Reinsurance News
Archipelago expands property risk capabilities
26th January 2022
AI-driven technology platform Archipelago has enhanced its solution to address exposures among buyers from its corporations with insurable property assets. Archipelago’s new enterprise solutions for its SaaS platform include cloud management of property data, AI-enhanced enrichment of geo-coding, COPE and cat-risk data, data insights and benchmarking. Its new product capabilities include the ... Read the full article
Munich Re’s Digital Partners collaborates with Obie to automate purchasing
26th January 2022
Chicago headquartered Obie, a provider of insurance for landlords and investors, has partnered with Munich Re's Digital Partners on a new offering designed to enable landlords to rapidly obtain bindable insurance quotes for their investment properties. Digital Partners is owned by global reinsurer Munich Re and offers digitally enabled entrepreneurs with ... Read the full article
AEGIS London reports rise in profit for 2021; CEO Croom-Johnson to depart
26th January 2022
The London subsidiary of AEGIS has announced a £27 million rise in reported Syndicate profit for 2021 to £87 million, as the company prepares for the departure of its Chief Executive Officer (CEO), David Croom-Johnson, in June 2022. The rise in profit came alongside a 9% year-on-year increase in premium gross ... Read the full article
EY latest survey finds UK most-attractive location for financial services
26th January 2022
The UK remains a consistent and increasingly attractive place for global financial services firms to invest in, according to Ernst & Young’s latest UK attractiveness survey. That survey has reportedly found that confidence in the UK is at an all-time high, with 87% of global financial services firms saying that they ... Read the full article
Cyber MGA Resilience sets up captive reinsurer
26th January 2022
Resilience, a cyber insurance and security solutions managing general agent (MGA), has announced the establishment of a new captive reinsurance company. Through the captive, Resilience Cyber Insurance Solutions plans to retain a share of each risk it underwrites. This strategy, Resilience says, will enable additional growth while also helping it to underwrite ... Read the full article
Geraghty named MD of Intl. & Ireland division at Bishopsgate
26th January 2022
Bishopsgate has announced that Conor Geraghty will join its leadership team as Managing Director of the newly formed International and Ireland division. He will report to Bishopsgate CEO Graham Kilby, initially focusing on the Republic of Ireland and Australasia, with ambitions to build out into continental Europe through 2022 and beyond. Geraghty ... Read the full article
RenRe’s Q4 combined ratio strengthens but nat cats dent full-year result
26th January 2022
Bermuda-based reinsurer RenaissanceRe (RenRe) has reported positive income and an underwriting gain for the fourth-quarter of 2021, but the heavy catastrophe load experienced saw the company's full-year combined ratio deteriorate slightly to 102.1%. For Q4 2021, RenRe has posted net income of $210.9 million and operating income of $213.7 million, compared ... Read the full article
Starr Insurance and Reinsurance chooses Harel to be its representative in Israel
26th January 2022
The US-based Starr Insurance and Reinsurance have chosen Harel Insurance Group as their representatives in Israel. The news, as reported in the Jerusalem Post, will see Starr become the eighteenth company represented by Harel. Gideon Hamburger, president of Harel, said the company was continuing to expand its global activity. He added: "Harel Group ... Read the full article
Hardening cyber market shows no signs of slowing: Berenberg
25th January 2022
Analysts at Berenberg have reported that hardening conditions in the cyber re/insurance market show no signs of slowing down, as demand for coverage continues to outstrip supply. As of Q3 2021, rates were up 204% cumulatively over 12 months and, currently, and Berenberg sees no evidence that this momentum will be ... Read the full article
Parametrix Insurance and Leavitt Group to mitigate cloud downtime risk
25th January 2022
Provider of parametric cloud downtime insurance, Parametrix Insurance and brokerage Leavitt Group have both announced that ComTech-Leavitt Insurance Services, a member of the two, has partnered to help businesses that use the cloud reduce their exposure to the risks of cloud downtime. With the cloud turning into the alternative to traditional ... Read the full article
Previsico appoints new chairman
25th January 2022
David Marock is to join Previsico as chairman, it was announced this week. Marock, former CEO of the Charles Taylor Group, will be working to help the UK business expand into what the company says will be a ‘global insurtech leader in the live flood forecasting space’. In a statement, Marock said: ... Read the full article
Global insured losses topped $100bn again in 2021: Aon
25th January 2022
Global insured losses from weather and climate-related events reached roughly $130bn in 2021, according to Aon’s 2021 Weather, Climate and Catastrophe Insight. The report, which the insurer has just released, outlines how global insured losses topped more than $100bn for the fourth time in five years. This figure also managed to ... Read the full article
AXA XL promotes Scott Dalton
25th January 2022
AXA XL, the property & casualty and specialty risk division of global insurer AXA, has appointed Scott Dalton as Energy Property leader in the Americas. Prior to his new appointment Dalton was Senior Underwriter, having joined the company in 2006, helping build AXA XL's energy book and creating business relationships with ... Read the full article
RGA & Amazon partner on FAC optimisation solution
25th January 2022
Global life and health reinsurer Reinsurance Group of America (RGA) has announced the launch of its FAC Optimization solution featuring Amazon Textract, a machine learning service from Amazon Web Services (AWS). By integrating machine learning and natural language processing technology into the underwriting process, RGA is looking to improve risk selection ... Read the full article
Catastrophe bond market reaches $12.5bn – Aon
25th January 2022
Catastrophic bond issuance reached a huge $12.5bn in 2021, according to insurance and reinsurance broker Aon. This, said the broker, beats the previous record of $11bn, which was set in 2020. Paul Schultz, CEO of Aon Securities, said in a statement: “In addition to growth in scale, catastrophe bonds have evolved to ... Read the full article