Month: January 2022

January 14, 2022

Swiss bank Credit Suisse has filed insurance claims related to over $1.1 billion in exposure across two of its Greensill-linked supply chain finance funds, as the bank works to recover $10 billion in funds linked to the insolvent financial services […]

January 14, 2022

The Hong Kong Insurance Authority (IA) recently hosted a discussion where insurance professionals shared their predictions on the industry’s participation in initiatives for addressing climate change, noting the emerging opportunities ahead. With climate change remaining as an imminent threat facing […]

January 13, 2022

KYND, the London-based provider of cyber risk management solutions for the insurance industry, announced a £3.25 million ($4.4 million) investment from BGF, a growth capital investor. The insurtech will use the investment to accelerate its growth and global expansion plans, […]

January 13, 2022

UK regulator the Prudential Regulation Authority (PRA) has set out its priorities for 2022, which include a renewed focus on the financial risks arising from climate change. The PRA acknowledged that some insurers and reinsurers have made “good progress” in […]

January 12, 2022

Willis Towers Watson announced the formation of a new Crisis Management unit with the merger of Special Contingency Risks (SCR) and the Terror and Political Violence teams, which will sit within its Financial Solutions Global Line of Business. Led by […]

January 11, 2022

A new report by the World Economic Forum (WEF) has identified climate failure as the foremost long-term global risk, with societal divides, livelihood crises and mental health deterioration dominating the shorter-term landscape. The WEF’s Global Risks Report 2022 also found […]

January 11, 2022

On December 31, 2021, New York Governor Kathy Hochul signed the Comprehensive Insurance Disclosure Act (Senate Bill S7052). This new law amends Civil Practice Law and Rules (CPLR) Section 3101(f) to require that within sixty (60) days of serving an […]

January 11, 2022

Damage wrought by Hurricane Ida in the U.S. state of Louisiana and the flash floods that hit Europe last summer helped make 2021 one of the most expensive years for natural disasters, reinsurance company Munich Re said Monday. The company’s […]

January 10, 2022

The Electric Reliability Council of Texas (ERCOT) and several local power companies in the state are facing a massive lawsuit filed by more than 100 insurance companies over damages related to the grid failure that occurred during the February 2021 […]

January 10, 2022

Analysts at Guy Carpenter have reported that the general aviation and aerospace markets remained “relatively unaffected” by COVID-19 at the January 1, 2022 renewal period. After two years of increases in these markets, the broker reported that reinsurers priced as […]

January 7, 2022

Fortitude Re announced the formation of a Bermuda multi-line reinsurer and the acquisition of a U.S. life insurer. In addition, Fortitude Re’s subsidiary, Fortitude Reinsurance Co. Ltd. (FRL), Bermuda’s largest multi-line reinsurer, obtained approval to operate as a “reciprocal jurisdiction […]

January 7, 2022

Allianz Life has completed its previously announced reinsurance agreement with affiliates of Sixth Street, including Talcott Resolution Life Insurance Company, and Resolution Life, for a $35-billion fixed index annuity portfolio. The transaction which was announced last month, unlocks $4.1 billion […]

January 6, 2022

The “Lloyd’s Product Launchpad” is the new home for the development of insurance solutions to tackle emerging risks. The Lloyd’s Product Launchpad has been created to replace the Product Innovation Facility and enable the Lloyd’s market to keep partnering with […]

January 6, 2022

The National Hockey League (NHL), and 20 of its clubs, have filed a lawsuit against their insurance carriers for allegedly breaching contracts by refusing to cover more than $1 billion in COVID-19-related losses incurred over the past two seasons. The […]

January 5, 2022

Has your brokerage enjoyed a year of increased revenue, headcount growth, and successfully refocused offerings? If so, your organization may qualify for Insurance Business America’s list of the fastest-growing brokerages in the country. To be considered for a place in […]

January 5, 2022

A Jonesboro, Louisiana fire chief and a Jackson Parish sheriff’s deputy have been arrested for insurance fraud over an alleged fraudulent vehicle crash that involved two Jonesboro Fire Department vehicles. In August 2021, Louisiana State Police Insurance Fraud/Auto Theft Unit-Monroe […]

January 5, 2022

UnitedHealth Group took the top spot in AM Best’s ranking of the world’s 25 largest insurance companies for the seventh straight year, the rating agency has reported. The insurer posted $201.5 billion in net premiums written (NPW) in 2020. Allianz […]

January 4, 2022

Specialist insurer Beazley recently hosted a small group meeting with Paul Bantick, Global Head of Cyber and Technology, and Sarah Booth, Head of IR, which focused on cyber insurance. According to the insurer, cyber requires significant investment in underwriting and […]

January 4, 2022

The market for catastrophe bonds and related insurance-linked securities (ILS) saw records broken once again in 2021, as annual issuance surpassed the previous high set a year ago and reached $14 billion across pure property cat bonds, other line of […]

January 3, 2022

Global insurer Zurich Insurance Group announced this morning that it is freeing up roughly US $1.2 billion of capital through the sale of its legacy Italian life and pensions book of policies. Zurich said that its subsidiary Zurich Investments Life […]