Reinsurance News
Reinsurance News
Reinsurance industry news, analysis, insight and interviews.
Reinsurance market news coverage provided everyday, on the top reinsurers and insurers, covering news topics of relevance to the reinsurance sector, as well as commercial and specialty insurance.
Pool Re begins consultation over move to cat treaty model
18th August 2022
UK’s terrorism reinsurer Pool Re has launched a consultation process with its members about moving its reinsurance scheme to a catastrophe treaty reinsurance model. According to the announcement, this would be the start of a process examining a move to a more contemporary way of providing cover to an insurance market ... Read the full article
Beazley’s Smart Tracker to transition into full market-facing syndicate
17th August 2022
Specialist re/insurer Beazley has announced that its Smart Tracker Special Purpose Arrangement (SPA) 5623 will now become a full market-facing syndicate at Lloyd’s, after being granted ‘in principle’ approval. Subject to Lloyd’s agreement of the Syndicate business plan and final approval, it will come into effect from January 1, 2023. From ... Read the full article
Chantal Rodriguez appointed as Liberty Mutual Reinsurance CUO
17th August 2022
Liberty Mutual insurance has appointed Chantal Rodriguez as Liberty Mutual Reinsurance Chief Underwriting Officer (CUO), where she will report to both Global Risk Solutions (GRS) President of Underwriting, Matthew Moore and Liberty Mutual Reinsurance President Dieter Winkel. At the same time, the company has also announced that Crystal Ottaviano has been ... Read the full article
Lemonade buys catastrophe excess-of-loss reinsurance at July renewal
15th August 2022
Growing insurtech Lemonade has secured catastrophe excess-of-loss reinsurance to protect its business at the July 1 2022 renewals. The insurtech company continues to utilise reinsurance more for capital efficiency reasons than for risk management, but the catastrophe excess-of-loss treaty is clearly designed to moderate the impacts of major US catastrophe events ... Read the full article
Third-party litigation funding is exacerbating claims inflation: Triple-I
15th August 2022
Third-party litigation funding (TPLF) is a multi-billion-dollar industry that drives up insurance costs and remains a hidden secret to most Americans, says a recent Triple-I report. TPLF is an industry that mostly stays under the radar, allowing investors to reap substantial profits from financing lawsuits while hiding in the shadows. In ... Read the full article
Himalayan Re invests in Eurobase technology platform to support its reinsurance operations
15th August 2022
Himalayan Re has invested in Synergy2 – Eurobase’s platform for global reinsurers, to support its end-to-end reinsurance operations. The Synergy2 platform is a release-based solution helping reinsurers achieve sustainable, strategic growth in the digital age. Himalayan Re selected Synergy2 to meet its deep functional requirements and deliver operational efficiency across the business. The ... Read the full article
Insurance industry hit by rising digital fraud in H1 2022
15th August 2022
The rate of suspected global digital fraud attempts in the insurance industry has experienced the greatest rise on a year-over-year basis, increasing 159% between Q2 2021 and Q2 2022, according to a report by TransUnion. TransUnion examined intelligence from billions of transactions and more than 40,000 websites and apps contained in ... Read the full article
Lemonade reduces quota share reinsurance cession rate again
12th August 2022
Lemonade has said it is to cede 55% of its gross premiums to the quota sharing reinsurance program it entered into two years ago, down from the original 75%, and the 70% it had reduced the cession rate to last year. The announcement was made in the firm’s letter to shareholders, ... Read the full article
Peak Re appoints Piotr Nowakowski to Chief Underwriting Officer
12th August 2022
Hong Kong-based global reinsurer, Peak Re has appointed Piotr Nowakowski, currently Director, Head of Product Underwriting for Property and Casualty (P&C) business, as the Company’s Chief Underwriting Officer. Within this new role, Nowakowski will continue to be based in Hong Kong, where he will lead the P&C business team with a ... Read the full article
National Western Life in reinsurance transaction with Aspida Life Re
10th August 2022
Texas-based National Western Life has announced the execution of an annuity reinsurance transaction with Aspida Life Re Ltd. – a Bermuda-based reinsurer. The transaction was effective July 1, 2022. The reinsurance transaction is a strategic move that is designed to support plans previously announced by National Western Life to grow its business ... Read the full article
Arduous operating environment for Lebanese reinsurers remains after Beirut explosion: AM Best
10th August 2022
A recent AM Best report has affirmed that two years after the Beirut explosion, operational risk has risen to an extremely high level, and the ease of doing business has declined materially amid several crises faced in the last three years, with Lebanese re/insurers having to contend with hyperinflation and ... Read the full article
Berkshire Hathaway extends partnership with Zesty.ai
10th August 2022
Berkshire Hathaway Homestate Companies has announced that it has expanded its partnership with Zesty.ai to leverage its AI-powered wildfire risk model, Z-FIRE across 12 states. Z-FIRE is designed to enhance insurers’ risk selection and rate setting while helping them to understand the impact of climate change on wildfires and in turn ... Read the full article
Central Bank of Ireland launches climate change risk guidance for insurance sector
8th August 2022
The Central Bank of Ireland has commenced a public consultation on proposals to introduce guidance on climate change risks for the insurance sector. The proposed guidance aims to clarify the Central Bank’s expectations on how (re)insurers address climate change risks in their business and to assist them in developing their governance ... Read the full article
Wilton Re’s ratings downgrade related to revision in ownership uplift: Fitch
8th August 2022
Fitch Ratings has downgraded Wilton Re’s Insurer Financial Strength (IFS) ratings amidst revision in ownership uplift. Wilton Re’s IFS rating has been downgraded to 'A' from 'A+'. Fitch has also downgraded Wilton Re’s Long-Term Issuer Default Rating (IDR) to 'BBB+' from 'A-'. The rating outlook is stable. The downgrade reflects a revision ... Read the full article
No quick fixes in turning around a P&C business, says JP Morgan
8th August 2022
Last week's edition of Love Actuary, by JP Morgan, suggests turnarounds in P&C take time, there is no such thing as a very quick fix. The report states that P&C can be a cynical industry, even in the most vanilla products such as Motor Insurance, concluding that turnarounds take 2 to ... Read the full article
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