Reinsurance News
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
MSL Captive Solutions hires Watson as AVP & Lead Underwriter
25th July 2022
MSL Captive Solutions has appointed Meredith Watson as Assistant Vice President and Lead Underwriter. A statement from the firm said that Watson will join a highly experienced team to provide additional resources with developing and maintaining process and guidelines for underwriting with program managers and brokers for new and existing captive ... Read the full article
Flood risk routinely underestimated, warns MMC
22nd July 2022
Re/insurance broker Marsh McLennan has released its updated Flood Risk Index 2.0, which maps how a changing climate will shape flood risk in the future. The report warns that flooding is the most pervasive natural disaster, and yet its costs are routinely underestimated. And now, climate change, economic and demographic trends, and ... Read the full article
UK motor insurers can’t keep up with claims inflation – Jefferies
22nd July 2022
Claims inflation is accelerating at a pace that UK motor insurers cannot keep up with, according to a new report by Jefferies. Even with prices rising, the company says, it expects margins to deteriorate significantly: “We expect DLG to cut its 2022 dividend, prompting us to downgrade our ... Read the full article
Catastrophe losses erode almost half of Travelers’ aggregate reinsurance retention
22nd July 2022
US primary insurer Travelers accumulated $935 million of qualifying losses towards the aggregate retention of its $2 billion property catastrophe reinsurance treaty during H1 2022, according to the company's Chief Financial Officer (CFO), Dan Frey. Yesterday, Travelers announced a decline in net income for the second-quarter on the back of ... Read the full article
Markel appoints Tim Pasik to lead commercial casualty product lines
22nd July 2022
Markel Corporation has announced that Tim Pasik has been appointed Managing Director, Commercial Casualty Product Lines Leader for Markel Specialty's insurance operations. In his new role, Pasik will provide oversight for Markel Specialty's commercial primary and excess - retail and wholesale - product lines. Alan Rodrigues, Executive Underwriting Officer, Casualty, said: "We're ... Read the full article
WTW makes series of appointments within its NA Natural Resources business
22nd July 2022
WTW has made a significant investment towards its North American Natural Resources business, as the re/insurance broker has appointed five new industry leaders to bolster the existing North American team. Based in Houston, the new team members will bring expertise to focus on this globally important industry, with a sub-sector focus ... Read the full article
Inflation to magnify H1 insured losses, says Aon
22nd July 2022
Analysts at Aon have warned that inflation, in combination with other factors, are likely to magnify insured losses in the first half of 2022 beyond initial estimates. The broker's data shows that insured losses from natural disaster events totalled $39 billion in H1, which is roughly 18% above the 21st ... Read the full article
MGA growth surge fuelled by plentiful reinsurance: Conning
22nd July 2022
A new report by investment management firm Conning shows that the managing general agent (MGA) market grew swiftly through 2021, fuelled by plentiful reinsurance capacity accessed through fronting insurers. Premiums sourced by MGAs, a key distribution channel for US property and casualty insurers, grew significantly in 2021 to exceed $70 billion, ... Read the full article
Verisk appoints Elizabeth Mann as Chief Financial Officer
22nd July 2022
Leading global data analytics provider, Verisk, has named Elizabeth Mann as executive vice president and chief financial officer (CFO). In her new role as CFO she will lead Verisk’s global finance organisation, including accounting and controllership, financial planning and analysis, investor relations, strategic sourcing and procurement, tax and treasury. Effective 15 September, ... Read the full article
Nearly all commercial lines pricing up through Q2: IVANS
22nd July 2022
Average premium renewal rate changes of nearly all major commercial lines of business remain up year over year, according to the latest edition of the IVANS Index while all lines increase month over month except Umbrella. The Q2 results showed that premium renewal rate change for all major commercial lines of ... Read the full article