Reinsurance News
SCOR sponsors new catastrophe bond
1st June 2022
SCOR has sponsored a new catastrophe bond called Atlas Capital Reinsurance 2022 DAC. According to the firm, the new bond will provide the group with a multi-year risk transfer capacity of $240m to protect itself against named storms in the U.S. and earthquakes in the U.S. and Canada, as well as ... Read the full article
Monument Re acquires closed book portfolio from Zurich International Life
1st June 2022
Monument Re, the life reinsurance and insurance holding company, has agreed to acquire the closed book portfolio of Zurich International Life Limited’s Singapore long term life insurance business. Under the agreement with Zurich International Life Limited, the Singapore branch portfolio and employees will transfer into the new Singapore branch of Monument ... Read the full article
Impact from Russia-Ukraine likely to go into next year, says Berenberg
1st June 2022
Berenberg analysts have warned renewal rates in Florida are going to jump by 20-30%, while the Russian invasion of Ukraine will have an ‘accelerating’ impact on reinsurers' rates. In a new note, Tales from the City, the firm said that these were two issues that arose from its meeting with the ... Read the full article
Centre for Disaster Protection bolsters specialists team
1st June 2022
The Centre for Disaster Protection has announced the appointments of four new specialists. Joining the company will be Theodore Talbot, Cristina Stefan, Omaira Choudhry and Jessica Texter, who all bring years of experience across a diverse range of sectors. Talbot joins the senior leadership team as Chief Economist & Associate Director for ... Read the full article
Insured loss from 2022 Australia floods rises to $4.3 billion: ICA
1st June 2022
The Insurance Council of Australia (ICA) has reported a 28% rise in the cost of the severe flooding across Southeast Queensland and Northern New South Wales earlier this year, making it the country's fourth costliest natural disaster event. As of Tuesday May 31st, 2022, insurance and reinsurance industry losses from the ... Read the full article
RGA adds Tran to board of directors
1st June 2022
Reinsurance Group of America (RGA) has appointed Khanh T. Tran to its board of directors, beginning on 1 July. Tran was previously president and CEO of Aviation Capital Group, and has also held various executive positions during his 25 years with Pacific Life, a top 10 life insurance and annuities company ... Read the full article
CatIQ releases latest Canadian IED update
1st June 2022
CatIQ, a subsidiary of Zurich-based PERILS AG, and provider of catastrophe loss and exposure information in Canada, has released the annual update of its Canadian insurance Industry Exposure Data (IED), developed with the support of the Canadian P&C industry. Launched in June 2018, CatIQ’s IED is based on detailed exposure submissions ... Read the full article
‘Well over $10bn of unplaced limit’ at June 1, further downgrades expected: Stonybrook
31st May 2022
Stonybrook Capital has reported that the current shortfall of limit placed by domestic Florida carriers for the renewal of June 1st, 2022, reinsurance programs is well over $10 billion, leading the firm to expect further downgrades in the opening weeks of next month. With a plethora of issues facing the Florida ... Read the full article
AXIS combines health & corporate accident units
31st May 2022
AXIS Insurance – the specialty insurance segment of AXIS Capital Holdings Limited has announced that it is combining its corporate accident and supplemental health benefits business under the new name, AXIS Group Benefits. The AXIS Group Benefits business portfolio will be managed by the newly expanded team, which provides a dedicated ... Read the full article
Openly recruits Head of Reinsurance from Everest Re
31st May 2022
Homeowners insurance provider Openly has announced the appointment of Anthony Landi as Head of Reinsurance and Capital Management. He will lead Openly's reinsurance division and scale up its internal catastrophe management program, reporting to Adriel Nunes, CFO of Openly. Landi previously spent 10 years at Everest Re, where he most recently established and ... Read the full article
Acrisure secures $725m in new funding
31st May 2022
Acrisure has secured additional funding to fuel its ongoing global expansion further. The firm said it had closed $725m in Series B-2 Preferred Equity and received a $23bn valuation, representing a 31% increase from its last preferred equity raise in March 2021. The round of investing was led by the Abu Dhabi ... Read the full article
QBE hires Bannocks as Group Chief Data Officer
31st May 2022
QBE Insurance Group has appointed Christopher Bannocks to the new position of Group Chief Data Officer (GCDO). As GCDO, Bannocks will lead QBE’s enterprise data capabilities, with responsibility for defining and implementing the company’s data strategy and agenda. This new role will also allow him to work closely with central and regional ... Read the full article
Florida rates expected to increase 20-30% at least: Berenberg
31st May 2022
Following meetings with the management teams of major insurers and reinsurers, analysts at Berenberg say rates are expected to increase by at least 20-30% at the upcoming June renewals. According to Berenberg, renewals look to be disorderly and seem to be reaching an inflection point as June 1 approaches, with a ... Read the full article
Lockton Re appoints Leader of Capital Markets
31st May 2022
Global insurance broker Lockton's dedicated reinsurance division, Lockton Re, has announced that Zach Breslin has joined the company as the Leader of Lockton Re Capital Markets. Within this role he will support the build out of the practice working closely with Robert Bisset - Chairman Global Retrocession & Property Specialty, Bermuda ... Read the full article
Sompo Intl. targets 88% CR in new 2023 forecasts
31st May 2022
Bermuda-based specialty P&C re/insurer Sompo International Holdings is targeting a combined ratio of 88%, as well as growth in profit and premiums, as part of its new forecasts for 2023. The company recently reported adjusted profit of 61.8 billion yen (USD 483.0 million) for the full-year 2021, up from 31.8 ... Read the full article