Reinsurance News
B.P. Marsh has agreed to sell its shareholding in Paladin, the parent company of CBC Partnership, the London-based Insurance Broker, to Specialist Risk Group Limited (SRG), subject to regulatory approval. Once completed, this will be SRG’s 19th ac...
Posted: Dec 07, 2023
In a recent outlook report, Fitch Ratings has adjusted its 2024 sector outlook for U.S. mortgage insurers from deteriorating to neutral, citing continued strong profitability despite a potential economic slowdown. Fitch’s analysis anticipate...
Posted: Dec 07, 2023
Jonathan May, currently Chief Financial Officer (CFO) and Chief Operations Officer (COO) for Lloyd’s Europe, will take over from Amélie Breitburd as the new Chief Executive Officer (CEO) of the European subsidiary on January 1st, 2024. Breitburd i...
Posted: Dec 07, 2023
Howden Tiger has announced the appointment of Michael Forman and John Stamatis as Co-Heads of North America for Howden Tiger Capital Markets & Advisory (HTCMA). They will both report to Jarad Madea, CEO, HTCMA, and will continue to lead the No...
Posted: Dec 07, 2023
VIG Re, the reinsurance arm of Vienna Insurance Group, has announced the increase of its registered capital by €100 million in 2023, and the authorisation of its Board of Directors to increase the registered capital by an additional €50 million in...
Posted: Dec 07, 2023
The International Center for Market Research (ICMR) has identified asset management as a pivotal factor shaping returns on equity (RoE) in the insurance industry. The shift in risk-free rates to decade-long highs has accentuated the significance o...
Posted: Dec 07, 2023
Moody’s Investors Service has changed to negative from stable the outlooks on nine Chinese insurers and a related overseas subsidiary. The credit rating agency has also maintained stable outlooks on three of the insurers, and affirmed all th...
Posted: Dec 07, 2023
Cytora, a digital risk processing platform, has partnered with Vespia, a provider of compliance data, in a move that is set to provide commercial insurance underwriters with deeper insights into business risks associated with anti-money laundering...
Posted: Dec 07, 2023
Intact Financial Corporation and its subsidiary RSA have reached an agreement to sell RSA’s UK direct Personal Lines operations, representing approximately £165 million of annual premiums, to Admiral Group. The transaction will result in the trans...
Posted: Dec 07, 2023
Analysis by Swiss Re, one of the world’s largest reinsurers, reveals that natural catastrophes will once again break several loss records this year, as a high frequency of low single-digit billion-dollar loss events take insurance and reinsu...
Posted: Dec 07, 2023
Crown Jewel Insurance, an insurtech and Lloyd’s Coverholder, has secured three additional re/insurance organisations to support its breakthrough trade secret insurance policy known as Crown Jewel Protector. The re/insurers, Apollo Syndicate...
Posted: Dec 07, 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) has recorded a total direct contribution of $815 million to the local economy from member companies in 2022, up 13% over 2021. ABIR noted that its members’ economic contributions in 2022 in...
Posted: Dec 07, 2023
Pen Underwriting, an Arthur J. Gallagher & Co. subsidiary, has announced the appointment of Megan Jones as Capacity Relationship Manager. Jones will take over her new role from January 2, 2024. She will be responsible for the strategic and ope...
Posted: Dec 07, 2023
Insurance services provider, Amynta Group, has announced that it has entered into a definitive agreement to acquire Sutton Special Risk Inc. (Sutton), a managing general underwriter (MGU) of specialty insurance products based in Toronto, Canada. T...
Posted: Dec 07, 2023
Verisk, the global data analytics and technology provider, has named Rob Newbold to succeed Bill Churney as the President, Extreme Event Solutions following his retirement. The appointment is effective starting December 31st, 2023. Lee Shavel, Pre...
Posted: Dec 07, 2023
Zimre Holdings Limited (ZHL), an investment holding company, has combined its two Botswana reinsurance businesses after changes to the law enabled it to underwrite domestic business, according to a NewsDay report. The report states that the two un...
Posted: Dec 07, 2023
IVANS, a division of Applied Systems, has reported renewal rate change for all major commercial lines of business except General Liability and Commercial Property are up year over year in November 2023. According to IVANS Index, November 2023 expe...
Posted: Dec 07, 2023
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a multilateral credit and political risk insurer, and the West African Development Bank (BOAD) have announced their partnership with climate change adaptation and c...
Posted: Dec 07, 2023
Speaking in Howden’s Q3/9M (re)insurance sector review, David Flandro, Head of Strategy Advisory, Howden Tiger, has suggested that for the first time in a long time, both the insurance and the reinsurance sector are poised to exceed their co...
Posted: Dec 06, 2023
HDI Global Insurance Company has strengthened its position in the U.S. market with the acquisition of 100% of Indiana Lumbermens Insurance Company (ILIC), a subsidiary of Pennsylvania Lumbermens Mutual Insurance Company (PLM), for an undisclosed p...
Posted: Dec 06, 2023
Independent insurance broker The Ardonagh Group has announced a number of changes to its senior management team for 2024, appointing Conor Brennan as Executive Chairman of Ardonagh International. In his new role, Brennan – who previously led...
Posted: Dec 06, 2023
Trium Cyber, the Lloyds of London cyber insurance specialist, has announced the appointment of Chris Bruno as Lead Underwriter for its Midwest territory. Josh Ladeau, Trium Cyber’s CEO, said: “Chris is a rock-solid underwriter with expertise honed...
Posted: Dec 06, 2023
Global specialty re/insurer SiriusPoint and program administrator ProVerity Underwriters have strategically partnered to develop customized solutions for the professional liability market. Founded in 2023, Philadelphia domiciled ProVerity combines...
Posted: Dec 06, 2023
With the protection gap affecting the industry at an accelerated rate, organisations are seeing increased risk exposure, an impact on pricing and reinsurance, as well as challenges to the industry’s long-term sustainability. Reinsurance News...
Posted: Dec 06, 2023
Reinsurance Group of America (RGA), a global life and health reinsurer, has launched Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled third-party life reinsurance company targeting US asset-intensive business. According to the announcement...
Posted: Dec 06, 2023