Reinsurance News
“Sharp rise” being seen in solar farm fires: Firetrace International
11th August 2022
A recent study by Firetrace International, a leading provider of fire suppression technology, indicates that solar farm fires are seeing a sharp rise. The report, titled “Hidden Danger - why solar farm fire risk could be greater than you think,” highlights that the industry could possibly be misjudging the threat of ... Read the full article
SCOR well placed to handle shifting and uncertain landscape, says CEO
10th August 2022
Industry giant SCOR remains well placed to handle the current economic uncertainty, according to CEO Laurent Rousseau. Rousseau’s remarks came from the firm’s H1 2022 earnings call. Last week, the firm reported a net loss of €239m for the first half of 2022, driven by claims related to the drought ... Read the full article
Betterview to provide wildfire insights through engagement with NFPA
10th August 2022
Insurtech provider Betterview has teamed up with the National Fire Protection Association (NFPA) to provide property and community-level wildfire insights. NFPA is a non-profit organisation that is devoted to eliminating death, injury, property, and economic loss due to fire, electrical, and related hazards. The company is focused on helping insurers in ... Read the full article
GCube announces opening of Houston office amid underwriting team expansion
10th August 2022
GCube, a member of the Tokio Marine HCC group, has announced the opening of its Houston office, accompanied by a new senior appointment in Sarah Bratton. Bratton joins GCube from Ascot Underwriting and holds over ten years of experience in the energy and power generation underwriting business. She underwrites property and ... Read the full article
National Western Life in reinsurance transaction with Aspida Life Re
10th August 2022
Texas-based National Western Life has announced the execution of an annuity reinsurance transaction with Aspida Life Re Ltd. – a Bermuda-based reinsurer. The transaction was effective July 1, 2022. The reinsurance transaction is a strategic move that is designed to support plans previously announced by National Western Life to grow its business ... Read the full article
Aqueous appoints William Hall to new position
10th August 2022
Aqueous has appointed William Hall as a senior development underwriter. Hall is moving over from his current position at Brunel Professions where he works as an associate director. Terry Shaw, head of PI at Aqueous, said: “I’m pleased to welcome William to the growing team at Aqueous. His track record and experience ... Read the full article
Talanx profits increase despite higher cat losses
10th August 2022
Germany’s Talanx Group, the parent of reinsurer Hannover Re, has reported improved income and operating earnings for the first half of 2022 despite a considerable increase in large losses from catastrophe events, as well as a double-digit rise in premiums. Group net income increased from €546 million for the six-month period ... Read the full article
Tennessee establishes captive insurer for state property risks
10th August 2022
The State of Tennessee has announced the establishment of the Tennessee Captive Insurance Company to create additional efficiencies and savings when insuring state property. In a press release, the Tennessee State Government said that implementing the Tennessee Captive Insurance Company will allow the State to operate with a high degree of ... Read the full article
Munich Re Specialty appoints new Head of Inland Marine
10th August 2022
Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant Munich Re, has announced the appointment of Jaymee Parker as Vice President and Head of Inland Marine. Parker is an experienced insurance and risk management professional with strong leadership and sales experience. She specializes in Inland Marine insurance and ocean ... Read the full article
“Global reinsurance M&A transactions limited next year” – Fitch Ratings
10th August 2022
A new note from Fitch Ratings says that M&A transactions in the global reinsurance sector will be limited into 2023 amid investor concerns over macroeconomic risks and heightened catastrophe losses linked to climate change. As a result, the firm said that it expected reinsurers to prioritise pricing, risk management and organic ... Read the full article
BRP Group reports an “outstanding” Q2 with a net profit $16.6mn
10th August 2022
Independent insurance distribution firm BRP Group has reported a net income of $16.6 million in the second quarter of 2022, a significant improvement compared to the $20.44 million loss reported in the same prior-year period. The group also said that its revenue increased close to 50%, from $119.7 million reported in ... Read the full article
Milliman opens new office in Bermuda
10th August 2022
Global consulting and actuarial firm Milliman has announced the opening of a new office in Bermuda. Milliman says the office will offer a “more formalized presence” on the island, and comes in response to increasing demand for insurance consulting and technology support. "We are excited to officially announce the opening of Milliman's Bermuda office," said ... Read the full article
Kemper reports $74mn net loss in Q2 results
10th August 2022
Kemper Corporation has reported a net loss of $74.7 million for the second quarter of 2022, compared to a net loss of $62.6 million from the second quarter of 2021. Total revenues for the quarter decreased $68.7 million (5%), to $1,433.8 million, compared to the second quarter of 2021, driven by ... Read the full article
Aviva sees operating profits rise 14% in H1 2022
10th August 2022
Aviva is reporting in its interim reports for 2022 that its operating profit rose by 14% to £829m in the first half of the year. The firm marked the increase from the same point in 2021 when operating profits stood at £725m. Amanda Blanc, group chief executive officer of the firm, said: ... Read the full article
Cybersecurity revenue in insurance sector to grow at 10%: GlobalData
10th August 2022
Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData. According to GlobalData’s report, ‘Cybersecurity in Insurance’, insurers must navigate the theme cautiously or ... Read the full article