Reinsurance News
Africa Risk Capacity pays out $7.1m to help Malians
14th March 2022
A $7.1m payout from Africa Risk Capacity is to be used by the UN’s World Food Programme to help over 200,000 Malians currently suffering a food crisis following droughts and shortages. The payment, understood to be just the first, is reportedly part of an assurance mechanism to support the implementation of ... Read the full article
KBRA warns of Russia-Ukraine “pain” for re/insurers
11th March 2022
Analysts at KBRA have warned that insurance and reinsurance companies globally are set to “feel the pain” of Russia’s invasion of Ukraine and its resulting sanctions, with many firms likely to experience “material negative consequences.” Although policy terms and conditions are not uniform, KBRA expects re/insurers to incorporate coverage exclusions for ... Read the full article
AM Best assigns positive credit ratings to Fortitude Re
11th March 2022
Rating agency AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) to Fortitude Reinsurance Company, and also assigned an FSR of A (Excellent) and a Long-Term ICR of “a” (Excellent) to Fortitude International Reinsurance Ltd. (FIRL). The ... Read the full article
SCOR postpones Investor Day amid Russia’s invasion of Ukraine
11th March 2022
Citing the geopolitical situation, humanitarian and global impacts of Russia's unprovoked invasion of Ukraine, global reinsurer SCOR has decided to postpone its March 29th, 2022, Investor Day. The reinsurer says that its Investor Day will now take place by the end of July 2022, with a date set to be announced ... Read the full article
February marks increase for most premium renewal rates: IVANS
11th March 2022
IVANS, a division of Applied Systems, has released the February results of its insurance premium renewal rate index, which shows that nearly all lines of business, except Workers’ Compensation, experienced an increase in average premium renewal rate. Month over month, premium renewal rates increased for lines of business including Business Owners’ ... Read the full article
Trean moves O’Brien to Exec Chairman, Baron to CEO
11th March 2022
Insurance management and reinsurance consulting company Trean Insurance Group has announced that its current CEO, Andrew O’Brien, will move into a new role on its Board as Executive Chairman, effective July 1, 2022. At the same time, Julie Baron, who currently serves as President and Chief Operating Officer, will fill the ... Read the full article
P&C reinsurers see profit & premium improvement: RAA
11th March 2022
New data released by The Reinsurance Association of America (RAA) shows an increase in both profitability and net premiums for US property and casualty (P&C) reinsurers over 2021. The data, collected by RAA from 17 reinsurers globally, shows that the combined ratio for the group improved to 99.8% last year, down ... Read the full article
Chubb makes appointments to US commercial leadership
11th March 2022
Chubb has made two appointments to its commercial leadership team within the US. In a statement, the company said it had appointed Ketan Vaidya to be the division president of North America small commercial insurance. He will also work closely with Chubb's digital business teams with matrix reporting to Sean Ringsted, ... Read the full article
L&G enter £225m buy-in with Newell Rubbermaid pension scheme
11th March 2022
Legal & General Assurance Society has agreed a £225 million buy-in with the Combined Newell and Record Section of the Newell Rubbermaid UK Pension Scheme (the scheme), securing the benefits of more than 800 retirees and 900 deferred members. The sponsoring company Newell Brands is a global consumer goods company with ... Read the full article
Australia flood costs creep higher, $2bn+ bill expected
11th 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 continued to creep higher, with industry losses now estimated at $1.89 billion. According to ICA data, the number of insurance claims linked to the floods rose ... Read the full article
LIIBA appoints new chair
11th March 2022
The London & International Insurance Brokers Association (LIIBA) has announced that Alastair Swift, head of corporate risk and broking for global lines of business at WTW, as well as CEO of Willis Limited, will become its new chair. Swift will succeed Aon’s Richard Dudley in taking on his new role. Swift said: ... Read the full article
RMS expands Climate Change Models suite
11th March 2022
RMS has expanded its latest suite of RMS Climate Change Models to enable customers to strategically assess the near and long-term impacts of climate change across a wider range of perils and regions. The RMS Climate Change Models address the growing need for climate change analytics in operational underwriting and portfolio ... Read the full article
Australia to tighten offshore reinsurance rules
11th March 2022
The Australian Prudential Regulation Authority (APRA) has released an updated prudential standard designed to manage risks associated with the growing use of offshore reinsurers by the Australian life insurance industry. The updated standard includes amendments to ensure that the risks associated with using offshore reinsurers are appropriately managed and mitigated, following ... Read the full article
Is MAPFRE about to change its climate policy?
11th March 2022
MAPFRE will reportedly update its climate policy ‘significantly’ at its latest AGM, according to the pressure group Insure Our Future. According to Insure Our Future, MAPFRE, “ coal, gas and oil companies that do not commit to an energy transition plan that allows global warming to be maintained at around 1.5C." MAPFRE ... Read the full article
Aon appoints new chief strategy officer capital advisory
11th March 2022
Aon has appointed a new chief strategy officer capital advisory in Jim Fiore. The move was announced on LinkedIn by Fiore. His previous role was as chief reinsurance officer at QBE Insurance Group. Fiore joins Aon after almost three decades with QBE where he held numerous roles during his tenure, including as ... Read the full article