Reinsurance News
European reinsurers enjoy better P&C results as COVID recedes
15th March 2022
Analysts at Moody’s have highlighted better overall property and casualty (P&C) results among the largest four European reinsurers, which they say are mainly a function of significantly lower COVID-19 losses than in 2020. For P&C business, new COVID-19 claims fell in 2021 as the companies introduced in their policies wording to ... Read the full article
Wrisk launches US subsidiary
15th March 2022
Wrisk has formed a new subsidiary to be known as Wrisk USA Corp, which will be based in Hartford, Connecticut. The London-based firm said the formation of Wrisk USA Corp was part of its strategy to deploy its platform across the globe for its automotive and insurer clients. According to Wrisk’s ... Read the full article
Russia enacts law to nationalise jets stranded after sanctions
15th March 2022
The Russian government has enacted a swift law to deal with the issue of the 500+ stranded jets within the country. The new law is an open rebuttal to sanctions imposed on the Russian nation due to its invasion of Ukraine. According to the Russian government, the new law will ‘ensure ... Read the full article
RMS appoints new head of model product management
15th March 2022
RMS has appointed Julie Serakos to be its new head of model product management. The modelling and solutions company said that Serakos will be responsible for global model product management across all climate, climate change, earthquake, and emerging risk models. She will also oversee global government and regulatory affairs. Cihan Biyikoglu, executive ... Read the full article
Mosaic begins cyber underwriting team in Bermuda
15th March 2022
Mosaic is putting together a cybersecurity underwriting unit to be based in Bermuda. Citing a desire to align its global business strategy around what it calls a ‘fast-growing risk’, the insurer has moved George Cole, its cyber team underwriter, there from London. Cole will be one of a host of cyber ... Read the full article
North P&I and Standard Club announce merger plan to create new global marine insurer
15th March 2022
North P&I and Standard Club are discussing a merger to create a new global marine insurer. According to the firm, the proposed combined mutual insurer will provide cover for vessels equivalent to 400M GT. The formal announcement follows the approval of the proposal by the boards of both clubs and notification ... Read the full article
“500 grounded planes in Russia main issue for aviation lines” – Bank of America
15th March 2022
Bank of America has said that the main issue for aviation lines centres on the 500-plus aircraft stranded in Russia because of sanctions arising from the country’s invasion of Ukraine. The planes, valued at over $10bn, could lead to a surfeit of claims for the insurance industry, likely leading to litigation ... Read the full article
PwC Bermuda appoints Joseph Gordon to lead new deals platform
15th March 2022
Global provider of assurance, advisory and tax services, PwC, has announced the appointment of Joseph Gordon, who returns to the company to lead a new deals platform. He will be working for PwC’s reinsurance advisory and consulting business, which is largely focused on serving the Bermuda insurance and reinsurance sector. The firm ... Read the full article
ICA says flood costs at $2.11b, Cyclone Seroja at $346.7m
15th March 2022
The latest reports from the Insurance Council of Australia (ICA) suggest that insured costs from flooding in Australia’s Queensland and New South Wales areas have risen further, with industry losses now estimated at $2.11 billion. At the same time, the ICA has released an industry loss estimate of $346.7 million for ... Read the full article
Ariel Re picks up Portfolio Manager from CyberCube
15th March 2022
Ariel Re has decided to implement analytics platform Portfolio Manager into its organisation. The software, from CyberCube, is a scenario-based data-driven model that enables risk professionals to develop insights for their senior leadership and teams. Portfolio Manager stress tests portfolios of insurance and reinsurance risks against a range of systemic cyber-related ... Read the full article
Generali result up 63%, with growth across segments
15th March 2022
Italian insurer Generali has posted a 63.3% growth in its net result year-on-year, finishing 2021 with a figure of €2,847 million, compared to €1,744 million previously. The performance was aided by positive growth across all business segments with strong technical profitability across both life and property and casualty (P&C) business. Generali's operating ... Read the full article
Kremlin prohibits re/insurance transactions with “unfriendly states”
15th March 2022
As Russia's invasion of Ukraine enters day 20, President Vladimir Putin has signed a law prohibiting insurers in the country from completing transactions with insurers, reinsurers, and broker firms from what it calls "unfriendly states". The move from the Russian Parliament comes in response to a wave of economic sanctions imposed ... Read the full article
ICEYE to provide Fermat with near real-time flood hazard data
15th March 2022
ICEYE, a provider of satellite data and services to inform decision-making and analysis, has partnered with insurance-linked securities (ILS) investment fund manager, Fermat Capital Management, to explore how world monitoring data can bolster sector returns, enhance relations and improve climate resilience. ICEYE is the owner of the world's largest SAR satellite ... Read the full article
Fortitude Re closes P&C Reinsurance Transaction
15th March 2022
FGH Parent has successfully closed a P&C loss portfolio transfer reinsurance transaction between Bermudian legacy reinsurance company Fortitude Re and a subsidiary of a major international insurance and reinsurance group. Under the agreement, the cedant has purchased up to $410 million of aggregate reinsurance protection for a premium of $320 million. Fortitude P&C ... Read the full article
Demand for underwriters surged in 2021
15th March 2022
New research suggests that demand for underwriters within the UK capital for general and non-life business experienced a ‘surge’ in 2021. London-based analytics firm Vacancysoft has a new report, Underwriting: UK Insurance Labour Market Trends, that says firms in the UK posted 2,100 underwriting vacancies last year, up 120% since 2020 ... Read the full article