Reinsurance News

Paul Jones takes charge of Lockton UK’s specialised Parametrics Practice

Insurance brokerage Lockton has appointed Paul Jones as the leader of Parametric Solutions for the UK & Europe in its Property & Casualty (P&C) Specialties division. Jones commented: “I am thrilled to be joining Lockton to develop its...

Posted: Jun 07, 2024

Emerald Bay teams with Arrowhead to launch commercial earthquake facility

Emerald Bay Risk Solutions, the collaborative underwriting carrier, has entered into a strategic partnership with Arrowhead to launch a commercial earthquake facility named Arrowhead EQ DIC, that will provide difference in conditions (DIC) insuran...

Posted: Jun 06, 2024

Thompson appointed AUL CEO, Keith to lead Ascot Bermuda Limited

Ascot, a Bermuda-based global specialty insurance company, has appointed Ian Thompson as Chief Executive Officer and Director of Ascot Underwriting Limited (AUL) and Justin Keith as President and Chief Executive Officer of Ascot Bermuda Limited. T...

Posted: Jun 06, 2024

Final UK Solvency II rules ensure a more distinct regime with greater flexibility: KPMG

Following the PRA’s publication of PS10/24, the final set of rules for the UK version of Solvency II, Huw Evans, Head of Insurance at KPMG UK, has underlined several improvements that will reportedly work better for the UK than the original...

Posted: Jun 06, 2024

CFC launches upgraded cyber risk heat map focused on key exposures

CFC, a specialist insurance provider, has updated its cyber risk heat map to offer more detailed insights into key exposures across various industry sectors such as construction, education, healthcare, transport, and logistics. Drawing from CFCs o...

Posted: Jun 06, 2024

CNA Financial names Worman CEO, Robusto transitions to Exec Chairman

Chicago-domiciled insurer, CNA Financial Corporation, has promoted Doug Worman, currently the Executive Vice President & Global Head of Underwriting to President and Chief Executive Officer (CEO), effective January 1, 2025. Simultaneously, Din...

Posted: Jun 06, 2024

Andy Bord to step down as Flood Re’s CEO, Stuart Logue named interim

Flood Re, the joint initiative between the UK Government and the insurance industry, has announced its Chief Executive Officer, Andy Bord, will step down at its Annual General Meeting (AGM) in July 2024. The Board has appointed Stuart Logue, the c...

Posted: Jun 06, 2024

Sirion’s Eigen Technologies acquisition to accelerate document AI capabilities

Sirion, an AI-native contract lifecycle management (CLM) company, has acquired Eigen Technologies, a specialist in Document AI for insurance and financial services that has pioneered data extraction and AI governance. The company has been using ar...

Posted: Jun 06, 2024

Gallagher Specialty launches new carbon insurance solutions service

Gallagher Specialty has launched a new carbon insurance solutions service for its clients which will reportedly enable them to mitigate risks associated with de-carbonisation initiatives. Gallagher Specialty observed that companies are now seeking...

Posted: Jun 06, 2024

ABIR names Collin Anderson Director of Policy and Regulation

The Association of Bermuda Insurers and Reinsurers (ABIR), which represents the public policy interests of Bermuda’s re/insurers, has announced the appointment of Collin Anderson as Director of Policy and Regulation, starting July 1. With 23 years...

Posted: Jun 06, 2024

MGA Nirvana renews MTC binding authority

Specialty managing general agent (MGA) Nirvana has announced the renewal of its Media/Technology Errors & Omissions and Cyber (MTC) binding authority with an increased £10mn Media Liability line. It has also expanded authority in Technology an...

Posted: Jun 06, 2024

Sixfold raises $15m in Series A round, confirms Lloyd’s Lab participation

Insurtech Sixfold has raised $15 million in a Series A funding round led by Salesforce Ventures, in a move that is set to enable the company’s expansion to the UK and Europe. The funding round also featured participation from Scale Venture P...

Posted: Jun 06, 2024

Manhem appointed Independent Non-Exec Director of Apollo Syndicate

Independent specialist re/insurer Apollo has appointed Monica Cramér Manhem as the new Independent Non-Executive Director of Apollo Syndicate Management Limited. Manhem is an industry veteran with extensive experience in various leading roles. Mos...

Posted: Jun 06, 2024

NHS cyber attack underscores ongoing ransomware threat to healthcare sector

Paul Gooch, Head of Large Account Cyber at Tokio Marine Kiln, has advised companies to adopt the mindset ‘not if, but when’ in their approach to cybersecurity, following the attack on hospitals in London targeting NHS IT firm Synnovis....

Posted: Jun 06, 2024

Sompo appoints Thomas Leone as new Chief Investment Officer

Sompo, a global provider of commercial and consumer property, casualty, and specialty re/insurance, has announced the appointment of Thomas Leone as Chief Investment Officer. In his new role, Leone will directly report to Nicolas Burnet, Sompo&#82...

Posted: Jun 06, 2024

Pen Underwriting expands into Ireland with Wrightway Underwriting acquisition

Pen Underwriting, an Arthur J. Gallagher & Co. subsidiary, has acquired Wrightway Underwriting Limited, a Republic of Ireland-based MGA that specialises in transportation and haulage, for an undisclosed sum. Based in Wexford, Wrightway is a ma...

Posted: Jun 06, 2024

Life insurers shifting more into the retirement space are increasingly exposed to market risk: S&P

As sales of annuities – notably fixed annuities and fixed-indexed annuities – by U.S. life insurers have ballooned since 2021, S&P Global Ratings explores the challenges facing life insurers. In a recent report released by the firm...

Posted: Jun 06, 2024

India’s Kshema welcomes more like-minded players as it works to close protection gaps: Founder, Nuka...

In a recent interview with Reinsurance News, Natraj Nukala, Founder of Kshema, the fully digitally powered Indian agricultural insurer, stated that the company is not afraid of competition entering the Indian market post easing of regulations by t...

Posted: Jun 06, 2024

Everest Re appoints Mayur Doshi as Head of NA Treaty Casualty

Everest Reinsurance, the reinsurance arm of insurance giant, Everest Group, Ltd., has appointed Mayur Doshi as the Head of North America Treaty Casualty, reporting to Jiten Voralia, Head of North America Treaty Reinsurance. Voralia commented on th...

Posted: Jun 06, 2024

Understory $15mn funding to help accelerate growth into renewable energy sector

Climate risk-solving insurance provider Understory has announced the closing of its Series A funding round, securing $15 million to drive its expansion into the renewable energy sector. This funding round, co-led by True Ventures and Prelude Ventu...

Posted: Jun 06, 2024

Mel Carvill appointed Chairman of Polo Insurance Managers

PoloWorks, a collective of Lloyd’s and London Market insurance services businesses, has announced the appointment of Mel Carvill as Chairman of Polo Insurance Managers. Mark Elliott, CEO of Polo Insurance Managers, commented: “We are delighted tha...

Posted: Jun 06, 2024

Aeolus and RED announce research collaboration to assess earthquake risk

Aeolus Capital Management and RED – Risk Engineering + Development (RED) have announced a collaborative research initiative focused on assessing earthquake risk. This study will be led by Pete Dailey, Head of Research at Aeolus, renowned for...

Posted: Jun 06, 2024

McKenzie Intelligence Services launches AI damage classifier to revolutionise insurance assessments

McKenzie Intelligence Services (MIS), a provider of geospatial data and analysis to the insurance industry, has announced the launch of a cutting-edge AI damage classifier to enhance its human intelligence-led damage assessments for insurers follo...

Posted: Jun 06, 2024

Insurers’ private credit holdings set to keep growing, Moody’s

Insurers are set to keep increasing their private credit holdings throughout the coming years, with almost 80% saying they plan to increase their holdings of at least one class of private credit over the long term, according to a recent analysis b...

Posted: Jun 06, 2024

Lloyd’s new Miami office to strengthen Latin America and Caribbean business

Global re/insurance marketplace, Lloyd’s has announced the opening of a new office in Miami, a move that is designed to strengthen its Latin America and Caribbean business. The new office, which will open from 1 September 2024, will enable Lloyd’s...

Posted: Jun 05, 2024