Reinsurance News
Peter Child named CEO of SRS Europe
18th January 2022
Strategic Risk Solutions (SRS) has announced the appointment of Peter Child as Chief Executive Officer (CEO) of its European operation, effective January 1st, 2022. Child will also retain his current role as Managing Director of SRS Guernsey. In his new role, he takes on responsibility for continuing to grow SRS' presence ... Read the full article
Cyber the top concern for businesses in 2022: Allianz
18th January 2022
Cyber perils are viewed as the top concern for businesses globally in 2022, as natural catastrophe and climate change risks climb the rankings of the latest Allianz Risk Barometer. With 44% of respondents citing cyber incidents as their biggest concern, largely driven by the threat of ransomware attacks, the peril claimed ... Read the full article
Richard Pike to join Howden Re as Executive Director, Treaty Reinsurance
18th January 2022
Richard Pike, currently of Berkley Re, is set to join reinsurance broker Howden Re in April as Executive Director, Treaty Reinsurance, based in Sydney. In his new role, which he takes on following his contractual obligations, Pike will report to Stephen Warwick, Head of Treaty for Asia Pacific. At Howden Re, Pike ... Read the full article
Reinsurance pricing to remain firm, but no acceleration likely: JMP Securities
17th January 2022
Analysts at JMP Securities expect property reinsurance pricing to remain firm as the market progresses through 2022, but warn that rates will not materially accelerate from current levels without additional significant loss events. The recently completed January 1 renewal saw continued upward movement in pricing, with some business seeing the strongest ... Read the full article
Parliament launches inquiry into UK’s commercial re/insurance market
17th January 2022
The regulation of the UK's commercial insurance and reinsurance market is the subject of an inquiry by the House of Lords Industry and Regulators Committee. The Committee has published a call for evidence for its inquiry into the London Market, which is focused on commercial and wholesale speciality risks. The purpose of ... Read the full article
Intact Financial estimates Q4 cat losses at $186m
17th January 2022
Toronto-based property and casualty (P&C) insurer Intact Financial Corporation has announced that its estimated catastrophe losses for the fourth quarter of 2021 are $186 million, pre-tax. Approximately 55% of the catastrophe losses were recorded in the company’s Canada segment, with half in personal property. This mostly reflected the impact of floods in ... Read the full article
Zurich NA shuffles leadership; Meador to lead RCIS
17th January 2022
Global insurer Zurich's North America division has made a number of key leadership changes including the appointment of Jason Meador as the new Head of the firm's Rural Community Insurance Services (RCIS) unit, effective February 1st, 2022. Currently, Meador serves as Head of Captives at Zurich North America, and takes over ... Read the full article
Lloyd’s CFO to take on COO duties
17th January 2022
Lloyd’s CFO Burkhard Keese is lining up to take on COO duties when incumbent Jennifer Rigby departs towards the end of this month. The new structure, under which Keese will maintain both roles, is being put in place to facilitate the delivery of Lloyd’s Blueprint Two programme. That programme is the second ... Read the full article
US infrastructure package to boost surety market: AM Best
17th January 2022
Analysts at AM Best are expecting a recently enacted $1.2 trillion US infrastructure to result in more business opportunities for surety companies due to new investments in the transportation and energy sectors. The new law includes $550 billion in new spending on infrastructure over the next five years and billions more ... Read the full article
Markel hires Michael Briggs as PI Underwriter
17th January 2022
Markel International has hired Michael Briggs as a professional indemnity (PI) underwriter. Briggs' appointment marks Markel International’s expansion plans to drive further growth and investment in its PI portfolio. He will be based in Markel's London office, and report to Duncan Sinnott, senior underwriter of professional indemnity and telecommunications, media, and technology. In ... Read the full article
Blackstone and Westland expands partnership deal
17th January 2022
Independent property and casualty (P&C) insurance broker Westland Insurance Group has expanded its partnership with Blackstone Credit (Blackstone). Since its initial investment a year ago, Blackstone has committed over $1.2 billion to support Westland’s growth, which has included a facility dedicated to funding the company’s acquisition strategy. The company has expanded into ... Read the full article
Charles Kasmer joins Fortitude Re as CUO P&C Reinsurance
17th January 2022
Bermudian legacy reinsurance company Fortitude Re has appointed Charles Kasmer as Chief Underwriting Officer, where he will be responsible for sourcing and pricing new non-US P&C run-off transactions for the Fortitude International Re (FIRL) entity. He will also be assisting in the design and implementation of new products and structures, and expanding ... Read the full article
Reinsurance underperformance “ripe for reversal”: Berenberg
17th January 2022
Analysts at Berenberg consider a trend of underperformance among reinsurers as “ripe for reversal” following a strong January 2022 renewal period, which saw rate rises of more than 10% for natural catastrophe risks in many cases. Berenberg views the global reinsurance sector as having performed poorly in 2021, largely due to ... Read the full article
SCOR names Yves Cormier as Head of Investor Relations
17th January 2022
French reinsurer SCOR has appointed Yves Cormier as Head of Investor Relations, reporting to Ian Kelly, Group Chief Financial Officer (CFO). Cormier will be based in London, and joins from Rothschild, where he spent the last six years advising European insurers on corporate finance and strategy matters. Earlier in his career, ... Read the full article
FERMA says captives should be regulated as low risk by default
17th January 2022
The Federation of European Risk Management Associations (FERMA) has argued that European insurance regulation should automatically treat captives as low-risk undertakings unless there are clear reasons to apply the full criteria. The comments form part of FERMA’s response to the latest consultation exercise on the revision of Solvency II by the ... Read the full article