Cloutier: Reinsurers need to shift perception as “merchants of fear” ahead of 1.1Aspen’s Mark Cloutier has urged the reinsurance sector not to waste the opportunity of the upcoming industry congress in Monte Carlo on “those same damn conversations”, instead calling for greater efforts around culture and innovation.
MNK Re hires Ritson as energy directorIndependent Lloyd’s broker MNK Re has hired Amwins’ Mark Ritson as director for energy.
Arch’s Rajeh warns casualty reserves are still insufficientArch Worldwide Reinsurance Group CEO Maamoun Rajeh warned that the industry is still not reserving sufficiently for casualty exposures as he addressed The Insurer’s Pre-Monte Carlo Forum in London on Wednesday.
David Howden warns reinsurers on irrelevance danger following the radical 2023-24 cat loss shiftHowden Group CEO and co-founder David Howden has warned the dramatic shift in cat loss burden away from global reinsurers to its clients which began in 2023 may result in the sector losing its relevance.
Ark’s Beaton calls on reinsurers not to abandon discipline because of “one good year”As reinsurers prepare to converge on Monte Carlo for the traditional curtain raiser to 1 January renewal negotiations, Ark CEO Ian Beaton has called on underwriters to maintain discipline in the face of pressure from brokers to push harder on pricing.
Acrisure Re hands Sowrey and Dane new roles in international treaty unitAcrisure Re has appointed David Sowrey as managing director and Nigel Dane as chairman of its international treaty business.
S&P affirms stable reinsurance sector outlook despite US casualty concernsS&P Global Ratings has maintained its stable view on the global reinsurance sector for a second consecutive year, after deciding against an upgrade to positive due to persistent concerns around US liability loss reserves.
Moody’s reinsurance outlook goes positive on healthier risk-return dynamicsMoody’s has confirmed its positive outlook for the global reinsurance sector as reduced exposure to high-frequency, lower-severity natural catastrophe events has supported healthier risk/return dynamics and expectations for continued strong profitability.
Howden Re places Envelop Risk cyber XL-on-XL retro cover led by Ariel ReHowden Re has placed a cyber retro cover on behalf of Envelop SPA 1925 which enables the cyber reinsurance vehicle to protect both the excess of loss and quota share components of its portfolio in one placement, The Insurer can reveal.
Industry should now expect average annual cat losses of $151bn: VeriskRapid exposure growth and inflationary pressures mean insurers should now expect average annual catastrophe losses of $151bn, according to the latest Verisk Extreme Event Solutions study.
S&P: Global reinsurers to deploy more capital to nat cat amid strong expected returnsS&P Global Ratings expects global reinsurers to “seize the opportunity” to deploy more capital to nat cat risk over the next two years – albeit within strict limits – after most of the top 19 players took on more exposure in 2023 and 2024 following the market shift on pricing, terms and conditions.
Welcome to #ReinsuranceMonth 2024Now in its fifth year, #ReinsuranceMonth will again be packed with exclusive news, analysis, insight and interviews, providing you with all you need to know at this critical juncture in the reinsurance calendar.
QBE Re names Canopius’ Brigstocke to lead A&H in LondonQBE Re has bolstered its accident and health team in London with the appointment of Henry Brigstocke as head of A&H.
AM Best: Big four Euro reinsurers’ earnings continue to benefit from hard marketOn the eve of Monte Carlo, AM Best has highlighted that continued hard market conditions have driven “strong results” in 2023 and the first half of 2024 for the non-life reinsurance divisions of Europe’s four largest reinsurers.
Gallagher Re wins Travelers middle market umbrella account after RFPGallagher Re will place the 1 January incepting reinsurance cover for Travelers middle market supported umbrella business that was previously reinsured by Swiss Re on a direct basis after the intermediary won a recent RFP process conducted by the US insurance heavyweight, The Insurer can reveal.
Aon: Cat bond market tops $45.6bn following “record-breaking” 76 transactionsRecord catastrophe bond issuance of $17.9bn in the 12 month period ending 30 June 2024 has accelerated the total size of the market to $45.6bn, according to a new report by Aon Securities.
Swiss Re retains gross premium lead as Munich Re tops IFRS 17 ranking: AM BestMunich Re has confirmed its position as the largest global reinsurer reporting under the new IFRS 17 standard, with Swiss Re retaining its lead in terms of gross reinsurance premiums written, according to a new ranking by AM Best.
Fitch: Non-life reinsurer composite posts 84.2% H1 CR with NPW up 6%Non-life reinsurers posted an aggregate reinsurance combined ratio of 84.2 percent in H1 2024, according to new data from Fitch Ratings, with favourable earnings expected to continue throughout 2025.
AM Best: Reinsurers meet cost of capital following repricing and de-risking correctionsReinsurers met their cost of capital in 2023 for the first time in four years, driven by a rebound in capital gains and underwriting profits as a result of repricing and portfolio de-risking, according to a new report by AM Best.
Swiss Re’s Dacey: Confidence in FY24 targets bolstered by low H1 cat claimsSwiss Re CFO John Dacey has said the reinsurer remains confident it will meet its “ambitious” full-year targets on the back of positive headwinds during H1, including a relatively benign nat cat experience and better-than-expected investment results.