Reinsurance News
ICA welcomes $741m in funding to protect Australian homes from flooding
21st June 2022
The Insurance Council of Australia (ICA) has welcomed the confirmation of $741m in additional funding to better protect Queensland homes and communities from the impacts of extreme weather that was handed down in the State Budget this week. According to the ICA, the Government’s commitment to additional funding, co-funded by the ... Read the full article
QBE to roll out products from CyberCube
21st June 2022
Australia-headquartered insurer and reinsurer QBE has announced plans to roll out a range of products from cyber risk analytics firm CyberCube, including its Account Manager and Portfolio Manager platforms. In addition, QBE will be utilising the CyberCube Academy, the firm’s training offering, as well as accessing CyberCube’s enhanced Concierge service. “As one ... Read the full article
Cyber buyers should “prepare to face dramatic premium increases”
21st June 2022
As cyber markets continue to limit their exposure, buyers should be prepared to face dramatic premium increases or non-renewals if they are unable to demonstrate certain minimum-security standards, according to WTW’s 2022 Spring update. Primary and excess cyber renewals are now averaging premium increases in excess of 200% ... Read the full article
Nexus Re promotes Chris Holland to President of A&H Reinsurance
21st June 2022
Nexus Re in the US has announced the promotion of Chris Holland to President of Accident & Health Reinsurance. A 30-year industry veteran, Holland will take over the role from Kieron Farrelly, who has recently retired. Holland has worked at Nexus Re since 2012, most recently as Vice President and Senior Underwriter ... Read the full article
Munich Re backs Amber Group digital asset cover by Arch & OneDegree
21st June 2022
Global digital asset platform Amber Group has secured insurance coverage for its wallet infrastructure from Arch Syndicate 2012 at Lloyd's and insurtech firm OneDegree, which is supported by a multi-year reinsurance partnership with Munich Re. The comprehensive global insurance coverage will protect digital assets held in Amber Group’s wallet infrastructure on ... Read the full article
London market conditions “exciting” for reinsurers: Berenberg
21st June 2022
Analysts at Berenberg have said that “there is a lot for reinsurers and London Market participants to be excited about,” despite the challenges of a difficult macro environment. In a new report, the firm notes that pricing was even better than expected when companies reported at Q1 and the market is ... Read the full article
Ed’s Kirk Chesley leaves to join Capacity Place
21st June 2022
Wholesale insurance and reinsurance broker firm Ed is losing Kirk Chesley, executive vice president, who is leaving to take up a new position as broking director of Capacity Place. Chesley announced the news on Linkedin, stating that he had started in his new position nthis month after nearly twelve years at ... Read the full article
AXA Climate and Hailios partner up for new territories
21st June 2022
AXA Climate is to partner up with Hailios to expand its Hail Protection parametric insurance product into new countries. After an initial offering in North America, AXA Climate said it had begun to expand into France and Australia, calling Hailios a ‘key partner’ in making the expansion happen. In new markets, ... Read the full article
INSTANDA raises $45m in new round of funding
21st June 2022
INSTANDA has raised $45m to fund its next phase of growth through global expansion and next-gen platform capabilities. The firm said in a statement that it had raised the money in a round led by Toscafund, with the participation of Dale Ventures. It said that the funds will be used to grow ... Read the full article
Chedid Insurance Brokers Egypt receives license to operate in Cairo
21st June 2022
Chedid Capital Holding has announced that its subsidiary, Chedid Insurance Brokers Egypt, received a license to start operations in Cairo. The company stressed the strategic importance of the country to the Group’s insurance broking network, calling Egypt a “strategic bridge”. Farid Chedid, Chairman and CEO of Chedid ... Read the full article
Spring Insure gains Central Bank of Ireland authorisation and launches European Financial Lines offering
21st June 2022
Spring Insure, has received authorisation from the Central Bank of Ireland (CBI) and Lloyd’s coverholder status in Ireland, opening its doors to European business. Spring offers a range of financial and professional lines products across offices in London, Guernsey and now Dublin. Established in 2020, it has secured backing from some ... Read the full article
Central Bank of Bahrain issues new actuarial directives for insurance firms
21st June 2022
The Central Bank of Bahrain has issued new directives to insurance companies requiring the establishment of an internal actuarial unit within their organisation structure. In addition, all insurance firms must appoint in-house Bahraini competencies in preparation for qualifying them to prepare the relevant regulatory reports. These new directives include two phases of ... Read the full article
Macro trends supporting insurance industry ‘very strong’ – Swiss Re’s Sergio Ermotti
20th June 2022
The macro trends supporting the industry are ‘very strong’, according to Swiss Re chairman of the board Sergio Ermotti. In an interview given to Finance + Swiss, Ermotti said that despite the challenges of recent years, the potential for stable, continual global GDP growth means that the industry should be looking ... Read the full article
New layer of federal oversight would complicate insurer operations: Triple-I
20th June 2022
The Insurance Information Institute (Triple-I) has expressed its disagreement with the recent rulemaking proposal “The Enhancement and Standardisation of Climate-Related Disclosures for Investors”, made by the US Securities and Exchange Commission (SEC). In a letter sent to the SEC, the Institute stated that the creation of a new layer of federal ... Read the full article
Berkley One expands into four more states
20th June 2022
Berkley One has expanded its insurance portfolio into the US states of Delaware, Montana, South Carolina, and Wyoming. In these four new states, Berkley One is now offering insurance for homes, condos and renters, automobiles, fine art and collectibles, excess liability, and flood and excess flood. In Delaware, the portfolio also ... Read the full article