Guy Carpenter has announced the appointment of Anthony Cordonnier as managing director and global co-head of cyber, effective the second half of 2021, and the promotion of Erica Davis to global co-head of cyber, effective immediately.
Paris-headquartered global reinsurer SCOR says that it posted gross premiums of EUR600m ($719m) at the 1 April renewal season, representing year-on-year growth of 14.3%. Pricing rose by 4.3%.
Saudi Reinsurance Company (Saudi Re), a leading reinsurance company in the MENA region, said it will increase the company's capital to fund its expansion plans.
Global reinsurers are expected to post modest underwriting profits in 2021, as increases in reinsurance rates across almost all business lines are expected to outpace loss cost inflation, says Fitch Ratings. Pandemic-related losses are projected to normalise across non-life (re)insurance, life and health reinsurance mortality businesses.
Insurers in Lebanon have received at least 16,000 claims for estimated losses of close to $1.1bn from last year's 4 August Beirut Port explosions, according to the latest report released in February by the Insurance Control Commission (ICC), Lebanon's insurance regulator. Only $60m of this total has been settled so far.
Australian owned insurance and financial services broker Honan Insurance Group (Honan) has launched Honan Re, a new reinsurance offering to the broker marketplace.
An in-depth analysis conducted by Willis Re of the results of a set of 17 reinsurers shows that their reported combined ratio deteriorated from 100.6% in 2019 to 104.1% in 2020, due entirely to COVID loss reserving.
Tugu Reasuransi Indonesia (Tugure) is partnering with its holding company, Asuransi Tugu Pratama Indonesia (Tugu Insurance), to expand its business network to the international market.
The Australian Prudential Regulation Authority (APRA) is proposing revisions to a prudential standard to counter the potential risk from life insurers' increased use of offshore reinsurers, and to improve clarity on key definitions.
Many reinsurers recognise that the primary fire market in Japan is seeing favourable rate development, says Willis Re in its latest 1st View renewals report.