Reinsurers pull back cat reinsurance coverage, cat bonds & ILS instruments
Following multiple years of large catastrophe losses, reinsurers are raising prices and pulling back cat reinsurance coverage
Reinsurance News
Re/Insurers are waiting for answers on whether new price cap on Russian refined product export
The insurance industry is waiting for answers on whether the new price cap on Russian refined product exports will be applied to delivered bunker fuel
Global re/insurance broker AON launches of a CyFi – digital cyber insurance for SME
Global re/insurance broker Aon, a leading provider a broad range of risk, retirement & health solutions, launches of a CyFi – digital insurance solution
Global re/insurance broker WTW reported 4% revenue growth for 2022 to $8.9 bn
Business finance solution Qonto is using insurtech Qover to simplify and overhaul its embedded insurance programme for cardholders.
Neutral outlook for the German life insurance sector
The neutral outlook for the German life insurance sector reflects Fitch Ratings’ expectation of a mixed operating environment, with improving investment yields
Swiss Re`s Reinsurance Business Unit will be split into P&C Re and L&H Re
Swiss Re announced plans to streamline its organisational structure. The reorganisation, which aims to simplify structures, improve efficiency and client experience
US P&C insurer Westfield Specialty acquires of Lloyd’s Syndicate 1200
US P&C insurer Westfield Specialty has announced the completion of its acquisition of Lloyd’s of London Syndicate 1200 from Argo Group International Holdings.
Reinsurance buyers discusses early and explored a wide range of program options
The most difficult conditions during the recent 1 January 2023 renewals were experienced in the property segment, driven by an evident mismatch in demand and supply
Stone Ridge Asset Management provides $100 mn in capital to support Hannover Re
Stone Ridge Asset Management, the New York based asset manager an alternative risk premia focus, including reinsurance & ILS, has provided $100 million in capital
MS Amlin launched a special purpose reinsurance vehicle Phoenix 3 Re
Lloyd’s global specialty (re)insurer MS Amlin has strengthened its Asian reinsurance business by floating a local special purpose reinsurance vehicle (SPRV) with US$45 million
Munich Re helps Verisk Maplecroft to it enhance human rights due diligence
Munich Re has announced that it has selected Verisk’s global risk analytics business, Verisk Maplecroft, to help it enhance human rights due diligence
IG P&I Clubs completed pooling & GXL reinsurance structure for 2023/2024
International Group of P&I Clubs has seen a benign pool claims environment for its 2022/2023 program, but it notes that reinsurance partners have been impacted
Lloyd’s of London will report a combined ratio of 95%
Lloyd’s of London will report a combined ratio of around 95% at the year-end of 2022, anticipating the same for 2023
War in Ukraine & extreme weather drives up reinsurance cost by up to 150-200%
The war in Ukraine and extreme weather events have driven up the cost of reinsurance by as much as 200 per cent in crucial January renewals
Reinsurers’ underwriting margins after retrocession will expand in 2023
Fitch Ratings has released a report suggesting that reinsurers’ underwriting margins after retrocession will expand by 4 percentage points on average in 2023
Global reinsurance market improves profitability at enewals
Reinsurance market made significant strides to improve profitability at the recent January 1 renewals, particularly in underperforming property natural catastrophe business
Reinsurers will work with ILS funds to bring new cyber reinsurance capacity
The reinsurance value chain will work together with insurance-linked securities (ILS) fund managers to bring new cyber reinsurance capacity to this market in 2023
Extreme reinsurance coverage modifications were sought by reinsurers renewal
The renewal reinsurance season ran extremely late this year as both reinsurers and cedents worked to establish a new market equilibrium
Lloyd’s of London’s gross written premium would reach £56 bn
Global insurance marketplace Lloyd’s of London’s gross written premium (GWP) is expected to reach £48.9 billion by the end of 2022
Atrium – managing agent for Lloyd’s Syndicate 609 exits Marine Reinsurance
Atrium, the managing agent for Lloyd’s Syndicate 609, today announced that it has come to the decision, together with the Marine Reinsurance Underwrite
Munich Re launches Global Specialty Insurance (GSI) division
Munich Re has decided to establish an additional Board division. Various primary insurance businesses of the Group that are part of the reinsurance segmen
Global reinsurer RGA research revealed that cancer is top concern for women ages 28-38
Global life and health reinsurer RGA, together with their global accelerator RGAX, announced the launch of Plan V Care, a digital cancer-only product designed for women
Tom Haddrill, Lloyd’s Asia CEO will comeback to join WTW
Tom Haddrill, who has been with Lloyd’s since 2011 and became Asia chief executive this year, will be making a UK comeback to join WTW in early 2023
Indian Authority IRDAI asking to reinsurers excluding the costs rate for fire & engineering risks
The Insurance Regulatory and Development Authority of India (IRDAI) has written to local reinsurers asking them to stop including the burning costs rate published by the Insurance Information Bureau (IIB) for fire and engineering risks in their reinsurance treaties.
Global reinsurers group’s capitalisation remains strong in 2022 – Fitch
Fitch Ratings has suggested that the large global reinsurers peer group’s capitalisation remains strong and that earnings have recovered. Insurers in this peer group
Insurance reforms in Florida will lead to relief of homeowners insurance
AM Best is of the view that the insurance reforms passed in Florida’s most-recent legislative special session will lead to much-needed relief to the state’s homeowners
Wakam’s Syndicate 1347 receives Lloyd’s approval to start underwriting for the 2023 year
European B2B2C insurer Wakam, has announced that Wakam’s Syndicate 1347 has received Lloyd’s approval to start underwriting for the 2023 year
Reinsurance pricing in 2023 continues to be an important topic
Reinsurance pricing continues to be an important topic suggesting 50%+ property cat price increases in the US are a real possibility with the potential that year end renewals
Swiss Re advises underwriters to providing re/insurance cover for carbon removal
The insurance industry is “perfectly positioned” for “action” to support global carbon dioxide removal and the transition to a net zero economy by following a three-pronged
Munich Re is aiming for a consolidated €4 bn profit for 2023
Munich Re is aiming for a consolidated profit of around €4 billion for the 2023 financial year under the new reporting standard IFRS 17
Re/insurance industry is showing strong momentum. Fund and Insure domain as the big opportunity—potentially generating $17 tn in gross value by 2035
Global reinsurance market has entered a post-peak pricing phase, with earnings expected to moderate in 2025–2026
The global reinsurance sector has undergone a notable transformation since the market reset, drawing sustained attention from investors and analysts
Reinsurance pricing in the European reinsurance market has started to ease after several years of steep increases. Still, underwriting standards remain strong