Reinsurance News
Global protection gap hits new high of $1.8 trillion in 2022: Swiss Re
21st June 2023
Closing the global protection gap for natural catastrophes, crop, mortality and health insurance would require $1.8 trillion in insurance premium annually, according to a recent Swiss Re report. The re/insurer stated that the protection gap has risen by a cumulative 20% in the past five years, reflecting increased demand from economic ... Read the full article
Zurich Assurance, PFI complete £1.7bn longevity risk transfer deal with Nationwide Pension Fund
21st June 2023
Nationwide Pension Fund has completed a £1.7bn longevity risk transfer transaction with Zurich Assurance and Prudential Financial Inc (PFI), covering the longevity risk for around 7,000 in-pay members in the UK. Under the transaction, which closed in May, the longevity risk of the pension scheme relating to these members will be ... Read the full article
Fusion Specialty announces new CEO appointments to drive global expansion
21st June 2023
Fusion Specialty, the renowned global boutique M&A and specialty insurance services group, has recently made significant leadership changes with the appointment of two new CEOs. Michael Federer, commonly known as Mike, has been promoted to the role of CEO, Fusion Specialty North America, while Katherine Simmonds, known as Katie, has been ... Read the full article
June Severe Convective Storm outbreak insured loss estimated at $5.5bn: KCC
21st June 2023
Based on its high-resolution SCS Reference Model, Karen Clark & Company (KCC) has estimated that the insured loss from the Severe Convective Storm (SCS) outbreak between June 10th and 19th in the US will be close to $5.5 billion. KCC recently pegged insured losses for the June hailstorms in Texas ... Read the full article
Andy Rear & Will Allen reveal plans for significant new Lloyd’s re/insurance start-up
21st June 2023
More than a year after its initial public offering (IPO), special purpose acquisition company (SPAC), Financials Acquisition Corp, has asked for approval to extend its business combination deadline to the end of 2023, as it lays out plans to establish a £1 billion listed Lloyd's vehicle. Financial Acquisition Corp is sponsored ... Read the full article
Global P&C insurance market set to expand, BRICs no longer on track to outpace G7: Stonybrook
21st June 2023
In a recent report by Stonybrook, it has been projected that the global property and casualty (P&C) insurance market will experience significant growth, surpassing $3.3 trillion in annual Gross Written Premiums (GWP) by the end of the 2020s. However, the outlook has shifted dramatically from previous expectations, as the BRICs (Brazil, ... Read the full article
Services inflation, the biggest obstacle to disinflation: Swiss Re Institute
21st June 2023
Headline CPI disinflation is set to slow in the next months, but services inflation will be its biggest obstacle as it comes down at an even slower pace, or even accelerates, according to the Swiss Re Institute. “Despite rapid interest rate rises over the past year, central banks are still far ... Read the full article
Arbol launches blockchain-powered parametric reinsurance platform
20th June 2023
Arbol, a global climate risk coverage platform, in collaboration with The Institutes RiskStream Collaborative, a blockchain and emerging technologies consortium, have unveiled dRe, a blockchain-powered parametric reinsurance platform. According to the announcement, the platform is the first on-chain data calculation tool for reinsurance, its creation marks a significant milestone for parametric ... Read the full article
Hard market cycle is persistent, momentum continues at mid-year renewals: Swiss Re CFO
20th June 2023
One of the key takeaways from Swiss Re's Fireside Chat with Goldman Sachs was that management highlighted its views on the hard market momentum and the impact of interest rate increases. John Dacey, Chief Financial Officer of Swiss Re said that the hard reinsurance market cycle is persistent, and the company ... Read the full article
Aspen names Robert Tartaglia SVP, COO of Insurance
20th June 2023
Aspen Insurance Holdings Limited has announced the appointment of Robert Tartaglia to the newly created position of SVP, Chief Operations Officer, Insurance. Based in Aspen’s offices in Jersey City, Tartaglia will start his new role from July 3rd. He will be responsible to lead the company’s transformation efforts across insurance operations, ... Read the full article
Whitespace announces agreement with Miller to join its platform
20th June 2023
Whitespace, the fully digital e-trading platform and a Verisk company has announced that it has reached an agreement with Miller, the specialist re/insurance broker, to join its platform. Initially, Miller is using the Whitespace Platform in its Casualty team from 1 June 2023. Miller is one of a growing number of ... Read the full article
Fidelis confirms IPO as it looks to take advantage of rate hardening
20th June 2023
Bermuda-based insurance and reinsurance holding company, Fidelis Insurance Holdings Limited, has announced the launch of its initial public offering (IPO) of 17 million of its common shares, as the firm looks to "take advantage of the ongoing rate hardening" in key markets. The offering announced by Fidelis includes 5,714,286 of common ... Read the full article
AXA XL, WTW some of the founding members of new catastrophe risk & resilience research journal
20th June 2023
The first diamond open access journal has launched for catastrophe risk and resilience research; some of its founding members include AXA XL, MS Amlin, WTW and Flood Re. A not-for-profit publication, the Journal of Catastrophe Risk and Resilience (JCRR) is a free, online digital journal that has been designed to enable ... Read the full article
Cyber insurance GDPW values around $13.5bn in 2022: Insuramore
20th June 2023
According to Insuramore’s global rankings, cyber insurance gross direct premiums written (GDPW) valued around $13.5 billion in 2022, rising towards $14 billion if captive insurers are also included. The firm said in a statement that this shows that the top 20 groups for this class are likely to have accounted for ... Read the full article
Everest Insurance appoints new CEO of Canada and Head of Commercial and Specialty
20th June 2023
Everest Insurance, the insurance division of Everest Re Group, Ltd., has announced the appointment of Renato Rodrigues to President and CEO of Everest Insurance Company of Canada. He will be based in Toronto, and report to Mike Mulray, President of North America Insurance. Mulray commented on the hire, “Renato is a ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
