Reinsurance News
Global credit ratings agency AM Best has confirmed that it has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR), and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term...
Posted: Dec 14, 2023
Markel, the insurance division of Markel Group Inc., has launched a Specialty practice within its International Wholesale arm, which will be led by Tom Hillier as Divisional Managing Director. This appointment is supported by the addition of a new...
Posted: Dec 14, 2023
Global insurance group Howden is set to acquire Denmark’s fourth largest insurance intermediary – NORTH Risk (NORTH), which will help establish the firm a retail presence across the Danish market, as well as strengthen its geographical...
Posted: Dec 14, 2023
U.S. personal auto insurers faced another challenging period in the first half of 2023, as claims severity continued to rise, according to a recent report by AM Best. Following a dismal performance in 2022, the segment posted a direct incurred los...
Posted: Dec 14, 2023
Global specialty underwriter and provider of re/insurance solutions, AXIS Capital Holdings Limited, has received in-principle approval from Lloyd’s to establish a new syndicate dedicated to providing capacity for new energy projects. Through Energ...
Posted: Dec 14, 2023
Global reinsurance giant Swiss Re has acquired Bristol, UK-based provider of water risk intelligence and flood models, Fathom, which will retain its own brand and work closely with the firm’s Reinsurance Solutions division to further develop...
Posted: Dec 14, 2023
The Prime Minister of Tonga, Honorable Hu’akavameiliku, set the tone at PCRIC’s COP28 side event, emphasising the need to consider resilience as more than just the capacity to survive in the aftermath of adversity. The event, themed ‘E...
Posted: Dec 14, 2023
Mission Underwriters, which builds MGAs around experienced underwriters, has reached an agreed support a new team to launch a real estate MGA in January 2024, called Ventis. The new MGA will target small to medium-sized property risks, with a remi...
Posted: Dec 14, 2023
Assurex Global, the privately held brokerage firm, has promoted Teric Steines to Executive Vice President (EVP), Strategic Innovation and Brand, where he will harness emerging tech trends and insightful data analytics to advance strategic innovati...
Posted: Dec 14, 2023
Sønr, the startup scouting and innovation management platform, is entering a strategic one-year collaboration with PZU, Poland’s largest insurer, to leverage Sønr’s platform to source startups and accelerate innovation within PZU’...
Posted: Dec 14, 2023
Despite noting that certain investors feel that reinsurers are now more exposed by their shorter investment portfolio durations, analysts at Morgan Stanley believe that the impact should be marginal, while investment income should continue to see...
Posted: Dec 13, 2023
Vanbridge and GreensLedge have announced the formation of Convergence Point Solutions (CPS), their joint venture company. They have also announced the launch of its Alternative Letter of Credit (ALOC) Facility, which has been designed for companie...
Posted: Dec 13, 2023
The UK motor insurance market is expected to record its worst performing year since 2010 this year, according to EY’s latest UK Motor Insurance Results. EY’s report said that a net combined ratio (NCR) of 114.6% is now forecast for motor ins...
Posted: Dec 13, 2023
Ryan Specialty, a service provider of specialty products and solutions for insurance brokers and carriers, has announced the formation of Ryan Financial Lines, its international financial lines managing general underwriter (MGU). Ryan Financial Li...
Posted: Dec 13, 2023
London headquartered insurance and reinsurance marketplace Lloyd’s has announced that S&P has revised its financial strength rating to ‘AA–’; outlook stable, from ‘A+’; outlook stable. According to Lloyd’s, the rating upgrade reflects th...
Posted: Dec 13, 2023
Insurtech Vertafore has named Tracey Brown to head its distribution and compliance management (DCM) segment as Senior Vice President (SVP) and General Manager. In her new position, Brown will oversee Vertafore’s Sircon solutions, which simplify co...
Posted: Dec 13, 2023
Right Choice Insurance Brokers (RCIB) has selected Howden Driving Data, part of the Howden insurance group, as the telematics provider for its newly relaunched Autosaint brand. A pioneer in telematics insurance, Autosaint has helped tens of thousa...
Posted: Dec 13, 2023
A new report from global re/insurance broker Aon, in partnership with Beauhurst, shows that there is a significant funding gap for intellectual property (IP) rich UK organisations, with only 2% having reached scale-up status and also raising equi...
Posted: Dec 13, 2023
Executives from the Bermuda reinsurance market are expressing optimism about the 2024 property reinsurance operating environment, foreseeing stability in terms and conditions. While there is some divergence in views on January 1 property catastrop...
Posted: Dec 13, 2023
Marsh, insurance broker and a business of Marsh McLennan, has announced a series of senior appointments across its UK and Global Placement leadership team, including Tom Davies’ as Placement Leader, UK, effective 1 January, 2024. Davies brings ove...
Posted: Dec 13, 2023
Staff at the Texas Windstorm Insurance Association (TWIA) explained that the wind and hail insurer of last resort for the state of Texas requires approximately $1 billion more in reinsurance funding for 2024 when compared with 2023, as exposure gr...
Posted: Dec 13, 2023
With countries striking an agreement at COP28 to transition away from all fossil fuels to reach net zero emissions globally by 2050, Europe’s insurance industry has reconfirmed its commitment to fighting climate change and “overcoming...
Posted: Dec 13, 2023
AXA XL, the P&C and specialty risk division of global insurer AXA, has handed Mike Gosselin responsibility for underwriting strategy, portfolio performance, and driving profitability for its UK business across its Lloyd’s and company market pl...
Posted: Dec 13, 2023
DUAL Europe has appointed Gwenaël Hervé as Chairman to establish and develop the company’s business in France, which will initially offer Financial Lines, Professional Indemnity, Cyber, construction all risks and Title and M&A insurance...
Posted: Dec 13, 2023
MSCI, the index that measures companies’ resilience to ESG risks, recognises Generali’s sustainability leadership as it confirms the Italian insurer’s “AAA” ESG rating. The MSCI analysis, involving more than 8,500 companies, has...
Posted: Dec 13, 2023