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Final re/insurance claims “highly uncertain” from new Russia aircraft law

24th March 2022

A new report from Moody’s has stated that at this stage it is unclear whether insurers will have to pay all current claims for lessors, in regards to the new Russian aircraft law effectively preventing foreign lessors from repossessing their aircrafts. Under usual circumstances, lessors are insured for this risk, but ... Read the full article

Favourable pricing driving underwriting profits for commercial P&C insurers

23rd March 2022

Fitch Ratings has said that favourable pricing is driving underwriting profits for US diversified commercial property and casualty insurers. A new note from the agency outlines how the insurers it looked at are able to demonstrate operating scale via large premium bases and substantial levels of equity capital. Diversification, said the ... Read the full article

Tokio Marine Intl. restructures TRI division

23rd March 2022

Tokio Marine HCC International (Tokio Marine) has reorganised its Transaction Risk Insurance (TRI) division as it aims to capitalise on the unprecedented mergers and acquisition (M&A) activity across the globe. As part of Tokio Marine's expansion, the company has created two new units, TRI North America and TRI International. The North American ... Read the full article

Miller appoints new account executive

23rd March 2022

Re/insurance broker Miller has added Sam Pye to its solicitors professional indemnity (PI) team as an account executive. Pye will report to Zarina Lawley, head of solicitors PI, in her new role, which began on 21 March. She joins from Lockton Professions. Over the course of her career, Pye has specialised ... Read the full article

QBE North America adds another to its board

22nd March 2022

QBE North America has appointed Kristen Dauphinais as a Non-Executive Director of the QBE North America Board. The company said that Dauphinais will serve on the people and remuneration, audit, risk & capital, and investment and nominations committees. She will help guide the North America operations with a special focus on ... Read the full article

Markel Intl. adds three to wholesale claims team

21st March 2022

Markel International has appointed Alia Bamrah, Keifer Edmonds, and Tony Halling as senior claims adjusters, adding further experience and technical expertise to the wholesale claims team, as it continues evolving its services for clients. All three appointments will be based in the company’s London office, holding the responsibility for day-to-day claims ... Read the full article

Market Volatility: Main risk for European re/insurers from Russia – Ukraine

18th March 2022

American credit rating agency Fitch Ratings warns that the war between Ukraine and Russia is more likely to impact the European insurance sector through second-order financial market volatility, instead of through direct effects from sanctions on Russian entities and other measures that are restricting Russian businesses. European re/insurers have little direct ... Read the full article

Prolonged Russia-Ukraine conflict deleterious to insurers – DBRS Morningstar

18th March 2022

Prolonged conflict between Russia and Ukraine could have deleterious effects on the bottom line for major insurers, writes DBRS Morningstar in a new note. The current conflict, aligned with increased inflation, could lead to insurers being squeezed by claims, while unable to pass on costs to customers, wrote Tomasz Walkowicz and ... Read the full article

HDI Global USA appoints new head of sales and distribution

17th March 2022

HDI Global USA has appointed Will Trumbill to be its new head of sales and distribution. In his new role, Trumbill will be responsible for accelerating HDI’s revenue in the commercial insurance risks within their appetite, development of new channels and geographies, and contributing to the company’s marketing and business strategies. ... Read the full article

Moody’s says Russian invasion has done little to impact insurer solvency ratios

17th March 2022

The impact of Russia’s invasion of Ukraine at the end of February has done little to depress solvency ratios, according to a new note from Moody’s. Despite the harsh economic sanctions and economies buffeted by high inflation and rising fuel prices, Moody’s said that the volatility in financial markets caused by ... Read the full article

Berkshire (BHSI) appoints new Head of Executive & Professional Lines in France

17th March 2022

Global insurer, Berkshire Hathaway Specialty Insurance (BHSI) has appointed Olivier Hamon to be its new Head of Executive & Professional Lines in France. Hamon was previously the Head of Financial Institutions and Management Liabilities. “Olivier has been instrumental in building our Executive & Professional Lines portfolio and our strong customer relationships from ... Read the full article

Re/insurers “strongly positioned” to navigate Ukraine fallout: Howden

16th March 2022

Analysts at Howden have asserted that the re/insurance market is “strongly positioned” to navigate the economic fallout from Russia’s invasion of Ukraine, despite the myriad risks the conflict presents. Risks identified by Howden in connection with the war include direct underwriting losses, rapidly rising prices, slower economic growth, financial market volatility ... Read the full article

KBRA warns of Russia-Ukraine “pain” for re/insurers

11th March 2022

Analysts at KBRA have warned that insurance and reinsurance companies globally are set to “feel the pain” of Russia’s invasion of Ukraine and its resulting sanctions, with many firms likely to experience “material negative consequences.” Although policy terms and conditions are not uniform, KBRA expects re/insurers to incorporate coverage exclusions for ... Read the full article

US commercial prices up 7% through Q4: WTW

10th March 2022

U.S. commercial insurance prices rose again in the fourth quarter of 2021, according to WTW’s latest Commercial Lines Insurance Pricing Survey (CLIPS), with the aggregate commercial price change measured at 7%. The survey compared prices charged on policies underwritten during the fourth quarter of 2021 with those charged for the same ... Read the full article

Brit launches Direct Pay in the US

10th March 2022

Brit is launching its Direct Pay service within the US. Partnering with Visa, Mastercard, and Vitesse, Brit says the service offers end customers the ability to receive claims payments securely and instantly to their bank card. Sheel Sawhney, group head of claims and operation at Brit, said: “Direct Pay demonstrates how the ... Read the full article