Reinsurance News
KCC releases new US wildfire model
21st September 2021
Catastrophe risk modeller Karen Clark & Company (KCC) has announced the release of Version 1.0 of its US Wildfire Model. This fully probabilistic model provides Exceedance Probability (EP) curves, PMLs, and AALs down to the location level and can be used to develop underwriting and pricing strategies that account for the ... Read the full article
US life industry improves risk-adjusted capitalisation in 2017-2019: AM Best
21st September 2021
According to a new report by rating agency AM Best, the U.S. life/health industry improved its risk-adjusted capitalisation in 2017-2019 due to strong growth in available capital, particularly in 2019. The rating agency's Best’s Capital Adequacy Ratio (BCAR) model was retooled to measure required capital at multiple value-at-risk (VaR) levels ... Read the full article
Munich Re and EDF Renewables take stakes in Cali energy projects
21st September 2021
EDF Renewables North America (EDFR) and MEAG, acting in its capacity as Munich Re’s global asset manager, have announced a strategic investment that will see a subsidiary of Munich Re acquire a 50% stake in two renewable energy projects in California. The projects are located adjacent to one another in Riverside ... Read the full article
Over two-thirds of Lloyd’s capacity now accessible via Tremor
21st September 2021
Over two thirds of Lloyd’s capacity is now available via the online re/insurance pricing and placing platform Tremor Technologies, a figure equating to $33 billion. Tremor says 33 Lloyd’s Syndicates representing over 70% of its Managing Agents have entered into agreements to offer coverage directly on its marketplace. The Syndicates are described ... Read the full article
Ariel Re provides insurance to backstop Powin’s storage solutions
21st September 2021
Ariel Re, through its Lloyd's Syndicate 1910, has insured the performance of battery energy storage solutions provider, Powin LLC, at a project by Invenergy, a global developer, owner, and operator of sustainable energy solutions, in Baja Californian Sur, Mexico. Powin is a global leader in the design and manufacture of battery ... Read the full article
Brit targets faster catastrophe response with machine learning algorithm
21st September 2021
Brit Ltd has announced the launch of a proprietary machine learning algorithm designed to accelerate the identification of post catastrophe property damage, based on the use of ultra-high-resolution imagery. This proof of concept is being used by the Brit Claims team and its delegated claims adjusters in the wake of Hurricane ... Read the full article
Zurich enters £105mn agreement with AIUA
21st September 2021
Global insurer Zurich has signed a five year agreement with specialist underwriter and Ardonagh subsidiary AIUA, worth an estimated £105 million of gross written premium. Under the agreement Zurich has agreed to provide sole underwriting capacity for a portfolio of farm and agriculture motor. "This deal further strengthens our strategic relationship with ... Read the full article
Lawrence to succeed Del Col as Sompo Intl. General Counsel
21st September 2021
Bermuda-based specialty property and casualty re/insurer Sompo International has announced the appointment of Windy Lawrence as its new General Counsel. Based in Sompo International’s New York City office, Lawrence will report to Chris Gallagher, Chief Executive Officer, Sompo International Commercial P&C and will serve on the Executive Leadership Team She succeeds John ... Read the full article
Liberty Specialty adds AXA XL’s Michael Harth to lead German team
21st September 2021
Liberty Specialty Markets (LSM) has announced the appointment of Michael Harth, who will be joining the company in January as Country Manager for Germany. Harth reports to Kadidja Sinz, Head of Central Region and will be based in Cologne. He will be responsible for leading the German team and delivering strategy and ... Read the full article
James River hires Argo’s Brett Shirreffs as SVP, Investments & Investor Relations
21st September 2021
James River Group Holdings, Ltd. has announced the appointment of Brett Shirreffs, formerly of Argo Group International Holdings, as Senior Vice President, Investments and Investor Relations, effective September 20th, 2021. In his new role, Shirreffs takes on responsibility for investments, investor relations, and rating agency activity. He joins James River Group from ... Read the full article
Swiss Re’s Wiest named CEO of MS Amlin AG
21st September 2021
Robert Wiest has been appointed as the new Chief Executive Officer (CEO) of MS Amlin AG (MS AAG), MS Amlin’s reinsurance company operations, effective January 3rd, 2022. Wiest currently serves as Chief Operating Officer (COO) for Reinsurance at Swiss Re, where he has worked for over two decades. He took up his ... Read the full article
Surplus lines market to remain tight into 2022: AM Best
21st September 2021
AM Best is expecting that surplus lines market conditions will remain tight for the remainder of 2021 and into 2022 due to the ongoing impact of COVID-19, which, combined with outsized property catastrophe losses, has provided an opportunity for the sector to demonstrate its resilience. Although the surplus lines segment fared ... Read the full article
Everest Insurance names Andrew McBride as Global Head of Claims
21st September 2021
The primary insurance arm of global reinsurer Everest Re Group, Ltd., Everest Insurance, has announced the appointment of Andrew McBride as Senior Vice President, Global Head of Claims. In his new role, McBride will be based in London and will report directly to Mike Karmilowicz, President and Chief Executive Officer (CEO) ... Read the full article
ARPC welcomes new Board appointment
21st September 2021
Australian Reinsurance Pool Corporation (ARPC) has welcomed the Australian Government’s appointment of Julie-Anne Schafer to its Board as a part-time Member for a three-year term commencing 14 September 2021. ARPC administers the national terrorism reinsurance pool. Schafer is currently a Non-Executive Director at Queensland Urban Utilities, C S Energy, and Av Super. She ... Read the full article
Debt surge in emerging markets may hurt insurance outlook: Swiss Re
20th September 2021
Analysts at Swiss Re have warned that the high levels of sovereign debt across emerging markets could impact the outlook for re/insurers in these regions through lower insurance demand and weaker investment returns. In a new report, Swiss Re Institute notes that emerging markets' sovereign debt is at the highest level ... Read the full article