Reinsurance News
Firm order terms for TWIA’s 2022 reinsurance renewal suggests ROL of 6.75%
18th May 2022
The Texas Windstorm Insurance Association (TWIA) looks set to pay more for its larger 2022 traditional reinsurance program, with firm-order-terms (FOT) for the renewal pointing to a rate-on-line (ROL) of 6.75%, according to its broker Gallagher Re. Yesterday, the board of the Texas insurer of last resort heard from representatives of ... Read the full article
RMS launches cloud-based application, UnderwriteIQ
18th May 2022
RMS, a risk modelling and solutions company has announced that it will be launching a new application – UnderwriteIQ, which will be hosted on the cloud-based RMS Intelligent Risk Platform. The application will enable underwriters to have greater control of risks by bringing hazard, exposure, and loss data together in the ... Read the full article
RGA seeing greater demand for life reinsurance since pandemic
18th May 2022
Anna Manning, President and CEO of Reinsurance Group of America (RGA), has said that her company has seen higher demand for its life reinsurance service since the outbreak of the COVID-19 pandemic two years ago. Speaking as part of an earnings call alongside the release of RGA’s Q1 results, Manning was ... Read the full article
Zurich appoints new CFO of commercial insurance in Sarah Maillet
18th May 2022
Zurich has a new CFO of commercial insurance in Sarah Maillet, who takes up the role at the beginning of June. Maillet will report to Sierra Signorelli, CEO of commercial insurance, and be based in Zurich, Switzerland. In her new role, she will be responsible for leading, directing and controlling Commercial Insurance’s ... Read the full article
Florida’s ‘artificial’ insurance structure is ‘untenable’ – ALIRT
18th May 2022
The efforts of both the Florida government and the state's insurance department to provide its citizens with affordable property insurance has created an "artificial structure" which is "untenable," according to ALIRT Insurance Research. For the past three decades, the state's government and insurance department have made numerous efforts to create a ... Read the full article
Zurich UK and Riskonnect announce strategic collaboration
18th May 2022
Zurich Resilience Solutions UK – part of leading insurer Zurich UK, has entered into a collaboration with leading integrated risk management software solution provider, Riskonnect. The alliance will provide Zurich’s customers in the UK with access to Riskonnect’s Risk Management Information Systems (RMIS), Enterprise Risk Management (ERM), and Health and Safety ... Read the full article
Acrisure Re hires Ainsby from WTW to lead new Asia fac operation
18th May 2022
Acrisure Re, the reinsurance arm of the brokerage and fintech platform, has hired Duncan Ainsby from WTW to lead its new Asia facultative operation based out of the firm's new Hong Kong office. Ainsby takes on the role of Senior Vice President (SVP) of Facultative Reinsurance and Head of Asia. Based ... Read the full article
Aviva posts record Q1 general insurance premiums
18th May 2022
Insurer Aviva has reported gross written premium (GWP) growth of 5% in its General Insurance business for the first quarter of 2022, to £2.1 billion. The Q1 2022 total is a record for the segment and comes after GWP of £2 billion in Q1 2021, driven by strong sales in commercial ... Read the full article
SiriusPoint adds Daniel S. Loeb to board of directors
18th May 2022
Bermuda-based reinsurer SiriusPoint has said that Daniel S. Loeb will join its board of directors. Loeb, the founder and CEO of Third Point, will be joining the board as Joshua L. Targoff steps down. Targoff, a partner at Third Point, will be take on the board observer rights of Loeb. Sharon Ludlow, ... Read the full article
Cyber attacks driving insolvency fears into businesses: Hiscox
18th May 2022
According to the latest Hiscox Cyber Readiness Report, 20% of businesses across eight countries said that a cyber attack almost rendered them insolvent, a 24% increase compared to last years report. The Hiscox Cyber Readiness Report, now in its sixth year, surveyed over 5,000 businesses in the US, UK, Ireland, Belgium, ... Read the full article
SiriusPoint CEO Sid Sankaran departs
18th May 2022
Sid Sankaran, the Chairman and Chief Executive Officer (CEO) of Class of 2020 reinsurer, SiriusPoint, has retired from the company and will be replaced by Daniel Malloy on an interim basis. An announcement from the Bermuda-based carrier states that Sankaran has left the firm to pursue other opportunities. The Board has elected ... Read the full article
VIG sees premium growths of over 11%
18th May 2022
The Vienna Insurance Group (VIG) has reported premium growth in Q1 2022 of 11.2% to €3.45bn. However, VIG said it had seen its profits before taxes fall by 3.3% to €124m. In addition, VIG said it had seen premium growth across all business lines and segments. In motor third-party liability (+18.8%), ... Read the full article
Core Specialty recruits Ann Brady as Agriculture SVP
18th May 2022
Specialty property and casualty (P&C) insurer Core Specialty Insurance Holdings has announced the appointment of Ann Brady as Senior Vice President of Agriculture. Brady brings decades of agriculture insurance knowledge, specifically serving as an Agriculture reinsurance broker for the previous twelve years with Guy Carpenter. In her new role, she will report ... Read the full article
Dale Underwriting Partners adds Matthew sims and William Taylor to its roster
18th May 2022
Dale Underwriting Partners (DUP) are adding Matthew Sims and William Taylor to its team to advance its treaty portfolio offering beyond property and casualty and into marine. The pair will join the firm in November this year. The company said their arrival reflects its vision of being recognised as experts in ... Read the full article
Altamont Capital Partners provides $150m growth capital to Fleming Holdings
18th May 2022
Altamont Capital Partners, a private investment firm based in the San Francisco bay area, has acquired a majority stake and made a $150 million growth capital commitment to Fleming Holdings. The partnership will allow Fleming to grow into an all-encompassing capital solutions provider to property and casualty (P&C) insurance companies. Altamont Capital Partners ... Read the full article