Reinsurance News
Zurich-domiciled catastrophe insurance data provider, PERILS, has disclosed an initial industry loss estimate for extratropical windstorm Ciarán, also known as Emir of €1.889 billion. The storm affected France, Belgium, the United Kingdom, and the...
Posted: Dec 15, 2023
One of the world’s largest reinsurers, Munich Re, has announced a new net profit target of €5 billion for 2024, as well as Group revenue of €59 billion, and an improved return on investment to above 2.8%. In announcing its Q3 2023 results ba...
Posted: Dec 15, 2023
As of December 31, 2022, Bermuda’s total insurance assets accounted for US$1,634 billion, which is 83.7% of the total financial services sector assets, Bermuda’s Coordinated Portfolio Investment Survey (CPIS) for the year 2022 by the B...
Posted: Dec 15, 2023
Insurance holding company W. R. Berkley Corporation has appointed J. Daniel Asahl as the President of Continental Western Group (CWG), a Berkley insurance subsidiary, effective immediately. Asahl succeeds Melodee Saunders, who was named Interim Pr...
Posted: Dec 15, 2023
Mercury General Corporation has appointed Victor Joseph as the President and Chief Operating Officer (COO), effective January 1st, 2024, reporting to Gabriel Tirador, Mercury’s Chief Executive Officer. Tirador, added, “This announcemen...
Posted: Dec 15, 2023
Casper Specialty UK Limited, the specialist casualty-focused MGA, has hired Nick Kirk from Munich Re Syndicate, as its Senior FI Underwriter. Launched in early 2023, Casper is looking to continue its first-year expansion and deliver on its signifi...
Posted: Dec 15, 2023
In a year marked by unprecedented challenges, the catastrophe bond (cat bond) market has reached a historic high, with issuance hitting a staggering USD 15 billion in 2023, according to Swiss Re Institute. This surge not only reflects attractive c...
Posted: Dec 14, 2023
The United Kingdom’s Minister of State for International Development and Africa, Andrew Mitchell, alongside the UK’s Foreign, Commonwealth and Development Office has announced nearly $10 million in additional funding to the African Development Ban...
Posted: Dec 14, 2023
Digital risk processing platform, Cytora, and Relativity6, a provider of industry classification modelling, have entered into a partnership which will enable Relativity6’s models to be used to enhance the underwriting process within Cytora....
Posted: Dec 14, 2023
A new report from reinsurance broker Lockton Re has highlighted how building codes in Florida are seen as a significant factor in reducing the potential insurance industry loss from hurricanes. Improvements in recent years have seen modelled loss...
Posted: Dec 14, 2023
Global insurance and reinsurance broker WTW has signed a definitive agreement to acquire AIMUW, a specialist Managing General Agent in Italy. The deal is expected to be completed in January 2024, although the terms of the transaction are not discl...
Posted: Dec 14, 2023
Global specialty insurer and reinsurer, SiriusPoint Ltd., has responded to the recent development concerning CMIG International Holding Pte Ltd (CMIH), the parent company of CM Bermuda—a key shareholder with 33% ownership and 9.9% voting rights in...
Posted: Dec 14, 2023
Single-digit rate increases are expected in 2024, similar to the ones seen in 2023, according to Woodruff Sawyer’s recently published P&C Looking Ahead Guide. Despite economic and social inflation continuing to contribute to premium increases...
Posted: Dec 14, 2023
Consilium, the global specialty (re)insurance broking arm of the Aventum Group, has announced key appointments to its Delegated Risk Solutions division. The trio of strategic hires includes Maria Rogers, joining as a Partner from Ed Broking, bring...
Posted: Dec 14, 2023
As insurers stop selling new policies or fully exiting distressed markets like California and Florida, and with remaining carriers raising rates, tightening terms and cutting capacity, AMWINS expects difficult market conditions will continue in pe...
Posted: Dec 14, 2023
Specialist renewables loss adjuster, RELA, has unveiled a new global property service that is tailored to the non-delegated authority and Third-Party Administrator (TPA) market. From what we understand, the new proposition provides independent pro...
Posted: Dec 14, 2023
Global credit ratings agency AM Best has confirmed that it has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR), and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term...
Posted: Dec 14, 2023
Markel, the insurance division of Markel Group Inc., has launched a Specialty practice within its International Wholesale arm, which will be led by Tom Hillier as Divisional Managing Director. This appointment is supported by the addition of a new...
Posted: Dec 14, 2023
Global insurance group Howden is set to acquire Denmark’s fourth largest insurance intermediary – NORTH Risk (NORTH), which will help establish the firm a retail presence across the Danish market, as well as strengthen its geographical...
Posted: Dec 14, 2023
U.S. personal auto insurers faced another challenging period in the first half of 2023, as claims severity continued to rise, according to a recent report by AM Best. Following a dismal performance in 2022, the segment posted a direct incurred los...
Posted: Dec 14, 2023
Global specialty underwriter and provider of re/insurance solutions, AXIS Capital Holdings Limited, has received in-principle approval from Lloyd’s to establish a new syndicate dedicated to providing capacity for new energy projects. Through Energ...
Posted: Dec 14, 2023
Global reinsurance giant Swiss Re has acquired Bristol, UK-based provider of water risk intelligence and flood models, Fathom, which will retain its own brand and work closely with the firm’s Reinsurance Solutions division to further develop...
Posted: Dec 14, 2023
The Prime Minister of Tonga, Honorable Hu’akavameiliku, set the tone at PCRIC’s COP28 side event, emphasising the need to consider resilience as more than just the capacity to survive in the aftermath of adversity. The event, themed ‘E...
Posted: Dec 14, 2023
Mission Underwriters, which builds MGAs around experienced underwriters, has reached an agreed support a new team to launch a real estate MGA in January 2024, called Ventis. The new MGA will target small to medium-sized property risks, with a remi...
Posted: Dec 14, 2023
Assurex Global, the privately held brokerage firm, has promoted Teric Steines to Executive Vice President (EVP), Strategic Innovation and Brand, where he will harness emerging tech trends and insightful data analytics to advance strategic innovati...
Posted: Dec 14, 2023