#ReinsuranceMonth NEWS

Aon’s Case: Industry has “once in a generation opportunity” to address era of volatility

Standing before the (re)insurance sector is a “once in a generation opportunity” to make a difference to the global economy, according to Aon president and CEO Greg Case.

Vesttoo appoints Henderson chief commercial officer as CIO Schumaker exits

Start-up risk transfer platform Vesttoo has appointed Julia Henderson as chief commercial officer (CCO) while the business has parted ways with chief investment officer Robert Schumaker who has left after 16 months with the company, The Insurer can reveal.

R&Q’s Corver: Discipline and reputation crucial as legacy market enters next chapter

Pricing discipline will be critical if the legacy market is to maintain its hard-fought reputation amid a surge in interest from carriers seeking solutions for prior-year books of business, R&Q’s group head of legacy M&A Paul Corver has warned.

Polo maps out future as independent turnkey agency as Lloyd’s build-out accelerates

Following legacy specialist Marco’s acquisition of Capita Insurance Services and Capita Managing Agency and the swift rebrand to Polo just over four months ago, the firm has wasted no time in developing an active pipeline and is in the advanced stages of bringing several businesses into the Lloyd’s market.

Hussain: Hiscox Re & ILS poised to seize property cat opportunity

Property catastrophe continues to represent one of the “best areas for growth” for Hiscox Re & ILS with rising rates and a capacity crunch leading to increased demand for limit, according to group CEO Aki Hussain.

PwC: Estimated global non-life run-off reserves rise 11% to $960bn

Bermuda looks on as UK urged to rethink fast-tracking OECD tax deal

The new UK government is being urged to pause its fast-track adoption of the landmark OECD global minimum tax agreement which – if implemented – could have a significant impact on offshore markets such as Bermuda and the wider P&C industry.

Top 10 Reinsurance Broker Rankings

For the fourth year in a row significant M&A means our annual Top 10 Reinsurance Broker Rankings feature a series of pro forma estimates and a line-up based on 2021/22 revenues that will look different when we revisit the exercise this time next year.

Munich Re to maintain cyber and cat capacity as long as price is right

Munich Re’s reinsurance CEO Torsten Jeworrek has said the firm will maintain its appetite for both natural catastrophe and cyber business as long as pricing is “prudent and conservative”.

Verisk raises average annual loss figure to $123bn and warns of need to adjust pricing models

The global (re)insurance industry should now expect average annual catastrophe losses to total $123bn, according to the latest study by Verisk Extreme Event Solutions.

Ageas Re targets €1bn GWP in long term but will have “modest impact” at 1.1

Ageas Re, the newly launched third-party reinsurance operation of Belgian insurance group Ageas, has long-term ambitions to write gross premiums of €1bn ($1.02bn) but expects to have a “modest” and “limited” impact at the upcoming 1 January renewals.

Tightening QS reinsurance market drives increased surplus notes activity

The growing cost and shrinking availability of whole account and net quota share capacity for some insurers is leading to heightened demand for alternative capital solutions including surplus notes, The Insurer can reveal.

Aon’s Van Slooten: Buyers should not expect a “business as usual” renewal

Reinsurance buyers should not expect a “business as usual” renewal, according to Mike Van Slooten, head of business intelligence for Aon’s Reinsurance Solutions.

$2.2bn MS Amlin AG rebrands to MS Reinsurance

MS Amlin AG has rebranded to MS Reinsurance as it looks to cement its identity as a pure-play reinsurer.

What will it take to stem the tide of UK BI litigation?

Insurers and their reinsurers will be eagerly awaiting rulings from London’s High Court on coverage for Covid-19 business interruption (BI) losses in the second half of 2022, but sources have warned of yet another wave of claims hitting the courts as “unscrupulous” claims farmers target policyholders.

Lloyd’s poised to reach record size as syndicates eye double-digit growth in 2023

Lloyd’s is set for double-digit growth in 2023 amid expectations for the “best underwriting environment for at least a decade”, with early business plan forecasts showing a swathe of syndicates are seeking to grow revenue by 15 percent or more next year.

Retro market continues to harden amid limited supply

The hard property retrocession sector, which had formed one prong of the so-called “U-shaped” market over the last few years, is showing no sign of any easing that would relieve pressure on the now fast-hardening property reinsurance market.

Ageas Re to begin underwriting reinsurance at 1.1

Twenty-plus years ago most of Europe’s international insurers had a reinsurance unit, that is until the WTC loss, APH deteriorations and the soft market of 1997-2000 saw many wind down or spin off their operations.

Swiss Re CUO: 1.1 will go from “hard to even harder”

Swiss Re’s chief underwriting officer Thierry Léger has landed at Monte Carlo predicting further rate rises at 1 January as the industry enters a phase of “heightened volatility”.

Howden: Reserve releases likely if Covid-19 IBNR remains high in 12 months’ time

Reinsurers continue to maintain a “healthy buffer” to withstand any adverse development on Covid-19 claims, according to a study by Howden, with reserve releases likely to become more prevalent in around 12 months’ time.