Reinsurance News
Civil unrest surges 45% in MENA region last year
20th December 2021
The number of protests and riots in the MENA (Middle East & North Africa) region has jumped by 45% in the last year, from 19,677 to 28,458 incidents, according to new analysis by specialty re/insurance group Chaucer. Chaucer says that the increase in protests in the region has been largely driven ... Read the full article
Gap between best and worst cyber insurers expected to widen in 2022: CyberCube
17th December 2021
According to Pascal Millaire, Chief Executive Officer of cyber risk analytics specialist, CyberCube, the gap between the best-performing cyber insurers and the worst-performing are expected to widen in 2022. In a series of predictions from CyberCube, Millaire said that the spread between the loss ratios of top quintile carriers and bottom ... Read the full article
Gallagher acquires Richied & Associates in Nevada
17th December 2021
Global re/insurance broker Arthur J. Gallagher & Co has announced the acquisition of Reno, Nevada-based Richied & Associates, Inc. Founded in 1999, Richied & Associates is a retail property and casualty insurance agency primarily serving small- to mid-market commercial clients, as well as families and individuals, from offices in Reno and ... Read the full article
Chubb names two P&C appointments in North America
17th December 2021
Global insurance carrier Chubb has made two new appointments within its North America commercial property and casualty businesses, in a bid to strengthen its primary and excess casualty and multinational field organisations as well as key industry practices. Seth Gillston, Chubb's current Private Equity and Real Estate & Hospitality Industry Practice ... Read the full article
Life insurers to see return pressure, manageable losses in 2022: Fitch
17th December 2021
Analysts at Fitch Ratings have warned that sustained low interest rates, the increased role of alternative investment managers and accounting changes will have long-term credit implications for the life insurance industry. The rating agency says pressure on financial performance of legacy in-force business from low interest rates is not expected to ... Read the full article
Everest Re extends term of CEO Andrade
17th December 2021
Bermudian reinsurer Everest Re has decided to extend the employment contract of its President and CEO, Juan C. Andrade, through to the end of 2023 with automatic annual extensions following this term. Andrade took over the position of President and CEO from Dominic J. Addesso in January 2020, having previously ... Read the full article
GCube adds three to renewables underwriting team
17th December 2021
Renewable energy underwriter GCube has announced that Jake Rowland, former Advisory Representative at Marsh, along with James Mulligan, former Insurance Broker at Aon Risk Solutions, and Tim Rolland, former Casualty Underwriting Assistant at Chubb, have joined the company. These new hires come as the business formalises its transition from managing general agent ... Read the full article
L&G in £49m pension buy-in with Triumph International
17th December 2021
Legal & General Assurance Society Limited (L&G) has agreed a £49 million full-scheme buy-in transaction with the Triumph International Pension Scheme, covering around 140 deferred and 210 retired members. The sponsoring company, Triumph International Limited designs and distributes women's and men's underwear, leisurewear and sportswear. Legal & General agreed to lock the ... Read the full article
Aon’s latest nat cat report notes multi-billion dollar events in India, Canada
17th December 2021
Aon's latest monthly catastrophe report reveals how an active Northeast Monsoon affected parts of India and Sri Lanka from late October through November, killing at least 190 people in India and 27 in Sri Lanka. Tens of thousands of structures and vehicles were damaged or destroyed, along with agricultural land and ... Read the full article
United (UPC Insurance) offloads Southeast personal lines renewal rights to HCI
17th December 2021
Commercial lines insurance holding company, United Insurance Holdings Corp., has reached an agreement in principle to transfer its personal lines business in the states of Georgia, North Carolina, and South Carolina to insurtech company HCI Group. The business being acquired by HCI represents approximately $90 million of annual premiums. Under the terms ... Read the full article
Sale of German life back book would be positive for Zurich: Berenberg
17th December 2021
The potential sale of global insurer Zurich's German life back book would be positive for the company as it would lower capital allocated to capital intensive traditional life business and potentially result in buybacks, reports Berenberg. Citing reports this morning from Versicherungsmonitor, analysts at Berenberg have discussed the potential sale of ... Read the full article
Global M&A activity in 2021 leads to a record number of notifications: Howden
17th December 2021
International M&A insurance broker, Howden M&A has released its annual M&A Insurance Claims Report, analysing the key trends that emerged across the UK and Europe over the course of the Covid-19 pandemic. An increase of deal activity and use of M&A insurance has led to a record rise in the number ... Read the full article
Catastrophe claims 48% above average by end of November: Jefferies
17th December 2021
Analysts at Jefferies have reported that insured natural catastrophe losses are running 48% higher than the long-term average, as of the end of November, and 34% above the 10-year average. It now appears certain that insured catastrophe losses will be far higher than the annual totals for the past three years, ... Read the full article
Brexit to drive expansion of European specialty MGAs: New Dawn Risk’s Grima
17th December 2021
Uncertainties driven by the UK's vote to leave the European Union (EU) saw numerous intermediaries establish offices in the EU and according to Elizabeth Grima, Senior Executive Manager of New Dawn Risk (Europe), 2022 will see an expansion of European specialty MGAs to the detriment of the London market. As part ... Read the full article
Covéa’s $9bn acquisition of PartnerRe from Exor progresses
17th December 2021
EXOR, the Agnelli family owned investment and holding company and Covéa, a French mutual insurer, have now signed a definitive agreement for the sale of reinsurer PartnerRe to Covéa for $9 billion. It was announced in late October that renewed talks between the parties had led to a Memorandum of ... Read the full article