Reinsurance News

Reinsurance broker Guy Carpenter has appointed Paul Moody from sister brokerage Marsh as its new UK CEO, with Dominic Samengo-Turner set to replace him as CEO, Marsh Specialty, UK & Ireland. Meanwhile Toby Wemyss has been hired from Willis Towers Watson as Global Head of Facultative Reinsurance, Guy Carpenter.

Having previously explained that the Magnitude 7.0 earthquake that struck off the coast of the Fukushima region of Japan on February 13th 2021 was likely to be a billion dollar event, CRESTA has now estimated the industry loss from the quake at US $2.63 billion.

Global reinsurance broker Willis Re has said that while reinsurance pricing continued to increase at the June and July mid-year renewal season, the market is approaching equilibrium, as it saw many reinsurers having to accept firm order terms below their initial quotes.

The reinsurance broking market continues to expand in terms of choice, with a new specialist set to be launched by the Ardonagh Group, who have announced Inver Re as a new reinsurance broker brand formed after its acquisition of Corant Global.

Defending itself in the courts against the United States Department of Justice’s objections to its proposed merger with rival insurance and reinsurance broker Willis Towers Watson (WTW), Aon has said that it would be “unacceptable” for its transaction to fail just because of a late trial date proposed by the DoJ.

The value of divestments needed to get insurance and reinsurance broker Aon’s acquisition of rival Willis Towers Watson (WTW) over the line continues to increase, with South Africa the latest country who’s competition authority has requested a remedy specific to its marketplace.

Global reinsurance broker Guy Carpenter has announced the hiring of James Johns from Willis Re and Joshua O’Donoghue from Aon, who both join the brokers London non-marine specialty team, bringing additional property catastrophe and retrocession expertise.

The mismatch between capital supply and demand is now much lower than it was a year ago, with factors including capital raises and the freeing up of trapped ILS capital driving a resurgence, according to David Flandro of HX Analytics.

Parsyl Inc., a provider of data-driven, sensor-based systems that are used in parametric risk transfer and insurance, has made a pay-out under a temperature linked policy in less than 8 hours.

Oliver Denbigh, formerly an Aon employee, has now taken up his role at TigerRisk in its London retrocessional reinsurance broking team.