Reinsurance News
AXA XL promotes De Rosa to Head of Construction and Engineering
18th February 2022
AXA XL has appointed Francesca De Rosa to Head of Construction and Engineering, Reinsurance, succeeding Toni Vukadinovic from the 1st June. In her new role, De Rosa will lead AXA XL's Construction and Engineering Treaty and Facultative portfolio for International and US clients. She will be continued to be based in Zurich where ... Read the full article
QBE returns to profitability in 2021, helped by premium growth
18th February 2022
Global insurer QBE has announced net profit of $750 million over 2021, marking a return to profitability after taking a net loss of $1,517 million in the previous year. The improved performance reflects a turnaround in underwriting profitability, as well as considerable top-line growth, with gross written premiums increasing by 22% ... Read the full article
Swiss Re acquires Champlain Re in legacy deal
18th February 2022
Reinsurance giant Swiss Re has acquired Champlain Reinsurance Company (Champlain Re), a Swiss based run-off reinsurance captive of Alcan Holdings Switzerland AG, a member of Rio Tinto Alcan, in a legacy transaction. Champlain Re's remaining reinsurance liabilities consist mainly of General Liability and Workers’ Compensation exposures of the Rio Tinto Alcan ... Read the full article
Allianz strengthens CR but income falls on €3.7bn Structured Alpha charge
18th February 2022
German insurer Allianz has reported a 2.9% dip in net income for 2021 to €6.6 billion as the group-wide performance included a €3.7 billion charge related to the Structured Alpha Funds, which reduced income for the year by €2.8 billion. For the fourth quarter of 2021, Allianz has fallen to a ... Read the full article
AXA XL names Matthew Wells as Senior Underwriter, Marine
18th February 2022
AXA XL has appointed Matthew Wells as Senior Underwriter, Marine - UK & Lloyd’s, where he will be responsible for developing and managing underwriting strategies for both renewing and new business within AXA XL’s Marine book of business in the UK. He will also work closely with AXA XL’s team of ... Read the full article
IDF in disaster risk partnership for climate-vulnerable countries
18th February 2022
The Insurance Development Forum (IDF), a public-private partnership led by the insurance industry and supported by the UN, World Bank and other international organisations, has entered into a new trilateral partnership with MapAction and Start Network. The partnership will work to accelerate anticipatory action and disaster risk reduction in eight climate-vulnerable ... Read the full article
HDI Global SE restructures Asia Pacific operations
18th February 2022
Industrial insurer HDI Global SE has restructured its Asia Pacific operations to simplify its reporting structures in the region and strengthen its offering for customers and business partners. The company noted that its existing management will report to Stefan Feldmann who has been appointed to the new position of Head of ... Read the full article
AIG ‘very pleased’ with core reinsurance placements at Jan 1: CEO Zaffino
17th February 2022
The Chairman and Chief Executive Officer (CEO) of global insurer AIG, Peter Zaffino, said today that the carrier is "very pleased" with the outcome of its core reinsurance placements at the January 1st, 2022 renewals, despite limited retrocessional and other capacity issues. AIG has been evolving its use of reinsurance for ... Read the full article
Gallagher Re opens new Montreal branch
17th February 2022
Global reinsurance broker Gallagher Re has opened a new branch in Montreal, Quebec, which will be led by recently appointed Executive Vice President, Isabelle LaPalme. LePalme brings over 25 years of experience within the Canadian insurance industry, holding positions within consulting, pricing and reserve actuary. She is well known within the Quebec ... Read the full article
Pool Re sponsors second catastrophe bond
17th February 2022
UK government-backed terrorism reinsurer Pool Re has returned to the capital markets to renew its Baltic terrorism cat bond in a £75 million deal. The Baltic PCC Limited (Series 2022-1) cat bond issuance will follow on from Pool Re’s first cat bond issuance in 2019, which matures at the end of ... Read the full article
Zurich Canada & Blink Parametric partner on flight disruption cover
17th February 2022
CPP Group’s parametric platform, Blink Parametric, has announced a collaboration with Zurich Canada, part of the Swiss-based Zurich Insurance Group, to provide flight disruption cover to Zurich Canada policyholders. Under the arrangement, Blink will monitor flights in real-time, offering service choices within policy terms in the event of disruption such as ... Read the full article
RGA completes longevity transaction with NN Life
17th February 2022
Life and Health reinsurer, Reinsurance Group of America (RGA), has completed a longevity reinsurance transaction with NN Life, a life insurance company in the Netherlands, covering approximately €4 billion of underlying reserves. Simon Wainwright, Executive Vice President, Head of EMEA, RGA commented: “Across RGA, we pride ourselves on developing comprehensive and ... Read the full article
14.5mn+ homes impacted by 2021’s nat cat events: CoreLogic
17th February 2022
Analysts at CoreLogic, a global provider of property information, analytics, and data-enabled solutions, have released a new report which reveals that over 14.5 million single and multifamily homes were impacted by the largest natural catastrophe events of 2021, with an estimated $56.92 billion in property damage. The report looked at thirteen ... Read the full article
BHSI announces two senior promotions
17th February 2022
Berkshire Hathaway Specialty Insurance (BHSI), the insurance arm of Warren Buffett's global insurance and reinsurance company, has promoted Caroline Alder-Smurthwaite to Head of Casualty and James Emson to the role of Head of Technical Casualty in the UK. Alder-Smurthwaite holds over 20 years of insurance industry experience, having joined BHSI last ... Read the full article
Activists claim Lloyd’s CEO is failing on market’s ESG commitment
17th February 2022
Environmental activists have accused Lloyd’s CEO John Neal of failing to sufficiently align Lloyd’s policies with the climate rhetoric that has been repeatedly touted by the insurance and reinsurance marketplace. Lloyd’s has consistently expressed support for environmental, social and governance (ESG) measures within its marketplace in order to help accelerate the ... Read the full article