Swiss Re
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Swiss Re is among reinsurers to have the right to limit coverage if conflict widened.
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Insurance Insider revealed this deal in January.
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The new CEO needs to fix the underwriting, but should also ask the bigger questions.
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We take a look at the outgoing CEO’s performance as he prepares to handover to CorSo CEO Andreas Berger.
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Andreas Berger will step down as CEO of Swiss Re CorSo on 1 July.
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Severe convective storms were the biggest driver of last year’s losses.
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Hard-won profitability has given carriers room to salt away reserves.
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The recruit will run E+S Rück and part of European reinsurance.
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The carrier is also nominating Geraldine Matchett to its board.
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Opportunities for profitable growth remain in 2024, the agency said.
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The US tallies $97bn in economic losses from major perils each year.
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Pravina Ladva, Swiss Re's group CDTO, sets out experiments the carrier is conducting with generative AI.
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The carrier added casualty reserves of more than $500mn during Q4.
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The group’s net profit leapt six-fold to $3.2bn for the year.
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The reinsurer took a harder line than peers on casualty treaty at the latest renewal.
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Swiss Re will transfer its Genoa-based hull business to Dual Europe and provide the MGA with underwriting capacity.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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Effective immediately, Wolfe will help drive growth strategies across the region. He will also lead Guy Carpenter’s US facultative business alongside Frank Guerriero, chairman of Guy Carpenter Facultative.
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Prior to his resignation, Stubbs held the role of deputy class underwriter at Chaucer Group.
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The downgrade was driven by a change in the Swiss Insurance Supervision Act, which came into effect 1 January and is unrelated to the rating fundamentals of Swiss Re, according to the agency.
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Separately, sources said Swiss Re Miami-based head of auto overseeing the motor portfolio for the LatAm region Carlos Ricci has also left the reinsurer.
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George Quinn has worked at Zurich for a decade and will oversee the completion of Zurich’s 2023 annual results.
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Global cat-bond capacity has grown by about 4% annually over the last six years, according to a report by the Swiss Re Institute.
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Losses from severe thunderstorms have increased by 7% annually in the last 30 years, according to the Swiss Re Institute.
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The P&C Re CEO discussed Swiss Re’s P&C appetite and nat cat exposure in the investor presentation.
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It is expected to have a negative impact on profit after tax in 2024 of approximately $500mn.
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The revision reflects Swiss Re's "strongly improved financial performance and better capitalisation and leverage”, the ratings agency said.
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Swiss Re says economic growth slowdown and elevated geopolitical uncertainty dampen the outlook for the primary insurance industry.
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Howden Tiger advised the reinsurer on the deal, which involves a portfolio of US commercial multi-peril and workers’ comp business.
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Cat losses were within budgets despite high levels of minor events.
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Variations between the casualty and cat markets mean 2024 cat outcomes may be far less uniform than they were this year.
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The reserve bolstering is due to a “more pessimistic view” of casualty loss trends.
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The carrier reported a Q3 combined ratio of 138.8% for casualty within the P&C re unit.
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Mitchell confirmed the launch of consultancy firm Squared – The Power of Two in a LinkedIn post.
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Rory Morison was hired last month to lead the Australian business.
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The executive’s career to date includes key claims roles at Chubb and Swiss Re.
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With new leadership at some of the largest continentals, there will be close attention to how their tactics in changing lines of business will evolve.
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Podmore joins from Swiss Re, where he held the role of lead cyber underwriter.
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The reinsurer said hardening of property reinsurance conditions must continue.
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Swiss Re has underperformed its reinsurance peers over the past 12 months, an analyst said.
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Rising counterparty risk from economic slowdown will support prices and growth.
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The report also stated that digital technology could generate savings of 10%- 20% in other processes in the value chain.
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The reinsurer said carriers could face challenges around underwriting profits and solvency levels.
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The decision to align across business units had removed the need for the regional presidents' roles, the company said.
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As the curtain comes down on the millionth Monte Carlo Rendez-Vous, and the prices in the cafes and restaurants are presumably reset to their customary levels, the conference has again done its main job.
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Hurricane Idalia is a reminder of the new normal cat environment and that reinsurers must continue to ensure they do not pick up attritional losses, the company’s P&C head said.
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Our virtual roundtable polled industry leaders on critical questions for the reinsurance market. Today, we explore how the industry can collaborate on net-zero objectives after insurers exited the Net-Zero Insurance Alliance (NZIA) in droves.
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The carrier said there was still “room for improvement” in the property cat market.
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Plus this week’s executive moves and all the latest exclusives of the week.
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Warehouse or science lab? Those tend to be two of the diverging views on Swiss Re, the oldest reinsurer, with a 160-year history.
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Following the initial decision in the case, Julia Sommer sought £5.1mn in compensation for the claims she made against her former employer.
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AM Best said market hardening was likely to continue through 2024, given global market conditions.
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The ratings agency also affirmed Swiss Re’s ‘AA-’ rating, with the carrier expected to maintain an ‘AA-’ rating through 2024.
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Swiss, Munich, Hannover and Scor all delivered optimistic messages on pricing for next year.
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A total of 10 events caused more than $1bn in losses each.
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CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.
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The carrier achieved treaty price increases of 21% at 1.7, against increased loss assumptions of 16%.
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The current vice chair will lead the (re)insurer’s board until he can be officially nominated for election at the next AGM in April 2024.
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The executive will report to reinsurance solutions CEO Russell Higginbotham.
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Reserves eased slightly from 2020 through 2022, driven by motor and general liability sectors in the US and UK.
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The global natural catastrophe protection gap stood at $368bn, with protection gaps being largest in emerging markets.
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The report outlined 17 recurring and emerging risks (re)insurers should be aware of.
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The comment comes after major US carriers pulled back from new business in wildfire-prone California.
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The collapse of the Net-Zero Insurance Alliance means insurers must find new neutral ground to continue ESG engagement, CEOs at the Geneva Association's General Assembly said.
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Mayer will manage a global centre of excellence for parametric products and report to Paul Schultz, CEO of Aon Securities.
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In this second of a two-part analysis on the proliferation of ChatGPT and similar generative AI tools, Insurance Insider explores the risks inherent in using them.
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Christoph Oehy will replace Luzi Hitz in November 2023.
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After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.
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The Swiss reinsurer follows Munich Re, Hannover Re and Zurich in withdrawing from the alliance.
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The executive will report to CEO James Shea and is based in Florham Park, New Jersey, United States.
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Most carriers were keen to talk about how they are taking on the ongoing hard market in Q1, but some complexities partly offset their good news.
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Reinsurers are starting to see increased demand from personal lines, where valuations are being updated to match inflation.
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He will succeed Melanie Slack, who will be retiring after more than 20 years with the firm.
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The CFO said cedants ‘recognise the new supply-demand reality’ as it benefitted from an early release of Hurricane Ian reserves.
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The carrier’s P&C re and CorSo units benefited from price increases at 1 April, as well as the receding impact of Ukraine.
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The executive returned to Swiss Re after a stint as a management consultant.
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The news comes after it emerged last week that RSA was launching into the superyacht class of business.
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It was announced last month that Ermotti will step down after the AGM and a short handover period.
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Russell Higginbotham, CEO of Swiss Re’s reinsurance solutions, has also been added to the firm’s Global Clients & Solutions executive committee.
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Julia Sommer won her tribunal last year after she claimed to have been consistently discriminated against for her sex and was unfairly dismissed after her maternity leave.
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Jacques de Vaucleroy has been appointed vice chairman as the carrier seeks a new chairman.
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The reinsurer said cat reinsurance rates hit a 20-year high, driven by losses, inflation and financial markets.
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Swiss Re estimates that inflation has peaked but is likely to remain persistent in 2023.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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The release of Swiss Re, Munich Re, Hannover Re and Scor’s year-end reports provides an update on market conditions.
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The transaction builds on a $1.15bn first-of-its-kind hybrid bank and ILS capital deal in April last year.
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Marcus Pollak and Stefan Behr will be based in Zurich.
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The appointments will be effective July 1, subject to regulatory approvals.
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The carrier said 18% nominal price increases are mitigated by a 13% rise in loss assumptions.
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The carrier has reported a P&C re combined ratio of 102.4% for the year.
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The head of property and specialty underwriting reinsurance posted on LinkedIn that he had brought forward his planned departure from the firm after 35 years.
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Under the new structure, Urs Baertschi will run P&C Re, while Paul Murray will lead L&H Re.
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Chairman Kessler remains in place until the 2024 General Meeting when he will stand down on hitting the age limit of 72.
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Fred Kleiterp worked at Swiss Re for more than 20 years but has joined Beazley as European general manager.
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Fred Kleiterp will leave his current role as CEO for EMEA at Swiss Re Corporate Solutions to join Beazley in June.
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The executive was previously head of casualty underwriting for EMEA.
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Cedants are grappling with rising rates while coverage narrows.
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Vanessa Lau and Pia Tischhauser will stand for election in April as Renato Fassbind and Susan Wagner retire from the board.
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The reinsurer emphasised the need for improved secondary peril models including predictive capabilities.
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Announcements and interviews at the UN conference have shed light on the tools emerging to help carriers decarbonise their underwriting portfolios.
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Real non-life premiums are forecast to grow by 1.8% in 2023 and 2.8% in 2024.
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Carriers reassured analysts that unrealised investment losses will not seriously affect solvency while sounding a bullish note on renewals.
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The reinsurers will provide a parametric solution to ensure a fast payout.
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Global cyber premiums are expected to reach $23bn by 2025 but, with predicted global annual losses of around $945bn, roughly 90% of the risk remains uninsured.
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The carrier said inflation and losses were to blame for its likely miss on the P&C re full-year target combined ratio of 94%.
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The group booked a net loss of $285mn and negative return on equity due to cat losses, prior-year reserve charges and falling investment yields.
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Inflation, heightened cat activity and years of poor reinsurance returns are fuelling demands for wholesale change in the European market.
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The reinsurer is pushing for higher retentions on property cat and lower ceding commissions on proportional casualty.
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The carrier is likely to book a Q3 net loss of $500mn for the storm.
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The reinsurer said it will look to double rates and retentions and halve the amount of override on casualty quota shares.
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The transport sector has the largest investment gap, needing an estimated $114tn to build greener infrastructure.
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The CII also appointed Ian Callaghan as deputy president for 2023.
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The storm is not expected to be a threat to the order of Jebi or Hagibis.
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Roman Hohl is rejoining the reinsurer after a decade, having previously worked there as head of agriculture Asia Pacific, director, for four years.
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Inflation will define priorities such as a focus on safeguarding clauses and pricing transparency, as well as line of business challenges, for underwriters and actuaries in the year ahead.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.
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In their messages at the Rendez-vous de Septembre, Munich Re, Hannover Re, Swiss Re and Scor signalled a ripe environment to hike prices and adjust terms.
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Economic inflation is having a “minor” impact on reserving practices and is unlikely to result in negative reserve developments, said Swiss Re’s CUO Thierry Leger.
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Guido Fürer will step back effective 31 March 2023 to spend more time with his family and dedicate himself to his charitable endeavours.
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Gallagher Re has been appointed as the broker for the programme following an RFP.
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The carrier said geopolitical factors had given “new urgency” to the green transition.
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Insured losses in 2021 alone hit $20bn.
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A former Swiss Re underwriter, who was told by a former senior manager “I bet you like to be on top in bed” at the carrier, had a number of discrimination claims against the firm upheld.
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The executive will work to help corporations understand and mitigate the threats posed by climate change.
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Swiss Re, Munich Re, Hannover Re and Scor have set out their strategies on inflation, pricing and Ukraine.
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Insured nat cat losses amounted to $35bn globally in H1, while manmade events triggered an additional $3bn, according to Swiss Re Insititute.
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The carrier’s 6% rate increases over 2022 YTD are “subsumed” by larger loss expectations, including rising inflation.
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The P&C re segment secured 12% rate increases at the 1 July renewals.
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The recruit joins from Verisk.
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The forecast for real-term premium growth was depressed by anticipated claims inflation.
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Insurance resilience is still lower than prior to the Covid-19 shock, according to Swiss Re’s sigma research.
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The carrier mapped out the future threat landscape for insurers as part of its annual Sonar report.
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Ukraine uncertainties remain despite some loss estimates emerging in Q1 earnings across the Big Four European carriers, while inflation looms on the horizon.
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Swiss Re goes against the tide in expanding in cat, while specialty rates appear to be holding up better than expected.
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The reinsurer also flagged that it is not banking on many reinsurance recoverables from its CorSo exposure to war claims.
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Market volatility also eroded investment income, with a $283mn Ukraine loss.
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The (re)insurer aims to fill a gap in the market by providing ESG data for insurers on the private firms they insure.
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She was previously an investor relations senior manager at Swiss Re.
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The first-of-its-kind deal blends bank financing with ILS funding.
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The CUO of the world’s largest reinsurer explains the company’s enduring commitment to cat risk despite advancing climate change.
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In this newly created position, Claudia Cordioli will report to group CFO John Dacey.
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David Presley joins Compre while the legacy carrier is targeting expansion in the US.
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The broker said there was still a “big unknown” around the potential global economic impact of the conflict.
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The Russian invasion of Ukraine is likely to result in a “mid-sized” cat loss, according to Swiss Re CEO Christian Mumenthaler.
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The carriers have placed a legally binding cat excess-of-loss reinsurance contract using B3i’s platform.
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Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
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The second of Insurance Insider’s deep-dive analysis pieces on innovation examines the internal structures and opportunities that can accelerate innovation.
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Katie McGrath replaces Ivan Gonzalez who has been appointed CEO reinsurance China and China country president.
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The carrier has already withdrawn cover for the top 5% of carbon-intensive oil and gas firms in the past year.
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In his new role, Jeffrey Pan will also be a member of the Corporate Solutions APAC executive team.
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The trio join WTW, Aon, Marsh McLennan, Hannover Re and Generali in shunning Russia over the Ukraine invasion.
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Earnings reports from Swiss Re, Munich Re and Scor have revealed increased cat budgets and highlighted continued shifts away from frequency coverage.
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The carrier’s CFO said there will be continued opportunities to grow top line in P&C, CorSo and L&H over 2022.
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CEO Mumenthaler emphasised cat as a “core competence” for the carrier.
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CorSo also returned to profit as its CoR improved 24.9 points to 90.6%.
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The Hartford’s customers will have access to Swiss Re’s globally standardised property wordings and online platform.
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Cedric Wong has also been promoted to lead the UK engineering and construction wholesale team.
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The reinsurer said it planned to name a permanent replacement on receiving all regulatory approvals in the coming months.
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Group operations will be reorganised, with all technology responsibilities falling under Ladva’s remit.
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Hurricane Ida was the main loss-making event, but once again secondary perils generated more than half of global losses, according to the latest Sigma report.
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The reinsurer and the tech firm will collaborate on driverless vehicle products.
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Two thirds of natural catastrophe losses are currently unprotected globally, but this is expected to decrease in the future.
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The COP26 climate talks in Glasgow represent progress towards a necessary reduction in carbon emissions “but not victory”, with concerns remaining that pledges do not go far enough, according to Swiss Re.
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Swiss Re, Munich Re, Hannover Re and Scor have set out divergent strategies on cat as volatility increases and the retro market seizes up.
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Swiss Re’s group CUO Thierry Léger has explained to Insurance Insider the rapid progress insurers need to make in the next decade, adding that “every year counts”.
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The UN’s Butch Bucani, speaking on Swiss Re’s COP26 panel, warned that the transition was not just about “putting a thermometer in your insurance portfolio and saying ‘it’s 1.5 degrees’”.
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Maya Bundt referred to cyber security threats as the “dark side” of proliferating digitalisation.
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The CFO said today’s favourable nine-month numbers were due to a sustained effort to improve P&C underwriting discipline.
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The carrier’s primary unit CorSo also bettered its combined ratio by 24.9 points on last year’s figures.
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The insurance marketplace aims to bridge the gap between insurance and capital markets.
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In a virtual Baden Baden conference, the reinsurer emphasised a push on addressing secondary perils after a high flood loss year.
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Analysis of financial data shows that the last decade has seen a marked increase in the proportion of premiums ceded by carriers in all sectors.
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The carrier also estimated its European flooding burden will be $520mn.
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Staff movement is high in the D&O market as carriers look to capitalise on buoyant market conditions.
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An increase in the frequency and severity of nat cats and cyber incidents is pushing up protection demand.
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The property & specialty leader described the phenomena as a “systemic trend”, separate from a pandemic-led cycle of economic inflation.
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The reinsurer warns that climate risks could increase average weather-related property cat losses in advanced markets by more than 60%.
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Plus the latest senior executive moves and all the top news from the week.
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The executive spoke candidly about past management issues at the firm and expressed confidence about the long-term health of the business.
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Coletti takes the role previously held by Anthony Cordonnier, who recently joined reinsurance broker Guy Carpenter.
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The offering uses highest wind speeds at set locations as triggers for payouts.
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It is part of the firm’s commitment to reach net-zero emissions in its own operations by 2030.
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The carrier has hired also CNA’s Julie Stephenson as global head of casualty.
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Overall figure was driven by a deep winter freeze, hailstorms and wildfires and marked the second highest first-half figure behind 2011.
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Despite some rate tapering, the two German reinsurers are expanding premium, as all four carriers enjoyed North American rate increases.
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Marilyn Blattner-Hoyle will be based in Zurich and report to Andreas Hillebrand, global head of credit & surety.
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CFO John Dacey also urged primary carriers to be “realistic” on rising extreme-weather costs.
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The carrier reported price improvements of 4% at the summer renewals.
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The five reinsurers with the largest shares of the 2020 programme were Swiss Re, Scor, Munich Re, Hannover Re and Lloyd’s carriers.
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Head of crisis management Mark LeBlanc will lead the team.
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The product uses Swiss Re's flood model for rating purposes and links it with policy forms developed by Flood Services Corporation.
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The executive replaces Emmanuel Thommen, who has announced his retirement.
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Swiss Re acquired its Phoenix stake in 2020 following the sale of closed life business ReAssure.
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The revelation came with the release of the institute's 2021 Resilience Index.
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The leadership position in the region was vacant after the promotion of Melanie Slack, who has relocated to London.
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State-backed carrier GIC Re faces competition as the European Big Four press into the subcontinent.
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Rate increases are tailing off, but the carriers’ reports reveal divergent growth strategies.
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Aon-Willis, CFC's new Lloyd's syndicate, Talbot's contingency retreat and more.
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The carrier increased premium volume by 20% at 1 April as Japanese cedants lifted limits.
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The primary unit swings back to profit, while P&C re earnings expand seven-fold.
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Reinsurers, corporations and states must redouble efforts towards net-zero emissions, the carrier says.
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The solvency remains well within the targeted 200%-250% range.
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The new recruit will be head of power at the UK global broking centre.
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Reinsurers still have concerns over rate adequacy as views of typhoon risk evolve.
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The reinsurer finds secondary perils accounted for over 70% of natural catastrophe claims.
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Hannover Re has emerged as an outlier by reducing its overall 2020 dividend, but its growth plans may alleviate disappointment about the policy.
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The reinsurer accelerates its retreat as part of a new set of targets to achieve net-zero emissions by 2050.
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The reinsurer adds $300mn to the unit’s pandemic reserving in Q4 and slashes premium volumes by 11% at the renewals.
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Maya Bundt says insurers can do more to advise insureds to treat cyber like they would ESG concerns.
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The Marsh JLT-owned business specialises in cover for floating power and desalination operations.
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The Principles for Responsible Investment were launched in 2006, with Hannover Re, Liberty and Everest Re among other signatories.
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The executive will be replaced by Peter Elliott on an interim basis.
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The entity has had a presence in South Africa since 2015 via a binder agreement with Guardrisk Insurance.
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Natural catastrophe losses were up 40% year-on-year to $76bn, 7% above the 10-year average.
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The Swiss carrier’s digital white-label arm becomes the German InsurTech’s main investor.
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By setting up an asset manager, the reinsurer is competing with ILS firms on their turf.
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The company has expanded its sidecar in recent years but this will allow it to tap into a different investor base.
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The latest recruit is returning to Swiss Re after five years.
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Tina Baacke will join the business from 1 January and succeed Martin Schürz, who retires in February.
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Suncorp, IAG and QBE reinsurers could face significant recoveries after a landmark court ruling.
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Mr Justice Henshaw says current liabilities are incompatible with the UK Human Rights Act.
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Agis Kitsikis succeeds Stefan Behr, who has become head of business development for EMEA.
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China is expected to lead the upswing in business, with non-life premium growth of 10%.
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Guido Benz will join the business next spring and report to Lee Meyrick
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The 1 January renewal will be a battle for the biggest slice of post-Covid upside.
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The experienced broker had been freelancing for almost two years.
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CFO Dacey also highlights P&C re reserve strengthening after significant aviation loss deterioration.
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The reinsurer’s CFO warns pandemic “is not over” and declines to guide on year-end result.
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The Zurich carrier opens its international programme administration platform up to industry peers.
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The reinsurance CEO says Swiss Re will cut back its US casualty share.
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New York-based Laura Coppola becomes global head of the line of business.
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The restructuring primary business will continue to operate independently from the group.
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The two biggest reinsurers are said to be taking up a leadership role as the market starts to address the T&Cs challenge.
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The insurer could have total gross losses of more than EUR500mn, according to a French publication.
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Cyber crime and other potential system hazards should be proactively addressed.
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The “conservative” figure includes $1.2bn of new engineering cover as facilities are built as well as $9bn of commercial insurance for when they are up and running.
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The industry is not yet in a hard market, said group CUO Thierry Léger.
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Underwriting margins need to improve by as much as 7-12 percentage points to compensate for lower interest rates, the carrier states.
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The market value for grounded planes in the US is around $70bn, presenting increased natural catastrophe risk.
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The top 10 carriers continue to write the lion’s share of global premiums.
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The collaboration is the latest signal of big tech’s growing interest in the insurance sector.
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Waterdrop has been valued at nearly $2bn in the funding round.
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P&C premiums contracted only briefly in February, the reinsurer’s data shows.
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If Hurricane Katrina were to hit the US in 2020 privately insured losses could reach $65bn, up from $41bn 15 years ago.
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First-half executive commentary also reveals Hannover Re is allocating capital for growth as Scor continues portfolio review.
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Losses from severe convective storms in the US were the highest since the first half of 2011.
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Sources told this publication that the carrier could be mulling an open market entry.
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The CEO also casts doubt on the future of event cancellation cover.
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The company says the bulk of the pandemic hit came in the first half as it predicts a “manageable” impact.
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Swiss Re, ReAssure’s previous majority holder, now holds a 13.3% stake in the listed buyer.
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The former InsurTech CEO also joins the casualty reinsurance leadership team.
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The reinsurer’s alliance with Microsoft is close to spawning its first products, the executive says.
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Around $1.5bn in losses stem from P&C Re, with $500mn from CorSo.
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Carlo Bewersdorf joins from Hannoversche Lebensversicherung as the white-label digital insurer prepares to become a standalone business.
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This private sidecar deal brings total investment by PGGM to roughly $500mn.
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Non-life lines have fared better than life products and premium volumes may fully recover in 2021.
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The move follows Helvetia’s entry into the aviation market last October as the carrier expands in specialty lines.
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The reinsurer will disband its life capital unit, making digital platform iptiQ standalone, as the unit's chief moves to the CUO role.
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Michael Rüsch was previously the Swiss managing director at HDI Global.
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Swiss Re will become a cornerstone investor with 28 percent of the total offering.
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Analyst Jonny Urwin estimates a $20bn shortfall between available (re)insurance capital and demand.
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The Swiss carrier will take a 1.5 percent stake by buying into a London global depositary receipt listing.
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Generali, SIAT, Swiss Re, India International and PICC argued that the policies had an exclusive English jurisdiction clause.
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The four continental European reinsurers expect Covid-19 to accelerate price momentum despite divergent approaches at 1.4.
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The ratings agency has changed its view amid the carrier’s worse-than-expected earnings and high combined ratio.
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The carrier continues to cut premium as part of remedial efforts.
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The carrier stands by 2020 combined ratio targets assuming Covid-19 claims are stripped out.
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CFO Dacey expects increased demand and firming pricing in wake of pandemic.
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The pandemic makes a $476mn dent in group underwriting as Corporate Solutions sinks further into the red.
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The executive restored the carrier's financial strength following the credit crisis.
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The executive replaces Martin Mueller, who leaves the restructuring primary carrier for a group finance role.
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Stress testing put 2020 North Atlantic hurricane exposure at $6.4bn and credit default losses at $2.4bn.
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Executive returns after roles at Marsh and Barclays Capital.
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Swiss Re and Munich Re are both on risk for the $800mn Tokyo Olympics contingency policy.
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Coronavirus confusion, market meltdown and the lead-follow sceptics.
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The move is one of several management changes under new CEO Andrade.
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Hadi Riachi previously held senior positions at the carrier in China and Africa.
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The world’s biggest reinsurer teams with the $1.2tn tech company to create risk management and insurance solutions.
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Disparate attitudes between European reinsurers could temper aggressive rate increases at the key 1 April renewal.
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The biggest hit would come from the IOC’s $800mn event cancellation contract.
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The veteran investment banker will join the board in April and become chairman when Walter Kielholz retires next year.
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Ermotti has led Swiss investment banking and wealth management company UBS since 2011.
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Analyst Philip Kett says he’s “more constructive” on the Corporate Solutions outlook.
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The CUO says 10-20 percent rate expansion would be insufficient.
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The carrier assures market of its “confident” reserving position and signals a return to CorSo underwriting profitability in 2021.
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Executives anticipate strong rate growth in primary and property reinsurance lines.
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John Isherwood, now CEO of the globals reinsurance unit, will take over from Eric Smith when he retires.
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Analysts remain unconvinced that the US casualty reserving crisis is behind the carrier.
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The troubled commercial specialty unit reports strong renewals price growth but a $647mn full-year loss.
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Caroline Pritchard joins from Crawford & Company where she was global relationship manager.
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Estimates from Aon, Munich Re, Swiss Re and Willis Re put Typhoon Hagibis lower than the modelled average, with Typhoon Faxai in line with expectations.
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Bianca Willauer joins after 10 years with the Allianz-owned specialty carrier.
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The executive joins from AGCS where she led the North American financial lines team.
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The experienced legal and claims executive will underwrite and service a variety of accounts.
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The (re)insurance veteran will continue with non-executive and consultancy work.
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The loss tally includes a $7bn estimate for Typhoon Faxai and $8bn for Typhoon Hagibis.
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Casualty has “a definite trend towards improving terms”, the head of casualty underwriting for the US and Canada said.
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Everest, Swiss Re, Aspen and other reinsurers were accused by Integrand of delaying payment of claims from Irma and Maria.
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Just as the major UK political parties brawling to form the next government have decided voters are unmoved by the boring business of debt- and deficit-to-GDP ratios, Swiss Re CEO Christian Mumenthaler has concluded that capital concerns no longer hold that much sway.
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The reinsurer said it had it ceded $900mn more exposure overall into the alternative reinsurance market in 2019.
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This publication highlights five key areas of the unit’s turnaround plan from Swiss Re’s investor day.
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Is light finally at the end of the tunnel for Swiss Re Corporate Solutions?
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There was a lot to unpack in Swiss Re’s investor day update, which focused on its plans to continue recapturing market share in the natural catastrophe business.
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CFO John Dacey said the carrier values capital strength amid political and economic uncertainty.
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CFO John Dacey says the new alternative capital partners unit will enhance its flexibility.
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The carrier has made a quarter of total planned portfolio cuts already this year.
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The move follows an exodus of casualty underwriters from Swiss Re’s primary business over 2019.
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The Sigma report said the expansion will be led by China.
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Existing Mena business will be handled in Zurich, with new and renewal business for the region relocating to London.
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The four European carriers have significantly outpaced Bermudian reinsurers in GWP growth so far this year.
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The company claims to be the first UK InsurTech to secure authorisation in its own right.
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The European carrier has "no intention" of handing any investor new stock following a report that the Chinese group could buy $2bn or more of its equity.
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Capacity will be led by Swiss Re’s US operation, which underwrites 51 percent of the quota share agreement.
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The executive will replace Gerhard Lohmann, who is returning to Credit Suisse.
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The carrier expects significant increases to Japanese property cat rates in 2020.
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The shares slip marginally as the carrier confirms a $1bn stock buyback won’t proceed.
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Remedial action at the carrier's primary P&C arm pushes the unit to a $441mn loss.
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Oliver Boreham takes up a New Jersey-based role at the intermediary.
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He is set to leave on 1 November after more than 10 years at the global reinsurer.
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There are questions on whether the four European reinsurers will continue to expand their top line as conditions improve
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Withdrawal may prompt exodus from the class as carriers fear climate change patterns.
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The former COO for reinsurance will become president of Latin American reinsurance to replace Urs Baertschi.
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CEO John Fowle will relinquish the underwriting role on the arrival of Nicola Stacey.
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