Reinsurance News
Disaster Risk Financing could help to mitigate climate risk in Africa
13th July 2022
Only three percent of losses caused by drought, floods and tropical cyclones have been insured on the African continent. This emerged at a recent DZ BANK Capital Markets Conference held in Berlin. Insured losses on the African continent are close to 97 percent, which means, at best, ... Read the full article
Motive Partners raises €2.54bn for Motive Capital Fund 2
13th July 2022
Fintech investor, Motive Partners has raised €2.54 billion for Motive Capital Fund 2 and affiliated co-investment vehicles, bringing the firm's regulatory assets under management to over $5.5 billion The fund employs the same investment strategy executed in Motive Partners’ inaugural flagship fund. The fund focuses on growth and buyout investments across software, ... Read the full article
ARC Group and African Bank provide drought insurance payout to Madagascar
13th July 2022
A symbolic $797,049 check has been presented to the Government of Madagascar as payout for the drought insurance taken by the country under the Africa Disaster Risk Financing Programme (ADRiFi). The fund is supported by the Governments of the United Kingdom, through the Foreign, Commonwealth and Development Office, and Switzerland, through ... Read the full article
“Industry needs to embrace and nurture talent” – Marsh McLennan CEO
12th July 2022
The industry needs to find a way to amplify its talents’ potential enable and enable their ambition if it is to effectively attain new levels of societal resilience, says Dan Glaser, president and CEO of Marsh McLennan. Commenting ahead of the Marsh McLennan Rising Professionals’ Global Forum in London, Glaser said ... Read the full article
CFC warns of new ‘BazarCall’ ransomware attacks
12th July 2022
Specialist insurance provider CFC has warned brokers and clients of an emerging method of ransomware attack, dubbed ‘BazarCall’, which is targeting small businesses. According to CFC’s in-house cyber threat analysis team, the ‘BazarCall’ attack method has been growing in use among well-known ransomware groups and is responsible for an increasing number ... Read the full article
Berkshire Hathaway appoints Danny Engell to Executive Leadership team
12th July 2022
Berkshire Hathaway Homestate Companies' Workers Compensation Division has appointed Danny Engell to the Executive Leadership team as the Senior Vice President, Chief Underwriting and Analytics Officer. Engell will lead the company's strategic underwriting and data analytics efforts in this role, providing innovative expertise and creative solutions to further enhance BHHC’s market ... Read the full article
Aeolus launched Florida-focused reinsurance facility at June 1 renewals
12th July 2022
Bermuda domiciled reinsurance and insurance-linked securities (ILS) focused investment fund manager, Aeolus Capital Management Ltd., launched a largely Florida-focused reinsurance facility at the June 1st, 2022, renewals, called Corbel, according to Artemis' sources. Our ILS-focused sister site, Artemis, reported yesterday that Corbel is mostly focused on providing reinsurance capacity to cedents ... Read the full article
AM Best maintains negative outlook on Mexico’s insurance industry
12th July 2022
According to a recent AM Best report, the rating agency is maintaining its negative outlook on Mexico’s insurance market segment, owing to increased levels of inflation and slow GDP growth. Best’s new market segment report, titled - Market Segment Outlook: Mexico Insurance, states that premium growth in 2021 was pressured by ... Read the full article
“Mental health impact of Covid not felt on insurers yet” – Swiss Re
12th July 2022
The extended impact of Covid-19 is likely to be felt on insurers in the coming years, says a new report from Swiss Re. The report, The Legacy of Covid-19: The Ongoing Mental Health Impact on Australia’s Community, focuses on the impacts in Australia. It says that there has not yet been ... Read the full article
K2 Parametric Insurance Services signs first-capacity relationship
12th July 2022
K2 Parametric Insurance Services has said it is going into a first-capacity relationship with Homesite Underwriting Managers. Under the partnership, K2 Parametric will be able to offer commercial Parametric Natural Catastrophe polices for US earthquake and hurricane risks with limits up to $10m per policy. Scott Carpinteri, president of K2 Parametric, said: ... Read the full article
Berkshire Hathaway appoints new Head of Customer and Broker Engagement
12th July 2022
Berkshire Hathaway Specialty Insurance has announced that Eduardo Guinea has joined the organisation as Head of Customer & Broker Engagement in Spain. Constanza Gallegos, Country Manager, Spain, at BHSI, said: “Eduardo has extensive market experience and shares our commitment to optimising the experience for our customers and brokers with every interaction.” “In ... Read the full article
PIC appoints Weymouth as Chairman
12th July 2022
Pension Insurance Corporation plc (PIC) has announced that David Weymouth has been appointed Chairman of its Board, as well as Chairman of the Board of PIC’s parent company, Pension Insurance Corporation Group Limited (PICG). Weymouth will join both the PIC and PICG Boards on 1st October, 2022, and take up his ... Read the full article
“Critical concerns” persist for Lloyd’s despite progress: Gallagher Re
12th July 2022
A new report by reinsurance broker Gallagher Re concludes that a number of both internal and external challenges remain “critical concerns” for the Lloyd’s of London market, despite measurable progress last year. The first annual Lloyd’s of London Market Report from Gallagher Re tracked the Lloyd’s market's capital and profitability throughout ... Read the full article
Ransomware pay-outs by cyber insurers in the last two years averages £3.2m: Panaseer
12th July 2022
According to a recent survey conducted by enterprise security company, Panaseer, the largest ransomware pay-outs by cyber insurers in the last two years has averaged £3.26 million in the UK and $3.52 million in the US. The company recently released its latest report on the state of the cyber insurance industry, ... Read the full article
Cinven raises €1.5bn for its first dedicated financial services fund
12th July 2022
International private equity investment group, Cinven, has closed its inaugural strategic financials fund (SFF) at €1.5 billion. The SFF builds on Cinven’s leading financial services investment platform in Europe with an investment strategy focused on areas where the company has developed significant investment expertise, such as life and non-life re/insurance, asset-backed ... Read the full article