Reinsurance News
Wilkie Farr & Gallagher appoints David Luce as partner
1st February 2022
Wilkie Farr & Gallagher has appointed David Luce to be a partner in its New York office. Luce, who has joined the company’s Firms Insurance Transactional and Regulatory Practice, comes to the firm with over twenty years experience in complex insurance-related transactions, regulatory matters, and litigation. Wilkie Farr & Gallagher said that ... Read the full article
Rate increases persist, reflecting losses and low returns: Marsh McLennan CEO
31st January 2022
In the property and casualty (P&C) insurance market, rate increases have persisted and reflect elevated losses, low returns, concerns about inflation, and a firming reinsurance market, reported Dan Glaser, President and Chief Executive Officer (CEO) at Marsh McLennan (MMC). During the broker's Q4 earnings call, he explained that the Marsh Global ... Read the full article
NFIP keen to work with private sector; sees reinsurance partnerships as mutually beneficial
31st January 2022
The U.S. Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program (NFIP) is eager to continue working with the private sector to help close the country's flood protection gap and has called on its reinsurance partners to encourage clients to explore flood risk. "We want to continue to work with the ... Read the full article
Principal to reinsure $25bn of annuity & life business with Sixth Street’s Talcott
31st January 2022
Principal Financial Group has entered into an agreement with an affiliate of Sixth Street and its insurance platform, Talcott Resolution, to reinsure the company’s in-force U.S. retail fixed annuity and universal life insurance with secondary guarantee blocks of business. Under the terms of the transaction, Talcott will reinsure approximately $25 billion ... Read the full article
CyberCube names Jon Laux as VP, Analytics
31st January 2022
Risk management firm CyberCube has appointed Jon Laux as Vice President, Analytics where he will oversee the company’s Actuarial and Cyber Risk Modelling teams. He joins from Aon where he held a number of senior roles over a 15 year period. Most recently he was Head of Cyber and Analytics , ... Read the full article
Greenlight Re to establish Lloyd’s Syndicate 3456
31st January 2022
Greenlight Re Innovations (GRI) has received ‘in-principle’ approval from Lloyd’s to establish an insurtech-focused syndicate. Syndicate 3456 will be established under the Syndicate-in-a-Box (SIAB) model and is slated to commence operations in Q2 2022. Greenlight Re said in a statement that it would provide capacity to its growing portfolio of insurtechs. ... Read the full article
PERILS affirms loss estimate of AUD$1.028bn for Australia storms
31st January 2022
PERILS has looked again at the loss arising from the Southern Australia Severe Storms of last October and issued a second estimate that pegs them at AUS $1.028bn. The organisation said it had based this figure on loss data collected from the majority of the Australian insurance market and includes losses ... Read the full article
FM Global promotes Sanjay Chawla as EVP
31st January 2022
Commercial property insurer FM Global has appointed Sanjay Chawla as Executive Vice President, where he will oversee strategic corporate initiatives, including collaborating with an investment lens on the company’s environmental, social and governance priorities. Chawla joined the company in 2018 as Senior Vice President of Investments, and will continue to report ... Read the full article
Brit appoints new Chief Data Officer
31st January 2022
Brit has appointed Kanika Chaganty as its Chief Data Officer, starting today. The appointment is a newly created role, where Chaganty will be responsible for leading Brit’s data strategy and leveraging its data and analytics capabilities. Sheel Sawhney, group head of claims and operations said: “Data is at the core of our ... Read the full article
CyberCube outlines the risks for 2022
31st January 2022
Risk management firm CyberCube has identified four industries that are likely to be targeted by cyber criminals this year. Outlined in the company’s latest Global Threat Briefing, the four industries are healthcare, manufacturing, education, and utilities. The report was authored by William Altman, principal cyber security consultant, and Darren Thomson, head of ... Read the full article
FBD reaches agreement with reinsurers on COVID-19 BI recoveries
31st January 2022
FBD Insurance has now reached an agreement with reinsurers on how recoveries will operate relating to COVID-19 business interruption (BI) claims from public house customers. As we wrote last year, the Irish High Court previously ruled that FBD Insurance must compensate four pub owners for the disruption caused to their ... Read the full article
Parametrics & climate-adapted cat models are trends for 2022: CoreLogic
31st January 2022
Analysts at CoreLogic are forecasting that parametrics and climate-adapted catastrophe models will be key trends for re/insurers in 2022 following another year of elevated losses. The cat modeller sees parametric insurance in particular as a valuable supplement to traditional indemnity insurance. “These technologies are perfectly suited to provide insights into the high-gradient ... Read the full article
Parsyl raises $25m Series B funding
31st January 2022
Denver-based Parsyl has raised $25m in Series B funding to expand its cargo insurance and risk management solutions. The company uses data to identify and manage risk, while reducing the wastage of essential goods. According to a release, its technology is currently monitoring vaccines for nearly 200m people. The Series B financing ... Read the full article
Is pension scheme derisking heading into a boon year in 2022?
31st January 2022
WTW has posited that pension scheme derisking will have a boon year in 2022, according to a new report the company has put out this week. The work, WTW’s de-risking report 2022 titled A Bright Future Ahead, predicts that this year will be the fourth in a row that bulk annuities ... Read the full article
Descartes plans expansion after $120m capital raise
31st January 2022
Descartes Underwriting, an insurtech company specializing in corporate insurance solutions to address climate and emerging risks, has announced a $120 million Series B funding round. Growth equity firm Highland Europe led the raise alongside international investment company Eurazeo, with participation from existing investors Serena, Cathay Innovation and Blackfin Capital Partners and ... Read the full article