Reinsurance News
PIC enters £52m buy-in with Medway Packaging Pension Scheme
25th July 2022
Pension Insurance Corporation plc (PIC), a specialist insurer of defined benefit pension funds, has completed a £52m full scheme buy-in with the Trustee of the Medway Packaging Pension Scheme. The deal secures benefits for 425 pension scheme members, of which 105 are deferred members. The sponsoring company, Mondi Aberdeen Limited, is a ... Read the full article
US life insurers’ mortgage holdings grows by 6.6% in 2021: AM Best
25th July 2022
According to a new AM Best report, mortgage loan holdings for the US life insurance industry grew by 6.6% in 2021, to $639.8 billion, in line with the 10-year average, after depressed growth of 3.8% in 2020. The report, titled, “Loan-to-Value Rises, Debt Service Coverage Weakens, for U.S. Life Insurers”, highlights ... Read the full article
AXA XL names Burgess Senior Underwriter, Construction, UK & Lloyd’s
25th July 2022
AXA XL has appointed Adrian Burgess as Senior Underwriter, Construction, for the UK and Lloyd’s. The appointment, which becomes effective immediately, will see Burgess responsible for developing and managing underwriting strategies for both renewal and new business within AXA XL’s Construction book of business in the UK Additionally, he will work closely ... Read the full article
H1 2022 “most challenging property market for years” – Klisura, Guy Carpenter
25th July 2022
The first half of 2022 was “the most challenging property market we have seen in a number of years”, according to Dean Klisura, President and Chief Executive Officer of Guy Carpenter. Speaking during Marsh McLennan’s Q2 2022 earnings call, he said that US property catastrophe rates have ... Read the full article
Fannie Mae executes seventh & eighth CIRT transactions of 2022
25th July 2022
Fannie Mae has executed its seventh and eighth Credit Insurance Risk Transfer (CIRT) transactions of 2022. The firm said it was part of its ongoing effort to reduce taxpayer risk by increasing the role of private capital in the mortgage market, CIRT 2022-7 and CIRT 2022-8 transferred $1 billion of mortgage credit risk ... Read the full article
AXA Partners and DOA Underwriting enter partnership
25th July 2022
AXA Partners UK & Ireland is to underwrite a range of mass-market leisure Travel Insurance policies across the DOA Underwriting Ltd portfolio, as part of a new strategic partnership. The collaboration will enable more customers to access travel insurance via approximately 1,500 brokers and insurance intermediaries in niche market ... Read the full article
AIG hires Charlie Fry as EVP, Reinsurance Purchasing & Risk Capital Optimization
25th July 2022
Global insurer and reinsurer, American International Group (AIG), has appointed Charlie Fry as Executive Vice President of Reinsurance Purchasing and Risk Capital Optimization. As of 31 July, Fry will be reporting to Peter Zaffino, AIG’s Chairman & Chief Executive Officer. He will be responsible for AIG’s reinsurance purchasing strategy and placement execution, ... Read the full article
Nayms appoints Nick Zagoreos Head of Capital Markets
25th July 2022
Nayms, a Bermuda-based crypto insurer, has named Nick Zagoreos as Head of Capital Markets. In his new role, Zagoreos will be responsible for supporting Nayms insurance partners with their capital raising efforts and scaling the available capacity on Nayms for new programs. Additionally, he will be connecting with crypto-venture firms, hedge funds ... Read the full article
Canada’s OSFI releases final insurance capital guidelines for IFRS 17
25th July 2022
Canada’s Office of the Superintendent of Financial Institutions (OSFI) has announced the release of the final insurance capital guidelines. They have been updated to reflect implementation of International Financial Reporting Standards 17 - Insurance Contracts (IFRS 17) for fiscal years beginning on or after 1 January, 2023. According to OSFI, these guidelines ... Read the full article
NI Holdings announces cat losses of $49m
25th July 2022
NI Holdings has announced pre-tax catastrophe losses of approximately $49m, net of reinsurance, for the three months ended June 30, 2022. According to the firm, losses were primarily in the Home/Farm and Private Passenger Auto segments driven by multiple severe storms in South Dakota and Nebraska. Michael J. Alexander, president and chief ... Read the full article
BMS Re acquires reinsurance broker Calomex
25th July 2022
BMS Re, the reinsurance arm of the independent specialist broker, has acquired reinsurance broker firm Calomex for an undisclosed amount. A statement from BMS said that it would acquire Calomex in full with Jorge Bellot, president of the latter, reporting to Aidan Pope, executive chair and CEO of BMS Re LAC. Pope ... Read the full article
Fidelis launches new MGU as it looks to separate its business
25th July 2022
Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited, has announced the impending creation of a new managing general underwriter, which will be separated from its existing balance sheet carriers, called Fidelis MGU. According to Fidelis, the new structure enables each entity to focus on its core functions and specialisms, ... Read the full article
Solvency II reforms could create “clear winners and losers” – WTW
25th July 2022
WTW has issued a statement on Solvency II reforms, saying that the package of reforms under consultation has the potential to create clear winners and losers if the “parametrisation” of the Matching Adjustment (MA) provisions indicated by the Prudential Regulation Authority is not recalibrated in line with SII. In particular, ... Read the full article
La Niña amplifies weather extremes in first half of 2022: Aon
25th July 2022
The persistence of La Niña conditions across the central and eastern Pacific Ocean has been one of the most prominent reasons for elevated weather extremes since 2020, reports re/insurance broker Aon. These conditions have global implications on weather patterns and other atmospheric or oceanic phenomena that can often bring ... Read the full article
Surplus lines premiums continue upward trend in H1 2022: WSIA
25th July 2022
Surplus lines premiums exceeded $31 billion, and premium bearing transactions neared 2.8 million in the first six months of the year, according to the 2022 mid-year report of the US Surplus Line Service and Stamping Offices. Premium increased 32.4% compared to the same period last year, transactions were also up 9.4% ... Read the full article