Reinsurance News
Ki names Richard Hodgson as its first Chief Technology Officer
23rd August 2021
Ki, the fully digital and algorithmically-driven Lloyd’s syndicate launched by Brit and Google Cloud, has hired Richard Hodgson as its first Chief Technology Officer (CTO), effective August 23rd, 2021. The appointment sees Hodgson sit on the Ki Executive Committee, reporting to James Birch, Development Director. In the newly created role of CTO, ... Read the full article
Property market still challenging, but conditions moderating: Aon
23rd August 2021
Re/insurance broker Aon has observed that the North American property market remains challenging, but notes that conditions are moderating as rate increases decelerate and the sector begins to approach equilibrium. Against this backdrop, analysts believe that insurers will be looking to increasingly regain share of classes of business deemed profitable, and ... Read the full article
Foreign insurers enjoying strong growth in China: RBC
23rd August 2021
Analysts at RBC Capital Markets have observed strong growth among foreign insurers in the Chinese market, in contrast to local players who have seen volumes stagnate. And RBC expects to see a continuation in this shift, noting that insurers who grew their share of the market during the pandemic were able ... Read the full article
Insured cat losses above average, to exceed 2021 budgets: Jefferies
20th August 2021
According to a new report by Jefferies, insured catastrophe losses are running 41% above the long-term average and with the Atlantic hurricane season escalating, it's becoming increasingly likely that corporate catastrophe loss ratios will exceed 2021 budgets. So far this year, the most notable insured losses were European floods, US severe ... Read the full article
Suncorp CEO among ICA board arrivals
20th August 2021
The Insurance Council of Australia (ICA) has appointed Steve Johnston, group Chief Executive Officer and Managing Director of Suncorp Group, to its board. Tim Plant, meanwhile, has stepped down from the board and as ICA Deputy President following his recent resignation from Zurich Financial Services Australia. The casual board vacancy is expected ... Read the full article
WTW promotes Kate Mead as Head of Canadian Property & Casualty Broking
20th August 2021
Willis Towers Watson has appointed Kate Mead as its new Head of its Canadian Property & Casualty Broking Team. Previously the company's Practice Leader for the Midwest, Northeast US & Canadian Environmental business, Mead’s focus will be on strengthening both client and insurer relationships in Canada. She will also be expected to ... Read the full article
APAC reinsurers to continue targeting ILS: Fitch
20th August 2021
Analysts at Fitch Ratings expect that reinsurers in the Asia Pacific market will continue to adopt alternative capital as a funding source through the insurance-linked securities (ILS) market. The rating agency forecasts additional issuance of catastrophe bonds in the coming months after the seven that were issued using Singapore-domiciled vehicles up ... Read the full article
Guidewire acquires P&C insurtech HazardHub
20th August 2021
Software specialist Guidewire has announced the acquisition of HazardHub, a provider of API-driven property risk insights to the P&C insurance industry. HazardHub curates, analyses and distills enough data to offer a comprehensive, national catalog of risks while its API provides risk scores and supports the underlying information for any US property. “Underwriters, ... Read the full article
Fitch sees cyber reinsurance opportunities in Asia Pacific
20th August 2021
Cyber reinsurance’s potential to drive growth across the Asia Pacific (APAC) region has been underlined in a new report from Fitch Ratings. The APAC region is reported to have accounted for 7% of the total reported ransomware incidents in 2020. Fitch says several Asian markets have developed regulations to reflect the increased ... Read the full article
Balance Re raises $10m in Series A funding
20th August 2021
Life reinsurance startup with a focus on quantitative asset-liability management, Balance Re, has raised $10 million in Series A funding from investor Anthemis Group, with participation from Global Brain and existing investors, Roland Berger Industries GmbH and Talabot Finance. The company's new shareholders, Anthemis and Global Brain, bring extensive knowledge of ... Read the full article
Tech altering the risk reality for companies post-COVID: WTW
20th August 2021
A new report from re/insurance broker Willis Towers Watson (WTW) has highlighted how emerging technologies are rapidly altering the risk reality for companies across most industries in the wake of the COVID-19 pandemic. The report, which explores how the pandemic has impact the risk landscape for the Technology Media and Telecoms ... Read the full article
Arch UK hires Caroline Fisher as Broker Relationship Development Manager
20th August 2021
Arch Insurance's UK division has appointed of Caroline Fisher as Broker Relationship Development Manager. Fisher will be responsible for maintaining and enhancing existing broker relationships across the South West region, while also establishing new relationships. She will report to Mike Bottle, SVP, Strategy & Distribution for the UK Regional Division, and support ... Read the full article
Aston Lark Ireland acquires A.R. Brassington & Co.
20th August 2021
Insurance broker Aston Lark Ireland has acquired A.R. Brassington & Co., a subsidiary of the ARB Group. Brassington Insurance offers solutions to clients and customers, direct and wholesale, led by the management team of Cathal O’Brien and Paul Carty. The company is supported by a team of skilled and experienced professionals, Brassington ... Read the full article
Markel underwrites pay-per-mile motorcycle cover for Voom
20th August 2021
Specialist insurer Markel has agreed to underwrite a pay-per-mile insurance offering for motorcycles by Voom, a US insurtech firm. The usage-based offering is designed to provide more flexible coverage, based on the seasonal or irregular usage habits of many motorcycle riders. Riders will be able to pay a low monthly base rate ... Read the full article
Swiss Re CorSo names Head Crisis Management & Product Recall
19th August 2021
Swiss Re Corporate Solutions, the commercial insurance arm of reinsurer Swiss Re, has announced the appointment of Caitlin McGrath as Head Crisis Management & Product Recall, effective August 16th. In this New York based role, McGrath will be responsible for growing Swiss Re Corporate Solutions' presence in this area of the ... Read the full article