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.
Gallagher Re names Wakefield to become CEO, as James Kent transitions to group role
16th March 2023
Tom Wakefield is set to become the CEO of reinsurance broker Gallagher Re, after James Kent was promoted to a new role within Gallagher, as CEO of Global Insurance Strategic Relationships. Kent will take responsibility for establishing and driving a framework that determines how Gallagher connects with its major strategic partners ... Read the full article
New Zealand North Island flood industry loss estimated NZ $1.65bn by PERILS
15th March 2023
Catastrophe loss data aggregator PERILS AG has provided an initial estimate of the insurance and reinsurance market loss from the severe flooding that impacted the North Island of New Zealand from January 27th to February 2nd, pegging the total at NZ $1.65 billion initially. The industry loss estimate is based on ... Read the full article
Re/insurers are taking steps to move the ESG needle: Marisa Savage, PwC Bermuda
13th March 2023
As environmental, social and governance (ESG) adoption continues to accelerate in the reinsurance and insurance-linked securities (ILS) world, the focus right now is on the environmental side of things amid the urgent need to transition to a low carbon economy, according to Marisa Savage, Partner in the PwC Bermuda Insurance ... Read the full article
Lloyd’s sees uptick in reinsurance submissions in recent weeks: Tiernan
9th March 2023
The Lloyd’s insurance and reinsurance market is seeing an uptick in reinsurance submissions in the first-quarter of 2023, as syndicates and participants work through the impacts of the January renewals, according to Chief of Markets Patrick Tiernan. At the same time, Tiernan noted that, only those syndicates that demonstrate they can ... Read the full article
Growth opportunity for agriculture reinsurers in 2023: Aon
6th February 2023
Despite difficult January 1st renewals, the outlook for agriculture business looks very promising for 2023, with growth opportunities for reinsurers, according to Aon's January Reinsurance Market Dynamics report. Historically profitable markets saw only minor changes, but territories with recent losses experienced hardening terms, Aon analysts observed. These changes were driven by the ... Read the full article
Oxbridge Re’s SurancePlus to issue tokenized reinsurance securities
1st February 2023
Oxbridge Re Holdings, a provider of reinsurance solutions to P&C insurers in the Gulf Coast region of the US, has announced the incorporation of SurancePlus, a new wholly-owned subsidiary. Incorporated in the British Virgin Islands (BVI) in December 2022, SurancePlus will issue tokenized reinsurance securities that indirectly represent fractionalized interests in ... Read the full article
There’s reasons to be upbeat & positive on the MGA space, says Amwins’ Bernacki
17th January 2023
In an interview with Reinsurance News, Mark Bernacki, Chief Underwriting Officer of Amwins, suggested that he remains very upbeat and positive on the MGA/MGU world despite assessing that valuation expectations will trend down in 2023. Bernacki noted that the downward trend will be driven by a variety of factors. First noting ... Read the full article
Reinsurance risk part of UK’s PRA 2023 priorities
12th January 2023
Reinsurance risk is one of the Prudential Regulation Authority’s (PRA) priorities for the supervision of life and general insurers in 2023, the Bank of England revealed. Part of the UK's central bank, the PRA is responsible for the prudential regulation and supervision of banks, building societies, credit unions, insurers and major ... Read the full article
IAG maintains $10bn cat reinsurance but increases first event retention
9th January 2023
Australian insurer IAG has completed its 2023 catastrophe reinsurance renewal, maintaining a flat gross protection cover at up to $10 billion, same as in 2022; its first event retention was increased “reflecting inflation and the global reinsurance market impacts”. The main cover provides gross protection for catastrophe losses of up to ... Read the full article
A complicated and challenging 2023 for reinsurers: SiriusPoint’s Chester
4th January 2023
Reinsurers are to face a complicated and challenging 2023 with increasing uncertainty, warned Ari Chester, SiriusPoint’s Head of US and Canada Reinsurance, in an interview with Reinsurance News. According to Chester, while reinsurance supply remains very competitive, dynamics are shifting, like in the property markets. Additionally, he noted, with the prospect ... Read the full article
Long-term relief coming for Florida insurance market – AM Best
21st December 2022
A new report from AM Best says that the recent insurance market reforms in Florida mean that long-term relief is drawing nearer, but the state remains buffeted by near-term headwinds. The note follows recent reforms in the state, which Reinsurance News has written on in recent days. Now, AM Best ... Read the full article
Symetra Bermuda Re completes first annuity reinsurance transaction
21st December 2022
Symetra Financial Corporation, a wholly owned subsidiary of Sumitomo Life Insurance Company, has announced the launch of Symetra Bermuda Re Ltd., which has recently completed its first reinsurance transaction. According to the announcement, the new operation will reinsure certain risks of Symetra Life Insurance Company, a subsidiary of Symetra Financial Corporation. Registered ... Read the full article
Palomar planning to underwrite “uncorrelated” reinsurance
16th December 2022
Palomar Holdings, the California-headquartered specialty insurer that provides largely catastrophe exposed property products, is planning to begin underwriting some reinsurance lines that are "uncorrelated" with its broader portfolio. The company is a leading insurer of earthquake exposed residential and commercial property in the United States and also writes business exposed to ... Read the full article
In our industry we rely on the past to have a glimpse of the future: Mican, PCS
16th December 2022
In an interview with Reinsurance News, Alex Mican, Director, Specialty Lines Product Development, PCS, Verisk Claims, suggested that given the events of the past year, having access to additional loss data sources will be vital to a successful January 1st renewal. Discussing what challenges specialty lines underwriters have faced this year, ... Read the full article
To make the world more resilient, re/insurers must be resilient: Ojeisekhoba, Swiss Re
13th December 2022
As the global reinsurance industry looks ahead to 2023, writing in this op-ed, Swiss Re's Moses Ojeisekhoba, Chief Executive Officer - Reinsurance, explains the need to reshape the risk industry, in order to boost resilience in an increasingly volatile world. The extraordinary natural and human forces shaping our planet were on ... Read the full article
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