Thierry Léger News

The New Digital Normal and the Future of Work in Reinsurance

It’s been said that necessity is the mother of invention. That proverb was illustrated perfectly during the insurance industry’s successful scramble to conduct its business digitally at the onset of the COVID-19 crisis. This digital transformation is creating a new …

Catastrophe Losses Driven Higher by Secondary Perils – And Climate Change

Secondary perils, exacerbated by climate change, are driving catastrophe insurance losses, warn a growing chorus of reinsurers and brokers. Indeed, broker Aon reveals that more than 60% of 2020’s insured catastrophe losses of $54 billion have been caused by secondary …

Some Reinsurers Will Try Pandemic Exclusions for Casualty at Jan. 1 Renewals

Whether they are convinced that they absolutely need them or not, some reinsurers aim to try to put pandemic exclusions into casualty reinsurance contracts next year, a reinsurance broker representative revealed recently. Amanda Nguyen, U.S. Casualty Solutions Leader for Reinsurance …

Social Inflation, Low Interest Rates, Rising Catastrophes: Recipe for a Hard Market

Even before the coronavirus crisis hit, the re/insurance industry was in a period of significant rate hardening, which will likely continue over the next two years, or even longer, according to Munich Re. Such price increases became necessary after 10-plus …

Swiss Re’s Chief Underwriting Officer Schmid Is Stepping Down, Succeeded by Léger

Swiss Re announced the appointment of Thierry Léger as the group chief underwriting officer, effective Sept. 1, 2020. At the same time, the reinsurer announced it is restructuring its life businesses. Léger succeeds Edouard (Edi) Schmid, who has decided to …

Swiss Re Launches Digital Market Center Supported by Microsoft Data Analytics, AI Tools

Swiss Re has formed a strategic alliance with Microsoft Corp., which is providing digital tools to support Swiss Re’s new Digital Market Center. The Digital Market Center is designed to help develop next-generation, large-scale tools to transform the way the …

Swiss Re to Sell U.K. Insurer ReAssure to Phoenix Group for $4.3B in Cash, Shares

Swiss Re announced an agreement to sell its U.K. life subsidiary ReAssure Group plc to Phoenix Group Holdings plc. As part of the agreement, which values ReAssure at £3.25 billion ($4.3 billion), Swiss Re will receive a cash payment of …

Japan Insurance Group MS&AD to Raise Stake in Swiss Re’s UK Unit ReAssure

Japanese insurance group MS&AD Insurance Group Holdings (MS&AD) has agreed to increase its minority stake in ReAssure, Swiss Re’s UK closed life book consolidator, by making an additional cash investment of £315 million ($398.7 million). The transaction, which is subject …