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.
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
Berkshire Hathaway reports strong Q2 2022 P&C reinsurance result
6th August 2022
Berkshire Hathaway, the Warren Buffett-run holding company and conglomerate, had another very successful quarter in its P&C reinsurance business in Q2 2022, with the unit driving an improvement in underwriting result across its insurance enterprise. Overall, Berkshire Hathaway delivered a $581 million insurance and reinsurance underwriting result in the second-quarter of ... Read the full article
Société Centrale de Réassurance’s expansion cited as rating affirmed
3rd August 2022
Fitch Ratings has affirmed Morocco-based Société Centrale de Réassurance (SCR) National Insurance Financial Strength (IFS) Rating at ‘AAA(mar)’, the outlook is stable. SCR has gradually increased its international diversification, as reflected in the share of the gross premiums written outside Morocco of 25% in 2021, up from 22% in 2018. Fitch has ... Read the full article
NWLIC and Aspida enter into $250mn Funds Withheld Coinsurance Agreement
3rd August 2022
National Western Life Insurance Company (NWLIC), part of National Western Life Group, Inc., has entered into a Funds Withheld Coinsurance Agreement with Bermuda domiciled reinsurer, Aspida Life Re Ltd. NWLIC agreed to cede, on a coinsurance with funds withheld basis, a specified quota share of certain liabilities pertaining to an in-force ... Read the full article
Change in underwriting practices key to achieve net zero: Kennedys
26th July 2022
Changing re/insurers underwriting practices is key for businesses' net zero transition, according to a recent report by global law firm Kennedys. The report, titled 'Rewriting the risk: Addressing the challenges of climate change', focuses on the ‘environmental’ pillar of environmental, social and governance (ESG) considerations. It also considers the impact of climate ... Read the full article
Just Group completes £500m full scheme buy-in, half of liabilities reinsured
20th July 2022
Life insurer Just Group has announced it has completed a £500m full scheme buy-in for the scheme of an unnamed international industrial services business. Just said it has also taken the opportunity to reinsure approximately 50% of the liabilities in the scheme, this being its second de-risking (DB) partner transaction. The DB ... Read the full article
PCAF launches consultation on upcoming GHG emissions standard
20th July 2022
The Partnership for Carbon Accounting Financials (PCAF) has launched a public consultation on the Global GHG Accounting Reporting Standard for the Insurance Industry Progress Report. The PCAF has published a draft which sets the foundation for an upcoming standard to measure and disclose greenhouse gas (GHG) emissions of stakeholders loans and ... Read the full article
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