Reinsurance News
Insurance news
Insurance news of relevance to the reinsurance market.
Our focus is on insurance and reinsurance news for large account, commercial and specialty lines, as well as pure reinsurance and retrocession news, analysis, insight and interviews.
Generali closes third green bond
30th June 2022
Italian insurer Generali has placed a €500mn Tier 2 bond due July 2032 under its new Sustainability Bond Framework. This marks Generali's third placement of a sustainability bond following two green bond deals in recent years; the first one was placed in June 2021. An amount corresponding to the net proceeds ... Read the full article
Verisk launches new service for P&C insurers
30th June 2022
Insurance and analytics provider, Verisk has announced the launching of a service that will help property and casualty insurers improve claims processing efficiencies. Customers using Verisk’s ClaimSearch solution can now access first notice of loss (FNOL) and telematics data with little or no insurer technology resources required to integrate, said Verisk ... Read the full article
African insurers can help to reduce climate change impact in the country: Faber
30th June 2022
According to the Africa Insurance Pulse, produced by Zurich-based Faber Consulting, Africa is particularly vulnerable to the effects of climate change due to low adaptive capacity and widespread poverty. Yet, by working with policymakers, the sector can help to mitigate and protect Africa from the consequences of climate change while creating ... Read the full article
Oman’s CMA to implement risk-based approach for insurer solvency margins
24th June 2022
The Capital Market Authority of the Sultanate of Oman (CMA) has decided to adopt a new approach to calculate the solvency margin of insurance companies on the Audited Financial Statements of 2022. According to the CMA, their decision to switch to a risk-based approach was made to protect the rights of ... Read the full article
Hard market to be extended by Ukraine, inflation & supply chain disruption
2nd May 2022
There's no prospects of a return to a softening cycle in global commercial insurance prices while the current global volatility and its inflationary effect continues, the comments of a range of industry personalities who spoke with the Financial Times imply. Interviewed by the FT recently, industry leaders seem to agree that ... Read the full article
Google a potential threat to incumbent insurers, says GlobalData
26th April 2022
A survey conducted by GlobalData suggests that Google poses the greatest threat to insurers in the UK were it to offer end-to-end household insurance products. It's been touted for some time now that the likes of Google and Amazon, both of which have substantial brand recognition, enhanced digital capabilities and speedy ... Read the full article
FedNat rating downgraded to ‘S’ by Demotech
18th April 2022
Florida headquartered primary insurer FedNat has lost its 'A' rating as Demotech has downgraded its Financial Stability Ratings (FSR) to 'S' (Substantial), putting the carrier at-risk of its policies not being allowed for mortgaged homes. Only last October Demotech affirmed the 'A' (Exceptional) Financial Stability Rating (FSR) of FedNat Insurance ... Read the full article
SCOR expects high double-digit EUR million impact from Ukraine conflict
18th April 2022
French reinsurance company SCOR warned that it anticipates booking a first-quarter charge in the "high double-digit EUR million range" for potential losses related to the Ukraine - Russia conflict and that its result for Q1 2022 may be a loss. SCOR is the first of the major global reinsurance firms to ... Read the full article
Ukraine conflict industry loss could exceed $20bn: PCS
18th April 2022
The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... Read the full article
Progressive reports elevated cat loss on thunderstorms, hail & tornadoes
14th April 2022
Property and auto-focused insurance group Progressive has suffered a relatively heavy catastrophe loss toll in March, as the impacts of US severe convective storms and tornadoes affected the company. The impact of the severe weather across the United States in March has driven Progressive to miss analysts loss ratio targets, with ... Read the full article
Alleghany asked Buffett for more, considered break-up of business units
12th April 2022
Alleghany Corporation had sought to counter Warren Buffett's acquisition offer during negotiations, seeking more than the initial $850 per share price. A proxy filing deposited with the SEC also reveals that Alleghany explored the potential break-up of its business units, to identify whether a potential sale or spin-out of one or ... Read the full article
Is a ‘Green Cold War’ coming?
25th January 2022
The world should expect to enter a ‘Green Cold War’ in coming years, where states around the world form ‘climate blocs’ that will compete for dominance, according to a new report from Lloyd’s. The report, Shifting Powers: Climate Cooperation, Competition, or Chaos?, was released recently, and is aimed ... Read the full article
Willkie Farr & Gallagher names partners for Transactional and Regulatory Practice
18th January 2022
Willkie Farr & Gallagher has announced that Melanie James and Tim Baumgartner have joined the firm’s Insurance Transactional and Regulatory Practice as partners. Both appointments will be based in Willkie’s London office, having previously been partners at an international law firm, where James also served as Global Co-Chair, Insurance Sector. James brings ... Read the full article
MAPFRE reports reinsurance growth
18th January 2022
Spanish insurer MAPFRE has released a breakdown of the growth in its written premiums between December 2020 and December 2021, revealing that its reinsurance business grew by 12.8% in this time. The latest results follow the company’s reporting in October that its reinsurance business had grown 14.5% in the first ... Read the full article
Malaysian insurance group estimates flood claims payout at $720mn
29th December 2021
The General Insurance Association of Malaysia (PIAM) has estimated the total payout from claims as a result of the floods that swept across Malaysia recently could total RM3 billion (USD720 million). These estimates include actual and potential personal lines and commercial risks claims directly resulting from the recent flash floods and ... Read the full article
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