Reinsurance News
Guy Carpenter sees 9% revenue growth in Q2 as Marsh McLennan reports ‘another strong quarter’
21st July 2022
Consolidated revenue at Marsh McLennan increased by 7% in the second-quarter of 2022 when compared with the previous year, supported by strong growth across the business, including at Guy Carpenter, the reinsurance arm of the global brokerage. Overall, insurance and reinsurance broker Marsh McLennan has reported revenue of $5.4 billion for ... Read the full article
RMS appoints head of global models and climate risks
21st July 2022
RMS has brought Claire Souch back into the fold as its new head of global models and climate risks. In her new role, Souch will lead on the expansion of core natural catastrophe models, the integration of climate risk factors to them, as well as on development of new climate risk ... Read the full article
Alexander Vollert appointed as a member of AXA’s Management Committe
21st July 2022
AXA has appointed Alexander Vollert, AXA's Chief Operating Officer and CEO of AXA Group Operations (AXA GO), as a member of the company’s Management Committee. Vollert’s appointment is effective September 1st, 2022. Vollert joined AXA in September 2016. He directly started his tenure at the company as CEO of AXA Germany. Prior to ... Read the full article
UK car insurance premiums increase by 6%, industry facing a “raft of challenges”: WTW
21st July 2022
Comprehensive car insurance premiums have increased by 6% (£32) during the last 12 months, with UK motorists now paying £554 on average, according to data from WTW and Confused.com Car Insurance Price Index. WTW recently warned that UK motor claims inflation was on the rise, as the broker recently revealed ... Read the full article
Net loss of $2.2mn for RLI Corp in Q2 results
21st July 2022
US property and casualty insurer RLI Corp. has reported a net loss of $2.2 million in the second quarter of 2022, compared to net earnings of $81.8 million from the same period last year. The company’s operating earnings for the quarter were $67.4 million, a major increase from the $49.9 million ... Read the full article
A “staggering” portion of Europe is currently exposed to drought risk
21st July 2022
A “staggering” portion of Europe is currently exposed to risk of drought, according to a new report by The European Commission’s Joint Research Centre. The drought in much of Europe is critical, the report says, as the winter-spring precipitation deficit was exacerbated by early heatwaves. River discharge in multiple countries is severely ... Read the full article
Aspen backs excess insurance policy by Counterpart
21st July 2022
Management liability insurtech Counterpart has announced the launch of an excess insurance product for small businesses, backed by Aspen. According to Counterpart, the excess policy aims to support small businesses in a time of heightened litigation. Counterpart utilises proprietary data and technology to respond to the increasing settlement and legal expenses, which ... Read the full article
Convex launches US E&S focused MGU with professional liability hires
21st July 2022
Specialty insurance and reinsurance company Convex has launched a new managing general underwriter (MGU) focused on the insurance market in the United States. Convex US has been launched as an MGU that will have a focus on excess and surplus (E&S) lines business. The MGU, Convex US, will source primary E&S insurance ... Read the full article
Munich Re’s HSB creates new Commercial Division
21st July 2022
Munich Re-owned specialty insurer HSB (UK & Ireland) has announced the formation of its new Commercial Division, creating a closer alignment between the firms business development, underwriting and claims teams. The Commercial Division will deliver a more collaborative and seamless customer experience for brokers, insurers and MGAs. In a press release, HSB noted ... Read the full article
EY expands UK Financial Services practice with new partner hire
21st July 2022
EY has appointed UK consulting partner James Anderson to lead its pricing consultancy practice, which offers pricing strategy and advises analytics and technology to non-life insurance firms. Anderson joins from Allianz Global Corporate & Specialty (AGCS), a multinational global corporate insurance carrier, where he was the Deputy Global Chief Pricing Actuary. Prior ... Read the full article
Spring Insure appoints Bethany Thomas as Senior Underwriter
21st July 2022
Spring Insure, the specialist financial and professional lines MGA, has appointed Bethany Thomas as Senior Underwriter, continuing the expansion of its team Bethany will be responsible for leading the UK financial lines and commercial directors' and officers' liability insurance team. Bethany has spent her 14-year insurance career as a financial lines ... Read the full article
Hanover Insurance Group elects Elizabeth A. Ward to its board
21st July 2022
The Hanover Insurance Group has announced Elizabeth A. Ward has been elected to the company's board of directors, and has been appointed to serve on the board's audit committee. Ward, 57, has served as Chief Financial Officer of Massachusetts Mutual Life Insurance Company, a mutual life insurance company, since June 2016. Read the full article
ISI closes $100m equity investment from Gallatin Point
21st July 2022
Digital life insurance distribution platform, Insurance Supermarket International Inc. (ISI), has closed a $100m equity investment from Gallatin Point Capital LLC (GPC) to accelerate global growth. This transaction represents ISI's first institutional equity round since launching its digital distribution and administration platform in 2015. The proceeds from the funds managed by GPC, ... Read the full article
Koffie Insurance raises $11 million to drive expansion and growth
21st July 2022
Koffie Insurance, an insurtech that focuses on providing financial services to the trucking and transportation sector, has announced the closing of an $11 million Series A, which now brings the company’s total funding to date to $15.5 million. The round was led by Anthemis Group which specializes in funding best-in-class, high-growth, ... Read the full article
Global insured losses from catastrophes above average at $39bn in H1 2022: Aon
20th July 2022
Data from insurance and reinsurance broker Aon finds that globally, insured losses from natural disaster events totalled $39 billion in the first half of 2022, which is roughly 18% above the 21st Century average. In contrast to the above average volume of catastrophe losses experienced in the six-month period, global economic ... Read the full article