Reinsurance News
Somerset Reinsurance, a provider of reinsurance solutions for life insurance and annuity business, has hired Thomas Porter as Chief Underwriting Officer. In the role, Porter will be based in Bermuda, and he will report to Jeff Burt, Chairman and C...
Posted: Feb 01, 2024
Members of the UK insurance and pension industry have become signatories of the newly launched Sustainability Principles Charter, which focuses on transparency, reporting and engagement around sustainability in the bulk annuity process. The insure...
Posted: Feb 01, 2024
In a recent virtual webinar, the Insurance Information Institute (Triple-I) and Milliman shared underwriting projections and insights into the property/casualty insurance industry, shedding light on challenges and trends shaping the sector. The fo...
Posted: Feb 01, 2024
Phoenix Group Holdings plc has reported robust organic growth in 2023, exceeding expectations and achieving its 2025 growth target two years ahead of schedule. The financial services company announced new business net fund flows of approximately £...
Posted: Feb 01, 2024
Xceedance, a global provider of strategic operations support, technology, and data services for insurance organisations, has said that there must be a “significant focus” on generative AI (Gen AI) testing, due to many insurers receivin...
Posted: Feb 01, 2024
Selective Insurance Group has posted $991.5 million in net premiums written (NPW) for the fourth quarter of 2023, representing a 17% or $142 million increase from the prior year period. For Q4, Standard Commercial Lines premiums (representing 77%...
Posted: Feb 01, 2024
The Hanover has reported net income of $107.9 million for Q4 of 2023, marking a drastic improvement compared to the net loss of $12.1 million recorded in the same quarter of 2022. Operating income in Q4 of 2023 also grew to $113.1 million, up from...
Posted: Feb 01, 2024
In a strategic move to bolster its presence in the offshore renewable energy sector, SCOR has officially launched a new consortium, instantly elevating its total deployable capacity to $180 million. The consortium, effective immediately, underscor...
Posted: Feb 01, 2024
Global re/insurer Markel Group has announced 2023 underwriting profit of $132.7 million compared with $626.6 million in 2022, driven by declines in both its insurance and reinsurance segments on the back of adverse development on prior year loss r...
Posted: Feb 01, 2024
Legacy acquirer DARAG Group has announced it has completed the acquisition of a Hawaii captive, the transaction value is undisclosed. According to the Group, the portfolio of workers compensation business went into runoff in 2023. This will be tra...
Posted: Feb 01, 2024
According to James Mullins, Partner and Head of Risk Transfer, Hymans Robertson, 2024 is already shaping up to be a year of “unprecedented change” for the risk transfer market, with a host of opportunities being presented for the ̶...
Posted: Feb 01, 2024
Bermuda-based AXIS Capital Holdings Limited has reported a net loss of $150 million for the fourth quarter of 2023 on the back of previously announced net adverse prior year reserve development of $425 million, as the firm’s combined ratio d...
Posted: Feb 01, 2024
Resolution Life, a global manager of in-force life and annuity policies, has announced that its Bermudian reinsurance platform, Resolution Re, has entered into a flow reinsurance agreement with an undisclosed Japanese insurer. According to Resolut...
Posted: Feb 01, 2024
Insurtech Descartes has announced the launch of Cyber Shutdown Cover, a parametric solution dedicated to cyber risk in France. This new solution demonstrates the firm’s ambition to gradually extend its scope to emerging risks beyond just nat...
Posted: Feb 01, 2024
AXA XL, the P&C and specialty risk division of global insurer AXA, has named Michele Chia the Chief Underwriting Officer for Cyber in the Americas. She will be based in New York and will take on her new role on February 12th 2024. In her new r...
Posted: Feb 01, 2024
Margaret Rose has been appointed to the role of Deputy Global Line Head – Cyber and Head of Cyber, Americas, at French reinsurer, SCOR. Based in New York, Rose has been with SCOR since 2016. When she joined the firm, she took on the role of...
Posted: Feb 01, 2024
In a recent Special Report, credit rating agency AM Best highlighted a significant 18% increase in surrendered annuity policies through the third quarter of 2023, surpassing the growth in premium, which held steady at 17% during the same period. T...
Posted: Feb 01, 2024
The Insurance Council of Australia (ICA) has called on the Albanese Government to guarantee that the next Federal Budget includes an ongoing fund of $250 million a year to buy back and raise homes that are exposed to extreme flood risk. Contained...
Posted: Feb 01, 2024
Reinsurance broker Gallagher Re has announced the appointment of Dirk Spenner as Chief Executive Officer, International, effective 1st June 2024. With over three decades of industry experience, Spenner will take over the role from Tony Melia, who...
Posted: Jan 31, 2024
Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance Group, has promoted James Boyle to the newly created role of Head of Energy, London, effective immediately. According to LSM, Boyle is perfectly placed to lead its underwriting team...
Posted: Jan 31, 2024
Global reinsurance broker BMS Re has appointed Andrew Wheeler and Russ McGuire as co-Chief Executive Officers (CEOs) following the transition of Pete Chandler to vice-chair of the company. Chandler led the reinsurance broker for more than four yea...
Posted: Jan 31, 2024
The Federation of European Risk Management Associations (FERMA) has called upon the Belgian Presidency of the Council of the European Union to amplify risk management in efforts to strengthen competitiveness which would benefit the re/insurance se...
Posted: Jan 31, 2024
Travelers’ decision to obtain extra reinsurance protection is mainly due to the recent inflationary impact on insured values according to Chief Financial Officer (CFO), Dan Frey. The US insurer has recently released an update on its 1.1 2024...
Posted: Jan 31, 2024
As artificial intelligence (AI) and connected technologies continue to make an impact across the insurance value chain, it is very clear that there is a significant opportunity for AI to intersect operational efficiency and customer service, howev...
Posted: Jan 31, 2024
BofA Securities anticipates a robust FY 2023 update for European reinsurers and London Market insurers, signaling a positive turnaround in the sector. The stable pricing for commercial insurers and a potential peak in pricing for reinsurers in 202...
Posted: Jan 31, 2024