Reinsurance News

Accelerated underwriting streamlining insurance processes: Lane, Swiss Re

Jeremy Lane, Head of US Mortality Services at Swiss Re, underscores the increasing significance of Accelerated Underwriting (AUW) for insurance companies by enabling them to leverage technology for faster decision-making and quote delivery, thereb...

Posted: Apr 22, 2024

Insurers in Slovakia to implement Intermap’s flood risk solution for insurance applications

KBC Slovakia and UNIQA Slovakia have signed multiyear subscriptions to Intermap Technologies’ Aquarius RMA software and the latest generation of flood risk solutions for Slovakia. Intermap is a provider of geospatial intelligence solutions, focusi...

Posted: Apr 22, 2024

Fitch anticipates surge in UK life insurers’ bulk annuity sales and funded re

Fitch Ratings anticipates UK life insurers’ bulk annuity volumes to continue rising in 2024, surpassing £60 billion, with funded reinsurance (funded re) becoming increasingly prevalent. In 2023, bulk annuity sales reached a record high of nearly £...

Posted: Apr 22, 2024

Chubb promotes Scheffler to COO for PRS and Graham Mid-Atlantic Region Executive Officer

Global insurer Chubb has announced the promotion of two insurance industry veterans, Melissa Scheffler and Bryce Graham, to new roles in North America, both effective April 29, 2024. Scheffler, who currently serves as Regional Executive Officer fo...

Posted: Apr 22, 2024

Cyber insurers and distributors to benefit from Zywave’s new quoting platform

Insurtech provider Zywave has launched Cyber Quoting, the latest addition to its comprehensive portfolio of quoting and proposal solutions. The centralised quoting platform seamlessly connects global cyber insurers with US distribution partners th...

Posted: Apr 22, 2024

Southwest Asia, UAE storms & floods to drive hundreds of millions in losses: Aon

Heavy rainfall, storms, and widespread flooding hit Southwestern Asia, notably the United Arab Emirates (UAE), between April 8-17, causing significant economic and insured losses estimated to potentially reach into the hundreds of millions of USD,...

Posted: Apr 19, 2024

US casualty challenging at April 1, reinsurers exerting pressure: Klisura, Guy Carpenter

Speaking during the Marsh McLennan Q1 2024 earnings call, Dean Klisura, CEO of reinsurance broker Guy Carpenter, explained that US casualty was challenging at the April 1st, 2024, renewals, with reinsurers “exerting pressure on pricing and t...

Posted: Apr 19, 2024

Cayman starts 2024 with strong growth issuing 11 new insurer licences in Q1

The strong growth in the number of new licences the Cayman Islands Monetary Authority (CIMA) has issued in the first quarter of 2024 is encouraging, as it demonstrates the region continues to attract new reinsurers, recent statistics have revealed...

Posted: Apr 19, 2024

Moody’s changes Peak Re’s outlook to stable from negative

Moody’s has changed the outlook of Peak Reinsurance Company Ltd. to stable from negative along with affirming the firm’s insurance financial strength rating (IFSR) as Baa1. The outlook change is attributed to Moody’s view that co...

Posted: Apr 19, 2024

Pen Underwriting announces strategic partnership with SiriusPoint

Managing general agent (MGA) Pen Underwriting has announced a new strategic partnership with global re/insurer SiriusPoint, in support of the specialist housing association sector, with a long-term capacity deal. According to the announcement, the...

Posted: Apr 19, 2024

R&Q names Welch and Hirsh as Non-Exec Directors

Global non-life specialty insurer R&Q Insurance Holdings Ltd (R&Q) has announced the addition of Stephen Welch and Lawrence Hirsh to its Board as Non-Executive Directors. Having worked for financial sponsors and investors in both executive...

Posted: Apr 19, 2024

Climate-related weather perils are intensifying to varying degrees: Swiss Re

A recent report from Swiss Re Institute has highlighted how four climate-related weather perils – floods, tropical cyclones, winter storms in Europe and severe thunderstorms, that now cause annual losses of USD 200 billion, are said to be “i...

Posted: Apr 19, 2024

Intact Insurance Specialty names Scott Reinke as CUO of Transactional Surety

Intact Insurance Specialty Solutions, the U.S. insurance subsidiary of Intact Financial Corporation, has named Scott Reinke as the Chief Underwriting Officer (CUO) for its Transactional Surety team. In the new role, Reinke’s remit will inclu...

Posted: Apr 19, 2024

D&O and cyber insurance premiums beginning to level off: BRP Group

After several years of significant increases in insurance costs, followed by weighty decreases over the past 18 months, organisations are beginning to see a leveling off in premiums for both Directors & Officers (D&O) and cyber insurance,...

Posted: Apr 19, 2024

The Clear Group appoints Mandy Hunt as MGA Managing Director

Insurance broker The Clear Group has appointed Mandy Hunt as the Managing Director of its MGA business, subject to regulatory approval. Hunt joins the main Clear Group operating board, and brings significant experience from several leadership role...

Posted: Apr 19, 2024

Loss underestimation a pressing issue, warns Gallagher Re

Gallagher Re’s Q1’24 Natural Catastrophe and Climate Report underscores the critical need for the insurance industry to evaluate unexpected factors that extend event loss behaviour, while also addressing the growing challenge of social...

Posted: Apr 19, 2024

DARAG to acquire Cayman Islands re/insurance captive

Legacy acquirer DARAG Insurance Guernsey Limited (DIGL) has announced it is to acquire a Cayman Islands-based re/insurance captive. The firm has signed a sale and purchase agreement (SPA) for a re/insurance captive from a very large multinational...

Posted: Apr 19, 2024

Pauline Morley joins AXIS as Head of E&O in the US

Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has announced the appointment of Pauline Morley as Head of E&O in the US, effective immediately. In her new role, Morley will be in charge of leading the growth and advancement...

Posted: Apr 19, 2024

P&C underwriters sceptical of AI despite trailblazer benefits: Capgemini

Findings from the recent report by the Capgemini Research Institute highlight that although 62% of insurance executives recognize the positive impact of AI/ML on underwriting quality and fraud reduction, many P&C underwriters remain sceptical...

Posted: Apr 19, 2024

Allianz appoints Alex Ktenidis as director of digital trading and Allianz Legal Protection

Allianz Commercial has announced the promotion of Alex Ktenidis to the senior role of director of digital trading and Allianz Legal Protection (ALP). In his new capacity, Ktenidis will lead the profitable growth of Allianz’s digital trading and le...

Posted: Apr 19, 2024

Blue Ocean Re appoints Chad Smith as Chief Accounting Officer

Blue Ocean Reinsurance Group, a newly established managing general agent (MGA) platform, has announced the appointment of Chad Smith to the position of Chief Accounting Officer. In this capacity, Smith will oversee Blue Ocean Re’s accounting...

Posted: Apr 19, 2024

Spike in renewal rate change for all segments except workers’ comp in Q1’24: Ivans Index

Ivans, a division of Applied Systems, has released the Q1 2024 results from the Ivans Index, showing a spike in premium renewal rate change for all major commercial lines of business except Workers’ Compensation, year over year. The average premiu...

Posted: Apr 19, 2024

Optio Group names Goodhew as INED

Speciality managing general agent (MGA) Optio Group has announced the appointment of Heather Goodhew as an independent non-executive director (INED). Having held senior positions in re/insurance for over three decades, Goodhew brings a wealth of o...

Posted: Apr 19, 2024

ARC & Partners preparing to respond to one of the worst droughts seen in Southern Africa

The southern African region is currently facing one of the worst droughts it has seen in decades, with millions said to be facing extreme food insecurity and water shortages, amidst a growing climate crisis, fuelled by the El Niño weather phenomen...

Posted: Apr 19, 2024

Jensten obtains £170m funding boost for 2024 growth

UK broker and underwriter Jensten has secured over £170 million in new borrowing facilities over the past six months, cementing the firm’s commitment to advancing its growth plans throughout 2024 and beyond. Ultimately, this £170 million funding b...

Posted: Apr 19, 2024