Reinsurance News
Aviation
AIG takes over as lead insurer for Air India program
12th May 2023
Tata AIG General Insurance Company, the Indian joint venture of Tata and AIG, has been selected as the new lead insurer for Air India’s account, according to reports from The Indian Express. The publication reports that New India Assurance had been the lead insurer for the account of Air India for ... Read the full article
Lancashire Holdings CEO expects aviation portfolio growth by year end
4th May 2023
Alex Maloney, the Chief Executive Officer (CEO) of Lancashire Holdings Limited, expects the re/insurer's aviation portfolio to grow by the year end. “We're overall pretty confident that we'll be able to grow our aviation portfolio at the end of the year,” Maloney said in Lancashire's recent first-quarter earnings call. He explained that ... Read the full article
Hard market for aviation reinsurance to continue: Gallagher Re
14th April 2023
As aviation reinsurance continues to recover from large losses caused by a number of challenges in the last few years, the medium-term outlook suggests that the market will remain hard for some time to come, according to a recent Gallagher Re report. The market has gone through a turbulent few years, ... Read the full article
Challenging times for aviation, specialty lines remain attractive to reinsurers: Aon’s Skilton
21st March 2023
Aviation lines face challenging reinsurance renewals in 2023, yet specialty lines continue to provide reinsurers with opportunities, according to Aon’s Global Head of Specialty and Aviation, Mark Skilton. Having experienced complex and challenging reinsurance renewals on January 1st, aviation insurers face an uncertain market in 2023, a trend that according to ... Read the full article
Will Green to lead aviation war risks at TMK
8th March 2023
Global specialist insurance company Tokio Marine Kiln (TMK) has announced the appointment of Will Green as Divisional Head of War within its aviation underwriting team. His appointment marks the creation of a dedicated aviation war team for TMK, following many years writing this class. The insurer notes that a dedicated team will ... Read the full article
Aviation market had “most challenging renewal” in over two decades: Aon
6th February 2023
Analysts at Aon have said that the aviation market experienced its most challenging renewal in over two decades at 1/1, with significant rate increases and coverage restrictions. In a new report on January reinsurance market dynamics, the broker noted that insurers with reinsurance renewals in 2023 face an “uncertain market”, with ... Read the full article
Peter Schmitz joins EPIC Aviation Practice
24th January 2023
EPIC Insurance Brokers and Consultants (EPIC), a retail property and casualty insurance brokerage and employee benefits consultant, has appointed Peter Schmitz as Senior Executive, Aviation Practice. Schmitz joins EPIC at a time when inflationary pressures and shifts in private and commercial flight create new priorities for the aviation industry, the firm ... Read the full article
Aviation-focused investment manager Castlelake launches Bermuda reinsurer, Itasca Re
16th January 2023
Global, aviation-focused alternative investment manager, Castlelake, L.P., has established Itasca Re Limited in Bermuda, a new reinsurance company designed to provide insurance financing solutions to both buyers and owners of commercial aircraft assets. Castlelake specialises in asset-backed private credit, and has 17 years of experience investing in, financing, and managing aviation ... Read the full article
Chris Collins named Head of Airline for Chubb Global Markets
6th January 2023
Chubb has announced the appointment of Chris Collins as Head of Airline for Chubb Global Markets (CGM), the company's London Market wholesale and specialty business including its Lloyd's platform. In this role, Collins will be responsible for leading the development and management of the CGM Airline portfolio. He will be based in ... Read the full article
BOC Aviation sues 16 insurance companies over Russia losses
16th November 2022
BOC Aviation, a Singapore-headquartered aircraft lessor, has begun legal action against 16 insurance companies, including Lloyd’s of London, Chubb European Group, AIG Europe and Swiss Re, over losses linked to Russia-Ukraine war, according to a Reuters report. The proceedings were issued in the High Court on November 3, 2022. In August, the ... Read the full article
Aircraft lessor sues Lloyds Insurance over Russia losses
7th November 2022
Avolon, an aircraft leasing company based in Dublin, has taken legal action against Lloyds Insurance in the Irish High court over losses linked to Russia-Ukraine war, according to a Reuters report. Following European Union sanctions that forced the termination of all Russian leases, the lessor recorded a first-quarter impairment of $304 ... Read the full article
Boeing fleet suspension a historic loss for reinsurers: analysts
25th October 2022
The suspension of Boeing’s 737 MAX fleet following two crashes in 2018 and 2019 is now thought to be one of the single biggest aviation insurance claims in history, according to analysts at AviationSource, with reinsurers and retrocession underwriters hit hardest. At around $3 billion, AviationSource notes that the Boeing ... Read the full article
Long arbitration and legal procedures for lessors and re/insurers of stranded aircrafts in Russia
28th September 2022
According to a recent report by DBRS Morningstar the risk of a prolonged Russian invasion of Ukraine will further complicate the resolution of aircraft leasing insurance claims which would take years to settle, with experts believing that this would require complex arbitration and legal procedures. More than 500 aircrafts and ... Read the full article
HIVE names Jay Wigmore Class Underwriter for General Aviation
2nd September 2022
HIVE Underwriters, a London-based managing general agent (MGA), has announced the appointment of Jay Wigmore as Class Underwriter, as part of the company’s expansion into the General Aviation (GA) class. According to the announcement, in his new role, Wigmore will be responsible for building the GA portfolio at HIVE and will ... Read the full article
Munich Re could face Russian jet loss via war risk policies: Jefferies
15th July 2022
Analysts at investment bank Jefferies have contended that Munich Re faces a “non-trivial” exposure to the ongoing aviation crisis concerning jets stranded in Russia, possibly via its “war risk” policies. Munich Re has a 49.96% share of Global Aerospace, which is on the all-risks cover for aircraft lessing giant Aercap, which ... Read the full article