Reinsurance News
U.S. commercial insurance prices continue to rise in Q3: WTW
10th December 2021
U.S. commercial insurance prices have risen again in the third quarter of 2021, according to Willis Tower Watson’s latest Commercial Lines Insurance Pricing Survey (CLIPS). The survey compared prices charged on policies underwritten during the third quarter of 2021 to those charged for the same coverage during the same quarter in ... Read the full article
S&P capital model changes could affect 10% of re/insurers: analysts
10th December 2021
A new report by Litmus Analysis notes that the ratings of up to 10% of insurers and reinsurers rated by S&P Global could be affected by new proposed changes to the rating agency’s capital model. Analysts warn that “winners and losers are inevitable” from the changes proposed by S&P earlier this ... Read the full article
Richard Leavitt joins Alliant Insurance Services
10th December 2021
Alliant Insurance Services has announced that Rich Leavitt has joined the company as Senior Vice President. In this role, he will provide risk management services to healthcare, life sciences and technology clients as part of Alliant’s Healthcare Practice. Leavitt has over 30 years of experience in the insurance industry, including outsourced risk ... Read the full article
DARAG announces LPT agreement with China Taiping UK
10th December 2021
DARAG Group, a leading legacy acquirer, has announced that its German carrier DARAG Deutschland AG has signed an agreement for a loss portfolio transfer (LPT) with China Taiping Insurance (UK) ahead of an intended Part VII transfer. The deal includes CTI’s business underwritten in the Republic of Ireland, the Netherlands, Belgium ... Read the full article
1/1 renewals “very late” as reinsurers maintain discipline: KBW
10th December 2021
Analysts at KBW have reported that 1/1 renewal negotiations for property and casualty (P&C) business are running “very late” as reinsurers have managed to remain disciplined on pricing in the lead-up. After meeting with several reinsurance company executives in Bermuda, KBW analysts are anticipating “solid rate increases overall” for P&C business ... Read the full article
COVID-19 a turning point for Africa’s insurance sector: AIO
10th December 2021
The aftermath of COVID-19 will be a turning point for the entire insurance sector in Africa, according to Tope Smart, who will assume the role of President of the African Insurance Organisation (AIO) next year. "This is because the insurance sector plays an important role in the economic development of the ... Read the full article
James Hastings to join WR Berkley Syndicate Mgmt as President
10th December 2021
W. R. Berkley has announced the appointment of James Hastings as president of its Syndicate Management subsidiary, a role that's expected to dovetail into Chief Executive Officer upon the departure of David Bronsen in early 2022. Brosnan will remain on the Board of Directors of the Managing Agency following the transition. Hastings ... Read the full article
PERILS reports loss estimate of AUD$1.028bn for Australia storms
10th December 2021
Independent provider of industry-wide catastrophe insurance data PERILS has disclosed its initial industry loss estimate for the Southern Australian storms which occurred during the period of 28 to 30 October 2021. PERILS’ initial estimate of the insured market loss, based on loss data collected from the majority of the Australian insurance ... Read the full article
Swiss Re to sell elipsLife to Swiss Life International
10th December 2021
Swiss Re has announced plans to sell its life insurance subsidiary Elips Life AG (elipsLife) to Swiss Life International and to enter into a long-term reinsurance partnership for elipsLife’s in-force and new business. elipsLife is an insurance company for institutional clients such as pension funds, collective foundations, companies, and associations. The company ... Read the full article
Healthcare sector should expect post-COVID claims crisis: New Dawn Risk
10th December 2021
Max Carter, CEO of specialist insurance broker, New Dawn Risk has expressed concern over an expected post-COVID claims crisis in healthcare. Commenting on how COVID-19 has impacted the healthcare system, Carter said: “If there is one thing that parties on all sides can agree, it is that COVID has stretched and ... Read the full article
AnaCap’s MRH Trowe acquires specialty broker Helmig & Partner
10th December 2021
AnaCap Financial Partners, a specialist private equity firm focused on investing in the European financial services sector, has announced that its portfolio company, MRH Trowe, has acquired Olfen-based speciality broker Helmig & Partner. The deal marks the 11th bolt-on acquisition of the year for MRH Trowe, which is itself an owner ... Read the full article
BLM calls for Irish re/insurance scheme to combat flood risk
10th December 2021
Insurance risk and commercial law firm BLM has called on the Irish Government to consider a review of the flood insurance market in Ireland, including the possibility of establishing an equivalent to the UK’s Flood Re initiative. Devastating flooding has become an increasingly common issue in Ireland, particularly in areas such ... Read the full article
Ping An’s Jessica Tan sees Greater Bay Area opportunity for Hong Kong
10th December 2021
Hong Kong, as an international financial centre, is positioned to play an important role in the building of the Greater Bay Area (GBA), says Jessica Tan, Co-CEO of Ping An Insurance. Tan, speaking last week at Hong Kong Fintech Week, said realising full potential of the GBA, integrating Guangdong, Hong Kong ... Read the full article
AXIS Insurance adds Kenneth Hosp to US Excess Casualty team as VP
9th December 2021
AXIS Insurance has appointed Kenneth Hosp as Vice President of its US Excess Casualty team, effective immediately. Hosp will oversee the cultivation and strengthening of relationships with wholesale distribution partners, while enhancing new and existing initiatives and opportunities. He will be based in Alpharetta, GA, and will report to Britt Smith, Senior ... Read the full article
AXA XL hires Theresa Giraldo as Senior Underwriter, Commercial Bonds
9th December 2021
AXA XL's Political Risk, Credit & Bond (PRCB) team has appointed Theresa Giraldo as Senior Underwriter, Commercial Bonds. Giraldo will work alongside Maria Duhart, Global Head of Commercial Bonds. She will be based in New Jersey and work across the Northeast and Mid-Atlantic regions to support the continued growth of the business. Giraldo ... Read the full article