Reinsurance News
Underwriting margins stabilize amid inflation concerns: AM Best
17th August 2022
A recent AM Best report suggests that there is a stable pattern of underwriting profits as companies are becoming more proactive about making explicit allowances for inflationary trends. Numerous business re-alignment initiatives have been taking place over the last three years, says the report. In addition to price increases and more restrictive ... Read the full article
SiriusPoint names Phil Wooldridge Head of London US Casualty
17th August 2022
Global specialty re/insurer, SiriusPoint, has appointed Phil Wooldridge as Head of London US Casualty. Based in London, Wooldridge will start his new role on September 5 and will be reporting to Head of London and International Casualty, Nick Pascall. He brings more than 25 years of experience in the US Casualty markets, ... Read the full article
Cowbell Cyber appoints Julia Cederroth as senior director of reinsurance
17th August 2022
Cowbell Cyber, a cyber insurance provider for small and medium enterprises (SMEs), has appointed Julia Cederroth as senior director of reinsurance. Prior to joining Cowbell, Cederroth served as vice president and cyber treaty broker at Gallagher Re as a member of the Global Treaty Broking team and Cyber Center of Excellence. ... Read the full article
Ocean Re acquires Oceva Risk
17th August 2022
Ocean International Reinsurance Company Limited (Ocean Re) has announced that it has acquired Oceva Risk Solutions Limited, a London Market-facing business that is fully authorised by the Financial Conduct Authority (FCA). As part of the deal, which has been approved by the FCA, Ocean Re has also acquired Oceva Europe ApS, ... Read the full article
Equitable Holdings and First Allmerica Life Insurance go into reinsurance agreement
17th August 2022
Equitable Holdings has gone into a reinsurance agreement with Global Atlantic subsidiary First Allmerica Financial Life Insurance Company to reinsure a 50% quota share of pre-2009 Group Retirement VA contracts supported by approximately $4bn of general account assets and $6bn of separate account value. In a statement, Equitable Holdings said the ... Read the full article
MAPFRE RE gains approval for Beijing subsidiary
17th August 2022
Global reinsurer MAPFRE RE has now received regulatory approval to establish a subsidiary in Beijing, which will reportedly have a working capital of 500 million yuan (USD 73.7m). According to the China Banking and Insurance Regulatory Commission (CBIRC), the Spanish reinsurer's new Beijing subsidiary has one year to finalise preparations. Reports suggest ... Read the full article
Premia enters LPT agreement with Hiscox
17th August 2022
Premia Syndicate 1884 has entered into a loss portfolio transfer (LPT) agreement with Hiscox Syndicate 33. A statement from the firm says that the subject portfolio consists of a diverse mix of business underwritten by Syndicate 33 during Years of Account 1993 to 2018. The transaction is retroactively effective to January ... Read the full article
Investment yields not expected to offset re/insurance pricing increase, says JP Morgan
17th August 2022
A recent report by JP Morgan suggests (re)insurers increased investment returns will not slow down the raising prices. Non-life insurance companies with short-duration portfolios could see material increases to return on equity (ROEs) assuming that underwriting margins hold at current levels. In the late 1990s and early 2000s, insurers sustained underwriting losses, ... Read the full article
Chantal Rodriguez appointed as Liberty Mutual Reinsurance CUO
17th August 2022
Liberty Mutual insurance has appointed Chantal Rodriguez as Liberty Mutual Reinsurance Chief Underwriting Officer (CUO), where she will report to both Global Risk Solutions (GRS) President of Underwriting, Matthew Moore and Liberty Mutual Reinsurance President Dieter Winkel. At the same time, the company has also announced that Crystal Ottaviano has been ... Read the full article
Insurtech startups shift focus to profitability: S&P
17th August 2022
A recent S&P Global Market Technology report suggests insurtech startups have shifted from a "growth at all costs" mentality to one more focused on profitability. Full-stack companies, or those that have licensed carrier subsidiaries, will require profitable underwriting and investing to achieve this goal, though the report says this may prove ... Read the full article
Relation acquires assets of Innovative Broker Services
17th August 2022
Relation Insurance Services, a privately held corporation backed by Aquiline Capital Partners, has announced the acquisition of the assets of California-based Innovative Broker Services. The transaction brings an established insurance brokerage firm to Relation and expands the firm’s growing national footprint. Relation state that Tom Avery will continue to lead Innovative Broker ... Read the full article
Doug Kovach appointed Concert Insurance’s Senior Vice President
17th August 2022
Concert Group Holdings (Concert), the parent of insurance fronting subsidiaries Concert Insurance and Concert Specialty, has appointed Doug Kovach as Concert Insurance's Senior Vice President, Underwriting and Program Management. Kovach brings with him over 30 years of experience in the insurance and reinsurance industries. He will be reporting to Concert’s Chief Underwriting ... Read the full article
IBISA raises seed funding from Ankur Capital
17th August 2022
The Luxembourg based start-up IBISA, has raised seed capital of an undisclosed amount from Ankur Capital, an India-based early-stage venture capital fund focused on transformative technologies in deeptech and climate tech. With this fresh funds, the start-up is now planning to scale its operations across the country with operations in Odisha, ... Read the full article
Coalition acquires Digital Affect Insurance Company in “strategic” move
17th August 2022
Cyber insurance and security provider, Coalition has completed the acquisition of Digital Affect Insurance Company - a P&C insurer licensed in all 50 US states - from Munich Re Digital Partners US Holding Corporation. According to the announcement, this acquisition will allow Coalition to offer insurance policies through its own admitted ... Read the full article
Credit Suisse (CSAM) files additional insurance claims as part of Greensill funds liquidation
16th August 2022
Credit Suisse Asset Management (CSAM) has now filed 18 claims against insurers in relation to the liquidation of its Greensill-linked funds, amounting to exposures of approximately $2.2 billion across the two Supply Chain Finance Funds (SCFFs). As the liquidation effort continues following the collapse of financial services company, Greensill Capital, last ... Read the full article