Reinsurance News
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Moody’s turns stable on reinsurance amid economic recovery
7th September 2021
Analysts at Moody’s have decided to change their outlook on the reinsurance sector from negative to stable as prices continue to increase amid a global economic rebound. The rating agency expects rate increases to drive stronger earnings for reinsurers through 2022, and notes that capitalization has remained solid with solvency ratios ... Read the full article
2021 testing re/insurers catastrophe budgets: AM Best
6th September 2021
Rating agency AM Best has released a new report, which notes how 2021 started with significant catastrophe activity for reinsurers due to its major winter storms in the southern United States, testing the year’s budgeted catastrophe loads. Estimates place the total industry loss around USD15 billion to USD20 billion, which the ... Read the full article
Growing need for data in London Market: Amwins
2nd September 2021
As part of a new report on the state of the London Market, analysts at Amwins have pointed to a growing requirement for greater levels of data, analytics and insight. The observation comes on the back of a challenging 18-month period for the London Market, which has faced a worldwide pandemic, ... Read the full article
P&C premiums up 8.3% over Q2, finds CIAB survey
27th August 2021
A new market survey by the Council of Insurance Agents & Brokers (CIAB) has found that property and casualty (P&C) rates increased for the 15th consecutive quarter in Q2 2021 at 8.3%, down from 10% in the previous quarter. Both medium and large accounts experienced the highest increases, at 9.4% and ... Read the full article
Aon announces regional senior leadership changes
26th August 2021
Aon plc has announced new regional leadership roles within its Reinsurance Solutions to further strengthen the team and enhance its local reach. Tim Ronda, Global Geographic Leader, will oversee Reinsurance Solutions’ regional capabilities worldwide to drive scale while focusing on unique regional trends and client needs. George Attard has been appointed Chief ... Read the full article
Former Catlin exec Gerety takes top insurance role at COGITANDA
25th August 2021
COGITANDA Dataprotect AG, a German provider of cyber risk management and insurance solutions, has announced the appointment of Ronan Gerety as Chief Insurance Officer (CIO), effective September 1st. Gerety, who will also join COGITANDA’s Executive Board, was one of the founding directors of specialty insurer Catlin. At Catlin, he was responsible for ... Read the full article
Tremor launches Panorama Surveyor feature for reinsurance buyers
24th August 2021
Programmatic re/insurance risk transfer marketplace, Tremor Technologies, has launched a new feature for reinsurance buyers that allows for the exploration of pricing for different structures and perils in advance of making a purchase. The feature, called Panorama Surveyor, has already been used to complete two major reinsurance placements totalling more than ... 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
Mosaic and DXC launch tech platform for specialty insurance
19th August 2021
Mosaic Insurance and DXC Technology have announced the launch of a new insurance technology platform designed to increase the speed at which specialty insurance is sold, underwritten and serviced. The new platform is powered by several of DXC’s technology services, including DXC Assure for Commercial and Specialty, business process outsourcing, applications, ... Read the full article
Lloyd’s reports improved syndicate forecasts for 2019/2020
19th August 2021
Insurance and reinsurance marketplace Lloyd’s of London has released updated forecasts for its 2019 and 2020 years of account, which show improved forecasts for most syndicates. Overall, 16 syndicates are reporting an improved forecasts, with the largest improvements at SPAs 6107 (Beazley) and 6104 (Hiscox), although some syndicates continued to report ... Read the full article
QOMPLX and Tailwind abandon merger plans
18th August 2021
Risk analytics provider QOMPLX has agreed to terminate its business combination agreement with Tailwind Acquisition Corp., a special purpose acquisition company, due to challenging market conditions. The deal would have seen QOMPLX go public via a merger with Tailwind, and reflected a post-transaction equity value for QOMPLX of roughly $1.4 billion ... Read the full article
Munich Re’s profit rises to €1.1bn despite higher than expected COVID impact
10th August 2021
Global reinsurer Munich Re has announced profit of €1.1 billion for the second quarter of 2021, as profits improved in both its property and casualty (P&C) and life and health (L&H) reinsurance segments despite ongoing losses related to the COVID-19 pandemic. The company's reinsurance operation contributed €951 million to the consolidated ... Read the full article
Corvus Insurance acquires Wingman tech platform
9th August 2021
Boston-based insurtech firm Corvus Insurance has announced the acquisition of Wingman Insurance, which provides a tech platform for cyber and tech E&O coverage across the US. Wingman, which will retain its independent brand and offering following the acquisition, is expected to enable Corvus to enter the admitted coverage marketplace and increase ... Read the full article
Cryptocurrencies & claims a focus of the seventh Lloyd’s Lab cohort
6th August 2021
Lloyd's has today unveiled the next 11 InsurTech startups joining the seventh group of the Lloyd's Lab innovation accelerator programme, which this time will focus on the development of simpler products and solutions targeting the cryptocurrency space. Lloyd's selected its next cohort of InsurTech startups from 179 applications, with each successful ... Read the full article
Moody’s to acquire RMS for $2bn
5th August 2021
Moody's has entered into an agreement to acquire catastrophe risk modelling firm RMS for approximately $2.0 billion from Daily Mail and General Trust. The acquisition will increase Moody’s insurance data and analytics business to nearly $500 million in revenue and will accelerate the development of the company’s global integrated risk capabilities ... Read the full article