Reinsurance News
MSL Captive Solutions hires Watson as AVP & Lead Underwriter
25th July 2022
MSL Captive Solutions has appointed Meredith Watson as Assistant Vice President and Lead Underwriter. A statement from the firm said that Watson will join a highly experienced team to provide additional resources with developing and maintaining process and guidelines for underwriting with program managers and brokers for new and existing captive ... Read the full article
Flood risk routinely underestimated, warns MMC
22nd July 2022
Re/insurance broker Marsh McLennan has released its updated Flood Risk Index 2.0, which maps how a changing climate will shape flood risk in the future. The report warns that flooding is the most pervasive natural disaster, and yet its costs are routinely underestimated. And now, climate change, economic and demographic trends, and ... Read the full article
UK motor insurers can’t keep up with claims inflation – Jefferies
22nd July 2022
Claims inflation is accelerating at a pace that UK motor insurers cannot keep up with, according to a new report by Jefferies. Even with prices rising, the company says, it expects margins to deteriorate significantly: “We expect DLG to cut its 2022 dividend, prompting us to downgrade our ... Read the full article
Catastrophe losses erode almost half of Travelers’ aggregate reinsurance retention
22nd July 2022
US primary insurer Travelers accumulated $935 million of qualifying losses towards the aggregate retention of its $2 billion property catastrophe reinsurance treaty during H1 2022, according to the company's Chief Financial Officer (CFO), Dan Frey. Yesterday, Travelers announced a decline in net income for the second-quarter on the back of ... Read the full article
Markel appoints Tim Pasik to lead commercial casualty product lines
22nd July 2022
Markel Corporation has announced that Tim Pasik has been appointed Managing Director, Commercial Casualty Product Lines Leader for Markel Specialty's insurance operations. In his new role, Pasik will provide oversight for Markel Specialty's commercial primary and excess - retail and wholesale - product lines. Alan Rodrigues, Executive Underwriting Officer, Casualty, said: "We're ... Read the full article
WTW makes series of appointments within its NA Natural Resources business
22nd July 2022
WTW has made a significant investment towards its North American Natural Resources business, as the re/insurance broker has appointed five new industry leaders to bolster the existing North American team. Based in Houston, the new team members will bring expertise to focus on this globally important industry, with a sub-sector focus ... Read the full article
Inflation to magnify H1 insured losses, says Aon
22nd July 2022
Analysts at Aon have warned that inflation, in combination with other factors, are likely to magnify insured losses in the first half of 2022 beyond initial estimates. The broker's data shows that insured losses from natural disaster events totalled $39 billion in H1, which is roughly 18% above the 21st ... Read the full article
MGA growth surge fuelled by plentiful reinsurance: Conning
22nd July 2022
A new report by investment management firm Conning shows that the managing general agent (MGA) market grew swiftly through 2021, fuelled by plentiful reinsurance capacity accessed through fronting insurers. Premiums sourced by MGAs, a key distribution channel for US property and casualty insurers, grew significantly in 2021 to exceed $70 billion, ... Read the full article
Verisk appoints Elizabeth Mann as Chief Financial Officer
22nd July 2022
Leading global data analytics provider, Verisk, has named Elizabeth Mann as executive vice president and chief financial officer (CFO). In her new role as CFO she will lead Verisk’s global finance organisation, including accounting and controllership, financial planning and analysis, investor relations, strategic sourcing and procurement, tax and treasury. Effective 15 September, ... Read the full article
Nearly all commercial lines pricing up through Q2: IVANS
22nd July 2022
Average premium renewal rate changes of nearly all major commercial lines of business remain up year over year, according to the latest edition of the IVANS Index while all lines increase month over month except Umbrella. The Q2 results showed that premium renewal rate change for all major commercial lines of ... Read the full article
IAG reports rise in net profits
22nd July 2022
Australian insurer IAG is reporting that it saw net profits after tax of $347m in the year ending June 2022. The firm said that the results, which are still subject to finalisation and require Board approval, show a reverse from a $427m loss for the year ending June 2021. The results ... Read the full article
Florida officials lash back as Demotech writes to 17 insurers over potential downgrades
22nd July 2022
Rating agency Demotech sent a letter to 17 Floridian insurers on Tuesday explaining that they are likely to have their A ratings downgraded on July 26th, a move the Florida Office of Insurance Regulation (OIR) describes as an "example of inconsistent, monopolistic power of a select rating agency". The letter warned ... Read the full article
WR Berkley report bump in gross premiums written
22nd July 2022
WR Berkley Corporation is reporting that gross premiums written rose from $2.6bn to over $3bn between Q2 2021 and Q2 2022, according to the company’s latest results. The firm also said that gross premiums written jumped from $5.1bn to $5.9bn between H1 2021 and H1 2022. By its calculations, gross and ... Read the full article
Acrisure acquires two leading MSPs to expand its cyber services division
22nd July 2022
Acrisure, a fast-growing fintech leader and insurance broking group, has acquired two Managed Service Providers (MSP) within its cyber services division: Catalyst Technology Group and ITS Inc. Based in Indianapolis, Indiana, Catalyst Technology Group offers small-and-medium (S&M) size businesses enterprise-class IT support with a specialty in streamlining processes for better customer ... Read the full article
Worldwide Broker Network adds members in Croatia and the Netherlands
22nd July 2022
Risk Solution Broker (RSB), Fortius Inter Partes and Söderberg & Partners have all joined the Worldwide Broker Network (WBN) as members. The three—the first two being based in Croatia, and the third being from the Netherlands—are joining WBN, a global network of insurance brokers and employee benefits consultants. Olga Collins, chief executive ... Read the full article