Reinsurance News

Underwriting of cyber insurance and reinsurance risks is going to require “massive amounts of additional capital” to support what is expected to be a particularly fast-growing class of business, according to broker Gallagher Re’s Ian Newman.

Horseshoe, the Bermuda-headquartered insurance or reinsurance management, fund administration, insurance-linked securities (ILS) specialist and Artex company, has appointed well-known industry executive Kathleen Faries as its new CEO.

Growth of alternative reinsurance capital, so that largely managed through ILS funds or other insurance-linked securities (ILS), recovered in the second-half of 2020 according to Willis Re, ending the year at $90 billion, up 2% from the middle of the year.

The most active March for tornado touchdowns in the United States since 2017, as well as string of outbreaks of severe weather, with hail and flooding, is set to drive billions in economic losses and at least a billion dollars of insurance market losses, according to Aon.

The merger of insurance and reinsurance broking and consultancy giants Aon and Willis Towers Watson (WTW) continues to be looked at by watchdogs, with the Competition and Consumer Commission of Singapore the latest to assess the deal.

Genworth Mortgage Insurance, a US mortgage insurance subsidiary of Genworth Financial, is back in the capital markets with its second mortgage insurance-linked securities (ILS) deal of this year, a $303 million Triangle Re 2021-2 Ltd. issuance.

Amer Ahmed, the Chief Executive Officer of Allianz Re, the reinsurance unit of global player Allianz, is to step down from the role at the end of the month following nine years of leadership at the firm.

Catastrophe exposed property insurance rates in the United States rose significantly again in the first-quarter of 2021, continuing the trend seen through last year, according to MarketScout.

Tremor Technologies, the insurtech offering a technology-based programmatic insurance and reinsurance risk transfer marketplace, has announced a senior addition to its Board, with the former PartnerRe CEO Emmanuel Clarke joining.

Mike Sapnar, the former CEO of global reinsurance firm TransRe has now surfaced as Global Head of Insurance Solutions for the Stone Ridge owned NYDIG, tasked with leading the firms creation of bitcoin-powered products and services for the global re/insurance industry.