Reinsurance News
Rates need to and will harden further: Swiss Re CEO Mumenthaler
7th September 2021
Further reinsurance market hardening is expected in the months ahead as the severe flooding in parts of Europe in July and the more recent impacts of Hurricane Ida serve as a stark reminder of the issues at hand, according to Christian Mumenthaler, Chief Executive Officer (CEO) of Swiss Re. Read the full article
AXA offloads insurance operations in Gulf region for $264mn
7th September 2021
Global insurer AXA has completed the sale of its 50% shareholding in AXA Gulf and its 34% shareholding in AXA Cooperative Insurance Company (in Saudi Arabia) to Gulf Insurance Group, for a cash consideration of $264 million. The sale of AXA’s 28% shareholding in AXA Green Crescent Insurance Company (in UAE), ... Read the full article
Guy Carpenter hires Quentin Perrot as Managing Director, GC Securities
7th September 2021
Reinsurance broker Guy Carpenter has appointed Quentin Perrot as Managing Director, GC Securities, where he will report to Shiv Kumar, President, GC Securities. In this role, Perrot will be responsible for the origination and structuring of insurance-linked securities, collateralised structures, and alternative capital, supporting clients from around the world including Bermuda, ... Read the full article
Fitch sees reinsurance sector outlook improving in 2022
7th September 2021
Analysts at Fitch Ratings are forecasting significant improvements in reinsurers’ financial performances next year due to higher prices in a hardening market, a strong rebound in economic activity and lower pandemic-related losses. The rating agency says these positive factors should outweigh the negative effects of declining investment returns, increasing natural catastrophe ... Read the full article
United Insurance hires Brooke Shirazi as CUO
7th September 2021
United Insurance Holdings has appointed Brooke Shirazi as Chief Underwriting Officer. Shirazi will be responsible for directing and leading all aspects of the company's underwriting operations. She brings over 16 years of insurance-related experience, most recently serving as Vice President of Underwriting at IAT Insurance Group (IAT), a property-casualty insurance and surety ... Read the full article
Swiss Re CorSo names Jack See as Head of Malaysia & Principal Officer
7th September 2021
Swiss Re Corporate Solutions, a division of the global reinsurer, has announced the appointment of Jack See as Head of Malaysia and Principal Officer of its operations in Malaysia, effective immediately. See, who will relocate from Singapore to Kuala Lumpur, takes over from Juerg Stoll, who is set to retire on ... Read the full article
Moody’s turns stable on reinsurance amid economic recovery
7th September 2021
Analysts at Moody’s have decided to change their outlook on the reinsurance sector from negative to stable as prices continue to increase amid a global economic rebound. The rating agency expects rate increases to drive stronger earnings for reinsurers through 2022, and notes that capitalization has remained solid with solvency ratios ... Read the full article
Marsh McLennan launches Flood Risk Index
7th September 2021
Marsh McLennan has launched its Flood Risk Index to help governments and organisations better assess their exposure and vulnerability to more frequent and severe flooding. The Flood Risk Index sets out the potential impact of flooding on populations and economic assets in 188 countries. It analyses the risk on a country-by-country basis, ... Read the full article
Hurricane Ida’s Gulf region impact to drive insured losses of up to $35bn: RMS
7th September 2021
Catastrophe risk modeller RMS has estimated that onshore and offshore U.S. insured losses from the impacts of Hurricane Ida in the Gulf of Mexico will be between USD 25 billion and USD 35 billion. This estimate from RMS includes wind and storm surge losses of between USD 21 billion and USD ... Read the full article
GuideOne adds Michael Hughes to board of directors
7th September 2021
GuideOne Insurance has elected Michael Hughes to the boards of GuideOne Mutual Holding Company and GuideOne Insurance Group. Hughes brings over 30 years of experience as an insurance leader in a variety of underwriting and executive roles. After 29 years at The Hartford, Hughes joined Safeco as head of underwriting for commercial ... Read the full article
ARC, GCA partnership targets more climate resilient agriculture sector
6th September 2021
The African Risk Capacity (ARC) Group has signed a Memorandum of Understanding (MoU) with the Global Center on Adaptation (GCA) to help facilitate investments into the risk management of government planning and high-level advocacy. Aimed at building a more climate resilient agriculture sector, the MoU will be supported by a joint ... Read the full article
Gallagher adds Elizabeth Jenkin as independent non-exec director
6th September 2021
Insurance broker Gallagher has appointed Elizabeth Jenkin as an independent non-executive director of Arthur J Gallagher Holdings (UK) Limited, subject to regulatory approval. Jenkin is the Chief Executive Officer of Nimbla, a chair of the Risk and Capital Committee and non-executive director for Fidelis UK. She is also a non-executive director of ... Read the full article
Whitespace bolsters advisory board with Paul Greensmith, Scott Purviance
6th September 2021
Digital e-trading platform Whitespace has added AIG’s global head of specialty Paul Greensmith and Amwins Chief Executive Officer Scott Purviance to its advisory board. Existing board members include Ascot CEO Andrew Brooks, Convex Chairman and CEO Stephen Catlin and Craig Kingaby of Ardonagh). The board meets quarterly with representation from Whitespace to ... Read the full article
Hurricane Ida loss estimates increasing to $30bn to $40bn: Goldman Sachs
6th September 2021
Hurricane Ida's loss estimates appear to be rising now that damage further north is being factored in, according to analysts at Goldman Sachs. The hurricane is the 9th named tropical storm of the 2021 Atlantic hurricane season, but the first to cause significant losses for the re/insurance industry. Since its landfall in ... Read the full article
SiriusPoint bolsters underwriting team with Pierre Favre
6th September 2021
International specialty re/insurer SiriusPoint has announced that Pierre Favre has joined the company as a Zurich based Senior Underwriter. Favre will report to Bernard Hoge, Vice President, Manager Credit, Bond & Political Risk Reinsurance while focusing on developing strong relationships with brokers and clients to grow SiriusPoint’s book. He has 25 years' ... Read the full article