Reinsurance News
AM Best names Andrew Power Non-Exec Director to Boards of EMEA region
13th June 2022
Rating agency AM Best has appointed Andrew Power as an independent Non-Executive Director to the Boards of the business across the Europe, Middle East and Africa (EMEA) region. With over 25 years of experience in the insurance and financial services sector, Power will oversee the agency’s EMEA region subsidiaries, A.M. Best ... Read the full article
Keystone Agency Partners announces partnership with Keyes Coverage
13th June 2022
Insurance brokerage platform, Keystone Agency Partners (KAP) has formed a strategic partnership with Keyes Coverage – an independent insurance agency serving both the personal and commercial insurances needs of customers within Florida. Financial terms of the majority stake transaction were not disclosed. Based in Tamarac, Florida, Keyes has been serving the greater ... Read the full article
Reinsurers need to rebuild confidence: Ariel Re CEO
10th June 2022
Ariel Re CEO Ryan Mather has asserted that the reinsurance industry needs to work to rebuild confidence in the sector, following a period of challenging conditions and inadequate returns. Speaking in an interview with Reinsurance News, Mather discussed the thinking behind Ariel Re’s "front foot" approach to catastrophe risk and the ... Read the full article
Florida Citizens set to go through hurricane season under-reinsured
10th June 2022
Florida’s Citizens Property Insurance Corporation is looking set to go through the 2022 hurricane season with less reinsurance protection in place than it would have liked, as sources report that only 36% of its risk transfer program is filled currently. The state property insurer of last resort has only managed to ... Read the full article
Gallagher appoints Mike Parry as partner in its renewable energy team
10th June 2022
Gallagher has appointed Mike Parry as a partner in its renewable energy team to focus on offshore wind risks. In his new role, Parry will be responsible for delivering risk transfer solutions for clients as the offshore wind sector evolves, both in terms of new technology deployment and risk financing maturity ... Read the full article
Great American announces leadership succession within Specialty P&C divisions
10th June 2022
Great American Insurance Group has promoted two divisional presidents within its Specialty Property & Casualty (P&C) Group, in anticipation of planned retirements. The first promotion is Michael B. Mulvey, who has been named Divisional President within Great American’s FCIA – Trade Credit & Political Risk Division. He will succeed Phil Lally, ... Read the full article
What’s going on with 777 Partners’ R&Q Holdings shares?
10th June 2022
In the wake of a failed attempt to acquire Randall & Quilter Investment Holdings Ltd (R&Q), it turns out a significant proportion of shares in R&Q owned by would-be acquirer 777 Partners were held as collateral to a loan by another party. On April 1st, perhaps a prescient date, it ... Read the full article
Capital adequacy strong amongst peer group, says Fitch Ratings
10th June 2022
Fitch Ratings has said that all global reinsurers it measures in its Prism Factor-Based Capital Model remained ‘strong’ in terms of capital adequacy at the end of last year. The firm partly attributed this to a ‘significant improvement’ in earnings and strong risk-management capabilities that helped to offset capital consumption from ... Read the full article
Howden Tiger will be a breath of fresh air in reinsurance: David Howden
10th June 2022
For re/insurance broking group Howden, the recently announced acquisition of TigerRisk Partners transforms its position in the reinsurance space, with the enlarged business set to challenge the status quo and empower talent, according to Howden Group's Chief Executive Officer (CEO), David Howden. Yesterday, Howden announced an agreement to create the ... Read the full article
P&C industry strong despite underwriting losses: analysts
10th June 2022
Despite experiencing an underwriting loss, the property andcasualty insurance industry ended 2021 strong and remains able to support policyholders, according to a report from Verisk and the American Property Casualty Insurance Association (APCIA). In 2021, the insurance industry experienced a $3.8 billion net underwriting loss, after a $5.2 billion underwriting gain ... Read the full article
ABIR makes committee leadership appointments
10th June 2022
The Association of Bermuda Insurers and Reinsurers (ABIR) has announced new leadership for two of its important committees, drawing from the senior executive teams of member companies. Jevon Williams, of Chubb Bermuda, has been appointed Co-Chair of the ABIR Policy Committee, alongside continuing Co-Chair Gemma Carreiro, General Counsel of Hamilton Insurance ... Read the full article
Howden Re recruits Matt Beard as President of Global Programs
10th June 2022
Howden Insurance Brokers Limited has appointed Matt Beard as Managing Director and President of Global Programs at its reinsurance broking arm, Howden Re. The hire follows news that Howden is planning to acquire TigerRisk Partners in a $400 million deal as it looks to create a “much-needed” fourth global reinsurance ... Read the full article
Swiss Re cautious on writing cyber business
10th June 2022
Swiss Re has said it is biding its time before increasing its appetite for cyber risk, citing the newness of the sector. Thierry Léger, CUO of the reinsurance giant said that while it was still underweighted in cyber, it was investing in research and development to better understand this line of ... Read the full article
BoE study shows improvements in re/insurer climate risk management
10th June 2022
The Climate Biennial Exploratory Scenario exercise (CBES) recently conducted by the Bank of England (BoE) shows that the UK’s largest insurers and reinsurers are getting better at managing financial risks caused by climate change, but analysts say there is still more to do. Speaking at the Association of British Insurers (ABI) ... Read the full article
MS Amlin names Katie Wolff as new UK country manager
10th June 2022
MS Amlin Insurance has appointed Katie Wolff to be its new country manager in the UK. The appointment still has to be approved by regulators but, once given, Wolff will oversee the property and casualty side of the MS Amlin’s UK business. Ludovic Sénécaut, CEO of MS Amlin Insurance, said in a ... Read the full article