Reinsurance News
Analysis by reinsurance brokerage Gallagher Re finds that, on average, reserve releases benefited reinsurance company combined ratios by 1.8% in 2023, a small increase on 2022’s 1.4%, which is far lower than 2014-2018 levels. The contribution of r...
Posted: Apr 09, 2024
Allianz Global Corporate & Specialty SE (AGCS), Allianz Group’s carrier for large corporate and specialty insurance, has announced it is to focus on U.S. Large Corporate and Specialty insurance with the sale of its U.S. MidCorp and Entertainme...
Posted: Apr 09, 2024
Lockton Norway AS has announced a series of key leadership changes within the company, including Anders Johannessen becoming CEO of Lockton’s Norway business from May 1, 2024. The company has confirmed that his predecessor Cato Aamodt will remain...
Posted: Apr 09, 2024
Cytora, a digital risk processing platform, has partnered with TradeAtlas, a global trade data company, to provide marine insurers with extensive import and export data for quicker and more precise risk assessments. Juan de Castro, Chief Commercia...
Posted: Apr 09, 2024
CoreLogic estimates insurable losses from the 7.2 magnitude earthquake that hit Taiwan on April 3, 2024 will be between $5.0 and $8.0 billion. This is considered the largest quake to hit the country in the last 25 years. Having occurred at 7.58 am...
Posted: Apr 09, 2024
Optalitix, the specialist data analytics solutions provider, is strategically partnering with First Street, a provider of physical climate risk data, to help insurers incorporate its unique United States datasets into their underwriting process. O...
Posted: Apr 09, 2024
Property Claim Services (PCS), a division of Verisk, has designated the Baltimore Bridge collapse incident, caused by the container ship Dali striking one of its support columns, under its Global Marine & Energy product. The division’s p...
Posted: Apr 09, 2024
Brown & Brown, Inc., an insurance brokerage firm, has appointed David Putz as Executive Vice President, Arrowhead General Insurance Agency, and Niels Seebeck as the President of Arrowhead’s Risk Managers Program. Putz’s remit as EVP of A...
Posted: Apr 09, 2024
Jensten, a UK brokerage and underwriting firm, has announced its acquisition of Scrutton Bland Insurance Brokers, aimed at enhancing its ability to provide high-quality broking services across multiple sectors. The acquisition brings onboard a tea...
Posted: Apr 09, 2024
Accredited, program management business operating across the US, UK and Europe, has appointed Grace Meek as the President of Accredited America, based out of New York, effective April 8th, 2024. She will report to William Spiegel, Chief Executive...
Posted: Apr 09, 2024
In contrast to last year’s renewal, April 1 in India reportedly saw a resurgence in property catastrophe capacity, with reinsurers demonstrating an increased appetite to grow their books, according to a new report from Aon. Despite this excess cap...
Posted: Apr 08, 2024
PURE Specialty Exchange (PSE) has recently extended its High Value Homeowners coverage to six additional states: Arizona, Colorado, Hawaii, Montana, Utah, and Wyoming. This coverage caters to homes situated in areas susceptible to coastal hazards,...
Posted: Apr 08, 2024
Active Re, a provider of reinsurance solutions for financial institutions, has announced the promotion of Robert Ali to the position of Chief Operating Officer (COO). In his new capacity, Ali will maintain his role as a key advocate and leader in...
Posted: Apr 08, 2024
Florida’s property insurer of last resort, Citizens Property Insurance Corporation, aims to secure reinsurance coverage of approximately $5.5 billion across a sliver and core layer, as part of its 2024 risk transfer program. As we wrote previously...
Posted: Apr 08, 2024
Climate insurer kWh Analytics, Inc. has raised capacity with Aspen Insurance to support its property insurance offering for renewable energy projects to fight climate change. With this increase, kWh Analytics is able to underwrite up to USD$75 mil...
Posted: Apr 08, 2024
James River Group Holdings has announced that the Supreme Court, New York County, Commercial Division has issued an order directing Fleming Intermediate Holdings to complete its acquisition of JRG Reinsurance Company (JRG Re) by April 16, 2024. Th...
Posted: Apr 08, 2024
The National Association of Insurance Commissioners’ (NAIC) Membership has adopted the first-ever National Climate Resilience Strategy for Insurance to protect the nation’s property insurance market by closing coverage gaps and improvi...
Posted: Apr 08, 2024
Munich Re Automation Solutions has revealed that American Family Life Insurance Company is adopting its cloud-based automated underwriting and analytics solution, ALLFINANZ NOVA. ALLFINANZ NOVA is Munich Re Automation Solutions’ SaaS platfor...
Posted: Apr 08, 2024
Global data analytics and technology provider Verisk has launched its Next Generation Models (NGM), which will be implemented by insurers and reinsurers to evaluate risks and anticipate insured losses from extreme events more accurately. According...
Posted: Apr 08, 2024
Consilium, the global specialty re/insurance broking arm of the Aventum Group, has appointed two seasoned veterans from the property and casualty (P&C) industry to enhance expertise within this division. James Williams, an experienced broker,...
Posted: Apr 08, 2024
Bermuda-based re/insurer Lancashire Holdings has announced the official opening of its Lancashire Insurance US (LUS) business, with Huw Jones, previously Group Head of Specialty Insurance, named Chief Executive Officer (CEO) of LUS. LUS will condu...
Posted: Apr 08, 2024
The dedicated capital of the global reinsurance industry increased 12% year-on-year to $729 billion in 2023, driven by improved profitability in the year, according to Gallagher Re’s latest Reinsurance Market Report. This marks the highest level s...
Posted: Apr 08, 2024
According to CoreLogic, the global provider of property information, analytics, and data-enabled solutions, the recent M4.8 earthquake that occurred in Hunterdon County, New Jersey serves as a reminder that low risk does not mean no risk. Although...
Posted: Apr 08, 2024
Antares Syndicate 1274, the re/insurance subsidiary in the Lloyd’s market of QIC’s Antares Global, has launched a consortium for the underwriting of credit and political risk insurance. The consortium, already actively considering subm...
Posted: Apr 08, 2024
UK-based Scribestar, a legal and regulatory technology company, has announced the rollout of its unique platform solution tailored for the global reinsurance and ILS (Insurance-Linked-Securities) market. With this solution, Scribestar aims to prov...
Posted: Apr 08, 2024