Reinsurance News

NEXT Insurance appoints Rhodes as Chief Insurance Officer

NEXT Insurance a leading digital insurtech company has appointed Chris Rhodes as the company’s first Chief Insurance Officer. Within this role, Rhodes will use his extensive industry experience to focus on the insurance function to support p...

Posted: Dec 07, 2022

Milliman adds new tools to Arius insurtech software

Global consulting and actuarial firm Milliman has released the latest version of its Arius insurtech software solution, a reserve analysis system for property and casualty insurers and large self-insureds. The new release provides significant enha...

Posted: Dec 07, 2022

Hurricane Ian magnifies Florida homeowners’ re/insurance vulnerability: Fitch

According to Fitch Ratings, the Florida homeowners’ insurance market’s already uncertain position is set to weaken further with the destruction caused by Hurricane Ian, which is potentially the second-largest hurricane in terms of insured losses....

Posted: Dec 06, 2022

AM Best maintains negative outlook on US Personal Lines insurance

Global credit rating agency AM Best has announced it is maintaining its negative outlook on the US personal lines insurance segment for 2023. It was recently revised to negative in September 2022. According to the announcement, AM Best’s dec...

Posted: Dec 06, 2022

Amwins appoints Jennifer Nuest as transportation practice leader

Amwins, a global distributor of specialty insurance products and services, has announced the appointment of Jennifer Nuest to the newly created position of transportation practice leader. Nuest has over a decade of transportation insurance industr...

Posted: Dec 06, 2022

KCC launches climate conditioned catalogs for hurricanes, floods & wildfires

Karen Clark & Company (KCC) has announced the launch of complete stochastic climate-conditioned catalogs for the weather-related perils most impacted by climate change, hurricanes, floods, and wildfires. There are five associated climate catal...

Posted: Dec 06, 2022

FTX collapse a “sobering warning” for insurers: AM Best

The bankruptcy of cryptocurrency exchange FTX is the latest example of a corporate collapse resulting from governance failures, and carries some tough lessons for insurers, according to AM Best. Although FTX is not an insurance company, the rating...

Posted: Dec 06, 2022

Insurers need to ensure they develop and use AI ethically: WTW’s Chapman

Artificial Intelligence (AI) and machine learning is a growing topic within both the insurance and reinsurance industry, with more companies using the technology to manage manual, low complexity workflows and dramatically increase operational effi...

Posted: Dec 06, 2022

Arbol’s parametric solution delivers $10m payout for Hurricane Ian damages

Arbol, a global climate risk solutions platform, has announced its parametric reinsurance solution has delivered one of the first payouts for loss or damage attributed to Hurricane Ian. The $10 million payout to Centauri Insurance, a property and...

Posted: Dec 06, 2022

Aon appoints Karl DeGiovanni as director of client solutions for EMEA

Aon has appointed Karl DeGiovanni as director of client solutions for EMEA. DeGiovanni made the announcement on LinkedIn where he also says that he has been with the firm for nearly fifteen years. Based in Malta, he will focus on insurance managem...

Posted: Dec 06, 2022

Bloomberg says European P&C insurers to struggle on portfolio returns

A senior analyst at Bloomberg Intelligence says that European P&C insurers may struggle to register positive returns on their portfolios. Speaking on a Bloomberg Intelligence, Matthew Palazola, senior analyst for P&C insurance, spoke about...

Posted: Dec 06, 2022

Ardonagh acquires British broker The Professional Indemnity Company

Ardonagh Advisory Holdings Ltd, a subsidiary of The Ardonagh Group, has acquired The Professional Broking Group Limited which trades as The Professional Indemnity Company. The business will operate as part of the wider Ardonagh Advisory platform w...

Posted: Dec 06, 2022

CEA could shrink reinsurance program after struggling to secure cover

The California Earthquake Authority (CEA), one of the world’s largest insurers of residential earthquake cover, has warned that it will likely be forced to reduce its reinsurance program in the near future, after struggling to secure ample c...

Posted: Dec 06, 2022

Talanx targets 25% earnings increase in new three-year plan

Germany’s Talanx Group, the parent of reinsurer Hannover Re and HDI Global, is targeting a 25% earnings increase and a group-wide return on equity goal of more than 10% as part of a new three-year strategy, it has announced. Talanx will look to ra...

Posted: Dec 06, 2022

Bailey replaces Jeffreys as chair of Aon UK Board

Aon has announced that Marshall Bailey OBE, CFA, will replace Simon Jeffreys as non-executive chair of the Aon UK Limited Board, effective 31 January 2023. Jeffreys, who joined the Board in May 2009, tenure in office ends in January, following a s...

Posted: Dec 06, 2022

Korean Re rules out cover for coal mining or power plant construction

Korean Re has announced that it will no longer provide reinsurance for new coal mining or power plant construction from the beginning of next year. The move was cautiously welcomed by Insure our Future, which said that new restriction were weaker...

Posted: Dec 06, 2022

Howden names Ivo Gugolz CEO for Reinsurance, Switzerland

International insurance broker Howden has hired Ivo Gugolz from Aon, as its Chief Executive Officer for Reinsurance in Switzerland, to be effective April 1st 2023. According to the broker, Gugolz appointment signals a further European focus for Ho...

Posted: Dec 06, 2022

AXA XL promotes Laura Casby to head of upstream, UK and Lloyd’s

AXA XL has promoted Laura Casby has been promoted to head of upstream energy for the UK and Lloyd’s. Casby, who will begin her role immediately, will lead AXA XL’s Upstream Energy team, covering both offshore and onshore risks. Based in London, sh...

Posted: Dec 06, 2022

All London market tech partners now support Blueprint Two solutions: Lloyd’s

The specialist Lloyd’s insurance and reinsurance marketplace has confirmed that all London market technology vendors that interact with the existing central services have pledged their intent to introduce changes to their platforms to accommodate...

Posted: Dec 06, 2022

Neptune Flood names Matt Duffy Chief Risk Officer

AI-driven flood insurtech Neptune Flood has announced the appointment of Matthew Duffy as Chief Risk Officer. Duffy’s appointment comes internally, having spent the last eighteen months as Neptune’s Director of Risk Management & In...

Posted: Dec 06, 2022

Over 40% of UK commercial properties underinsured, reports Gallagher

Re/insurance broker Gallagher has reported that more than two in five commercial properties in the UK are currently underinsured due to rising inflation and cost of materials. In research amongst business owners and commercial property claims mana...

Posted: Dec 06, 2022

BMS acquires Eisenar to boost Iberian expansion

BMS has announced that it has signed a deal to acquire Spanish specialty insurance broker Eisenar in a move that will further bolster its Iberian regional expansion. Founded in 2001 by Eugenio Sanchez-Belda, Eisenar is headquartered in Seville and...

Posted: Dec 06, 2022

AM Best assigns positive outlook to DUAE market segment

The global delegated underwriting authority enterprise (DUAE) segment has been assigned a positive outlook by credit rating agency AM Best. Technology, talent and diverse sources of capital continue to drive growth in this channel, the agency adde...

Posted: Dec 06, 2022

WTW names William Miller Head of Crisis Management for APAC

Broking and solutions company WTW has announced the appointment of William Miller as the Head of Crisis Management, Asia Pacific, effective from the 1st of January 2023. In the new role, Miller will be based in Singapore and will oversee the new c...

Posted: Dec 06, 2022

Zurich completes sale of Italian life and pensions back book to GamaLife

Zurich Insurance Group has announced that its subsidiary, Zurich Investments Life S.p.A., has completed the sale of its life and pensions back book. The back book, composed of both traditional and unit-linked policies, was sold to Portuguese insur...

Posted: Dec 06, 2022