Reinsurance News

Crum & Forster names Nick Cook as new chief risk officer

11th August 2022

Crum & Forster has named Nick Cook to its new position of chief risk officer. Cook will report in his new position to Marc Adee, chairman and CEO of the firm. In this newly formed role, Cook will lead claim audit and claim litigation management in addition to continuing to oversee ... Read the full article

Planck unveils new risk search engine for commercial insurers

11th August 2022

Leading AI-powered business intelligence platform, Planck, has launched a new risk search engine built specifically for commercial insurance research. The new risk search engine solves for the shortcomings of traditional research methods, which are ineffective and time consuming. The proprietary solution returns real-time results mined from billions of public sources and unindexed ... Read the full article

Malaysia’s non-life insurance segment outlook remains stable: AM Best

11th August 2022

AM Best has maintained a stable outlook on the Malaysian non-life insurance segment on account of its underwriting discipline and the market’s recovery following the economic crisis caused by COVID-19. The Malaysia non-life insurance market has shown modest expansion, with a five-year average compound annual growth rate (CAGR) of 1.8% in ... Read the full article

“Sharp rise” being seen in solar farm fires: Firetrace International

11th August 2022

A recent study by Firetrace International, a leading provider of fire suppression technology, indicates that solar farm fires are seeing a sharp rise. The report, titled “Hidden Danger - why solar farm fire risk could be greater than you think,” highlights that the industry could possibly be misjudging the threat of ... Read the full article

SCOR well placed to handle shifting and uncertain landscape, says CEO

10th August 2022

Industry giant SCOR remains well placed to handle the current economic uncertainty, according to CEO Laurent Rousseau. Rousseau’s remarks came from the firm’s H1 2022 earnings call. Last week, the firm reported a net loss of €239m for the first half of 2022, driven by claims related to the drought ... Read the full article

Betterview to provide wildfire insights through engagement with NFPA

10th August 2022

Insurtech provider Betterview has teamed up with the National Fire Protection Association (NFPA) to provide property and community-level wildfire insights. NFPA is a non-profit organisation that is devoted to eliminating death, injury, property, and economic loss due to fire, electrical, and related hazards. The company is focused on helping insurers in ... Read the full article

GCube announces opening of Houston office amid underwriting team expansion

10th August 2022

GCube, a member of the Tokio Marine HCC group, has announced the opening of its Houston office, accompanied by a new senior appointment in Sarah Bratton. Bratton joins GCube from Ascot Underwriting and holds over ten years of experience in the energy and power generation underwriting business. She underwrites property and ... Read the full article

National Western Life in reinsurance transaction with Aspida Life Re

10th August 2022

Texas-based National Western Life has announced the execution of an annuity reinsurance transaction with Aspida Life Re Ltd. – a Bermuda-based reinsurer. The transaction was effective July 1, 2022. The reinsurance transaction is a strategic move that is designed to support plans previously announced by National Western Life to grow its business ... Read the full article

Aqueous appoints William Hall to new position

10th August 2022

Aqueous has appointed William Hall as a senior development underwriter. Hall is moving over from his current position at Brunel Professions where he works as an associate director. Terry Shaw, head of PI at Aqueous, said: “I’m pleased to welcome William to the growing team at Aqueous. His track record and experience ... Read the full article

Talanx profits increase despite higher cat losses

10th August 2022

Germany’s Talanx Group, the parent of reinsurer Hannover Re, has reported improved income and operating earnings for the first half of 2022 despite a considerable increase in large losses from catastrophe events, as well as a double-digit rise in premiums. Group net income increased from €546 million for the six-month period ... Read the full article

Tennessee establishes captive insurer for state property risks

10th August 2022

The State of Tennessee has announced the establishment of the Tennessee Captive Insurance Company to create additional efficiencies and savings when insuring state property. In a press release, the Tennessee State Government said that implementing the Tennessee Captive Insurance Company will allow the State to operate with a high degree of ... Read the full article

Munich Re Specialty appoints new Head of Inland Marine

10th August 2022

Munich Re Specialty Insurance (MRSI), a division of German reinsurance giant Munich Re, has announced the appointment of Jaymee Parker as Vice President and Head of Inland Marine. Parker is an experienced insurance and risk management professional with strong leadership and sales experience. She specializes in Inland Marine insurance and ocean ... Read the full article

“Global reinsurance M&A transactions limited next year” – Fitch Ratings

10th August 2022

A new note from Fitch Ratings says that M&A transactions in the global reinsurance sector will be limited into 2023 amid investor concerns over macroeconomic risks and heightened catastrophe losses linked to climate change. As a result, the firm said that it expected reinsurers to prioritise pricing, risk management and organic ... Read the full article

BRP Group reports an “outstanding” Q2 with a net profit $16.6mn

10th August 2022

Independent insurance distribution firm BRP Group has reported a net income of $16.6 million in the second quarter of 2022, a significant improvement compared to the $20.44 million loss reported in the same prior-year period. The group also said that its revenue increased close to 50%, from $119.7 million reported in ... Read the full article

Milliman opens new office in Bermuda

10th August 2022

Global consulting and actuarial firm Milliman has announced the opening of a new office in Bermuda. Milliman says the office will offer a “more formalized presence” on the island, and comes in response to increasing demand for insurance consulting and technology support. "We are excited to officially announce the opening of Milliman's Bermuda office," said ... Read the full article