Reinsurance

AXA XL appoints Pat Dougherty as Global Head, Commercial Bonds

Retrieved on: 
Thursday, February 17, 2022
Fortune 1000, Liberty Mutual, AFSB, Mentorship, Insurance, AXA, University, Marketing, Risk management, Growth, Organization, Reinsurance

NEW YORK, Feb. 17, 2022 /PRNewswire/ -- AXA XL has appointed Pat Dougherty as Global Head, Commercial Bonds.

Key Points: 
  • NEW YORK, Feb. 17, 2022 /PRNewswire/ -- AXA XL has appointed Pat Dougherty as Global Head, Commercial Bonds.
  • Mr. Dougherty steps into the role previously held by Maria Duhart, now Chief Underwriting Officer, Specialty Niche, Americas.
  • Before joining AXA XL, Mr. Dougherty oversaw the field underwriting and marketing in the Mid-Atlantic and Northeast regions for Nationwide Commercial Surety.
  • AXA XL, the property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized companies through to large multinationals, and reinsurance solutions to insurance companies globally.

S&P Global Market Intelligence Launches Enhanced RatingsDirect® on S&P Capital IQ Pro Platform

Retrieved on: 
Thursday, February 17, 2022
University, Credit, S&P Global, NYSE, Alpha, Risk, Solution, SPGI, S&P Global Ratings, Artificial intelligence, S, Government, Research, Multimedia, ESG, News, Intelligence, Industry, Risk management, Reinsurance

NEW YORK, Feb. 17, 2022 /PRNewswire/ -- S&P Global Market Intelligence today announced the launch of RatingsDirect on its S&P Capital IQ Pro platform, that provides its customers a robust workflow solution for efficient credit risk analysis as the official source for credit ratings and research from S&P Global Ratings.

Key Points: 
  • NEW YORK, Feb. 17, 2022 /PRNewswire/ -- S&P Global Market Intelligence today announced the launch of RatingsDirect on its S&P Capital IQ Pro platform, that provides its customers a robust workflow solution for efficient credit risk analysis as the official source for credit ratings and research from S&P Global Ratings.
  • RatingsDirect on S&P Capital IQ Pro features the following new and enhanced offerings:
    New intuitive search function powered by artificial intelligence (AI) that improves findability and navigation as well as enables users to search seamlessly across S&P Global Ratings credit ratings data and research.
  • "The new RatingsDirect on S&P Capital IQ Pro builds on S&P Global Market Intelligence's deep expertise in data and analytics coupled with S&P Global Ratings' legacy in highly proprietary credit ratings and research content," said Whit McGraw, Global Head of Credit & Risk Solutions of S&P Global Market Intelligence.
  • S&P Global Market Intelligence is a division of S&P Global (NYSE: SPGI), the world's foremost provider of credit ratings, benchmarks and analytics in the global capital and commodity markets, offering ESG solutions, deep data and insights on critical business factors.

SiteMinder reaccelerates and grows across key metrics in H1 $55M revenue, 33.4K subscribers, $111M ARR, growth in ARPU

Retrieved on: 
Tuesday, February 15, 2022
People, ASX, Little, ARR, Company, GTM, LTV, AUD, Women's Choice Awards, Solution, IPO, Travel, Leadership, GeForce Partner Program, Technology, EBITDA, Omicron, Net, SDR, ARPU, Integrator, Board, Initial public offering, Vulnerability and Risk Committee, Financial Times and McKinsey Business Book of the Year Award, Optimism, Acceleration, CAC, Growth, Investment, Total, Yoy, People's Choice Awards, COVID-19, Program, Vaccination, Audit, Animal, Video game, Tourism, Reinsurance, Airline, Retail, EMEA

SYDNEY, Feb. 15, 2022 /PRNewswire/ -- SiteMinder Limited (ASX:SDR) ("SiteMinder" or "the Company") has today released its results over the six months ended 31 December 2021 (H1FY22), to mark its first half-year report as an ASX-listed company since its Initial Public Offering in November 2021. SiteMinder's performance demonstrated reacceleration, in line with the continued reopening of travel globally and the Company's rebuilding of its go-to-market (GTM) capacity, which was reduced as part of its response to the COVID-19 pandemic in early 2020.

Key Points: 
  • During H1FY22, annualised property growth in the Americas expanded by 15%, EMEA by 8% and APAC was flat.
  • Underlying free cash outflow of $16.6 million represented 30% of revenue with available cash and term deposits of $113 million.
  • Following a resilient performance in FY21, SiteMinder delivered growth in H1FY22, including total revenue, which grew 10.4% (cc) from the prior year to $55.0 million.
  • SiteMinder also saw its LTV/CAC increase from 2.1x in FY21 to 3.2x in H1FY22, with lower churn and expanding ARPU.

Alteryx Announces Fourth Quarter and Full Year 2021 Financial Results

Retrieved on: 
Tuesday, February 15, 2022
Cloud, APA, Health, Income, NYSE, CEO, Ratio, GAAP, ARR, Legislation, Risk, Data science, SEC, AWS, Annual report, Balance sheet, Technology, Mission statement, Organization, Acquisition, Automation, Table, Growth, Investment, COVID-19, CLASSA, AYX, Video game, Film, Bank, Video game console, Motor vehicle, Lithium, Reinsurance, Insurance, Security (finance), Alteryx

Revenue: Revenue for the fourth quarter of 2021 was $173.8 million, an increase of 8%, compared to revenue of $160.5 million in the fourth quarter of 2020.

Key Points: 
  • Revenue: Revenue for the fourth quarter of 2021 was $173.8 million, an increase of 8%, compared to revenue of $160.5 million in the fourth quarter of 2020.
  • Non-GAAP income from operations for the fourth quarter of 2021 was $17.7 million compared to non-GAAP income from operations of $49.2 million for the fourth quarter of 2020.
  • Cash provided by operating activities for the fourth quarter of 2021 was $38.8 million compared to cash provided by operating activities of $58.5 million for the fourth quarter of 2020.
  • Ended the fourth quarter of 2021 with 7,936 customers, a 12% increase from the fourth quarter of 2020.

Benchmark Specialty Insurance Company Attains “A” Ratings From AM Best

Retrieved on: 
Tuesday, February 15, 2022
NASDAQ, BSIC, Data, Company, District, Forward-looking statement, AM Best, Private Securities Litigation Reform Act, Nasdaq, GLOBE, TIG, Insurance, U.S. Securities and Exchange Commission, Risk management, Growth, COVID-19, News, Program, Industry, Reinsurance

BSICs ratings were awarded due to a 100% quota share reinsurance contract with Benchmark Insurance Company, highlighting Benchmark Insurance Companys balance sheet strength, operating performance, limited business profile and appropriate enterprise risk management.

Key Points: 
  • BSICs ratings were awarded due to a 100% quota share reinsurance contract with Benchmark Insurance Company, highlighting Benchmark Insurance Companys balance sheet strength, operating performance, limited business profile and appropriate enterprise risk management.
  • We are very pleased that AM Best recognized the strength of Benchmark, said Andrew M. OBrien, Chief Executive Officer of Trean.
  • BSIC, a newly added wholly-owned subsidiary of Benchmark Insurance Company, Inc., is an excess and surplus carrier that will write specialty/niche products through partners that give the company access to program offerings on a non-admitted basis.
  • Trean Insurance Group, Inc. (NASDAQ: TIG) provides products and services to the specialty insurance market.

ArcelorMittal announces US$1 billion share buyback program

Retrieved on: 
Friday, February 11, 2022
MTS, ArcelorMittal, Carbon, Heart, Society, ER, Steel, Program, Iron, Share repurchase, Reinsurance, Iron ore

Following publication of its fourth quarter and full year 2021 results via its press release dated 10 February 2022 (the ER Press Release)1, ArcelorMittal announces a new share buyback program in the amount of US$1 billion (the Program) under the authorisation given by the annual general meeting of shareholders of 8 June 20212.

Key Points: 
  • Following publication of its fourth quarter and full year 2021 results via its press release dated 10 February 2022 (the ER Press Release)1, ArcelorMittal announces a new share buyback program in the amount of US$1 billion (the Program) under the authorisation given by the annual general meeting of shareholders of 8 June 20212.
  • The Program is expected to be completed during the first half of 2022, subject to market conditions.
  • The shares acquired under the Program are intended:
    1) To meet ArcelorMittals obligations under debt obligations exchangeable into equity securities;
    2) To reduce ArcelorMittals share capital, and/or;
    3) To meet ArcelorMittals obligations arising from employee share programs.
  • In 2021, ArcelorMittal had revenues of $76.6 billion and crude steel production of 69.1 million metric tonnes, while iron ore production reached 50.9 million metric tonnes.

RPT Realty Declares and Raises Dividend on Common Shares and Declares Dividend for Preferred Shares

Retrieved on: 
Thursday, February 10, 2022
Board of directors, NYSE, GLOBE, RPT Realty, Board, REIT, Trustee, RPT, Company, Series, New, Holding company, Reinsurance, Security (finance)

The Board of Trustees also approved a first quarter 2022 Series D convertible preferred share dividend of $0.90625 per share.

Key Points: 
  • The Board of Trustees also approved a first quarter 2022 Series D convertible preferred share dividend of $0.90625 per share.
  • The current conversion ratio of the Series D convertible preferred shares can be found on the Company's website at investors.rptrealty.com/shareholder-information/dividends.
  • RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets.
  • The common shares of the Company, par value $0.01 per share (the common shares) are listed and traded on the NYSE under the ticker symbol RPT.

First Trust Advisors L.P. Announces Distributions for Exchange-Traded Funds

Retrieved on: 
Thursday, February 10, 2022
Professional Services, Finance, Zero, Credit, Book, AIB (NI), Income, Investment Company Act of 1940, Time, Prospectus, FINRA, Risk, U.S. Securities and Exchange Commission, CEF, Judgement, Internal Revenue Service, United, Index, LIBOR, SEC, Loss, Vaccine, Adviser, Security (finance), Internal Revenue Code section 409A, Infection, FTP, NAV, Federal Deposit Insurance Corporation, Technology, London Interbank Bid Rate, ETF, Funding, Respiratory disease, Disease, MCEF, MLP, Investment, Rule, COVID-19, Tax, ERISA, Face, Internal Revenue Code, FTA, Revenue stream, Industry, Terrorism, Financial adviser, Bank, Insurance, Reinsurance, Indian Sugar Mills Association, Fund

FTA has collective assets under management or supervision of approximately $212 billion as of January 31, 2022 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.

Key Points: 
  • FTA has collective assets under management or supervision of approximately $212 billion as of January 31, 2022 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts.
  • First Trust Municipal CEF Income Opportunity ETF (MCEF) and First Trust CEF Income Opportunity ETF (FCEF) invest in closed-end funds (CEFs).
  • In addition, a Fund's investment performance and risks may be related to the investment and performance of the underlying funds.
  • Additionally, the limitations under Rule 12d1-4 may impact the Advisors ability to allocate shares of acquired funds among the fund and other funds in the Advisors complex, which could negatively impact the fund.

OSFI publishes revised guidelines on reinsurance practices

Retrieved on: 
Friday, February 11, 2022
Procedure, Superintendent, Review, B-2, OSFI, Financial institution, Guideline, Property, Industry, Policy, Prudential, Insurance, Reinsurance

OTTAWA, ON, Feb. 11, 2022 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) concluded its review of reinsurance practices by issuing final revised versions of Guideline B-3, Sound Reinsurance Practices and Procedures, and Guideline B-2, Property and Casualty Large Insurance Exposures and Investment Concentration.

Key Points: 
  • OTTAWA, ON, Feb. 11, 2022 /CNW/ - Today, the Office of the Superintendent of Financial Institutions (OSFI) concluded its review of reinsurance practices by issuing final revised versions of Guideline B-3, Sound Reinsurance Practices and Procedures, and Guideline B-2, Property and Casualty Large Insurance Exposures and Investment Concentration.
  • These revised guidelines reflect changes in industry practices over the past 10 years and come into effect on January 1, 2025.
  • The revised Guideline B-3 sets out OSFI's expectations for federally regulated insurers (FRIs) to better identify and manage risks arising from the use of reinsurance, particularly counterparty risk.
  • This nearly three-year transition period permits FRIs time to effectively adjust their business practices to comply with the new guidelines before they come into force.

Active Wildfire Seasons Provide New Lessons on Wildfire Risk

Retrieved on: 
Thursday, February 10, 2022
American Academy, American Academy of Actuaries, Association, Academy, Rare events, Multimedia, Risk, Public policy, Leadership, Professional, Wildfire, Reinsurance, Insurance

"Fostering a healthy and fair insurance market for wildfire peril is a major public policy objective, and recent wildfire seasons have raised issues, challenges, and opportunities for all stakeholders to consider."

Key Points: 
  • "Fostering a healthy and fair insurance market for wildfire peril is a major public policy objective, and recent wildfire seasons have raised issues, challenges, and opportunities for all stakeholders to consider."
  • Insurance rate adequacy and availability for wildfire risk, suggesting a need for insurers to rethink how they provide coverage, better assess risk, and work with regulators so they can offer the coverage needed to consumers.
  • Numerous regulatory and legislative actions taken and under consideration regarding risk reduction, affecting consumers and insurers in various ways.
  • Growing recognition of the need to assess wildfire risk more widely in the United States.