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.
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
Non-renewals fall in California, but highest rates seen in wildfire zones
22nd December 2021
The California property insurance market saw the number of homeowners non-renewed by insurance companies falling by 10 percent statewide in 2020, compared to the previous year. Driving this was mandatory moratoriums from Insurance Commissioner Ricardo Lara, which made up over 80% of the statewide reduction in non-renewals. The latest data on California's ... Read the full article
Solid rate increases for most reinsurance lines in 2022, KBW says
16th December 2021
KBW analysts predict constrained capacity (particularly for aggregate retrocessional protection) and rising demand to drive solid, margin-expanding rate increases for most reinsurance lines. Property catastrophe reinsurance is singled out as a line set for particularly notable increases. During a virtual Bermuda tour, KBW say executives made repeated reference to diminished ILS capacity, ... Read the full article
Insurtech Stere raises $2mn seed funding
15th December 2021
Stere, a digital solution designed to tackle speed-to-market, capacity sourcing, and other challenges relevant to managing general agents and insurers, has closed its $2 million seed funding round. Stere connects “capacity seekers” like MGAs, program administrators and embedded insurance platforms with carriers and reinsurers. Data analytics essentially aid MGAs, brokers, and others ... Read the full article
Aon warns of severe convective storm risk, pegs US tornados as multi-billion dollar event
14th December 2021
Aon analysis of the devastating tornado outbreak which swept several US states over the weekend echos other outlet's in its expectation for both economic and insured losses to reach into the billions of dollars. Analysts note how the severe convective storm (SCS) peril has become an increasingly expensive one ... Read the full article
US tornados to hit commercial multiperil, homeowners lines: AM Best
14th December 2021
AM Best is expecting losses from the weekend's devastating tornado outbreak to be concentrated in the commercial multiperil and homeowners lines, with some losses borne by auto physical damage. On December 10 more than 30 tornadoes were reported across five states—Arkansas, Illinois, Kentucky, Missouri, and Tennessee—causing widespread devastation and ... Read the full article
Argenta pegs industry hit from US tornados as high as $7bn
13th December 2021
Lloyd's managing agent Argenta says the freak tornado outbreak which devastated multiple US states over the weekend could drive industry losses as high as $7 billion. Mayfield, Kentucky Analysts believe the most suitable comparison to a past event is a derecho that hit Iowa in 2020. A derecho is essentially an ... Read the full article
US tornado outbreak likely a multi-billion dollar event
13th December 2021
A devastating severe weather event consisting of intense tornado activity across US states Arkansas, Missouri, Tennesse, and Kentucky is expected to generate industry losses into the low single-digit billions of dollars. Andrew Siffert, a Senior Meteorologist at insurance and reinsurance broker BMS Group, adds that December severe weather event typically fall ... Read the full article
Aon turns to Guidewire for cyber software integration
7th December 2021
Re/insurance broker Aon has announced plans to implement the cyber data listening and modelling collection capabilities offered by specialist firm Guidewire. Aon views the high-profile events of 2021 as having further reinforced industry concerns over the systemic potential of cyber attacks, and the rapid rise of ransomware events. It's hoped Guidewire’s Cyence ... Read the full article
HFW appoints Margo Black to bolster LatAm re/insurance practice
2nd December 2021
Law firm HFW has moved to bolster its Latin America insurance and reinsurance practice with the hire of Margo Black, a market veteran with over 40 years’ experience. Black has led the Brazilian operations of some of the world's top reinsurers. Previous roles include President of Swiss Re Brazil, Brazil CEO of ... Read the full article
Mosaic invites syndicated capital partners on worldwide risk
2nd December 2021
Mosaic Insurance has launched a syndicated program with the aim of drawing in new capital from commercial partners looking to underwrite complex specialty risks across various regional markets. The initiative will see Mosaic source and select specialty risks not typically seen in London and underwrite them via its network of hubs.Read the full article
WTW adds MacCarthy to CRB business as Head of Asia Casualty
29th November 2021
Global re/insurance broker Willis Towers Watson has added Ben MacCarthy to its Corporate Risk and Broking (CRB) business as Head of Casualty Asia, effective December 1. MacCarthy will be based in Hong Kong and reports to Paul Ward, Head of Global Markets P&C in Asia at WTW. He brings over 15 years' experience ... Read the full article
Aon announces launch of Saudi-based reinsurance unit
29th November 2021
Re/insurance broker Aon has announced the formation of a new reinsurance broking unit in Saudi Arabia, Aon Reinsurance Brokers Saudi Arabia LLC (ARBS), with the firm adding Mohammad Al Marhoon to lead as managing director. ARBS received a reinsurance broking licence from the Saudi Central Bank (SAMA). This development is seen as particularly ... Read the full article
Taussig Capital eyes SPAC-focused D&O insurance initiatives
19th November 2021
Taussig Capital, an advisory firm focused on asset managers, family offices, insurers, reinsurers, and banks, is to launch a Directors and Officers (D&O) insurance product geared towards Special Purpose Acquisition Companies (SPACs). A SPAC is a company that has no commercial operations and is formed strictly to raise capital. Taussig Capital CEO Joseph ... Read the full article
Fairfax to offload 10% of Odyssey Group in $900mn-rated deal
17th November 2021
Property and Casualty re/insurance holding company Fairfax Financial has entered into a $900 million agreement to offload a 9.99% interest in Odyssey Group, its US re/insurance subsidiary. The transaction will be achieved via a sale of securities to affiliate CPPIB Credit Investments and OMERS, a defined benefit pension plan for Ontario’s municipal sector employees. ... Read the full article
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