Reinsurance News
Lloyd’s, the global insurance and reinsurance marketplace, has expanded its investment opportunities with the launch of the US Direct Lending Fund on the Lloyd’s Investment Platform. This new fund provides efficient access to US middle-market dire...
Posted: Dec 15, 2023
In a unanimous decision, the Non-Executive Directors of non-life specialty insurer R&Q have recommended the separation of its business through a proposed sale. The directors assert that this move is in the best interests of R&Q, its shareh...
Posted: Dec 15, 2023
Bill Tepe, President of NationsBuilders Insurance Services, Inc. (NBIS), a DUAL subsidiary since 2009, has announced his retirement effective January 12th, 2024. Tepe, who contributed 14 years of service to NBIS, expressed pride in the shared triu...
Posted: Dec 15, 2023
Helios Underwriting PLC, the Lloyd’s investment vehicle, has upped its capacity for 2024 to £501 million, as the company takes advantage of new syndicate opportunities. This 2024 capacity represents a 61% increase from 2023, where total capa...
Posted: Dec 15, 2023
In a recent report from BMO Capital Markets, analysts suggest that the property-catastrophe re-insurance market is poised for low-single-digit increases in pricing come January 2024. The analysis points to a confluence of factors contributing to t...
Posted: Dec 15, 2023
Insurance brokerage, World Insurance Associates, has announced the acquisition of Exchange Underwriters, Inc., based in Washington County, Pennsylvania. Founded in 1955, Exchange Underwriters was started by Blair C. Ferguson providing personal and...
Posted: Dec 15, 2023
PCS, a business unit of Verisk, has announced the expansion of its Global Terror Index to include SRCC (Strikes, Riots, Civil Commotions, and Civil Unrest) to help enhance the understanding and management of political violence risks in the re/insu...
Posted: Dec 15, 2023
McKenzie Intelligence Services (MIS) and London Market Operations & Strategic Sourcing (LIMOSS), with support from the Lloyd’s Market Association (LMA), have agreed to extend the provision of geospatial intelligence for Lloyd’s market for 2024...
Posted: Dec 15, 2023
Global insurer Zurich Insurance Group has appointed Claudia Cordioli as the Group’s Chief Financial Officer (CFO) and member of the Executive Committee, effective from March 1st, 2024, subject to regulatory approval. Cordioli will take over...
Posted: Dec 15, 2023
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