Reinsurance News
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
As per Gallagher Re’s biannual Reinsurance Market Report, the global reinsurance industry’s underlying ROE was above the cost of capital for the second consecutive year in 2023, improving to 14.3% from 12% in 2022, mainly due to lower combin...
Posted: Apr 08, 2024
The Federal National Mortgage Association (Fannie Mae) has executed two new Credit Insurance Risk Transfer (CIRT) transactions transferring $709 million of mortgage credit risk to private insurers and reinsurers. Rob Schaefer, Vice President, Capi...
Posted: Apr 08, 2024
The Centre for Disaster Protection has been selected as the Coordinator for the Technical Advisory Group (TAG) of the Global Shield against Climate Risks. According to the announcement, the Centre will collaborate with a group of experts supportin...
Posted: Apr 08, 2024
Malakut, an international group of re/insurance brokers, has recently appointed Sogo Yasuda as the Chief Commercial Officer (CCO) of Japanese Business, a newly established department aimed at integrating Japanese insurance brokerage services globa...
Posted: Apr 08, 2024
Toronto-based specialty insurer and part of reinsurer Munich Re, HSB Canada, has appointed Barbara Bellissimo as its new President and Chief Executive Officer (CEO), effective April 1st, 2024. She succeeds John Mulvihill, who has retired after a s...
Posted: Apr 08, 2024
In their results for the full-year 2023, Conifer Holdings has reported a 4.2% increase in gross written premium (GWP), as it reached $143.8 million, compared to the previous year’s $138 million. Net written premiums however, saw a 24.7% decl...
Posted: Apr 08, 2024
Commercial rates in the US went up 3.9% on all property and casualty placements in the first quarter of 2024, a notable decline compared to the plus 5.6% in Q4 2023, while personal insurance rates held steady at plus 4.75% in the period, according...
Posted: Apr 05, 2024
ACORD, the standards-setting body for the global insurance industry, has announced the latest enhancements to its Global Reinsurance & Large Commercial (GRLC) ePlacing Implementation Guide. The newly released GRLC ePlacing Implementation Guide...
Posted: Apr 05, 2024
Great American Insurance Group has announced the promotions of Jonathan M. Goldman to the role of Divisional President, Strategic Comp; and Kenneth R. Nieberding, to Divisional President, Great American Risk Solutions, both effective July 1, 2024....
Posted: Apr 05, 2024
Arch Insurance North America, part of Arch Capital Group Ltd., has entered into a master transaction agreement to acquire the US MidCorp and Entertainment insurance businesses – which includes select specialty insurance programs – fro...
Posted: Apr 05, 2024
Aon’s latest weekly catastrophe report predicts that the recent multi-hazard weather system, which affected the continental United States from March 29th to April 5th, may result in economic and insured losses totaling hundreds of millions o...
Posted: Apr 05, 2024
In their latest trading update, Rothesay, a prominent UK pensions insurance specialist, completed de-risking transactions with twelve pension schemes during 2023, resulting in new business premiums of £12.7 billion, a substantial increase from £3....
Posted: Apr 05, 2024
The outcome of the Japan casualty reinsurance renewals at April 1st were predominantly stable or favourable, with some sellers pulling back from certain lines as others adopted a more positive approach, according to Gallagher Re. In Gallagher Re’s...
Posted: Apr 05, 2024