Reinsurance News
Xceedance appoints industry veterans to support the European market
6th July 2022
Re/insurance service provider, Xceedance, has appointed industry veterans Isabelle Clausner and Tracy Harrington Cloud to develop and manage the company’s interactions with insurers in the European region. Based in Paris, and with more than 20 years of experience in European insurance markets, Isabelle Clausner joins Xceedance as vice president, client executive ... Read the full article
$5bn+ of additional reinsurance limit sought by carriers at mid-year renewals: Aon
5th July 2022
Buyers sought an estimated additional $5 billion+ in limit at the mid-year 2022 reinsurance renewals, driven mostly by elevated inflation expectations, and also heightened secondary peril losses, reports Aon. "Faced with inflation-driven exposure growth, as well as increased frequency of secondary perils, many insurers entered the renewals looking to purchase higher ... Read the full article
QBE Re makes promotions and appointments at NY office
5th July 2022
Reinsurance firm QBE Re has announced several promotions and appointments for its New York office. Salvatore Sama has been appointed head of US financial and professional lines and casualty treaty. He joined QBE Re in April 2021 as senior vice president and head of US financial and professional lines from Swiss ... Read the full article
Lloyd’s AA- rating affirmed by KBRA
5th July 2022
Kroll Bond Rating Agency (KBRA) has assigned an AA- insurance financial strength rating (IFSR) to Lloyd's with a stable outlook. According to KBRA, the latest rating reflects Lloyd’s strong risk-adjusted capitalisation, favourable capital trends and multi-faceted capital structure. It also highlighted its conservative underwriting leverage, sound technical reserves, strong liquidity profile, diversified ... Read the full article
Riverstone International appoints David Rocke as group head of M&A
5th July 2022
Legacy reinsurance and run-off specialist, RiverStone International has appointed David Rocke as group head of M&A. In addition to this new role, Rocke will also continue to serve as Managing Director at RiverStone Insurance Bermuda Limited, a role he was appointed to in February earlier this year. As an experienced veteran ... Read the full article
Wave of new sponsors help Q2 catastrophe bond issuance hit $5.2bn: Report
5th July 2022
Artemis' second-quarter 2022 catastrophe bond and related insurance-linked securities (ILS) market report pegs issuance at approximately $5.2 billion for the period, which takes the outstanding market to a new high of $38.2 billion. The Artemis Q2 2022 Catastrophe Bond and ILS Market Report, which examines 27 transactions ... Read the full article
Gallagher Re and Africa Re team up to address protection gap in Africa
5th July 2022
Gallagher Re and Africa Re are to team up in an effort the firms say will ‘strengthen the financial resilience of African countries against a broad range of climate, crisis and disaster risks’. Named ‘Accelerating action through scalable risk transfer schemes’, the initiative is offering a robust, replicable, and modular framework ... Read the full article
Next phase of London Market’s placement platform slips to early 2023
5th July 2022
The next phase of the London Market’s electronic placement platform has been further delayed, this time to February of next year. According to a new note, Placing Platform Ltd (PPL) is still finalising the commercial details of plans with Deloitte, and these are expected to be completed satisfactorily in the next ... Read the full article
US life insurer earnings set to improve after unfavourable 2021 – Fitch
5th July 2022
Operating earnings for midsize, diversified US life insurers in 2021 experienced continued unfavourable impacts, largely due to the pandemic and the resulting above average levels of mortality and morbidity. Another key driver was low interest rates. Relative to historical performance, impacts from the pandemic were manageable, and in ... Read the full article
Inflation a hot topic of discussion for casualty reinsurance placements: Gallagher Re
5th July 2022
According to Gallagher Re’s mid-year renewals report, inflation remained an ever-increasing topic for discussion for casualty reinsurance placements. The report notes that reinsurers were seeking client by client explanations in relation to the management of this risk in reinsurance placements Moreover, with an increased focus on pricing adequacy from reinsurers, the recent ... Read the full article
Clyde & Co merges with BLM, rebrands claims platform
5th July 2022
Clyde & Co’s merger with UK and Ireland law firm BLM has gone live, with the new combined firm now known as Clyde & Co. BLM’s teams have become part of Clyde & Co’s global insurance practice, with the majority joining its casualty insurance practice. The new company has ... Read the full article
WTW adds Munich Re & AXA Climate as capacity providers for expanded reef project
5th July 2022
WTW, along with the Mesoamerican Reef Fund (MAR Fund) and the InsuResilience Solutions Fund has appointed Munich Re and AXA Climate as the insurance capacity providers that will support the MAR Insurance Programme, a central pillar of MAR Fund’s Reef Rescue Initiative. Using a model designed by WTW that captures the ... Read the full article
Liberty Specialty Markets appoints Parul Kaul-Green as chief digital strategy officer
5th July 2022
Liberty Specialty Markets (LSM) has appointed Parul Kaul-Green to the newly created role of chief digital strategy officer, a role that she takes up with immediate effect. She will be responsible for driving the digital strategy for underwriting and developing a long-term roadmap to ensure that LSM is at the forefront ... Read the full article
Howden announces acquisition of Wallace McLean
5th July 2022
International insurance broker, Howden has announced the acquisition of Wallace McLean. The acquisition will further strengthen the brokers local expertise, and will also provide them with an enhanced platform for its strategic growth plans in New Zealand. The announcement of this acquisition comes just two months after it was announced that Howden ... Read the full article
UK motor insurers to expect losses in 2022 and 2023: EY
5th July 2022
Losses are predicted in 2022 and 2023 for the UK motor insurance market due to underlying inflation and premium rate falls, according to EY’s UK Motor Insurance Results. The professional services firm predicts that the sector’s net combined ratio (NCR) will be loss-making 113.8% and 111.1% in 2023. Last year, the industry ... Read the full article