Reinsurance News
WTW
Smaller deals and slower pace drive the global 2023 M&A outlook: WTW
16th December 2022
Dealmaking in the global M&A market is expected to remain active in 2023 despite ongoing uncertainty and major headwinds, with recession fears triggering a ‘lipstick effect’ as larger deals fall out of favour, according to WTW. Recent research by the multinational insurance advisor company, showed buyers outperforming the wider market as ... Read the full article
WTW names Naheed Jaffer Director and Lead for PPCU Canada
15th December 2022
WTW, a global advisory, broking and solutions company, has announced the appointment of Naheed Jaffer as Director and Lead for Pricing, Product, Claims and Underwriting (PPCU) propositions in Canada, within the company’s Insurance Consulting and Technology (ICT) business. Jaffer will be based in Toronto and report to Nicolas Beaudoin, P&C Division ... Read the full article
Cyber competition slowing rate increases for firms with good security: WTW
13th December 2022
A new note from WTW says that increased competition from cyber underwriters has led to more nominal rate increases when organisations can demonstrate good cyber security controls year over year. The firm said in its note that these cyber underwriters were eager to write new business following the recalibration of cyber ... Read the full article
WTW selects three new members for its board
12th December 2022
WTW has selected Stephen Chipman, former CEO of Grant Thornton U.S.; Jackie Hunt, former chair of Allianz Asset Management and Allianz Life (U.S.); and Fredric Tomczyk, former president and CEO of TD Ameritrade, to join the board, each with start dates effective April 1, 2023. The board said it made these ... Read the full article
Freely named Head of Global Lines of Business, Risk & Broking at WTW
12th December 2022
WTW, a leading global advisory, broking, and solutions company, has announced the appointment of Evan Freely as Global Head of Financial Solutions. Based in New York, Freely will be reporting to Alastair Swift, Head of Global Lines of Business, Risk & Broking at WTW. In his new role, Freely will be responsible ... Read the full article
WTW sees clear flight to quality amid hardening reinsurance market
9th December 2022
Analysts at WTW have observed a “significant flight to quality” in the reinsurance market as insurers use the hardening market to ‘housekeep’ their existing portfolios prior to focusing on new business. The broker's Insurance Marketplace Realities 2023 report predicts further rate firming for the property reinsurance market, with more withdrawals of ... Read the full article
WTW names EMEA Head of Commercial Lines transformation
9th December 2022
Re/insurance broker WTW has announced the appointment of Derric Howard to the role of EMEA Head of Commercial Lines Transformation, within its Insurance Consulting and Technology (ICT) business. He will be based in London and work with European insurance firms, brokers and other market players to modernise and digitise the underwriting ... Read the full article
WTW adds Sallada from Marsh as Head of Casualty for NA
9th December 2022
Global advisory, broking, and solutions company WTW has announced the appointment of James Sallada as Head of Casualty within Corporate Risk and Broking (CRB), North America. He joins from Marsh where he has worked for the previous 20 years, most recently as Managing Director and Northeast Risk Management Placement Leader for ... Read the full article
Price increases to continue but at reduced rate: WTW
8th December 2022
A new report from WTW says that recent trends suggest rate increases will continue, albeit at a ‘materially reduced’ rate. The report, called the Spring 2023 Insurance Marketplace Realities Report says that commercial insurance rates are beginning to stabilise, steered by cyber and D&O. Reduced rates, WTW said, are becoming increasingly available ... Read the full article
WTW adds Claims Advocate Sam Berry to Direct & Fac team
8th December 2022
Global advisory and broking solutions company WTW has announced the addition of Sam Berry to its Direct and Facultative team in London. Berry has been hired as new Claims Advocate. She brings two decades of experience handling North American property and casualty claims and joins WTW from BMS, where she served ... Read the full article
“Grip of the hard market is loosening”: WTW’s Jon Drummond
7th December 2022
Jon Drummond, Head of Broking, North America at insurance broker WTW, has claimed that the “grip of the hard market is loosening” despite some upward pressures across lines. Writing in the latest Marketplace Realities report from WTW, Drummond noted that the second half of 2022 has “ushered in a new environment ... Read the full article
WTW study finds developing ESG strategy a key focus for risk managers
7th December 2022
A recent WTW survey reported that more than half of risk managers are significantly involved in their organisation’s ESG efforts, though 77% believe they should take a more active role in ESG strategy and initiatives. In WTW's 2022 ESG Global Risk Managers Survey, which includes 312 corporate risk managers worldwide, one-third ... Read the full article
Insurers need to ensure they develop and use AI ethically: WTW’s Chapman
6th December 2022
Artificial Intelligence (AI) and machine learning is a growing topic within both the insurance and reinsurance industry, with more companies using the technology to manage manual, low complexity workflows and dramatically increase operational efficiency. The technology also allows the ability to predict with greater accuracy losses and the behaviour of customers, ... Read the full article
WTW names William Miller Head of Crisis Management for APAC
6th December 2022
Broking and solutions company WTW has announced the appointment of William Miller as the Head of Crisis Management, Asia Pacific, effective from the 1st of January 2023. In the new role, Miller will be based in Singapore and will oversee the new crisis management business in APAC, delivering its services and ... Read the full article
Insurers should adjust for current high-inflation environment: WTW
5th December 2022
A new note from WTW suggests that insurers should look at their reserving, investment, and pricing strategies, alongside their approach to portfolio management, in order to best place themselves in the current high-inflation environment. The article, ‘What does inflation mean for the insurance market?’, published on the WTW site, says that ... Read the full article
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