Reinsurance News
IAG reports GWP rise of 5.7%, raises perils budget for next year
12th August 2022
The latest results from Australian firm IAG indicate that gross written premiums rose 5.7% between FY 2021 and FY 2022. However, the firm reported that its insurance margin of 7.4% was lower than its expectations. That was because, it wrote in the results, of higher natural perils costing $1,119m against its allowance ... Read the full article
Ryan Specialty posts organic revenue growth of 22% in Q2 results
12th August 2022
International specialty insurance firm Ryan Specialty Group has posted revenue of $491.3 million for the second quarter of 2022, representing growth of 26% over last year, including 22.3% of organic revenue growth. The firm explained that the high rate of organic revenue growth was driven by new client wins, expanded relationships ... Read the full article
Ransomware and Ukraine war the big risks for cyber insurance: CyberCube
12th August 2022
Ransomware continues to be largely responsible for the insurable cyber losses experienced by companies, with the maritime sector and satellite infrastructure being more likely to be targeted by cyber criminals, according to a recent report. Additionally, CyberCube’s H2 2022 Global Threat Briefing analysed the cyber activity following Russia’s invasion of Ukraine ... Read the full article
Brookfield Re sees total assets escalate
12th August 2022
Brookfield Reinsurance has reported that its total assets rose from $2,640m at the end of Q2 2021 to $41,019m at the end of Q2 2022. The news come months after the firm said it had seen a huge increase in its net income throughout Q1 2022. Back then, it had ... Read the full article
Capital adequacy of large global reinsurers remained ‘Strong’ at end of 2021
12th August 2022
New analysis from Fitch Ratings says that the capital adequacy of large global reinsurers remained at least ‘Strong’ at the end of last year. The analysis also found that the group—comprising Hannover Re, Lloyd’s of London, Munich Re, PartnerRe, SCOR, and Swiss Re—had financial leverage ratios of low to moderate, ranging ... Read the full article
Tokio Marine HCC International’s London Market operations to move to the Walkie Talkie building
12th August 2022
Tokio Marine HCC International (TMHCCI) has announced that its London Market operations, which includes GCube, will be moving from their current separate offices in to one consolidated location on floor 6 of 20 Fenchurch Street – commonly known as the Walkie Talkie building. The move is scheduled to happen in the ... Read the full article
Conifer reports 7% increase in GWP
12th August 2022
The latest results from Conifer show that firm saw gross written premiums in Q2 2022 being 7% than at the same point in 2021. According to Conifer, gross written premiums at the end of Q2 2021 were $35m, but have since risen to $37.4m. The firm also said in a statement ... Read the full article
Norton Rose Fulbright names insurance regulatory and transactions team
12th August 2022
Global law firm Norton Rose Fulbright has announced the arrival of a four-person insurance corporate regulatory team to be based in New York and Los Angeles. The team will be comprised of partner Robert Romano and Stewart Keir who join Locke Lord and will be practising in Norton Rose Fulbright’s New ... Read the full article
Seoul flooding losses “manageable” for Korean re/insurers
12th August 2022
Losses from record rain-induced floods in Korea should be manageable for Korean property and casualty insurers, with reinsurers like Korean Reinsurance Co. also being able to absorb the rainfall losses. Homes, roads and subway stations in the South Korean capital have been flooded as a result of record downpours, which have ... Read the full article
AM Best maintains stable outlook on Malaysia’s non-life
12th August 2022
Rating agency AM Best has maintained a stable outlook on the Malaysian non-life insurance industry segment due to its underwriting discipline and the market’s recovery following the economic fallout from Covid-19. According to the agency’s “Market Segment Outlook: Malaysia Non-Life Insurance,” non-life gross written premium rose by 4.0% to $4.95 billion ... Read the full article
Social unrest rises in LatAm due to inflation and economic stress caused by COVID: Chaucer
11th August 2022
Businesses “must think carefully about protecting themselves from a likely increase in damage” caused by growing social unrest in Latin America, mainly driven by inflation on top of the economic and social stress initially caused by COVID, said Chaucer. According to a new analysis by the re/insurer, the number of protests ... Read the full article
Cowbell Cyber links up with Swiss Re
11th August 2022
Cowbell Cyber is partnering up with Swiss Re to bring insurance to firms using Amazon Web Services (AWS) and have revenues of up to $750m. According to the two firms, the program grants customers access to Cowbell Factors which provide a relative rating of an organization's risk profile against the company's ... Read the full article
WTW expands energy team in Houston with senior hire
11th August 2022
Broker WTW, has announced that it has appointed Blake Koen to join the company’s rapidly expanding energy team in Houston as managing director, global client advocate, natural resources for its North America business. Within this role, Koen will help to develop and execute the strategic direction of WTW’s energy business. Koen brings ... Read the full article
Florida Citizens surpasses 1 million insurance policies
11th August 2022
Florida’s residual market insurer, Citizens Property Insurance Corporation, has now surpassed more than 1 million policies, the first time it has been at this level of portfolio exposure, in terms of policy count, since 2013. Florida Citizens had added on average 32,000 new policies to its portfolios every month through 2021. The ... Read the full article
Talcott Resolution executes new flow reinsurance transaction
11th August 2022
Talcott Resolution has executed a flow reinsurance transaction between itself and an unnamed US annuity writer. The firm said in a statement that under the terms of the agreement, Talcott will reinsure a quota share of the cedant's innovative fixed indexed annuity product, covering business beginning August 2, 2022. The cedant will ... Read the full article