Reinsurance News
David H. Long to retire from Liberty Mutual and be replaced by Timothy M. Sweeney
10th June 2022
Liberty Mutual Insurance has said that chairman and CEO David H. Long will retire at the end of 2022 and will be replaced by Timothy M. Sweeney. Following his retirement, Long will serve as the company’s executive chairman on its board of directors. He has been at Liberty Mutual for 37 ... Read the full article
Mosaic Insurance appoints Foulger as Board Chair
10th June 2022
Specialty insurer, Mosaic Insurance has appointed Bermuda-based financial services executive Caroline Foulger as its Board Chair, effective immediately. Since 2013, Foulger has been an independent, non-executive director within the financial services industry. Previously she was a partner at PwC Bermuda, a role she worked in for 12 years, where she primarily lead ... Read the full article
Cyber attacks increased year-on-year, Munich Re survey shows
10th June 2022
Reinsurance giant, Munich Re recently published the results from its Global Cyber Risk and Insurance Survey 2022. The survey was conducted among more than 7,000 participants from 14 countries. On a global level, data from the survey shows that attacks in ransomware, data breach and online fraud have increased year-on-year. Ransomware ... Read the full article
IUA launches ESG-focused committee
10th June 2022
The International Underwriting Association of London (IUA) has launched a new ESG-focused committee. According to the IUA, the committee is made up of representatives from 20 of the association’s member companies, and recently hosted its first meeting. Its primary interest will be in helping to promote sustainability initiatives across the insurance ... Read the full article
QBE to drive EU expansion with branch in the Netherlands
10th June 2022
Australian insurer and reinsurer, QBE Insurance Group Limited has announced plans to set up a branch in the Netherlands. The planned branch will play a major role in the company’s European expansion plans. QBE has noted that recruitment is underway to fill a number of different key roles for the Netherlands branch, ... Read the full article
WTW appoints Timothy Pratt to new role in its ICT business
10th June 2022
WTW has appointed Timothy Pratt as director of actuarial property and casualty in its Insurance Consulting and Technology (ICT) business. According to a statement from the firm, Pratt will be responsible for leading project teams focused on designing and implementing client reserving solutions. He will also play a key role in ... Read the full article
Emerging technologies facilitate digital transformation of insurance sector, says GlobalData
10th June 2022
GlobalData has said that the growing maturity of emerging technologies such as AI, biometrics, cloud and alternative reality, and data ubiquity are powering the insurance sector’s digital transformation. This trend, said GlobalData, is set to accelerate as stakeholders become more aware of new technology. Abhishek Paul Choudhury, senior disruptive tech analyst at ... Read the full article
Regulation essential to success & sustainability of embedded insurance: AM Best
10th June 2022
According to ratings agency, AM Best, with the use of embedded insurance gaining greater global traction, the role of regulation in protecting policyholders is critical. The firm said in a new commentary that regulation is essential to the overall success and sustainability of embedded insurance, however, practices vary from country to ... Read the full article
DynaRisk closes seed funding round
10th June 2022
Insurtech firm DynaRisk has closed its seed funding round after raising $7m of capital since its launch. According to the company, this new round of funding will be used to meet the growth demand for its existing products, expand geographically and develop new products to widen the company's reach. Andrew Martin, CEO ... Read the full article
Alleghany gets stockholder approval for Berkshire takeover
9th June 2022
Alleghany Corporation has received approval from its stockholders for a pending acquisition by Warren Buffett’s insurance and reinsurance firm, Berkshire Hathaway. Stockholders approved transaction terms that value Alleghany at $848.02 per share of common stock in cash, with the deal representing a total equity value of approximately $11.6 billion. All told, ... Read the full article
Howden acquires TigerRisk, creating “much-needed” fourth global reinsurance broker
9th June 2022
Howden Group Holdings is set to enhance the scale and depth of its reinsurance and capital markets offering with the acquisition of broker, TigerRisk Partners. The deal, which remains subject to regulatory approvals, represents almost $400 million of combined reinsurance revenues and provides clients with access to 450 experts across over ... Read the full article
Munich Re’s HSB Canada announces new commercial service line coverage
9th June 2022
Munich Re’s HSB Canada has announced the introduction of Commercial Service Line – a new coverage that will bridge a potentially costly gap, so that building owners can minimize losses resulting from service line breakdowns. HSB’s Commercial Service Line will be available to partner insurers, and also offer comprehensive coverage for ... Read the full article
Ping An increases its green investment targets
9th June 2022
Ping An Insurance (Group) Company of China, Ltd. aims to achieve overall targets with green investment and credit of RMB400 billion by 2025. As of 31 December 2021, the Group's green investment and financing was nearly RMB224.58 billion. In total, its overall responsible investment and financing was nearly RMB1.22 trillion, including ... Read the full article
Reinsurers to absorb bulk of $2bn+ Ever Given claims, says SCOR
9th June 2022
A majority share of more than $2 billion in claims is the potential sum reinsurers will absorb from the losses caused by the blocking of the Suez Canal because of the lodging of the Ever Given, according to global reinsurer SCOR. Last year, the ultra-large container ship blocked the largest man-made ... Read the full article
Overall resilience to big shocks ‘significant’ for 35 carriers, says Litmus
9th June 2022
The credit profiles of 35 leading reinsurance carriers show significant overall resilience to major reserve shocks, but with some very big individual variances, according to Litmus. The firm said its research suggests a significant overall resilience to major reserve stresses across 351 leading non-life reinsurance carriers. However, the individual reinsurer results ... Read the full article