Reinsurance News
Generali appoints Stefano Marsaglia to its board
18th July 2022
Assicurazioni Generali has appointed Stefano Marsaglia as a member of its Board, following the resignation of non-independent director Francesco Gaetano Caltagirone for undisclosed reasons. Stefano Marsaglia, who is 67 years old, has been appointed as an independent director. The Turin-born Italian citizen has a long experience in investment ... Read the full article
Suncorp continues simplification with sale of bank arm
18th July 2022
Suncorp Group has announced that it has signed a share sale and purchase agreement with Australia and New Zealand Banking Group Limited (ANZ) to sell its banking business. ANZ has agreed to a $4.9 billion deal to acquire Suncorp’s banking arm in a bid to boost the size of its mortgage ... Read the full article
On matching risk with capital in insurance
18th July 2022
The insurance industry has acquired a reputation for sluggishness. In my experience, however, the appetite to embrace change among insurers and reinsurers is strong. Especially when there is the very real prospect of improving the offering to customers, the products, the way businesses operate, and the efficiency of capital. Despite a number ... Read the full article
Club Vita makes new pension appointments
18th July 2022
Club Vita, a company specialising in longevity data analytics, has made several new appointments to its pension teams. Jill Gallagher joins as Head of Pensions, UK based in Club Vita’s Glasgow office. Gallagher has more than a decade of experience in supporting both private and public sector pension schemes ... Read the full article
UK motor claims inflation on the rise – WTW
18th July 2022
The inflation rate for motor claims settled in 2021 was over 6%, far higher than last year’s UK general inflation rate of 2.1%, according to new data from WTW. The average cost per claim in 2021 was £5349, up from £5037 the previous year. However, a combination of ... Read the full article
Nuveen announces two new hires to drive its institutional insurance business
18th July 2022
Global investment management firm, Nuveen has announced two strategic hires for its institutional insurance business. Lara Devieux has joined as Senior Managing Director, Head of Insurance Product, and Joseph Pursley has joined as Managing Director, Head of Insurance Distribution, Americas. The company has announced these hires it continues to expand its insurance ... Read the full article
India’s life insurance industry to reach $150.6bn by 2026: GlobalData
18th July 2022
According to analysts at GlobalData, India’s life insurance industry is expected to grow at a compound annual growth rate (CAGR) of 10.3% through 2026, driven by growing awareness and positive regulatory landscape. It is forecasted to grow from $92.3 billion in 2021 to $150.6 billion in 2026, in terms of gross ... Read the full article
NFP forms captive management arm
18th July 2022
NFP, a property and casualty broker, has established NFP Captive Management (Alberta) Corp. and appointed two industry veterans in the captives and alternative risk space. This will enable NFP to form and administer Alberta-domiciled captive insurance companies for their clients. Joseph Seeger, managing director, co-lead, CRSG of NFP in Canada, ... Read the full article
“Insurers need to be more active to help cyber sector grow” – Coalition CEO
15th July 2022
Insurers needs to help customers with their cybersecurity if the sector is to grow, said Joshua Motta, CEO and cofounder of Coalition. Speaking at the Marsh McLennan Rising Professionals’ Global Forum in London, Motta said that the insurance market has not excelled on the cyber underwriting front in recent years. He said: ... Read the full article
US personal accident insurance grew by 5.3% in 2021
15th July 2022
Written premium sales in personal accident and health (PA&H) in North America are projected to grow from $1.2 trillion in 2021 to $1.5 trillion in 2026, according to a new report from GlobalData. The report, ‘Personal Accident and Health Insurance Market to 2025’, finds that this is largely due to ... Read the full article
Munich Re could face Russian jet loss via war risk policies: Jefferies
15th July 2022
Analysts at investment bank Jefferies have contended that Munich Re faces a “non-trivial” exposure to the ongoing aviation crisis concerning jets stranded in Russia, possibly via its “war risk” policies. Munich Re has a 49.96% share of Global Aerospace, which is on the all-risks cover for aircraft lessing giant Aercap, which ... Read the full article
Protective Life hires RGA’s Cox as President of Protection Division
15th July 2022
Protective Life, a wholly owned US subsidiary of Dai-ichi Life Holdings, Inc. has appointed Reinsurance Group of America’s (RGA) Kathryn Cox as Senior Vice President, and President of the company’s Protection Division. Within her new role, Cox will lead sales, as well as new business operations, product development and underwriting for ... Read the full article
Increased population in the path of hurricanes – Triple I
15th July 2022
The populations of Florida, South Carolina, Georgia, and Delaware are growing dramatically. And that puts a greater number of people in the paths of hurricanes, and increases the property damage a hurricane could cause in those states, according to a new report from Triple-I. The company, citing US census data from 2020, says the double-digit ... Read the full article
Berenberg forecasts improved underwriting for AXA XL
15th July 2022
Analysts at Berenberg are forecasting improved results for AXA ahead of the company’s forthcoming H1 results, including better underwriting both on a group level and within the AXA XL business unit. During Q1 2022 results, AXA said that AXA XL’s Russia loss would be at about the same level as the ... Read the full article
Element adding a Co-CEO and raising new capital
15th July 2022
Berlin-based Element, an insurtech start-up, has announced that insurance expert Astrid Stange will join the management team as Co-CEO of the company as of August 1, 2022 and subject to approval by the German Federal Financial Supervisory Authority. She will work alongside Element CEO - Christian Macht, to help lead and ... Read the full article