Reinsurance News
Lloyd’s appoints Yelhis Hernandez as market development manager for Central America
22nd April 2022
Lloyd’s has made Yelhis Hernandez as its market development manager for Central America. According to the firm, Hernandez has been its country manager in Mexico since September 2019. In her new role, she will also be responsible for developing access to Lloyd’s across the entire Central America region (which includes Belize, ... Read the full article
Canada’s Alberta province proposes new insurance law
22nd April 2022
Canada’s Alberta government has proposed legislation that will aims to increase the province’s capacity. Finance Minister Travis Toews tabled the Insurance Amendment Act in the legislature earlier this week. The Act is intended as a follow-up to last December’s Captive Insurance Companies Act and will go into force by the summer ... Read the full article
FedNat enters into consent order with OIR after downgrade
22nd April 2022
Florida based primary insurer FedNat along with its carriers, FedNat Insurance Company (FNIC), Maison Insurance Company (MIC) and Monarch National Insurance Company (MNIC) has entered into a consent order with the Florida Office of Insurance Regulation (OIR). In accordance to the order, FedNat and its carriers have agreed to file with ... Read the full article
There’s no such thing as taking bad risk: Graham Gordon, Sapiens
22nd April 2022
"There’s no such thing as taking a bad risk. Just bad choices of how to approach the risk and the bad result of that risk," according to Sapiens Director of Product and Strategy, P&C, Graham Gordon. In an interview with Reinsurance News, Gordon discussed some of the ways in which data ... Read the full article
London Market’s Q1 losses remain uncertain: BofA
22nd April 2022
Analysts at Bank of America (BofA) have warned that the scale of losses incurred by London Market insurers and reinsurers during the first quarter of 2022 will remain uncertain for some time yet due to the ongoing uncertainties around exposure to the conflict between Russia and Ukraine. Although the key area ... Read the full article
COVID-19 highlighted concerns around cyber risk: BMA
22nd April 2022
According to a new report from the Bermuda Monetary Authority, the COVID-19 pandemic has highlighted a growing interest and concern around cyber risk and the need for a robust cyber insurance market. As organisations are forced to continue to operate in remote working environments, cyber threat actors continue to exploit inherent ... Read the full article
“We’re trying to turn a nightmare into a dream with Tesla Insurance,” – Elon Musk
22nd April 2022
During Tesla’s recent Q1 2022 earnings call, Chief Executive Officer, Elon Musk, along with Chief Financial Officer, Zachary Kirkhorn, shared key details about Tesla’s new insurance offering that uses real-time driving behaviour data. The insurance offering was launched earlier this week in Virginia, Colorado and Oregon. During the call, Musk explained that ... Read the full article
ICEYE adds flood insights to EigenRisk’s cat risk management platform
22nd April 2022
SAR data provider and expert in environmental flood hazard data, ICEYE and EigenRisk, a leading and independent insurance technology platform provider, have announced a new agreement to incorporate ICEYE’s flood insights for large-scale flood events into the EigenPrism catastrophe risk management platform. EigenPrism provides a single, cloud-based platform for catastrophe data, ... Read the full article
Clyde & Co. promotes fourteen into partners
22nd April 2022
Clyde & Co. has made fourteen promotions in its insurance sector as part of a sweep of making employees into equity partners. The firms said it had made twenty-three promotions into equity partners, the majority being in its insurance sector. It has also made five promotions in projects and construction; three ... Read the full article
Allstate reports March cat losses of $227m
22nd April 2022
Allstate says that it has estimated catastrophe losses for the month of March of $227m or $179m, after-tax. The company said that March catastrophe losses included six events, primarily tornado and wind in Texas and the southeast, estimated at $246m, plus favorable reserve reestimates for prior events. Catastrophe losses for the ... Read the full article
QBE makes Anna Bennett as director of underwriting for UK casualty
22nd April 2022
QBE has appointed Anna Bennett as director of underwriting for casualty for the UK. Anna will report to Chris Wallace, executive director of UK insurance and is based in London. Wallace, meanwhile, was appointed into his role in October last year. She has acted as interim director of underwriting for casualty ... Read the full article
2022 will likely be an underwriters market: Amwins
22nd April 2022
According to specialty insurance wholesaler Amwins, it’s likely that it will continue to be an underwriter’s market with limited capacity, increased rate conditions, and little tolerance for sub-par controls through 2022 and likely beyond. “The best thing agents and brokers can do for their clients is to think like an underwriter ... Read the full article
Bank of England signals new approach for wholesale business in London
22nd April 2022
The Bank of England has signalled its intent to speed up and improve the application process for traditional reinsurance capital vehicles and ILS in a speech given in London. Alan Sheppard, head of insurance policy at the Prudential Regulation Authority (PRA) for the bank, was speaking at the Westminster Business Forum. ... Read the full article
Tech investments main obstacle to growing P&C sales: AM Best
22nd April 2022
A new survey of property and casualty (P&C) insurers by AM Best has found that more than half of respondents consider digitization and technological investments to be the biggest challenges in modernizing distribution and growing sales. The rating agency found that 56% of respondents that viewed digitalization and technological investment as ... Read the full article
AXA XL appoints Emmy Pan as energy underwriter
22nd April 2022
AXA XL has appointed Emmy Pan as energy underwriter to its Americas Property insurance team. The firm said Pan will be based in Houston and will report directly to Scott Dalton, energy property leader. In her new role, Pan will be responsible underwriting property insurance for energy businesses through including oil and ... Read the full article