CCR Re’s Halm: 157 Re could take on life or specialty risk as investor support growsCCR Re would consider extending its collateralised reinsurance sidecar for property catastrophe risks to include other lines of business such as life and specialty, according to head of retrocession and strategy Mathieu Halm who praised the reinsurer’s ability to defy an “extremely tight” retro market and attract new capital backing to its 157 Re ILS vehicle.
Insurer investment opportunities emerge despite recession fears: Mapfre EconomicsInsurers will face business development challenges in 2023 that will be partially offset by improving profitability in investment portfolios, according to Mapfre Economics.
CCR Re renews pioneering 157 Re sidecar for 2023CCR Re, the open market reinsurance arm of French state-backed carrier CCR, has confirmed the renewal of its 157 Re collateralised reinsurance sidecar, a move first revealed by The Insurer last year.
Aon WTW: no hard feelings in Spain as they rival MarshGlobal brokers Aon and WTW have buried the hatchet regarding their ill-fated 2020-21 merger - in Spain at least.
TVGC’s Enoizi: Industry must focus on “systemic solutions for systemic risks”The (re)insurance industry must focus more energy on developing systemic solutions for systemic risks as the notion that it can rely on governments for “blank cheques” is not viable, said Guy Carpenter’s Julian Enoizi.
CCR Re handed upgrade by S&PS&P Global Ratings has raised the stand-alone credit profile (SACP) of CCR Re – the open market international reinsurer of state-backed CCR – to A- from BBB+, with the ratings agency forecasting that the firm will “structurally reduce” the volatility of its technical profitability over 2023.
BoE’s Bailey: Regulator did not trade UK insurance reforms for less gov interventionThe Bank of England has told an influential group of MPs that it did not agree to accept the government's proposals on insurance capital rules in return for HM Treasury withdrawing plans to give itself controversial powers to veto decisions by financial regulators.
BP Marsh shares gain on £1mn share buybackSpecialist UK insurance investor BP Marsh has unveiled plans to launch a £1mn share repurchase programme, a move which sent the firm’s London-listed shares higher in trading on Monday.
Peel Hunt raises Conduit Re price target with carrier to be “well rewarded” in hard marketPeel Hunt has raised its target share price for class of 2020 reinsurer Conduit Re by more than 35 percent amid expectations that the London-listed reinsurer will be “well rewarded” as it increases its property catastrophe exposures during the hard market.
Aviva doubles down on top UK renewables position with offshore wind expansionAviva has consolidated its efforts to become the UK’s leading renewable energy insurer by 2027 with entry into the offshore wind insurance market.
S&P: Lloyd’s to post a 95% CR for 2022S&P Global Ratings has forecast Lloyd’s will deliver a combined ratio of ~95 percent in its full-year 2022 results, based on a £2.2bn market impact from Hurricane Ian.
Fidelis approved to divert from AIG in $3.5bn AerCap dispute defenceBermuda-London carrier Fidelis has received approval to use a separate legal team from lead defendant AIG in the high-profile $3.5bn dispute with the world’s largest aircraft lessor AerCap over its assets confiscated in Russia.
TMK in talks to launch aviation consortium at Lloyd’sTokio Marine Kiln (TMK) is exploring the launch of an aviation-focussed Lloyd’s consortium and is understood to be engaged in early stage discussions with a number of parties across the market, The Insurer can reveal.
FCA mulling plans to expand policyholder protections during cost of living squeezeThe Financial Conduct Authority (FCA) has flagged concerns that the (re)insurance firms and intermediaries under its remit are not supporting policyholders appropriately during a challenging time for the UK economy, with the regulator mulling plans to extend guidance aimed at protecting customers in times of economic downturn.
Convex promotes Bissett to group CFOLondon-Bermuda specialty carrier Convex Group has promoted Brian Bissett to group chief finance officer (CFO) with immediate effect.
TVGC’s Enoizi urges industry to improve “blending” of risk adaptation and risk financingThe industry must focus its solution efforts on risk adaptation in addition to risk financing when it comes to dealing with the effects of climate change, Guy Carpenter’s Julian Enoizi has warned.
Clyde & Co makes Giani hire to lead new Italy practiceInsurance specialist law firm Clyde & Co has hired insurance partner Leonardo Giani, and has also announced the opening of a new office in Milan.
Howden names Aon’s Casini as Italy CEOHowden has appointed Federico Casini as CEO of Howden Italy following a string of acquisitions in Europe last year to consolidate the broker’s presence and capabilities across the continent.
Swiss Re promotes Steinmann to its head of Northern, Central & Eastern EuropeSwiss Re has promoted Thorsten Steinmann as its head of Northern, Central and Eastern Europe.
Allianz takes centre stage in theatre group’s multi-million pound BI disputeThe owner of some of London’s most famous West End theatres is suing Allianz’s UK-headquartered carrier in yet another high-profile legal dispute over business interruption (BI) claims from Covid-19 lockdowns.