News – Page 63
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NewsInsuring the transition
The industry has a ‘once in a lifetime’ chance to support the transition to Net Zero. So what are we waiting for?
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NewsSompo International agrees sale of EAL to ‘withdraw’ from Lloyd’s
The move marks the culmination of the firm’s strategy to divest itself from Lloyd’s and focus on the London market
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NewsMoody’s downgrades Peak Re to Baa1; outlook negative
It follows rating action against majority shareholder, Fosun, amid contagion concerns
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NewsInvestment losses, nat cats and Ukraine dent 1H22 results
There was a strong year-on-year decline in profitability in 1H22 for the four main European reinsurers, reports Fitch
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NewsR&Q rebukes Phoenix in assertive open letter
Board expresses continued support for William Spiegel and accuses Phoenix of causing ’disruption’ and ‘distraction’
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NewsGlobal reinsurers split on nat cat risk
Around half of the top 21 have retrenched, with others increasig their exposure to natural catastrophe risk, finds S&P
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NewsLiz Truss moots FCA and PRA merger
The frontrunner to be next UK prime minister has pledged a shake up of the City of London regulators
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NewsReduced COVID impact benefits US-Bermudian reinsurers
Favourable reserve development is expected to continue, but there is still inflation to contend with, warns AM Best
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NewsClaims inflation could offset premium gains - Moody’s
The four largest European reinsurers reported a 47% decline in combined net profits for the first half of 2022
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NewsSwiss Re loses employment tribunal
Ruling finds former political risk underwriter was unfairly dismissed and subjected to sex discrimination
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NewsLloyd’s sets cyber policy exclusions for state-backed attacks
Managing agents must show that exclusion clauses have been legally reviewed
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NewsTop reinsurers achieve COR of 94% in H1 - Gallagher Re
This was supported by higher premiums, lower nat cat loss impact, higher prior year reserve development, and a lower expense ratio
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NewsUkrainian grain insurance facility secures first placement
Marine cargo and war facility has been extended to clients of Lloyd’s brokers
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NewsReinsurance capital could shrink in 2022 - AM Best
Driven by losses in investment markets, another severe property cat season could prove “adverse”
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NewsBest affirms Swiss Re ratings; puts ICR on ‘negative’
Negative outlook on the reinsurance group’s long-term issuer credit rating reflects operating performance pressure
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NewsVida breaks ranks; offers support for R&Q’s Spiegel
A “dramatic change” to the executive leadership of R&Q would create a “major distraction”, insists shareholder
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NewsMarsh launches green and blue hydrogen insurance facility
Led by AIG and Liberty Specialty Markets, the facility offers up to $300m per risk including cover for property damage and BI
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NewsMapfre Re gets the green light for China subsidiary
The new business, which has initial operating capital of €72.5m, will be led by Ignacio Rodríguez Arteche
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NewsEuropean winterstorm losses creep up to €3.74 billion - Perils
The latest estimate makes the February storms the largest European windstorm loss since Kyrill in January 2007
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NewsInsurance M&A hits ten-year high
The sale of Athene Holding to Apollo Global Management for $7.7 billion is deal of the year so far - Clyde & Co
