Reinsurance News
New Zealand claims payouts for extreme weather approaching $200m in H1 2022
1st August 2022
Data released by the Insurance Council of New Zealand Te Kāhui Inihua o Aotearoa (ICNZ) says that total insurance payments for extreme weather events is already nearing $200m in H1 2022. This compares to last year, when a total of $324m was paid out—an annual record at the time. This new data ... Read the full article
Industry reserves strengthen in 2021: Morgan Stanley
1st August 2022
Industry overall (all lines combined) reserves at YE21 are stronger than at YE20, mainly due to excess in recent accident years, according to analysis by Morgan Stanley. This excess, reflects continued conservatism following the Covid-19 pandemic, analysts noted, which varied by claim and by line. They estimate a cushion of about $14 ... Read the full article
Kinsale Capital Group reports GWP growth of 43% in Q2 results
1st August 2022
Kinsale Capital Group has reported a net income of $27.1 million for the second quarter of 2022, compared to a net income of $35.6 million from the second quarter of 2021. The company also reported a net income of $58.9 million for 1H22, compared to $67.7 million from 1H21. At the same ... Read the full article
Strict underwriting will dominate cyber market – S&P
1st August 2022
Ransomware shouldn't be an existential threat to the cyber insurance sector, thanks to a combination of policyholder education, the provision of services to reduce claim values, and policy rate adjustments, S&P Global Ratings says. Yet making a steady profit from cyber will remain challenging for insurers, S&P believes, ... Read the full article
US MPCI premiums surged 40% to $14.9bn last year
1st August 2022
Premiums in the federal multi-peril crop insurance (MPCI) program surged in 2021 to a record high of $14.9bn, an increase of nearly 40% over the previous year, according to an AM Best report. The new report, US Crop Writers Benefit From Rising Commodity Prices and Innovation, also states that private crop ... Read the full article
Cat models still not fully reflecting climate change, says RenRe CEO
29th July 2022
Commercially available catastrophe models are still not properly reflecting the impacts of climate change as an evolving phenomenon, according to RenaissanceRe’s Kevin O’Donnell. Speaking on an earnings call following the release of RenRe’s Q2 results, O’Donnell addressed a variety issues, including the poor historic performance of cat models. The reinsurer fell ... Read the full article
Coface reports €144.4m income so far this year
29th July 2022
Coface has reported H1 2022 income of €144.4m in its latest results. According to the Paris-based firm, it saw turnover in the period of €895m. The insurer said in a statement that Trade Credit Insurance premiums were growing by 16.1%, growth that was driven by ‘high client activity’ in an inflationary ... Read the full article
Gallagher Re names Kelli Morash EVP in North America
29th July 2022
Global reinsurance broker, Gallagher Re, has appointed veteran Kelli Morash as Executive Vice-President in North America. Morash will be based in Dallas, Texas, where as a senior sales leader, and part of the newly established NA sales vertical, will play a key role in driving new business growth by drawing on ... Read the full article
The Hartford sees fall in reported Q2 net income
29th July 2022
US property and casualty insurer, The Hartford, reported a net income of $437 million for the second quarter of 2022, after falling from $900 million in the 2021 period. According to the insurer, this was primarily due to a $485 million, before tax, change from net realised gains to net realised ... Read the full article
Insurtech Mulberri raises $4mn Series Seed
29th July 2022
Mulberri, a pioneering insurtech and business insurance platform for modern PEOs and brokers, has announced that it has raised a $4 million Series Seed led by a consortium that includes Hanover Technology Management, MS&AD Ventures, and Altamont Capital Partners (via insurance enterprises in its portfolio). In a press release, it notes ... Read the full article
Howden agrees to acquire French firm CRF
29th July 2022
Insurance and reinsurance broker Howden has signed an agreement to acquire broker firm CRF. The firm said in a statement that this was its first acquisition in France since appointing Nicolas Aubert as CEO of Howden France. CRF was founded in 1999 and focuses on financial lines. Aubert said in a statement: ... Read the full article
AXIS CEO says cat pullback not a reflection of broader market
29th July 2022
AXIS CEO Albert Benchimol has maintained that his company’s decision to significantly pull back from property and catastrophe reinsurance lines does not reflect any particular view on present market conditions. Rather, AXIS has decided that the volatility inherent in these lines does not align with the long-term goals of the company, ... Read the full article
Gallagher reports 35% growth in net earnings in Q2
29th July 2022
Reinsurance broker Gallagher has reported 35% growth in net earnings across the company during Q2 2022, ending the period with $53 million of annualised revenue. Patrick Gallagher, Jr., Chairman, President and CEO, said: "We had an excellent second quarter! Our core brokerage and risk management segments combined to post 22% ... Read the full article
Ascot & Marsh to provide insurance for Ukraine sea corridor
29th July 2022
Specialty re/insurance group Ascot and broker Marsh have launched a marine cargo and war facility, which will provide coverage for vital grain and food products transitioning through safe corridors established by the newly signed Black Sea Treaty between Russia and Ukraine. Placed by Marsh, and led by Ascot, the Lloyd’s facility ... Read the full article
Aon’s Reinsurance Solutions delivers organic revenue growth of 9% in Q2
29th July 2022
Insurance and reinsurance broker Aon has announced total organic revenue growth of 8% to $3 billion in the second-quarter of 2022, on the back of growth in all business segments including a notable 9% rise in organic revenue within its Reinsurance Solutions arm. Across the firm, Aon has revealed that net ... Read the full article