ... Read the full article

Tim Spencer of Prima XL on the future role of reinsurtech

23rd June 2022

Digitisation has been a buzzword across multiple sectors and industries in recent years as an increasingly online and mobile-connected world population has come to expect their insurers in turn to fully embrace the revolution of a hyper-connected world. And where the insurers go, the reinsurers will be expected to follow. And, ... Read the full article

Marsh McLennan makes senior marketing & staff appointments

23rd June 2022

Marsh McLennan has announced the appointments of John Jones as Chief Marketing and Communications Officer and Pat Hagemann as Office of the COO Chief of Staff. Both appointments will report to John Doyle, Group President and Chief Operating Officer of Marsh McLennan, and are effective July 1. Jones will lead Marsh McLennan’s ... Read the full article