Reinsurance News
In a significant move within the insurance industry, Global Atlantic Financial Group (Global Atlantic) and Manulife Financial Corporation have successfully finalized a $10 billion reinsurance transaction. The deal, which was initially unveiled las...
Posted: Feb 22, 2024
Bermuda-based insurer and reinsurer, Everest Group, Ltd., has named Jill Beggs as the new Chief Operating Officer (COO) of its reinsurance arm, with Jiten Voralia set to take over as Reinsurance Head of North America Treaty, effective immediately....
Posted: Feb 22, 2024
Bloomberg Intelligence (BI) predicts that alternative-reinsurance vehicles will likely maintain their position as the primary source of new capacity in 2024, potentially impacting pricing dynamics in the reinsurance market, according to a recent r...
Posted: Feb 22, 2024
In a recent Q&A session with journalists, Gregory Roberts, Chief Underwriting Officer (CUO) at Conduit Re, discussed the significant growth seen in the specialty reinsurance sector and the promising outlook for 2024. Roberts described the spec...
Posted: Feb 22, 2024
European re/insurer Zurich has made some adjustments to its reinsurance coverages for 2024 with the addition of a new $300 million top catastrophe layer to its Europe all perils tower, while the retention on its U.S. all perils tower has come down...
Posted: Feb 22, 2024
John Mason has been appointed as the new Chief Executive Officer of the London market electronic trading platform, PPL. Mason will take up his role in April, succeeding interim CEO Joe Gordon, whose tenure will end following a handover period. Ste...
Posted: Feb 22, 2024
Global insurance and reinsurance firm AXA has purchased significantly more protection for its European exposures at the January 2024 renewals, growing its European windstorm reinsurance in particular by 40% to reach €3.9 billion. AXA has purchased...
Posted: Feb 22, 2024
Verisk, a global data analytics and technology provider, has reported an increase in its consolidated and organic constant currency (OCC) revenues in Q4’23, primarily due to solid growth in underwriting and more moderate growth in claims. Co...
Posted: Feb 22, 2024
Gallagher Specialty has created a Parametric Insurance Centre of Excellence designed to respond to changing market conditions and client demand. The centre of excellence reportedly includes a team of climate risk specialists, parametric brokers, a...
Posted: Feb 22, 2024
Sedgwick, a global provider of claims management, loss adjusting and technology-enabled business solutions, has announced the appointment of veteran David Arick as Managing Director, Global Risk Management. Taking over the role from March 1, 2024,...
Posted: Feb 22, 2024
Global insurer Zurich has reported strong growth across all businesses in the first year of its 2023-2025 financial cycle, with the highest-ever Group business operating profit (BOP) up 21% to $7.4 billion, along with reporting its highest-ever re...
Posted: Feb 22, 2024
Following a solid year, specialist insurer Beazley has revealed that as well as an ordinary dividend, shareholders will receive an additional capital return in respect of 2023, anticipated to be around $300m. The firm has also provided an update t...
Posted: Feb 22, 2024
Global insurer AXA’s P&C and specialty risk division, AXA XL, recorded a 4.2 percentage point improvement in its combined ratio in 2023 to 93.2%, as gross written premiums (GWP) and other revenues rose 7% year-on-year to €53 billion, des...
Posted: Feb 22, 2024
Tension in the Middle East could drive down insurance premium volumes, with Marine Cargo, Marine War, Aviation Cargo, Aviation War, Political Risk / Violence and Trade Credit insurance being the classes that most likely would be impacted , accordi...
Posted: Feb 22, 2024
Coalition, an active cyber threat insurance provider, has released its Cyber Threat Index 2024, offering insights into cybersecurity trends from 2023 and emerging threats for 2024. The index projects a substantial 25% increase in common vulnerabil...
Posted: Feb 22, 2024
Singapore-based risk consultancy firm, Kairos Risks Solutions has announced the appointment of Albert Lim as Managing Director, Southeast Asia. Kairos also has a presence in Shanghai and it primarily develops insurance products such as parametric,...
Posted: Feb 22, 2024
Nationwide Ventures, the investment arm of the renowned insurance and financial services company, has made a significant investment in CLARA, further solidifying their bond. This investment stems from Nationwide’s $350 million investment fun...
Posted: Feb 22, 2024
As reinsurance market conditions remain favourable after the 1.1 2024 renewals, Bermuda-based re/insurer Arch Capital is predicting further improvement in its loss ratio as well as growth opportunities in the property catastrophe reinsurance marke...
Posted: Feb 21, 2024
Ascot Group, a global specialty insurance firm, has announced the launch of its Marine & Energy Treaty reinsurance business. Alex Kirkby has been appointed as Senior Vice President and Head of Marine & Energy, Bermuda, with support from Em...
Posted: Feb 21, 2024
SRCC (Strikes, Riots, Civil Commotions, and Civil Unrest) as a product does work, but the way some insurers are underwriting it does not, according to IQUW’s Dan Callow, who stated that this is due mainly due to terms & conditions as well as a...
Posted: Feb 21, 2024
Neptune Flood, a private flood insurance company, has recently introduced its new excess flood insurance product. This insurance offers additional coverage beyond what’s provided by the National Flood Insurance Program (NFIP). With this exce...
Posted: Feb 21, 2024
Aon’s previously announced $13.4 billion acquisition agreement with middle-market P&C broker NFP continues to gain traction, with the waiting period having now expired under the Hart-Scott-Rodino (HRS) Antitrust Improvements Act of 1976....
Posted: Feb 21, 2024
Bermuda-based holding company, Assured Guaranty has named Mark C. Batten non-executive director to its Board of Directors, appointed to serve on the Board’s Audit, Risk Oversight and Finance Committees, effective February 19, 2024. The executive’s...
Posted: Feb 21, 2024
In the latest report by Fitch Ratings, the insurance industry in the United Arab Emirates (UAE) is depicted as steadily advancing, with notable improvements in various sectors. Despite facing challenges in 2022, particularly in the motor insurance...
Posted: Feb 21, 2024
Fixle, Inc. has officially launched from American Family Insurance, where it was originally incubated. According to Fixle, the firm is transforming home ownership and management with its “cutting-edge” approach to home maintenance, rep...
Posted: Feb 21, 2024