Reinsurance News
Aon, a global insurance and reinsurance broker, has revealed that cyber attack/data breach ranks first among the top business risks confronting the financial institutions industry. This insight is derived from Aon’s 2023 Global Risk Management Sur...
Posted: May 17, 2024
French reinsurer SCOR has announced net income of €196 million for the first quarter of 2024 and a P&C re/insurance combined ratio of 87.1%, which includes a nat cat ratio of 7.2%, mainly impacted by the update of the market loss related to th...
Posted: May 17, 2024
MDS Brazil, a subsidiary of Ardonagh-owned MDS Group, has revealed it intends to acquire D’Or Consultoria, a health, dental, life insurance, and pensions broker from Rede D’Or Sao Luiz. S.A. (Rede D’Or). The transaction, which has a consider...
Posted: May 17, 2024
A recent insurance survey released by global investment firm KKR has highlighted a sharp recovery in allocations to investment-grade fixed income as rates rebounded over the past three years, as well as considerable resilience for nontraditional i...
Posted: May 17, 2024
Global credit ratings agency AM Best has revised its outlook on Spain’s non-life insurance segment from negative to stable, driven by segment growth supported by economic development and resilient profitability on the back of premium rate in...
Posted: May 17, 2024
Lloyd’s of London has recently issued an updated Market Bulletin to offer clearer guidance on cyber war wordings, aiming to prevent disputes over policy coverage. In August 2022, Lloyd’s released Market Bulletin Y5381, outlining requirements for e...
Posted: May 17, 2024
Wikifri, an insurance consulting firm and provider of the Insurance Daylight Data Solution, is collaborating and supporting Trium Cyber US Services, Inc., a US-domiciled Lloyd’s coverholder and underwriter, in expanding their insurance offerings t...
Posted: May 17, 2024
HSB Canada, a multi-line specialty insurer and part of the global reinsurance giant Munich Re, has introduced a new coverage, Employment Practices Liability Insurance with the aim to help small businesses respond to claims arising from employment-...
Posted: May 17, 2024
Bermuda-domiciled property and casualty reinsurance group, Conduit Holdings, has appointed Stephen Redmond as a Non-Executive Director of its Board, effective May 14th, 2024. As previously reported, Sir. Brian Williamson has now stepped down as a...
Posted: May 16, 2024
Munich Re Specialty – North America, part of the Munich Re Group insurance operations, to enhance risk analysis, critical submission management capabilities, and document ingestion with Kalepa’s underwriting platform, Copilot. To support its...
Posted: May 16, 2024
Following Patricia Kocsondy’s move to Beazley’s Head of Global Cyber Digital Risks in January, Melissa Carmichael steps into the role of leading Beazley’s US Cyber division. Beazley has announced today the appointment of Carmicha...
Posted: May 16, 2024
Allstate, a US primary insurer, has disclosed that its estimated catastrophe losses for April 2024 amounted to $494 million, or $390 million after-tax. According to Allstate, the losses in April 2024 resulted from 11 events valued at $491 million,...
Posted: May 16, 2024
The Progressive Corporation has released its results for April, revealing a property line combined ratio of 116.7%, driven by weather losses throughout the month. The insurer’s Property segment combined ratio for April is comprised of an exp...
Posted: May 16, 2024
Global reinsurer, MS Reinsurance has announced the addition of Yasuko Fukuda and Dr. Frank Ellenbürger to its Supervisory Board of Directors. Fukuda has been appointed third shareholder representative director and Ellenbürger as fourth independent...
Posted: May 16, 2024
Global insurer AIG has reached an agreement to sell approximately 120 million shares of its Corebridge common stock to Nippon Life Insurance Company. The selling price of the stock has been decided at $31.47 per share, for an aggregate purchase pr...
Posted: May 16, 2024
The US insurance industry reported $8.5 trillion in total cash and invested assets, including affiliated and unaffiliated investments, at year-end 2023, compared to year-end 2022, with growth rebounding modestly from 1.3% in the prior period, an N...
Posted: May 16, 2024
Cover Genius, an insurtech specialising in embedded protection, announced today the successful completion of its Series E funding round, securing $80 million. Despite the recent slowdown in tech funding, Spark Capital led the round, joined by exis...
Posted: May 16, 2024
Mexico has secured $175 million of additional insurance protection against named storm events occurring on the Pacific side of Mexico via a catastrophe bond transaction facilitated by the World Bank and IBRD. With this bond, the Government of Mexi...
Posted: May 16, 2024
Reinsurance giant Swiss Re has announced the appointment of Beat Strebel as CEO Reinsurance China and China Country President. Strebel will take over from Ivan Gonzalez, who has been appointed as Swiss Re’s new CEO of Corporate Solutions. Both wil...
Posted: May 16, 2024
Life insurer and asset manager Aegon, in its trading update for Q1 2024, has reported a €256 million operating capital generation before holding funding and operating expenses. The firm added that with this growth it is on track to achieve guidanc...
Posted: May 16, 2024
Parsyl, an insurer for essential supply chains, has announced the appointment of Simon Coles as Head of Capital. In his new capacity, Coles will oversee all aspects of capital, financial management, and syndicate performance for Parsyl. Ben Hubbar...
Posted: May 16, 2024
MIB has reached an agreement with Crump Life Insurance Services, LLC to acquire RiskRighter, LLC, a provider of underwriting services to insurance carriers, distribution agencies and other businesses across the life insurance sector. Andrea Caruso...
Posted: May 16, 2024
CatX, the digital marketplace that connects re/insurers and brokers with alternative capital, has launched a stand-alone artificial intelligence-powered tool called Catamaran for the creation and analysis of reinsurance submissions. According to t...
Posted: May 16, 2024
Zurich Insurance Group has reported that Q1 2024 P&C insurance revenue was up 12% on a like-for-like basis to $10.25 billion, driven by strong commercial and retail growth. In commercial, rates improved across all regions with an average of 5%...
Posted: May 16, 2024
Today, Swiss Re announced the appointment of Ivan Gonzalez, currently CEO Reinsurance China, as the new CEO of Corporate Solutions, effective July 1, 2024, replacing Andreas Berger. Gonzalez will also join the Group Executive Committee concurrentl...
Posted: May 16, 2024