Reinsurance News
Property catastrophe reinsurance rates set to accelerate in Florida
25th May 2022
Executives speaking to Keefe, Bruyette, & Woods on the second day of its Bermuda tour have told the firm that rate increases in Florida property catastrophe reinsurance are set to accelerate. According to the company, one executive said that average risk-adjusted rate increases were going to land somewhere between 20% and ... Read the full article
Resilience names Miki Ho Head of Underwriting, Canada
25th May 2022
Resilience, a cyber insurance and security solutions managing general agent (MGA) has appointed Miki Ho as Head of Underwriting for Canada. Ho will lead the company’s Canadian business growth, reporting to Kevin McGowan, Senior Vice President, Head of Underwriting Strategy, North America. Ho’s appointment with Resilience takes place whilst the MGA is ... Read the full article
Florida reforms will bring stability to market, says Senator Boyd
25th May 2022
Florida Senator Jim Boyd has said that reforms passed by a committee of legislators this week will “help bring more stability” to the state’s insurance market, while providing more rate certainty for consumers and addressing the underlying causes of cost drivers. Lawmakers have convened in a special session this week ... Read the full article
Oneglobal names Luis Miguel Galvis Country Manager, Colombia & Ecuador
25th May 2022
Oneglobal Broking has announced the appointment of Luis Miguel Galvis as Country Manager Colombia and Ecuador, effective immediately, where he will report directly to Chief Executive Officer of Oneglobal’s Andean region, Ernesto de Lima. Through Luis Miguel’s appointment, the firm continues its strategic build of its international operations, accelerating its capabilities ... Read the full article
MS AUL partners with Altelium on BESS insurance solution
25th May 2022
Lloyd’s global specialty re/insurer MS Amlin Underwriting (MS AUL) has announced a partnership with specialist insurtech, Altelium, to launch a client-centric battery energy storage system (BESS) construction all risk and operational all risk insurance solution, as part of its commitment to supporting sustainability. Altelium is a specialist insurtech business which offers ... Read the full article
S&P affirms strength ratings of ‘AA’ for Allianz
25th May 2022
S&P Global Ratings has affirmed its ‘AA’ long-term issuer credit and insurer financial strength ratings on the core operating entities of Allianz. S&P said it was affirming the ratings because the governance deficits related to the Structured Alpha investigations do not change its overall view on the Allianz group's capital and ... Read the full article
Everest Re hires David Harris as SVP, Chief Reserving Actuary
25th May 2022
Everest Re has announced that David Harris has joined the company as Senior Vice President (SVP), Chief Reserving Actuary. Harris succeeds Ellen Edmonds, and will report to Everest Group Chief Operating Officer and Head of Reinsurance, Jim Williamson. Within his new role, Harris will lead the company’s global reserving strategy, aligning the ... Read the full article
EY & FINEOS form alliance to drive smart digital transformation
25th May 2022
Multinational professional services network, Ernst & Young (EY) has announced an alliance between global market leader of core systems for life, accident and health insurers – FINEOS, and Ernst & Young Business Consultants (EY Ireland). The alliance between the companies will help carriers achieve smart digital transformation, as well as bringing ... Read the full article
Prolonged inflation to weigh on insurer profits: Moody’s
25th May 2022
Analysts at Moody's Investors Service have warned that a prolonged period of high inflation would weigh on EMEA insurers' profit and could bring adverse second order effects. In particular, the rating agency expects property and casualty (P&C) insurers to face higher claims costs because of inflation, although these could be offset ... Read the full article
AXA XL promotes Libby Benet to Global CUO
25th May 2022
AXA XL, the property & casualty and specialty risk division of global insurer AXA, has promoted Libby Benet to Global Chief Underwriting Officer (CUO). Benet takes over as Global CUO from Nancy Bewlay, who was recently named as its new Chief Executive of Reinsurance. She first joined the company in 2020 ... Read the full article
R&Q says 777 Partners backed Brickell pulling out of acquisition
25th May 2022
Randall & Quilter Investment Holdings Ltd (R&Q) has said this morning that Brickell PC Insurance Holdings LLC, which is backed by 777 Partners, has said it aims to terminate the acquisition agreement the pair were trying to implement. The deal, which was announced at the start of April, valued Randall ... Read the full article
Aegon sells stake in Spanish joint insurance venture
25th May 2022
Aegon has announced plans to sell its 50% stake in the Spanish insurance joint venture with Liberbank to Unicaja Banco, following a change of control in Liberbank after its merger with Unicaja Banco in 2021. The gross proceeds of the transaction amount to €177 million, representing 22 times 2021 operating result ... Read the full article
H. Elizabeth Mitchell joins board of directors at Principal Financial Group
25th May 2022
Principal Financial Group has appointed H. Elizabeth Mitchell to its board of directors. Mitchell, former president and chief executive officer of Renaissance Reinsurance US, has also held positions at St. Paul Companies, English & American Insurance Group, and Tillinghast. She serves on the board of directors for Selective Insurance Group. Dan Houston, chairman, ... Read the full article
Gallagher expands dispute resolution team with Blackstone Chambers hire
25th May 2022
Insurance and reinsurance broker, Arthur J. Gallagher & Co., has appointed Lewis Walker as a Director in its specialist dispute resolution team in its major risks practice. Walker joins Gallagher from Blackstone Chambers – a magic circle barristers chambers based in Temple, London, where he served as one of the senior ... Read the full article
NOAA predicts another above-average Atlantic hurricane season in 2022
24th May 2022
The National Oceanic and Atmospheric Administration (NOAA) has said that there's a 65% chance of an above normal Atlantic hurricane season in 2022, making it the seventh consecutive above normal season. The forecast from the NOAA is the latest to point to an above average season in the months ahead, and ... Read the full article