Industry Segments: Reinsurers Page 24 / 75
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- July 7 2023
IAG reduces aggregate cover and increases retentions in July 1 renewals
The Sydney-based insurer purchased aggregate, third and fourth event reinsurance covers for FY 2024.
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- July 7 2023
Hannover Re and IAG renew 2.5% quota share
The new arrangement is effective from July 1, 2023, and has a term of five years.
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- July 5 2023
Property rate increases moderated at mid-year renewals: Guy Carpenter
Global cat reinsurance risk-adjusted rate increases ranged from 10% to 50%, with loss-impacted clients often seeing higher pricing.
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- July 4 2023
Suncorp drops aggregate cover, increases retentions and pays more at 1.7 renewals
The combined cost of the FY 2024 catastrophe reinsurance premiums and the natural hazard allowance is expected to increase by approximately A$250m or 12% from FY 2023.
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- July 4 2023
Guy Carpenter rejigs South-East Asia and Korea leadership
Bengt Johnsen is promoted to chairman, while Les Loh takes over as CEO.
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- July 4 2023
Australia sees 25% rate hikes, higher retention levels at 1.7 renewals
Although the market has had more capacity coming in from cyclone reinsurance pool, the uncertainty in the lower layers has led to higher retention and increased attachment return periods.
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- July 4 2023
RACQ joins Australian cyclone reinsurance pool
The carrier's statement said that while it supported the pool, its design and implementation of the current model will only deliver marginal benefits to members living in the north.
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- July 3 2023
New capital, moderated demand lead to orderly 1.7 renewals: Gallagher Re
There were significant year-on-year rate increases and reinsurers sought to bring terms and conditions in line 1.1 and 1.4 renewals.
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- July 3 2023
Korean regulator mulling separate licence for reinsurers
The revised licensing regime will only apply to new players and is intended to bring more capacity and competition to the market, according to a Korean Re report.
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- June 30 2023
Suncorp joins Australia’s cyclone reinsurance pool
All new and renewal policies for home, strata, landlord and small business property insurance across the group’s brands, including AAMI, Apia and Vero, will now access the pool.
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- June 30 2023
Inver Re plots course for expansion of index products in APAC
The region’s cyber, marine and specialty will form a core market for the placement and structuring of ILW offerings, says Tom Johansmeyer.
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- June 29 2023
Lack of cross-border clarity slows (re)insurers entry into India’s Gift City
Despite the regulatory push, only four carriers have so far set up in the financial hub, with most non-life players awaiting clearer regulations.
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- June 27 2023
Retro capacity on slow path to recovery
While capacity providers are re-entering and the ILS sector is buoyant, the impact on 1.7 renewals will be limited as it takes time for the capital to feed into the markets.
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- June 27 2023
Scor appoints Fabrice Bregier as chairman
Bregier succeeds Denis Kessler, who died earlier this month.
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- June 23 2023
WTW India appoints Anand Kolhe as exec vice-president, facultative reinsurance
Prior to this move, he was associate director with Gallagher’s Indian insurance brokerage arm Edelweiss Gallagher Insurance Brokers.
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- June 22 2023
Analytics: Hong Kong and China P&C players’ underwriting margins squeezed
Carriers are under pressure as reinsurance costs rise, however, at 10% coverage for the top 15 Chinese insurers, there is plenty of room to grow.
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- June 21 2023
Korea’s Nonghyup Property and Casualty inks strategic parternship with Vietnam’s PVI Insurance
The two carriers plan to extend reinsurance capabilities and share customer networks and services in South-East Asia.
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- June 21 2023
‘Surprise’ losses put pressure on pricing for New Zealand renewals
Cedents and reinsurers alike are seeking to come to terms with a shifting threat landscape, especially where cat-exposures are concerned.
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- June 19 2023
Asian Re rating outlook positive as it lays out plan to improve underwriting results: AM Best
The rating agency affirmed B+ (good) rating and noted that the reinsurer's COR has improved to 103.3%.
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- June 16 2023
‘Late’ July renewals to continue hardening trend
Sluggish retro markets, and elevated nat cat losses in Australia and New Zealand will weigh on 1.7.
