Reinsurance News
Accelerant sets up Brussels office
16th June 2022
Insurtech platform Accelerant has announced the establishment of a new EU headquarters in Brussels, as it continues to target expansion in Europe. Founded in 2018, Accelerant specializes in serving a network of managing general agents (MGAs). Accelerant Insurance Europe S.A. was formed in 2021 with the ability to trade across the UK ... Read the full article
GuideOne appoints Bernard Hengesbaugh as CEO
16th June 2022
Bernard Hengesbaugh has been named Chief Executive Officer (CEO) of GuideOne Insurance Company (GuideOne), a niche-market insurer that specialises in church insurance in the US. Hengesbaugh is an industry veteran and has served in multiple leadership roles at CNA Insurance. He takes over for Andy Noga, who served as interim CEO for ... Read the full article
Global MGA/MGU revenues grew by over 21% in 2021: Insuramore
16th June 2022
Insuramore is reporting that MGA, MGU, and coverholder-group revenues jumped 21.7% in 2021. The firm said in a statement that this figure is substantially ahead of the growth rate of world’s insurance broking sector which it said recently is believed to have increased in value by almost 12.5% in the same ... Read the full article
Palomar to maintain reinsurance strategy
16th June 2022
Palomar has said that it is aiming to maintain its three-pronged reinsurance strategy that aims to protect its balance sheet, reduce earnings volatility, and provide lucrative fee income. This was set out at the firm Investor Day, when it called its strategy key to ‘highly thoughtful and multi-faceted’. According to the firm, ... Read the full article
Asian coal power plants struggling to find insurance
16th June 2022
A new report from Insure Our Future claims that coal power plants within Asia are finding it increasingly difficult to obtain insurance. The pressure group said that it had obtained documents from KEPCO, the national power utility in Korea, that show it is having to turn to smaller and more inexperienced ... Read the full article
Howden appoints Andoni Hernandez as Regional General Counsel
16th June 2022
Howden, the international insurance broker, has announced the appointment of Andoni Hernandez as Regional General Counsel for its Latin America region and Executive Chairman in Brazil, as of June 1st. Hernandez has over 20 years of experience in similar positions in several jurisdictions, which the company says will ... Read the full article
BMS acquires SRG Group
16th June 2022
Broker firm BMS has acquired SRG Group. The acquisition was announced in a statement from the firm, saying that it had purchased the brokerage, which has operations in Perth and Queensland. BMS said it had acquired SRG in full, with staff transferring to BMS. Andrew Godden, chief executive of BMS’ Australian business, ... Read the full article
WTW names two leaders for Natural Resources & Construction lines
16th June 2022
Insurance and reinsurance brokerage, WTW has announced two leadership appoints to its Natural Resources and Construction lines of business within the Asia Corporate Risk & Broking business, effective January 2023. Nicki Tilney will join WTW as Head of Construction, Power & Renewables in Asia, in a new role that has been ... Read the full article
Crypto & quantum computing among top risks flagged by Swiss Re
16th June 2022
Crypto assets and quantum computing have been flagged by analysts at Swiss Re as two of the most significant emerging risks for insurers and reinsurers, with the potential to create new risks within the global financial system. Swiss Re's 10th edition of SONAR covers 14 emerging risk topics across technological, economic, ... Read the full article
Insurers must do more to modernise, says ACORD
16th June 2022
ACORD, the standards-setting body for the global insurance industry, has released its 2022 Insurance Digital Maturity Study of the world's 200 largest insurance carriers. This year the Maturity Study has expanded to include mutuals — an important component in the insurance industry. It reveals that, among the 200 largest worldwide ... Read the full article
“Russia’s invasion of Ukraine negatively impacting cyber market” – Moody’s
16th June 2022
Russia’s invasion of Ukraine has led to a situation in which cyber insurers are increasing rates and narrowing coverage due to the possibility of cyberattacks. A new note from Moody’s says that while attacks related to the conflict have not yet risen to a level previously feared, further and large-scale attacks ... Read the full article
Lloyds’ broker Servca drives EU expansion with opening of Malta office
16th June 2022
Independent international Lloyds of London broker, that specialises in non-standard medical, financial and professional lines insurance – Servca, has announced the opening of an office in Malta to help drive the expansion of its European business. By having passporting rights to all 28 countries within the EU, complete with Lloyd’s Brussels ... Read the full article
AM Best revises Kenya Re’s outlook to stable
16th June 2022
AM Best has revised its Long-Term Issuer Credit Rating (Long-Term ICR) to stable from negative for Kenya Reinsurance Corporation Limited (Kenya Re). The rating agency explained that the revision of the Long-Term ICR outlook to stable, follows corrective actions initiated by management in 2020, which it expects to lead to ... Read the full article
AXA launches strategic program to build Digital Commercial Platform
16th June 2022
Global insurer AXA, has announced the launch of a strategic program to build a Digital Commercial Platform, which will aggregate different services to transform the company’s value proposition to better serve its commercial customers, in line with AXA’s Driving Progress 2023 strategic plan. The ambition of the platform is to fully ... Read the full article
Zurich’s International Programs business goes digital
16th June 2022
Zurich Insurance Group (Zurich) has announced the digitalisation of its International Programs business. According to the group, the transformation to its program workflow will significantly enhance customer and broker experience and allow for a more efficient, seamless and sustainable collaboration. The digital exchange of data between ... Read the full article