Reinsurance News
Assured Guaranty Municipal Corp., a subsidiary of financial guaranty insurer Assured Guaranty Ltd., has insured $800mn of bonds for the JFK International Airport’s New Terminal One project. The bonds insured by AGM are part of a $2 billion issue o...
Posted: Dec 08, 2023
Igloo, a regional insurtech has closed a US$36 million Pre-Series C funding round. Global investment firm Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, led the investment. At the same time, Openspace and La Maison,...
Posted: Dec 08, 2023
The California Earthquake Authority (CEA) is hopeful it will be able to successfully renew $2.2 billion of expiring reinsurance limit at the upcoming January 1st, 2024, renewals, which is its largest syndicated placement, amid a continuation of hi...
Posted: Dec 07, 2023
After a request from the Lloyd’s Market Association (LMA) Board, Velonetic and the Lloyd’s marketplace have decided to move the launch date of phase two of Blueprint Two digital services (which includes the Digital Gateway) to April 2025. Earlier...
Posted: Dec 07, 2023
Allstate’s CEO, Tom Wilson, unveiled key insights into the company’s underwriting and growth strategy at the Goldman Sachs 2023 US Financial Services Conference, expressing confidence in the overall trajectory of the business while sim...
Posted: Dec 07, 2023
Rosetta Risk Management (RRM) has secured investment from Howden Ventures, which is set to “accelerate its transition to a fully tech-enabled construction insurance MGA.” Currently a SaaS platform, RRM said it will aggregate constructi...
Posted: Dec 07, 2023
Concert Group Holdings, Inc. a privately owned insurance holding company, has promoted Alison Davidsen to the newly created role of Chief Operating Officer. Davidsen joined Concert in July 2022 taking on the role of Vice President, Client Manageme...
Posted: Dec 07, 2023
The International Underwriting Association (IUA) has welcomed Claire McDonald, a Member of the Executive Board for HDI Global SE, as the new Chair. She will formally take over the position on January 1, 2024. McDonald – who is replacing Phil...
Posted: Dec 07, 2023
Global Indemnity Group, LLC, a provider of specialty property and casualty insurance coverages, has suspended the exploration of the sale or merger of Penn-America, Global Indemnity’s insurance group, and Global Indemnity itself at this time. Saul...
Posted: Dec 07, 2023
B.P. Marsh has agreed to sell its shareholding in Paladin, the parent company of CBC Partnership, the London-based Insurance Broker, to Specialist Risk Group Limited (SRG), subject to regulatory approval. Once completed, this will be SRG’s 19th ac...
Posted: Dec 07, 2023
In a recent outlook report, Fitch Ratings has adjusted its 2024 sector outlook for U.S. mortgage insurers from deteriorating to neutral, citing continued strong profitability despite a potential economic slowdown. Fitch’s analysis anticipate...
Posted: Dec 07, 2023
Jonathan May, currently Chief Financial Officer (CFO) and Chief Operations Officer (COO) for Lloyd’s Europe, will take over from Amélie Breitburd as the new Chief Executive Officer (CEO) of the European subsidiary on January 1st, 2024. Breitburd i...
Posted: Dec 07, 2023
Howden Tiger has announced the appointment of Michael Forman and John Stamatis as Co-Heads of North America for Howden Tiger Capital Markets & Advisory (HTCMA). They will both report to Jarad Madea, CEO, HTCMA, and will continue to lead the No...
Posted: Dec 07, 2023
VIG Re, the reinsurance arm of Vienna Insurance Group, has announced the increase of its registered capital by €100 million in 2023, and the authorisation of its Board of Directors to increase the registered capital by an additional €50 million in...
Posted: Dec 07, 2023
The International Center for Market Research (ICMR) has identified asset management as a pivotal factor shaping returns on equity (RoE) in the insurance industry. The shift in risk-free rates to decade-long highs has accentuated the significance o...
Posted: Dec 07, 2023
Moody’s Investors Service has changed to negative from stable the outlooks on nine Chinese insurers and a related overseas subsidiary. The credit rating agency has also maintained stable outlooks on three of the insurers, and affirmed all th...
Posted: Dec 07, 2023
Cytora, a digital risk processing platform, has partnered with Vespia, a provider of compliance data, in a move that is set to provide commercial insurance underwriters with deeper insights into business risks associated with anti-money laundering...
Posted: Dec 07, 2023
Intact Financial Corporation and its subsidiary RSA have reached an agreement to sell RSA’s UK direct Personal Lines operations, representing approximately £165 million of annual premiums, to Admiral Group. The transaction will result in the trans...
Posted: Dec 07, 2023
Analysis by Swiss Re, one of the world’s largest reinsurers, reveals that natural catastrophes will once again break several loss records this year, as a high frequency of low single-digit billion-dollar loss events take insurance and reinsu...
Posted: Dec 07, 2023
Crown Jewel Insurance, an insurtech and Lloyd’s Coverholder, has secured three additional re/insurance organisations to support its breakthrough trade secret insurance policy known as Crown Jewel Protector. The re/insurers, Apollo Syndicate...
Posted: Dec 07, 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) has recorded a total direct contribution of $815 million to the local economy from member companies in 2022, up 13% over 2021. ABIR noted that its members’ economic contributions in 2022 in...
Posted: Dec 07, 2023
Pen Underwriting, an Arthur J. Gallagher & Co. subsidiary, has announced the appointment of Megan Jones as Capacity Relationship Manager. Jones will take over her new role from January 2, 2024. She will be responsible for the strategic and ope...
Posted: Dec 07, 2023
Insurance services provider, Amynta Group, has announced that it has entered into a definitive agreement to acquire Sutton Special Risk Inc. (Sutton), a managing general underwriter (MGU) of specialty insurance products based in Toronto, Canada. T...
Posted: Dec 07, 2023
Verisk, the global data analytics and technology provider, has named Rob Newbold to succeed Bill Churney as the President, Extreme Event Solutions following his retirement. The appointment is effective starting December 31st, 2023. Lee Shavel, Pre...
Posted: Dec 07, 2023
Zimre Holdings Limited (ZHL), an investment holding company, has combined its two Botswana reinsurance businesses after changes to the law enabled it to underwrite domestic business, according to a NewsDay report. The report states that the two un...
Posted: Dec 07, 2023