Reinsurance News
The Hartford’s $200mn Ida bill to fall outside reinsurance cover: KBW
13th September 2021
KBW analysts, while attending a competitor conference featuring executives from The Hartford, have highlighted an initial loss figure from hurricane Ida of $200mn, an estimate which encompasses all of the insurer's losses related to the storm. Furthermore, KBW has relayed that The Hartford doesn't anticipate reaching its minimum reinsurance layers, which ... Read the full article
Coface appoints Marcele Lemos to lead LatAm region
13th September 2021
Credit insurer Coface has announced the appointment of Marcele Lemos as the new Chief Executive Officer (CEO) of its Latin America Region. She joins the Executive committee and will report to Xavier Durand, Group CEO. Lemos originally joined the Coface team in 1999 as a Risk Underwriter and was appointed Country Manager ... Read the full article
Porch bolsters insurtech, home warranty presence with new acquisitions
13th September 2021
Software company Porch Group has announced the acquisitions of CSE Insurance and American Home Protect (AHP), as it looks to accelerate its insurtech ambitions and enter the home warranty market. CSE is a California-based personal lines insurer focused on property and auto that Porch has agreed to acquire from its current ... Read the full article
Activist investor urges board to explore full sale of Argo Group
13th September 2021
One of Argo Group International Holdings, Ltd.'s largest shareholders, Capital Returns Management, LLC, has called on the re/insurer's Board of Directors to conduct a strategic alternatives review and consider a full sale of the company. The activist investor believes that Argo's assets and market position support a sale price of at ... Read the full article
Bermuda re/insurers paid $35bn to UK policyholders from 2016-2020: BMA
13th September 2021
The Bermuda Monetary Authority (BMA) has completed its United Kingdom (UK) Data Claim Survey for this year, showing that from 2016 to 2020, Bermuda re/insurers paid out US$35.2 billion to UK policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims. Compared to last year’s survey, the ... Read the full article
Cowbell Cyber appoints Chris Reese as head of insurance
13th September 2021
AI-powered cyber insurer Cowbell has appointed Chris Reese as the company's new head of insurance, a role that will see her support business strategy, operations and growth. Reporting to Trent Cooksley, COO, Reese joins from Lockton Companies having served as senior vice president and cyber & technology insurance practice lead. At Lockton, ... Read the full article
AIR raises Ida industry loss range to $30bn
13th September 2021
Verisk’s AIR Worldwide has raised its estimated insured loss range for Hurricane Ida to $20 billion to $30 billion, after adding the impacts of inland flooding to its initial assessment. The catastrophe modeller has maintained its earlier estimate of $17 billion to $25 billion for insured wind and storm surge ... Read the full article
First half a good starting point, but recent cat activity to pressure CRs: Moody’s
13th September 2021
Aided by reduced impacts from the COVID-19 pandemic on the property and casualty (P&C) side of the business, reinsurers' normalised and reported combined ratios (CR) trended down in the first half of the year, but additional pressure is expected amid an active catastrophe experience so far in H2, according to ... Read the full article
AV8 Ventures launches second fund backed by Allianz SE
13th September 2021
AV8 Ventures has launched with a $180 million second fund to help drive emerging technologies in AI-driven health, mobility and enterprise. AV8 Ventures has invested in 20 companies with a focus on the US since its launch in 2018. “We are humbled by the continued support from Allianz and our founders who ... Read the full article
Aon backs hurricane Ida as one of US mainland’s costliest yet
13th September 2021
With economic losses anticipated to reach well into the tens of billions of dollars, Aon expects Hurricane Ida to become one of the costliest US mainland hurricanes yet, both on a nominal and inflation-adjusted basis. Commenting during its monthly catastrophe report, the broker explained how despite a sizeable insured portion of ... Read the full article
Specialty market in high demand: Aon Programs
13th September 2021
According to a new report from Aon Programs, the specialty insurance market is in-demand, with health care, mortgage banking, catastrophe products and non-profit protection being recognised as the industries at the forefront. The analysts noted that four forces are impacting this industry’s need for more customised insurance solutions including evolution in ... Read the full article
Further reinsurance price adjustments are ‘unavoidable’, says Hannover Re
13th September 2021
Global reinsurer Hannover Re expects further price increases in property and casualty reinsurance and improvements in terms and conditions in 2022, as heightened risk awareness drives greater demand for high-quality protection. "In property and casualty reinsurance there is a need for further rate increases. Only in this way will reinsurers be ... Read the full article
Lockton Re joins ABIR’s Broker Advisory Cabinet
13th September 2021
Lockton Re, the reinsurance arm of independent insurance broker Lockton, has joined The Association of Bermuda Insurers and Reinsurers' (ABIR) Broker Advisory Cabinet. ABIR’s Broker Advisory Cabinet is a body that allows for collaborative efforts among Bermuda’s leading re/insurers and brokers to sustain the island’s successful international re/insurance market. A privately held ... Read the full article
WTW, Applied Systems target real-time pricing enhancements
13th September 2021
Global reinsurance broker Willis Towers Watson is working with Applied Systems on a programme aiming to assist insurers and MGAs in developing their rates, underwriting rules and adjustments, and then deploying them directly to the market in real time. As part of the arrangement, Applied has expanded its Rating Hub functionality ... Read the full article
Reinsurance environment “most attractive in a decade”: SCOR’s Launay
10th September 2021
The reinsurance market environment is “probably the most attractive market in a decade,” according to Romain Launay, Deputy Chief Executive Officer (CEO) of SCOR Global P&C. During SCOR’s 2021 Investor Day, Launay discussed the impact of several market conditions on reinsurance rate momentum, against the backdrop of the COVID-19 pandemic. With the ... Read the full article