Reinsurance News
“Inflation is the enemy of the re/insurance industry,” says Swiss Re CUO Léger
9th September 2021
As the global insurance and reinsurance industry continues to grapple with the challenges of the current higher inflationary environment, Thierry Léger, Group Chief Underwriting Officer (CUO) at Swiss Re, has described inflation as the "enemy" of the industry. Earlier this morning, reinsurance giant Swiss Re hosted its Rendez-Vous de Septembre (RVS) ... Read the full article
AXIS Insurance hires Abiy Dad as VP, US Excess Casualty
9th September 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has appointed Abiy Dadi as Vice President of the U.S. Excess Casualty team. Dadi will be responsible for cultivating and strengthening relationships with wholesale distribution partners, enhancing new and existing business opportunities, and executing underwriting strategy. He will be based in ... Read the full article
Climate change the industry’s largest growth opportunity, says Swiss Re
9th September 2021
Climate change, while acknowledged as a real and existential threat, has been highlighted by Swiss Re as the re/insurance industry's largest opportunity for growth. The reinsurer has called for an annual investment of $6.9 trillion to meet current 2030 targets and warns of devastating consequences to the global economy should this ... Read the full article
Parsyl hires Gavin Spencer as Head of Insurance
9th September 2021
Parsyl has appointed Gavin Spencer as Head of Insurance where he will lead all aspects of its data-driven insurance division. Spencer brings 21 years of maritime and transportation expertise, and as a member of Parsyl’s executive leadership team will focus on product and business development of Parsyl’s cargo and supply chain ... Read the full article
Insurance Partners Europe recruits ILS specialist from SCOR
9th September 2021
Risk advisory firm Insurance Partners Europe (IPE) has recruited insurance-linked securities (ILS) specialist Pierre Mouilhade in an effort to expand its services for the alternative capital sector. Mouilhade, who is a former ILS portfolio manager at SCOR Investment Partners, will help IPE to assist investors in accessing returns from the reinsurance ... Read the full article
CoreLogic updates Hurricane Ida loss estimate for Northeast region to $16-24bn
9th September 2021
Catastrophe risk modeller CoreLogic has updated its loss estimate for hurricane Ida specifically for the U.S. Northeast, from $16 billion to $24 billion in insured and uninsured inland flood losses to residential and commercial properties. Total insured flood loss for residential and commercial properties in the Northeast is estimated to be ... Read the full article
COVID-19 puts strain on commercial insurers customer satisfaction: J.D. Power
9th September 2021
According to a new study from J.D. Power, the lack of COVID-19 payouts for small business insurance customers has put a strain on customer satisfaction, causing commercial insurers scores to fall significantly for a second consecutive year. Customer satisfaction has declined 15 points in the past two years, a 7-point decline ... Read the full article
Lloyd’s returns to profit as underwriting performance improves
9th September 2021
The specialist Lloyd's insurance and reinsurance market has reported profit of £1.4 billion for the first-half of 2021, as the marketplace returned to underwriting profitability with an improved combined ratio of 92.2%. The overall result at Lloyd's has improved significantly from the net loss of £400 million reported for the same ... Read the full article
BHSI France names new Head of Customer & Broker Engagement
9th September 2021
Berkshire Hathaway Specialty Insurance (BHSI) has named Camille Luciani as Head of Customer & Broker Engagement in France. Luciani brings just under 25 years of experience spanning both the insurer and brokerage sides of the business. She was most recently Customer & Distribution Manager, Corporate Solutions, at Swiss Re where she stayed ... Read the full article
Oneglobal names Matthew Warren CEO, Middle East
9th September 2021
Oneglobal Broking has appointed Matthew Warren to lead its efforts in the Middle East as Chief Executive Officer, reporting directly to group CEO Mike Reynolds. Warren's appointment is expected to help Oneglobal build out its operations across the region; another step towards its long term expansion plans. He brings over 35 years' ... Read the full article
RGA inks longevity reinsurance deal with Athora Netherlands
9th September 2021
Global life and health reinsurer RGA has successfully completed a longevity reinsurance transaction with Athora Netherlands, a leading pension provider in the Dutch market. The transaction covers an inforce portfolio of around 46,000 individual annuity policies written by Athora in the Netherlands with total reserves of approximately €3.3 billion. As part of ... Read the full article
Neema launches K&R reinsurance product for Africa
9th September 2021
African specialist underwriting agency, Neema Insurance Managing Agency has launched a new Kidnap & Ransom (K&R) reinsurance product for its clients in Africa. Sharon Ng, Principal Officer of Neema, commented: “Kidnapping is on the rise and our product represents an excellent solution to the need of protection of our clients. “Following the ... Read the full article
Reinsurance buyers expect further price rises in low single digits: Moody’s
8th September 2021
The results of a new survey by Moody’s show that property and casualty (P&C) reinsurance buyers expect prices to rise further in 2022 across all lines, but only at a low single digit percentage range. This expectation compares with the high single digit or even double digit increases that the market ... Read the full article
Pen Underwriting hires Tom Dixon as Head of Technology
8th September 2021
Pen Underwriting has appointed Tom Dixon to the newly created role of Head of Technology as the company continues to invest in extending and diversifying its product offering. Dixon will report into Adrian Scott, Managing Director of International & Financial Lines at Pen Underwriting. He joins from Hiscox where he led its ... Read the full article
It’s an “arms race” between reinsurers: Everest Re CEO Andrade
8th September 2021
Recent years of heightened catastrophe activity, characterised by rising losses from secondary perils, has significantly changed the way the reinsurance industry views risk, contributing to an "arms race" as reinsurers look to leverage the latest technology and processes, according to Juan Andrade, President and Chief Executive Officer (CEO) of Everest ... Read the full article