Re/insurers
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Based in Peru, the executive will oversee marine and aviation lines.
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SCS caused global insured losses worth at least $8bn in the first quarter of 2024.
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Forecasters have warned that a number of meteorological factors could make this year the most active on record.
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Recurring loss patterns have led to squeezed coverage, leaving clients exposed.
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We explore the first stages of incorporation of GenAI into insurance, alongside the longer-term potential.
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This publication revealed the appointment in November last year.
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Gulf insurers have borne the brunt of reinsurance rate corrections in the past couple of years, but a different, albeit similar market segment is emerging as a focus for concern ahead of this year’s 1 January renewal.
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AI development is creating new risks for insurers to assess as multiple key trends suggest it will evolve into a standalone insurance product like cyber-risk.
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Earlier this afternoon, San Diego County issued a tropical storm warning related to Hilary – the first in its history.
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Over half of respondents said that the technology currently available to them is not allowing them to make the most of the data at hand or make better pricing and portfolio decisions.
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Plus all the latest executive moves and the top news of the week.
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24 February marks the point when blocking and trapping claims can be lodged against war risk insurers, against ships stuck waters around Ukraine.
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The club argued that proposed rules on transporting crude through the Turkish Straits would have been punitive to members.
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The carrier aims to achieve an energy underwriting portfolio that is 75% low-carbon in seven years’ time.
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Loh Wei-Lyn has been promoted to CEO of Asia, while Luann Petrellis has joined as US CEO.
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As the Aegis London CEO retires this week, he revealed his key lessons from over three decades in Lloyds – and what has to change if the market is to survive.
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The executive has worked for the company in London, New York and Dublin.
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The French reinsurer faces a number of hurdles as it looks to set its new corporate strategy. We outline the challenges ahead.
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A reduction in incidents linked to better resilience and the Ukraine war may temper cyber price increases, the broker said.
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The forecast range of hurricanes is slightly wider than in 2021, but in line with 2020.
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Plus latest people moves and all the top news of the week.
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According to a joint Marsh-Microsoft report, 75% of 660 companies surveyed said they have suffered a cyber attack of some form.
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Aon’s report covering multiple classes and geographies highlighted improving conditions in D&O for the UK, and a moderation of rate rises in property.
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Plus the lowdown on the potential Howden-TigerRisk tie-up and all the top news of the week.
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Premiums are forecast to grow buy 2.3% rather than 2.7%, according to the CEO of the German Insurance Association.
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Plus the latest company results, people moves and all the top news of the week.
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CFO George Quinn said he did not foresee any classical inflation scenario impacting the carrier’s P&C book.
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The broker’s political risk report has highlighted the competing interests between countries for ownership of untapped natural resources and space exploration.
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Prince Charles’ speech to open the next parliamentary session referred to a new bill that will introduce a competitiveness objective for the financial regulators.
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Clarity is growing over how the Ukraine war loss may eventually play out, although the picture is still uncertain.
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Plus this week’s Q1 results and all the top news of the week.
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The conflict is a live cat that could last months and crucially, has straddled a significant reinsurance renewal date.
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ExposureHub has been designed to help underwriters make more informed decisions on risk selection and general exposure management.
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Plus the latest executive moves and all the top stories from this week.
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Business leaders surveyed by Beazley said they were increasingly worried about war risk in particular, prior to the Ukraine conflict.
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The carrier announced its entry into the London marine hull and machinery market in November 2021.
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The carrier launched a dedicated renewable power offering at the start of 2022, led by Lyndsey Picton.
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The appointment comes after the carrier’s previous head of cyber Neil Arklie left the business for Lloyd’s.
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The Zurich chairman previously spent over four decades at Swiss Re, including as CEO between 2012 and 2016.
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A report from the Bermuda Monetary Authority shows how the island’s carriers have raised their worst-case estimate of cyber losses in recent years.
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Alli MacLean will take on the expanded role following the exit of contingency chief Yael Mimran.
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The executive said the Ukraine conflict was an example of how the industry had come to over-optimise models.
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The hire follows the appointment of Keith Mather to head up financial lines for the international business.
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The executive will oversee management liability, healthcare and casualty/specialty reinsurance.
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The carrier strengthened reserves by $41mn due to uncertainty around financial and professional lines claims development.
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The carrier said it will examine the impact of the ruling on other claims under non-damage denial-of-access wordings.
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The company will withdraw all of its outstanding ratings on Russian firms before 15 April, having already announced the suspension of its Russian operations.
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Lancashire has direct exposure to Ukraine through aviation, marine and political risk lines, according to a Jefferies report that said the carrier will likely incur “immaterial losses” from the conflict in its aviation war business.
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BMS’s Andrew Siffert said losses from US winter-related storms and thunderstorms are likely to arrive at a below-average figure for Q1.
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Plus more on the market’s exposure to aircraft leasing firm Aercap and the lowdown on the US 1.4 renewals.
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It is understood that the policy is written via the Aon Alpha facility and is led by Liberty Specialty Markets.
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The executive will work to accelerate commercial insurance revenue and develop new channels and geographies.
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A further £40mn of claims were fully settled in the month to 7 March, according to the regulator’s latest data release.
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The first of a two-part series on innovation examines the barriers blocking product innovation in the P&C market.
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Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
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The company reported a pre-tax, pre-divide income of $5.3mn and combined ratio of 105.6%.
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The executive said that, in many cases, reinsurance contract wordings had not been tested for Covid recoveries.
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In an open letter to Insurance Europe, insurance trade bodies from Ukraine have urged western insurers to pull out of Russia completely.
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Interim active underwriter David Message will assume the position of energy lead underwriter.
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Claims from New South Wales are expected to increase in the coming days, given the flooding emergency in Sydney.
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Plus the evolution of the broker consolidator model, this week’s results and all the top news of the week.
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The ratings agency said that the reinsurance arm of MS Amlin was expected to make a “significant” loss after tax in 2021.
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The acquisition of Willis Re last year transformed Gallagher into a top-three reinsurance player.
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A conclusion to the Evercore-run restricted sale process is expected this quarter.
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At the ABI conference this morning, carriers were warned about crime syndicates’ use of automation to deploy cyber attacks.
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Axa XL underwriters will be available for in-person meetings across all product lines every day of the week.
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The Norwegian insurer added 14 million gross tonnes to its total tonnage and retained 99.6% of existing business.
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Plus our take on London market financials a all of this week’s full-year results.
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The CEO said the business unit was focused on bottom-line profits rather than top-line growth.
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HDI Global Specialty, Verto Syndicate 2689 and IQUW Syndicate 1856 are among the new trade capital partners.
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A further £39mn of claims were fully settled in the month to 5 February, per the latest release of data by the FCA.
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S&P’s proposal to disallow senior debt as a form of available capital is thought to be among the most impactful of a slew of detailed changes by the rating agency.
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Improved underwriting performance and double-digit top line growth at most carriers has characterised results reported so far.
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Atrium Underwriters has posted a combined ratio of 88% for 2021, with a strong underwriting performance driving profits up 24% to £68mn ($92mn).
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The appointment comes after Allison Wilkinson departed Chubb to join Convex.
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The carrier’s reinsurance unit upped profits by 53%, with reduced expenses benefiting the combined ratio.
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The investor has been calling on the board to explore strategic alternatives for the business since September last year.
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Hiring levels at Ardonagh Group saw the fastest growth out of the Top 20 insurance companies, with an increase of 482%.
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Convex was one of the carriers to enter the contingency market following the major Covid-19 loss event.
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Tim Pembroke will retire at the end of March after more than 24 years with QBE.
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The appointment comes after marine liability underwriter Ellie Barr resigned to join Convex.
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The firm has promoted Huw Owens to CUO and Sam Wilde to head of London markets in its financial risk solutions division.
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Rates rocketed in the two most challenged areas of the market, while price deceleration continued in P&C, the broker’s index showed.
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The carrier has been targeted by activists whose claims it branded “inaccurate and misleading”.
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The ratings company said it considered Scor's earnings performance, which has been below the agency's expectations for the past five years.
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Two legal academics, giving evidence to the House of Lords inquiry into London market regulation, highlighted the need for a climate-focused duty for regulators.
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Graeme Young is relocating from Eliot’s New York office to his native Australia to run the executive search firm’s new unit.
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The carrier has bought out positions in Future Generali India Insurance and Future Generali India Life.
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The year broke a number of records in terms of insured losses.
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Fidelis joined the contingency market in 2020 amid massive dislocation caused by Covid-19.
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The ratings agency is allowing more time for feedback on proposed changes to assessing insurers’ capital adequacy levels.
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Tokio Marine & Nichido Fire Insurance Co also plans to join the partnership for Carbon Accounting Financials initiative.
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A further £51mn of claims were fully settled in the month to 5 January, per the latest release of data.
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The association will also focus on initiatives to support digital transformation in the London market.
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Two of the carrier’s underwriters were hired by new entrant IQUW to build its book of business.
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Southgate worked at the likes of Canopius, Swiss Re, Aon and Sturge Syndicate during his career.
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The carrier has been rebuilding its D&O team after a number of staff left to launch new books of business.
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James Allchorne and Laura Wells will work in the team headed up by Neil Russell.
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Bilge Mert will work on delivering a data-driven platform for underwriting, claims and operations.
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The executive, who joined Fidelis in 2017, will continue in her role as group head of contract wordings.
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Extreme flooding combined with hailstorms led to Germany’s worst loss year since records began in 1970.
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The broker has acquired the share previously owned by the Rampart Trust.
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The UK’s biggest insurance firms saw the tax that HMRC investigated jump by over £260mn between 31 March 2020 and 31 March 2021.
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In a raft of promotions, Andrew Rippert will become reinsurance CUO and Beatrice Morley head of international reinsurance.
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The transaction is expected to close during H1 2022 and reflects Argo’s strategic refocus on US specialty.
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The European authority’s stress test on 43 carriers found that a section of the market still relies heavily on transitional measures.
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Jefferies’ report shows that cat losses have been spread across a broader range of perils and regions this year.
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Plus, the latest executive moves in the sector and all the top news of the week.
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The rating agency has also given the Australian carrier a stable outlook.
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The UK National Cyber Security Centre has described the flaw as potentially “the most severe computer vulnerability in years”.
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The reinsurance broker’s report comes after KCC put a $3bn insured loss estimate on the 10 December disaster.
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The UK regulator has published its latest monthly claims data on Covid-19-related BI payments.
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The likes of Swiss Re and Scor are supporting the sector-specific methodology linked to broader decarbonisation efforts.
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Insolvencies are a key source of claims but have been prevented by government support measures during the pandemic.
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The regulator said increased home-working and digitalisation had heightened levels of cyber risk.
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Plus the latest executive moves and all the top news from the week.
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The technology firm will leverage an Acord platform to enhance data exchange and processing solutions for brokers.
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The target firm deals in engineering, energy, P&C and specie.
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New rules for short-term export credit insurance will apply from 1 January 2022.
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The business said the decision will enable Argenta to simplify operations and focus on the development of its London underwriting base.
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Both underwriters used to be colleagues in the marine hull team at RSA prior to Stuart Forsyth’s departure.
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The Stephen Catlin-led business will now be able to write business across the EEA from London.
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The product launch is the latest in a series of market entries for the expansive business.
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Amelie Keeble-Buckle and Ellie Barr are set to join the Stephen Catlin-led carrier.
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The status will allow the Stephen Catlin-led business to write US reinsurance without posting reinsurance collateral.
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The appointment follows the departure of underwriter Alex Harris, who has joined Antares.
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Amid an onslaught of announcements on climate disclosure requirements, listed insurers have a limited timeframe to prepare.
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The carrier has faced a string of resignations amid a battle for talent in the D&O market.
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David Howden lamented the lack of start-up brokers in the market at Insurance Insider’s London Market Conference.
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The respected underwriter, who has worked at the business for more than two decades, will be replaced by Harriet Sharp.
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Excluding the catastrophe losses, the carrier would have posted a profit of £102mn.
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The carrier boosted gross written premiums by 18% and benefited from rate improvement.
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Axa XL’s global sustainability director set out practical considerations for insurers in their net-zero transitions at a conference today.
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More than £100mn ($134mn) of UK Covid-19 BI claims were settled in full by insurers during the month to 5 November, according to the latest monthly data from the Financial Conduct Authority (FCA).
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The business is targeting a return on equity of 10% in its industrial lines business.
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Axa XL has promoted Olivia Shing to head of underwriting management, UK and Lloyd’s, in a role where she will execute the regional strategy to ensure sustainable profitability.
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The carrier is expanding its US presence, having doubled GWP at Canopius USA in 2020.
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Claims of EUR44mn for Hurricane Ida and EUR81mn for Storm Bernd have pushed the unit over its large-loss budget.
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The start-up carrier launched in FI over the summer with ex-Pembroke and Hamilton underwriters.
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Aviva increased gross written premium (GWP) in UK commercial insurance by 16% to £1.9bn ($2.5bn) during the first nine months of the year, as continued rate momentum helped fuel its top-line growth.
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Senior contingency underwriter Luke Killeya has parted ways with Convex after having joined the carrier a year ago to help its launch into the contingency market, Insurance Insider understands.
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Zurich’s gross written premium (GWP) in its property and casualty segment rose 11% to just over $31bn during the first nine months of the year, driven particularly by North American growth.
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The remediation work at Allianz Global Corporate & Specialty (AGCS) has been “accomplished”, and the business unit is now targeting profitable growth, according to Allianz CFO Giulio Terzariol.
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The International Group (IG) has offered premium rises of 52% on the lower part of its general excess of loss (GXL) reinsurance contract following a spell of substantial claims since the contract switched to a two-year deal, Insurance Insider can reveal.
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Johnny Shannon will work alongside MS Amlin colleague Scott Heeley to build a book of cargo business.
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The insurance industry is uniquely positioned to bolster the transition to net zero and improve resilience to climate shocks, according to Selwin Hart, UN assistant secretary-general for climate change.
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Swiss Re’s group CUO Thierry Léger has explained to Insurance Insider the rapid progress insurers need to make in the next decade, adding that “every year counts”.
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The incoming CEO flagged cyber and property cat as areas requiring further pricing attention.
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The carrier continued to benefit from rate increases across its segments during the first nine months of 2021.
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The business began underwriting at the beginning of 2021 following an $830mn capital raise.
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The marine specialty unit will include marine PI and transport logistics and freight forwarder business.
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Review of quarterly financial updates released so far shows Bermudian carriers wearing major losses.
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Plus the latest impact of cat activity on reinsurer results and all the top news from the week.
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Willis’ latest InsurTech briefing shows how a small group of InsurTechs are securing the lion’s share of investment via $100mn-plus mega-rounds.
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Generali has proposed to acquire the shares of Cattolica it does not already own.
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The company cited “substantial support” from investors on the updated terms.
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Rachael Wallington has been promoted from her current role as lead class underwriter for agriculture reinsurance.
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People movement is picking up in the sector, which is experiencing broadly stable rating thanks to ample capacity.
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The pair have created a ‘carbon risk rating’ for customers that underwriters can use when considering the impact of each policy.
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Chris Wallace has worked at the Australian carrier since 2008 in several senior positions.
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The Bank of England will vote on raising interest rates in early November.
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The carrier has seen an exodus of financial lines staff amid a battle for top talent in the line of business.
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As part of the deal, Seoul-based VIB will become a newly licensed entity called BMS Korea.
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The carrier said the claims stemmed from Hurricane Ida and storms in Europe.
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The class of business was the first to launch at the Mitch Blaser and Mark Wheeler-led start-up.
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The carrier has appointed Beth Convey, Julieta Moya and Mark Sutton to help build out its London FI business.
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Syndicate 4321 will operate as a consortium led by Syndicates 623 and 2623, providing capacity for companies that meet ESG criteria.
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The FCA has published its latest monthly claims data on Covid-related BI payments.
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IGI went public on the Nasdaq last year through a merger with a SPAC, amid a boom in blank cheque activity.
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The carrier has said it will strengthen insurance requirements for businesses involved in deforestation.
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The UK Endorsement Board was set up to endorse international accounting rules after Brexit.
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Allianz Global Corporate and Specialty (AGCS) received over 1,000 cyber claims in 2020 and has warned of no abatement in the frequency and severity of ransomware losses flooding the market.
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Distribution and strategic initiatives manager Oliver Davies will become head of distribution.
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Political risks and contract frustration coverage will now be available alongside the original political violence offering.
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The specialist political and credit risk broker BPL collaborated with Euler using an API provided by Whitespace.
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Specialty (re)insurer Chaucer has appointed Xamira Groves as its new head of insurance, where she will work closely with the group’s syndicates to expand global market share across multiple P&C lines.
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Plus the winners of the Insider Honours and all the top news from the week.
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The executive will be succeeded by Allianz Leben chief Andreas Wimmer.
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The new recruit will build out the start-up’s international political violence book.
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The French mutual’s attempt to enter reinsurance via an acquisition has been thwarted again, according to French publication L’Argus de l’assurance.
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Rinat Bektleuov joined in August 2021 and reports to Charles Goldie, chief underwriting officer.
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The loss aggregator said the change indicated initial over-reserving in the wake of the flooding.
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PRA director Gareth Truran has outlined the dangers of cutting capital requirements for certain assets for insurers, in a speech on specific Solvency II reforms.
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The European Commission wants to incentivise the insurance sector to invest in the post-pandemic recovery.
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Matthew Burton will work as a senior vice president for business development and Paul Fry as head of London office.
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Industry veteran David Sapia will join the leadership team of expansion focused HDI Global.
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Axa UK has appointed David Ovenden from Willis Towers Watson as CUO for its commercial business, a role where he will be tasked to deliver pricing and underwriting programmes and oversee a continual development of underwriting capabilities.
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The regulator has published monthly claims data instalments following the conclusion of the test case into BI cover.
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The nature of the hire demonstrates the level of competition for top talent in the sector.
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From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
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QBE Europe’s new chief customer officer Andy Besant will report to Cécile Fresneau, managing director for insurance.
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The Fidelis CEO said stochastic modelling was “pretty much meaningless” and failed to consider the impact of climate change.
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The investment bank also said further insurance claims are being prepared.
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“We do need to be careful about exuberance,” the CEO said, warning that complexities such as climate change and social inflation remain.
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The quake caused building damage and downed power lines, leaving at least one person dead.
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The carrier has non-renewed around $800mn of business in the past 18 months.
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Reinsurers with third-party capital platforms said to be well-positioned for a return to growth in alternative capital.
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Incoming capacity to the marine market over the past year has led to an easing in rating momentum.
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The Willis solution is designed to help companies access insurance as they transition to a low-carbon business model.
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The reinsurer was launched as a joint venture with Enstar, Allianz and Hillhouse in 2018.
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The executive spoke candidly about past management issues at the firm and expressed confidence about the long-term health of the business.
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S&P noted that the deal volume was the highest on record for a decade, and came despite uncertainty over pandemic claims.
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The estimate includes damage to residential, commercial and industrial property and vehicles.
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The actuary replaces outgoing CFO Reijer Groenveld, who will leave in October.
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Former Hamilton and Pembroke executives Tim Glover and David White are joining the start-up in leadership roles.
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The ratings agency said that a surge in demand could add to the costs of rebuilding.
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The move follows change in senior management at the business, with Simon Wilson set to succeed William Stovin as president.
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Lloyd’s said the new agreement will provide its market with access to multi-source intelligence through the Global Events Observer platform.
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Constanza Gállegos is joining the Berkshire Hathaway Specialty Insurance leadership team in Europe as country manager, Spain.
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The executive will take on a leading role in all aspects of the carrier’s data management.
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It is part of the firm’s commitment to reach net-zero emissions in its own operations by 2030.
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The risk modeller said Henri’s weakening before landfall spared the northeast US from the damage originally forecast.
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The 19bn-20bn rand claims quantum marks a steep increase from a mid-July estimate of 7bn-10bn rand.
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The Financial Conduct Authority’s latest release on UK claims data for Covid-related BI losses shows the total number of claims is starting to stabilise.
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The platform will automate interactions throughout the risk cycle and enable the transfer of data.
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The carrier’s Singapore business has become the latest insurance company to be impacted by cyber criminals.
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The company said the divestment was part of its simplification strategy.
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GWP surged 21% year on year for the carrier, with long-tail lines generating 28% growth.
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The carrier returned to profit in Q2, with premium income down as a result of portfolio remediation.
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Plus this week’s earnings and all the top news from the week.
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Hannover Re has estimated that the floods could end up costing the industry as much as EUR7.5bn.
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Michael Costonis will assume the new position of global head of marketing, strategy and innovation.
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The carrier’s combined ratio improved by seven percentage points thanks to reduced loss and acquisition costs.
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More than 100 fires have burned through provinces across Turkey, killing eight people as temperatures reach record highs.
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Storms in Spain during January and subsequent weather events across Europe in June impacted the P&C division.
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The Corporation said it is making “steady progress” in developing the recovering-from-loss journey for DA claims.
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The executive said the carrier would continue with its underwriting approach and benefit from pricing tailwinds.
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Axa almost doubled its profits at a group level, and the business expects claims of EUR400mn from recent European floods.
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The carrier reported 14.2% top-line growth and rate increases of 10.2%.
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The InsurTech is looking to expand into new product lines and geographies.
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The MGA’s new venture will offer latent defect cover for mixed use and tenure developments around the UK.
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The carrier increased reserves for P&C Covid-19 losses by EUR109mn in the quarter after UK and France court decisions.
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In a results preview, the Chaucer owner said it had also benefited from improved investment returns.
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The executive will replace current leader Forbes Geekie.
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The London-listed carrier reported growth and positive rate movement in all seven of its business segments.
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The appointment marks the latest board advisory role for Clarke, who spent 25 years at PartnerRe.
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The new division is structured into three business units: a chief underwriting office led by Rasmus Nygård, business transformation led by Jörg Hipp and global MidCorp, headed up by Ole Ohlmeyer.
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Richard Gordon began his new role as head of construction UK last month, according to his LinkedIn profile.
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The composite insurer has seen top-line growth in Spain and Latin America.
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Experts have pegged the economic losses in the billions of euros, according to reports.
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The ratings agency said trade credit insurers were still expecting further losses as Covid-19 government support came to an end.
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The deaths were reported in the town of Bad Neuenahr-Ahrweiler, south of Bonn and west of the Rhine river.
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The jailing of ex-president Jacob Zuma over corruption charges has triggered civil unrest this week.
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The changes are designed to simplify the business and streamline operations.
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MS Amlin Underwriting Limited (MS AUL) has appointed Richard Bayman from Chubb as head of aviation reinsurance.
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The Malta-based business has been granted local authorisation to begin writing business.
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Founding member Scor has also announced a commitment to phase out the underwriting of coal-fired power plants.
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Convex CEO Stephen Catlin tells Insurance Insider why the work undertaken by an advisory group assembled by Pool Re will be vital to help protect the UK from systemic risks.
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The CEO also laid out QBE’s strategy and urged the market to work together on innovation.
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The insurance trade body has set out an ambitious climate change roadmap that would see members contribute one third of the total investment needed to help meet the UK’s net-zero target.
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A total of 13 companies, including five brokers and eight insurers, will now be able to trade digitally across the (re)insurance lifecycle without geographical limits.
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Plus PPL’s NextGen platform woes and all the top news from this week.
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Austria and the Czech Republic are likely to record their most costly convective storms on record.
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The proposal for a global minimum corporate tax rate of at least 15% was agreed by the G7 earlier this month.
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Last week, a Royal visit to 1 Lime Street heralded a fresh commitment from the (re)insurance industry to building a more sustainable future.
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The carrier has been central to the launch of a net-zero underwriting alliance in the run-up to the COP26 conference.
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Japanese carrier MS&AD Insurance Group Holdings has become the latest insurer to limit its coal underwriting appetite, saying it will no longer insure new coal-fired power plants.
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The insurer said the move would drive synergies and aid expansion in growth markets.
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If Covea agrees a sale price in this range for the operations, parent Axa could book a EUR1bn gain, Berenberg claimed.
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The ICA had an appeal rejected relating to wordings mentioning the Quarantine Act.
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Australian insurers are now pursuing a second test case for further clarity on BI policy wording.
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Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s.
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The flooding that took place in mid-March across Australia’s east coast states was labelled the worst in 60 years.
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Lawyers argue the hotel’s claim is similar to that of four pubs against FBD, in which the courts found against the insurer.
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While more storms than usual are expected for this season, Guy Carpenter said fewer are expected to strike land.
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The business was founded in 2013 by Hong Kong tycoon Richard Li and has expanded across Asia.
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The carrier has also promoted internally for a new leader of its US political risk, credit and bond team as it continues to staff up the division.
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The revelation came with the release of the institute's 2021 Resilience Index.
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The newly acquired carrier has confirmed a payout of £80mn for UK Covid-19 claims so far.
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The exit from the class follows a similar decision by Beazley earlier this year.
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HDI is looking to streamline its Talanx operations in Germany and bring together 7,650 staff under one new company.
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Staff movement has been high in the sector, as new capacity returns to the market after years of correction.
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Outside the US, two Indian cyclones are expected to have caused more than $4.5bn of economic losses.
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The new Sompo Light Vortex will work with data analytics company Palantir.
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