Reinsurance News
Fairfax completes sale of RiverStone Europe to CVC
23rd August 2021
Fairfax Financial Holdings Limited has successfully completed the sale of its interests in RiverStone Europe to CVC Capital Partners. First announced in December 2020, the transaction was finalised with a purchase price of approximately $700 million. Alongside the purchase price, Fairfax will also be entitled to receive up to $235.7 million ... Read the full article
Improved underwriting results to continue for reinsurers, says Fitch
23rd August 2021
Global non-life reinsurers are poised to report improved underwriting results for 2022 as rate increases start to have an effect, with further rises supported by elevated catastrophe losses, still low interest rates and ongoing inflation concerns, according to Fitch Ratings. For the global reinsurance companies in Fitch's universe, net premiums written ... Read the full article
Nexus names Tan Chai Foo as Head of Treaty Reinsurance, Asia
23rd August 2021
Independent specialty Managing General Agent Nexus Group has announced the appointment of Tan Chai Foo as Head of Treaty Reinsurance, Asia. Based in Kuala Lumpur, Malaysia, Chai Foo will help to expand the existing structured reinsurance activities of Labuan-based Nexus Structured Solutions into more traditional treaty reinsurance business In this capacity, he ... Read the full article
Aon announces global leadership appointments within Reinsurance Solutions
23rd August 2021
Global insurance and reinsurance broker Aon has announced it has made new global leadership appointments within its Reinsurance Solutions division. Joe Monaghan has been appointed as Global Growth Leader and will have full responsibility for overall growth strategy, whilst continuing as Chief Executive Officer (CEO) of Aon’s Public Sector Partnership. His new ... Read the full article
Floridians left without insurance as Gulfstream pulls coverage
23rd August 2021
Some 32,000 Florida residents could be left without property insurance within the next 30 days, after reports suggest that regional insurer Gulfstream has decided to cancel its coverage at short notice. The beleaguered insurer was ordered to enter liquidation by a Florida court last month following a period of administrative supervision. And ... Read the full article
ProSight Global partners with Cenata for reinsurance solution
23rd August 2021
ProSight Global has entered an agreement with Cenata, an insurtech software provider, to use its outwards reinsurance solution, Cenata SURE. Cenata SURE is a full cycle outwards reinsurance management solution, able to take and process real time premium and claims data from multiple inwards systems to provide real-time analysis irrespective of ... Read the full article
TigerRisk hires Tim Edwards as EMEA Cat Analytics Lead
23rd August 2021
Global insurance and reinsurance broker, TigerRisk Partners, has appointed Tim Edwards as part of its growing London-based property and casualty (P&C) team serving clients in the UK, Europe, and wider international region. Edwards, who is currently a Senior Manager in the Portfolio Risk Management team at Lloyd’s, will take up his ... Read the full article
Insured loss from July flooding in Europe seen at up to USD 7.7bn by RMS
23rd August 2021
Catastrophe risk modeller RMS estimates that insurance and reinsurance industry losses from the July flooding in Western and Central Europe will likely range between €5 billion (USD 6 billion) and €6.5 billion (USD 7.7 billion). The devastating flooding occurred between July 12th and 18th, 2021, impacting parts of Western and Central ... Read the full article
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