Reinsurance News
Fire on board Felicity Ace a $155m exposure loss for car brands, says Russell
21st February 2022
The fire that emerged on the Felicity Ace cargo ship is believed to have driven expected losses of at least $155 million for car brands Volkswagen, Porsche, Audi, and Lamborghini, according to analysis by risk solutions firm, Russell Group. The Felicity Ace departed Emden, Germany (where Volkswagen has a large factory) ... Read the full article
UK pension risk transfer boosts life sector: Fitch
21st February 2022
The UK life insurance sector is the only one with an improving outlook within Europe, according to a new note from Fitch Ratings. According to the agency, this is most likely due to increasing business from pension schemes looking to transfer risks, a trend that Fitch said is likely to increase ... Read the full article
Hannover Re transfers record $2.7bn+ in cat bonds
21st February 2022
Last year, Hannover Re transferred over $2.7 billion in catastrophe bonds spread across 11 bonds to the capital market for its clients breaking record volume. The reinsurer facilitated for its customers the placement of covers against losses from natural disasters such as floods, storms, earthquakes and wildfires on the capital market. The ... Read the full article
Allianz grows aggregate reinsurance and lifts catastrophe budget for 2022
21st February 2022
Global insurance carrier Allianz has expanded its aggregate reinsurance protection for 2022 and also raised its catastrophe budget for the year, after the company experienced a particularly high burden from nat cat losses in 2021. Allianz's recently published full year 2021 financial results show that the insurer recorded net natural ... Read the full article
AXA XL names Patrick Dougherty as Global Head, Commercial Bonds
21st February 2022
AXA XL, the property & casualty and specialty risk division of global insurer AXA, has appointed Patrick Dougherty as Global Head, Commercial Bonds where he will oversee the strategic direction of the team. In his role, Dougherty will oversee and manage the profitable growth of the portfolio as well as collaborating ... Read the full article
Hong Kong regulator welcomes preferential treatment verdict
21st February 2022
Hong Kong’s Insurance Authority (IA) has expressed its approval for a decision by the China Banking and Insurance Regulatory Commission (CBIRC) to regularise preferential treatment for the Hong Kong insurance industry. The CBIRC has moved to include the preferential treatment for Hong Kong as an integral part of the Solvency Regulatory ... Read the full article
Litigation exposure ‘still concerning’ for Florida P&C insurers: CaseGlide’s Todd
18th February 2022
Despite the arrival of Senate Bill 76 (SB76), designed to restructure litigation rules for disputed insurance claims in Florida, the number of new litigated claims reported by the state's largest P&C insurers increased by 37% in January 2022 when compared with the prior month, according to the latest data from ... Read the full article
Burning car carrier Felicity Ace could be $500m cargo loss, says Skytek
18th February 2022
The fire that emerged on the Felicity Ace cargo ship, which was loaded with luxury cars as it departed Germany for the U.S. on February 9th, could result in a loss for the marine re/insurance market of as much as $500 million, reports Skytek. A fire broke out in one of ... Read the full article
Rokstone names Jo Lambe as Digital Product Development Manager
18th February 2022
Speciality re/insurance MGA, Rokstone has appointed Jo Lambe as Digital Product Development Manager, as part of the company's expansion within its digital underwriting team. Lambe, who holds over 20 years of experience with underwriting complex commercial insurance, will be responsible for the digital transformation of Rokstone’s existing products and leading the ... Read the full article
Mosaic activates more capacity to meet transactional liability risks
18th February 2022
Specialty insurer Mosaic Insurance is looking to activate further global capacity to meet transactional liability risks, as a growing consortia of industry partners joins its syndicated capital program. The specialty insurer will underwrite transactional risks for several new trade-capital partners, among them, HDI Global Specialty, Verto Syndicate 2689, and IQUW Syndicate ... Read the full article
QBE ups reinsurance spend at renewal, adds top layer
18th February 2022
Australian insurer and reinsurer, QBE Insurance Group Limited, has reported on the details of its reinsurance renewal for 2022, which included increased costs of $50 million for its Core Group Program, as well as the addition of a new catastrophe top layer for Australia and New Zealand. Coming out of the ... Read the full article
One80 acquires Professional Risk Solutions
18th February 2022
Intermediary firm One80 has bought specialty wholesale brokerage firm Professional Risk Solutions (PRS) for an undisclosed amount. According to a statement from One80, PRS specializes in management liability for non-profit, for-profit, public entities, and publicly traded companies; professional liability, including lawyer’s professional and errors and omissions coverage for technology, architects, and ... Read the full article
Cyber threats continue to grow: Tokio Marine HCC
18th February 2022
The threat from cyber threats continues to grow, according to a new report from Tokio Marine HCC. The second edition of the Cyber Incidents Report found that just ten incidents in 2021 led to the theft of over $600m in cash, while tens of millions of records, and ten of thousands ... Read the full article
December 2021 one of the toughest property renewal seasons: Liberty Mutual Re
18th February 2022
According to Liberty Mutual Re's Underwriting Manager James Green, December 2021 was one of the toughest property renewal seasons for all territories in a long time, with 2021 losses, and to a certain extent 2020 losses, particularly related to the COVID-19 pandemic, continuing to increase within the industry. Other events which ... Read the full article
AM Best downgrades Saipem’s captive reinsurer, Sigurd
18th February 2022
AM Best has decided to downgrade the credits of Sigurd Rück AG (Sigurd) (Switzerland) and place them under review with negative implications, due to its association with parent company Saipem S.p.A. Earlier this month, Saipem warned it would report a 2021 loss of over one-third of its equity, following €1 billion ... Read the full article