Reinsurance News
Probitas 1492 announce the launch of AdA SPA 2024
12th September 2023
Following ‘In Principle’ Lloyd’s approval, Probitas 1492 has announced the launch of “AdA SPA 2024” – a Special Purpose Arrangement (SPA) for the 2024 YOA. The SPA is headed up by ex-Munich Re Syndicate Deputy CUO Natasha Jodrell, who commented, “We are excited to develop an underwriter-led platform, delivering profit across ... Read the full article
RiverStone International acquires Catalina Insurance Ireland
11th September 2023
RiverStone International, the largest provider of legacy solutions in the Lloyd’s market, has signed an agreement with members of the Catalina Group to acquire Catalina Insurance Ireland, an Irish insurance company regulated by the Central Bank of Ireland. The acquisition, which remains subject to regulatory approvals, is set to broaden RiverStone International's ... Read the full article
No big shifts in attachment points expected in the coming renewals: Swiss Re
11th September 2023
Swiss Re is not expecting to see big shifts in attachment point strategy in the coming renewals, said Gianfranco Lot Chief Underwriting Officer P&C Reinsurance, speaking at the company’s annual press meeting in Monte Carlo. “Attachment points have been rising and therefore, the frequency nat cat of losses have been retained, ... Read the full article
MAPFRE moves to 9th place in Europe’s largest insurance company rankings
11th September 2023
The MAPFRE Group has moved into 9th place in its 2022 rankings of Europe's largest insurance groups, after its premiums increased by 10.8% to reach €24.540 billion, despite the complex macroeconomic and geopolitical context. According to MAPFRE, "This increase reflects a generalized improvement for the insurance industry in practically all regions ... Read the full article
Reinsurance pricing “should be increased further for cyber”: S&P Global at RVS 2023
11th September 2023
Speaking at S&P Global Ratings' briefing at RVS Monte Carlo 2023, Johannes Bender director and lead analyst stated that "reinsurance pricing should be increased further for cyber." During the briefing he addressed how cyber is one of the fastest growing lines of business within the industry, highlighting the $12 billion in ... Read the full article
Guy Carpenter highlights changes in specialty reinsurance markets
11th September 2023
Reinsurance broker Guy Carpenter has shed light on significant shifts in the supply and demand dynamics within the specialty reinsurance sector, encompassing non-marine, marine & energy, aviation & aerospace, and trade credit, bond & political risk segments. These observations are expected to influence renewal placement negotiations in the months ahead, the ... Read the full article
inari raises $5.2m in seed funding round
11th September 2023
Core technology infrastructure provider for the global re/insurance industry, inari, has raised $5.2 million in funding as part of its seed round led by Caixa Capital Risc, through Criteria Venture Tech, alongside CDTI. Founded in 2017, Barcelona-based inari will use the funds raised from this round of financing to establish itself ... Read the full article
Insurance industry grapples with rising cyber crime threat, climate change concerns: PwC
11th September 2023
In the "Insurance Banana Skins 2023" report, a joint effort by PwC and CSFI, the global insurance industry's primary concerns have been revealed, with mounting fears over cyber crime and escalating worries regarding climate change. The insurance industry faces its foremost challenge in the form of cyber crime. This threat encompasses ... Read the full article
Opportunity for Swiss Re to provide additional solutions in commercial & specialty: Higginbotham
11th September 2023
While rising losses from natural catastrophe events remains a significant challenge for the industry, Russell Higginbotham, Chief Executive Officer (CEO) of Swiss Re Reinsurance Solutions, sees interesting opportunities in both commercial and specialty insurance. Higginbotham spoke with Reinsurance News around the annual meeting of the reinsurance industry in Monte Carlo, to ... Read the full article
No capacity shortage but cautious deployment: AM Best
11th September 2023
“We don't see a shortage of capacity, what happens is that the way that capacity has been deployed has become much more cautious,” AM Best’s Carlos Wong-Fupuy commented at the annual Rendez-Vous de Septembre (RVS) event in Monaco. The re/insurance sector remains very well capitalised despite some reductions in the capital ... Read the full article
Insurers’ cost of capital reaches decade-high levels amidst rising interest rates: Swiss Re
11th September 2023
In a recent report by Swiss Re Sigma, the insurance industry's cost of capital (CoC) has surged to its highest point in a decade due to a confluence of factors, primarily driven by the impact of the COVID-19 pandemic and subsequent economic events. One of the key factors contributing to this ... Read the full article
Connect Underwriting launches MGA Stability Risk
11th September 2023
Specialist reinsurance MGA, Connect Underwriting Limited, has announced the launch of London-based MGA Stability Risk UW Limited. Regulated by the UK Financial Conduct Authority, Stability Risk will be supported by Lloyd’s and London-market capacity and will initially write contingency, casualty, cyber and financial lines on a global basis. Connect Underwriting said the ... Read the full article
Asia’s reinsurers will continue to benefit from hard market in 2023: Fitch
11th September 2023
Asia's reinsurers continue to experience hard market conditions in 2023, offsetting the impact of inflation-induced rising claims, climate change and financial market volatility, according to Fitch Ratings. These comments stem from the rating agency's most recent report regarding the outlook of the Asian reinsurance market. Jessica Pratiwi, Senior Analyst at the firm, ... Read the full article
Munich Re to increase capacity, if rates and conditions are right: Blunck
11th September 2023
Munich Re, a global leader in reinsurance, is poised to bolster its capacity to meet the ever-evolving challenges of the market environment, as announced by Thomas Blunck, Member of the Board of Management. The company acknowledges the complex uncertainties stemming from factors like inflation, geopolitical risks, deglobalisation, climate change, and cyber ... Read the full article
Global non-life run-off market active, deal value rises: PwC
11th September 2023
With estimated gross reserves of $9.4 billion transacted across 37 deals has been publicly announced in the 12 month period to the end of June 2023, the global non-life run-off market remains active, notes PwC. When compared to the same period in the prior year, PwC notes that there's an almost ... Read the full article
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