Reinsurance News
Parametrix appoints Hiscox’s Rick Wong to lead insurance
23rd February 2022
Parametrix Insurance, a provider of parametric cloud downtime insurance, has named Hiscox's Rick Wong as its Head of Insurance, where he will lead a team focused on broker relations and the development of the broker channel. Wong brings 18 years of industry experience to the firm having held roles in underwriting, ... Read the full article
P&C credit ratings back to pre-pandemic levels: AM Best
23rd February 2022
According to rating agency AM Best, last year credit rating upgrades in the U.S. property & casualty (P&C) insurance segment bounced back to pre-pandemic levels, increasing to 7.7% of all rating actions compared with 5.3% in 2020. The report noted that rating actions for P&C carriers decreased slightly, to 704 in ... Read the full article
Berkshire (BHSI) promotes new head of marine in Germany
23rd February 2022
Berkshire Hathaway Specialty Insurance (BHSI) has promoted Dirk Flesch to be its head of marine in Germany. Flesch, previously senior underwriter for marine at BHSI, has over 25 years of experience in marine insurance. In his new role as Head of Marine in Germany, he will oversee underwriting of BHSI’s full ... Read the full article
Munich Re reports highest ever GPW as 2021 profit exceeds target
23rd February 2022
Germany's Munich Re has reported profit of more than €2.9 billion for the 2021 financial year, as gross premiums written (GPW) hit a record high in the period, leading the reinsurer to forecast group profit of €3.3 billion in 2022. In 2021, the company's profit exceeded the target of €2.8 billion ... Read the full article
Swiss Re Corporate Solutions to establish Canadian branch of NAS
23rd February 2022
Swiss Re Corporate Solutions, part of the global reinsurer, is hoping to establish a new Canadian branch of North American Specialty Insurance Company (NAS) and transfer operations to that branch. The company has filed an application with regulators to create the new branch in Canada and transfer operations, including new and ... Read the full article
Parametrics an “attractive & complementary” alternative: McGill and Partners
22nd February 2022
Parametric triggers in risk transfer can be a powerful tool, offering an effective way for insureds and reinsureds to secure responsive coverage that can be an “attractive and complementary” alternative to indemnity-based products, senior executives at specialty insurance broker, McGill and Partners, told us recently. Transparency is a key factor in ... Read the full article
Munich Re announces €1bn share buy-back and increase in dividend
22nd February 2022
German reinsurance giant Munich Re has announced plans to buy back shares for a maximum value of €1 billion between the completion of its 2022 and 2023 Annual General Meeting (AGM). On the basis of the February 21st share price, the €1 billion share buy-back in the period between April 29th, ... Read the full article
ICIEC signs reinsurance agreement with CESCE
22nd February 2022
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has signed a reinsurance agreement with Spanish company CESCE. Under the agreement, ICIEC will provide Shariah-compliant reinsurance solutions covering CESCE’s exposure in ICIEC Member Countries originating from Spanish companies/banks transactions. Oussama Kaissi, CEO of ICIEC, said: “This agreement consolidates our ... Read the full article
Storms cause €500m+ insured loss across Netherlands
22nd February 2022
Storms Dudley, Eunice and Franklin have together caused at least €500 million of insured losses across the Netherlands, according to the Dutch Association of Insurers. The Association says insurers have recieved record numbers of damage reports over the last few days, with widespread damage to homes, cars and commercial buildings. The consecutive destructive ... Read the full article
Arbol transacts $70mn in GWP in 2021
22nd February 2022
InsurTech platform and FinTech company Arbol has reportedly transacted $70 million in gross written premiums in 2021, marking significant growth and traction for the Arbol platform, which in 2020 transacted $15 million in notional risk and $2.2 million in gross premium. Highlighting Arbol’s focus on a sustainable business model, the company’s ... Read the full article
BMS creates new group head of ESG role
22nd February 2022
Broker firm BMS has appointed Neil Prior to be its group head of environmental and social responsibility. The role, understood to be a new one, will see Prior report directly to Nick Cook, CEO of BMS. Prior will have a global mandate to lead BMS’ environmental and social initiatives. Cook said: “BMS ... Read the full article
WTW appoints new Asia-Pacific head of Captive Management operations
22nd February 2022
WTW has appointed Lawrence Bird to be the head of its Captive Management operations in the Asia-Pacific region. According to WTW, Lawrence will be based in Singapore reporting to Peter Carter, the head of WTW’s Global Captive Practice. In a statement, Carter said: “We are delighted that Lawrence will be joining us. ... Read the full article
UK Gov confirms intention to soften Solvency II regulations
22nd February 2022
The UK’s Economic Secretary to the Treasury & City Minister has confirmed that the UK Government intends to soften its Solvency II regulations for the insurance sector, in a departure from European Union (EU) standards. Speaking at an Association of British Insurers (ABI) event this week, John Glen said officials planned ... Read the full article
Liberty Specialty Markets launches personalised flood warning initiative
22nd February 2022
Liberty Specialty Markets (LSM) has launched an initiative to help commercial clients understand the real-time danger and impact and flooding. The scheme will see flood-affected commercial clients receive personalised warnings and graphical representations of water levels in their immediate area, allowing them to take action to protect their premises from flood ... Read the full article
Cyber reinsurance premium to exceed property cat in decade beyond 2030: Gallagher Re
22nd February 2022
Analysis by global reinsurance broker, Gallagher Re, finds that by 2040 the cyber market will become comparable in size to either property or casualty as the segment experiences a second wave of growth from 2023. Gallagher Re's cyber reinsurance team has published a new white paper, CY-FI: the Future of Cyber ... Read the full article