Reinsurance News
Aon sets up IP-based funding for self-ordering tech firm
21st April 2022
Aon has set up a $35 million intellectual property (IP) based funding arrangement for GRUBBRR, a provider of self-ordering technologies, creating an IP-collateralized debt structure that enabled the firm to raise additional funds through debt. Headquartered in Boca Raton, Florida, GRUBBRR’s technologies include kiosks, mobile ordering, POS, online ordering, KDS and ... Read the full article
ProSight rebrands as Coaction Specialty
21st April 2022
Privately-owned specialty property & casualty (P&C) insurer, ProSight Global, Inc. (ProSight) has announced that it has rebranded as Coaction Specialty – a wholly-owned subsidiary of Coaction Global, Inc. (Coaction), effective immediately. As part of the rebrand, and demonstrating its commitment to addressing Environmental, Social, and Governance (ESG) issues, Coaction has also ... Read the full article
PERILS reports $85trn of sums insured exposed to natural perils in 2022
21st April 2022
Catastrophe loss aggregator PERILS has released its Industry Exposure Database (IED) 2022, reporting $85 trillion of sums insured exposed to natural perils. The report shows that the largest exposure in the database is European windstorm, with €64.8 trillion of insured values as of 1 January 2022 which represents year-on-year growth of ... Read the full article
RLI improves underwriting and CR over Q1
21st April 2022
US property and casualty insurer RLI Corp has reported substantial improvements in its underwriting income and combined ratio for the first quarter of 2022, despite falling to a comprehensive loss for the period due to a negative portfolio performance. Underwriting income increased from $29.9 million in Q1 of 2021 to $59.5 ... Read the full article
Ascot names Tara Quigley as EVP, Head of Surety
21st April 2022
Ascot has appointed Tara Quigley as Executive Vice President, Head of Surety, where she will be responsible for developing and managing Ascot’s Surety portfolio across the U.S. Quigley’s appointment marks the final stage of Ascot’s entry into the U.S. Surety market where she’ll act as the product lead, writing on behalf ... Read the full article
Fitch lowers global reinsurance and London market sector outlooks
21st April 2022
Fitch Ratings has revised down its global reinsurance and London market sector outlooks to neutral from improving, a move the ratings agency says reflects increased risks from rising claims inflation, financial market volatility, and weakening price momentum. The rating agency last updated the outlooks in 2021, and at this time, expected ... Read the full article
Chaucer appoints Ben Sheppard as Class Underwriter
21st April 2022
Specialty re/insurance group Chaucer has appointed Ben Sheppard as Class Underwriter to join their recently created Renewable Power team, led by Lyndsey Picton. Sheppard’s appointment supports Chaucer’s commitment to the Renewable Energy sector, by providing dedicated resource to help build their offshore energy proposition supporting insureds to successfully deliver sustainable power ... Read the full article
Tokio Marine launches $42m CVC Future Fund
21st April 2022
Multinational insurance holding company, Tokio Marine Holdings has announced the launch of Tokio Marine Future Fund – a Silicon Valley-headquartered corporate venture capital fund. Tokio Marine has committed €42 million to the initial fund with plans to deploy more capital into subsequent fund cycles. In a press release, it says that the ... Read the full article
Schroders Capital to manage €100m private assets impact mandate for Barmenia
21st April 2022
Schroders Capital, the private markets division of Schroders, has announced that it has been chosen by the German insurance company Barmenia, to manage a €100 million multi-private assets impact portfolio. The portfolio, which aims to be fully invested within the next 36 months, will be classified as Article 9 in accordance ... Read the full article
AmericanAg appoints Michael Conlon as General Counsel
20th April 2022
Global reinsurer AmericanAg has announced the appointment of Michael A. Conlon, JD, who joins the company as General Counsel. Within this role, Michael will be replacing Andrew Boris, who recently transitioned to the role of Executive Vice President and Chief Executive Officer, after the recent retirement of Janet Katz. Michael joins ... Read the full article
Inflation likely to persist over the medium term: AM Best
20th April 2022
According to rating agency AM Best, high levels of inflation which has been driven by supply chain disruptions, labour shortages and rising energy prices, are likely to persist over the medium term. In February, the Consumer Price Index (CPI) in the UK hit an almost 30-year high of 6.2%, far in ... Read the full article
AXA XL launching property risk assessment tool in North America
20th April 2022
AXA XL Risk Consulting recently announced that it is rolling out its Risk Scanning risk assessment service in the US and Canada. In a press release, the insurer stated that this is to help companies see the "big risk picture", and pinpoint potential property exposures across their business locations. Risk Scanning combines ... Read the full article
The next cat quarter should be light for US carriers: Morgan Stanley
20th April 2022
According to Morgan Stanley, the next catastrophe quarter should be light for predominantly US carriers. However, on a global scale, analysts warn that catastrophes will likely impact reinsurers and primary insurers with international exposures. Catastrophe losses in the US lay somewhere in the several hundred million dollar range according to Aon ... Read the full article
Fannie Mae secures reinsurance for another $23.1bn of mortgage risk
20th April 2022
The Federal National Mortgage Association (Fannie Mae) has executed its fourth Credit Insurance Risk Transfer (CIRT) transaction of 2022, transferring another $844.8 million of mortgage credit risk to private insurers and reinsurers. The covered loan pool for CIRT 2022-4 consists of 76,600 single-family mortgage loans with an outstanding unpaid principal balance of ... Read the full article
Allianz will have €150m of losses from Russia exposures: Berenberg
20th April 2022
Ahead of Q1 2022 reporting season, Berenberg has said that it estimates that global insurer Allianz will have €150 million of total losses from its various Russia exposures. The firm said that it believes that Allianz will impair its €1.5bn cross-border investments in Russia in Q1 2022E, and also take a ... Read the full article