Reinsurance News
S&P Global Ratings
Le Pallec named S&P Global Ratings President, Cheung becomes S&P Global CEO
28th June 2024
Yann Le Pallec has been appointed President of S&P Global Ratings, the rating agency arm of S&P Global, succeeding Martina L. Cheung, effective November 1, 2024. In his new role, Le Pallec will have ultimate responsibility for all aspects of the business, including commercial, analytical, control, and operations functions. The executive has ... Read the full article
S&P upgrades Echo Re’s rating to A
28th June 2024
S&P Global Ratings has upgraded Swiss reinsurer Echo Rueckversicherungs AG (Echo Re) long-term issuer credit and financial strength rating from ‘A-’ to ‘A’ with a stable outlook. The upgrade reflects Echo Re's continued track record of solid and sustainable underwriting and operating performance, aligning with higher-rated peers in 2023. S&P stated, “We ... Read the full article
S&P upgrades REVO Insurance rating to A-
21st June 2024
S&P Global Ratings has raised REVO Insurance, S.p.A.’s, an Italian insurer specialised in parametric policies and specialty lines, rating from BBB+ to A- with a stable outlook. According to the rating agency, the upgraded rating reflects the insurer’s “profitable growth across all the business lines maintaining its leadership in the Surety ... Read the full article
S&P revises Convex Re outlook to positive
19th June 2024
S&P Global Ratings revised Convex Re’s outlook to positive from stable, anticipating continued broad expansion aligned with its business plans, maintaining a combined ratio of approximately 90% over the next two years, and remaining well capitalised with capital exceeding S&P’s 99.99% benchmark. This revised outlook extends to Convex group’s operating subsidiaries: ... Read the full article
Insurance industry adapts to new challenges, experts reveal at S&P conference
14th June 2024
At S&P Global Ratings' 40th Annual North American Insurance Conference, industry experts discussed current trends and challenges, agreeing that while the insurance landscape has evolved over the past four decades, the industry has successfully adapted. Elizabeth Heck, Chairman, President, and CEO of Greater NY Mutual, emphasised that the adaptability comes from ... Read the full article
US P/C insurance maintains discipline in face of higher inflation: S&P
13th June 2024
S&P Global Ratings, a provider of credit risk insights, reports that as inflationary pressures rise, US property/casualty insurers navigate sector challenges while maintaining disciplined reserving practices. In response to mounting inflationary pressures, US P/C insurers adapt by maintaining disciplined reserving practices, navigating sector-specific challenges with strategic planning. S&P underscores the industry's resilience, ... Read the full article
Catastrophe losses may raise rates, reduce homeowner protection: S&P
10th June 2024
As insured catastrophe losses surge, potentially leading to higher rates and diminished homeowner protection, S&P Global Ratings, a provider of credit ratings and research, examines the challenges facing property/casualty insurers. In their recent report, S&P highlight how recent data shows that insured catastrophe losses in the US have soared to over ... Read the full article
Third-party capital to remain relevant for reinsurers to reduce increased nat cat risk: S&P
7th June 2024
Third-party capital is expected to continue growing and to remain an important way for reinsurers to reduce natural catastrophe risk, according to S&P analysts. According to a recent S&P report the risk level of natural catastrophes - influenced by climate change, urbanisation, and inflation - is high, a trend that will ... Read the full article
South Africa extreme weather events continue to test insurers
7th June 2024
The recent severe weather events in South Africa's Southern and Eastern regions since June 1 continue to test insurers’ ability to adapt to climate change, according to S&P Global Ratings. Heavy rainfall and flooding in parts of the Eastern Cape, along with tornadoes in KwaZulu Natal, have caused loss of life ... Read the full article
Life insurers shifting more into the retirement space are increasingly exposed to market risk: S&P
6th June 2024
As sales of annuities - notably fixed annuities and fixed-indexed annuities - by U.S. life insurers have ballooned since 2021, S&P Global Ratings explores the challenges facing life insurers. In a recent report released by the firm, it reveals that demand for annuities, as well as other forms of private retirement ... Read the full article
Ratings on Fairfax’s re/insurance subs upgraded on revised criteria
4th June 2024
S&P Global Ratings has upgraded Fairfax Financial Holding and its re/insurance subsidiaries, which include Odyssey Re and Allied World amongst others, on revised criteria and assigned a positive outlook. The agency raised its long-term issuer credit rating on Fairfax Financial Holdings to 'BBB+' from 'BBB'. The long-term issuer credit and financial ... Read the full article
New regulatory measures for Funded Re to enhance resilience of insurers: S&P
4th June 2024
S&P Global Ratings has observed that the introduction of new measures covering funded reinsurance (Funded Re) by the U.K. and Bermudian regulators will enhance the resilience of insurers. As per a new report by S&P, record surplus positions at defined benefit pension schemes have allowed many companies to reduce their pension ... Read the full article
Rising insurance premiums’ impact on US home prices: S&P
20th May 2024
The increasing frequency of climate-related events in the US is driving up insurance premiums in certain areas, but it's unclear how this affects home prices and affordability, prompting the need for further analysis, according to analysts at S&P Global Ratings. S&P highlights significant differences in home insurance costs, partly based on ... Read the full article
Solvency reforms UK: S&P global notes no revolutionary changes for insurers
17th May 2024
S&P Global Ratings anticipates the implementation of Solvency UK reforms, which align the European Economic Area-wide Solvency II insurance regulatory framework with the UK insurance market, to be largely completed by the end of 2024. The insurance industry generally welcomes these reforms due to their potential to reduce costs and increase ... Read the full article
Brazil floods to increase demand for catastrophic risk coverage: S&P
14th May 2024
As per a new report from S&P Global Ratings, the recent floods in Rio Grande do Sul, Brazil, may increase demand for catastrophic risk coverage, likely pushing up prices and premiums for this coverage type. Heavy rains started in Rio Grande do Sul, Brazil’s fifth-largest economic state, on April 28, and ... Read the full article
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