Reinsurance News
Allstate reports cat losses in May of $436m
16th June 2022
Allstate has said it saw estimated catastrophe losses throughout May of $436m, or $344m after tax. According to the insurer, its May catastrophe losses included 14 events, primarily wind and hail in Texas, the Midwest and Canada, estimated at $423m, plus unfavourable reserve reestimates for prior period events. Catastrophe losses for ... Read the full article
L&G position strong despite sluggish share price, say analysts
16th June 2022
Current financial and capital market conditions put L&G in a strong position, according to a new report by RBC Capital Markets. L&G has benefited greatly from rate rises, and its Solvency II ratio is likely to improve as a result. RBC forecasts that due to market movements year-to-date, its surplus capital has ... Read the full article
SMEs vulnerable to cyber attacks – GlobalData
16th June 2022
Many SMEs will leave themselves exposed to cyber risk in 2022 due to high insurance premiums and the cost-of-living crisis, according to a new survey by GlobalData. The research found that 17.3% of SMEs did not have cyber insurance in 2021 due to it being too expensive, while 29% had ... Read the full article
Ascot names Elizabeth Johnson as COO for North America insurance
16th June 2022
Ascot has promoted Elizabeth Johnson to the role of COO, North America insurance. According to the firm, the newly formed leadership position will have oversight for the strategic direction of an integrated underwriting, data, and operational organisation which provides streamlined support functions across Ascot’s North America businesses. She will continue to ... Read the full article
Lloyd’s reappoints Bruce Carnegie-Brown as Chairman
16th June 2022
Bruce Carnegie-Brown, who joined the specialist Lloyd's insurance and reinsurance marketplace as Chairman in 2017, has been reappointed for a third term. Effective June 2022 to June 2025, the reappointment sees Carnegie-Brown extend his service to eight years. Previously, he served as the Chairman of Moneysupermarket.com Group and vice-Chairman of Banco Santander. Read the full article
Six countries at risk of climate shock to receive parametric support from new financing service
16th June 2022
Start Ready, a new humanitarian financing service, will be providing protection to people at risk in six countries against climate shock, according to a recent announcement by Start Network, a coalition of more than 50 humanitarian charities. It is now available to any of the countries that ... Read the full article
Ascot Re Bermuda makes casualty reinsurance underwriting hire
16th June 2022
Specialty re/insurer Ascot has appointed Brian Tedeschi as a Casualty Reinsurance Underwriter at its reinsurance arm in Bermuda. Tedeschi joins Ascot Re Bermuda from Lockton Re, where he most recently worked as a Reinsurance Broker. He has nearly a decade of industry experience, having started his insurance career at Guy Carpenter in ... Read the full article
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