Reinsurance News
Gainesville domiciled Florida Farm Bureau Group has had its Financial Strength Rating of B++ (Good) and Long-Term Issuer Credit Ratings of “bbb+” (Good) placed under review with negative implications by AM Best, following a considerable decline in...
Posted: Nov 20, 2023
Peter Evola has been appointed Commercial Director for Allianz Trade in the UK & Ireland, effective December 1, 2023, and subject to regulatory process. In his new role, based in London, Evola will lead the team to drive profitable growth and...
Posted: Nov 20, 2023
The total capital value of wind farms worldwide has reached approximately £1.9 trillion, according to a new study from global specialty re/insurance firm Chaucer. The transition from coal and oil-based energy generation to low carbon energy source...
Posted: Nov 20, 2023
hyperexponential and Akur8 have announced a new partnership that will integrate their complementary pricing decision intelligence (PDI) capabilities. This collaboration aims to offer insurers an automated, data-driven system for accurately pricing...
Posted: Nov 20, 2023
In response to the rapid growth in the UK Bulk Purchase Annuity (BPA) market, the Prudential Regulation Authority (PRA) has put forth proposals aimed at enhancing the risk management and structuring of funded reinsurance arrangements. The PRA̵...
Posted: Nov 20, 2023
The four large European reinsurers, Munich Re, Swiss Re, Hannover Re, and SCOR, all reported claims from natural catastrophes below budget in the first nine months of 2023 on the back of improved terms and conditions, while higher investment retur...
Posted: Nov 20, 2023
Duck Creek Technologies, a P&C solutions provider, has unveiled a breakthrough initiative in collaboration with Microsoft, which is set to empower insurers to reimagine their businesses by facilitating smoother implementation processes and fas...
Posted: Nov 20, 2023
Fitch Ratings highlights the growing vulnerability of European insurers to weather-related losses, primarily attributed to reinsurers reducing coverage against medium-sized natural catastrophe risks. The trend, which commenced in 2022, is exemplif...
Posted: Nov 17, 2023
Re/insurers welcome the introduction of a 15% minimum tax in Bermuda by the Government of Bermuda and expect it to remain a highly competitive jurisdiction. On 8 August 2023, the Government of Bermuda announced that it had opened a series of consu...
Posted: Nov 17, 2023
Mercer, a subsidiary of Marsh McLennan and an advisor to the MMC UK Pension Fund Trustee Limited, has announced the completion of a longevity hedge covering approximately £2 billion of liabilities, backed by German reinsurer Munich Re. This is the...
Posted: Nov 17, 2023
Property and casualty insurer, Great American Insurance Group, has announced the appointment of Nicholas T. Moraites as Divisional Assistant Vice President of Claims. Based in Pittsburgh, Pennsylvania, Moraites joins the insurer’s Fidelity/Crime D...
Posted: Nov 17, 2023
Skyward Specialty, a P&C insurer, has announced the pricing of its upsized follow-on offering of 5,000,000 shares of its common stock, with 2,150,000 shares being offered by Skyward Specialty and an upsized 2,850,000 shares being sold by Skywa...
Posted: Nov 17, 2023
Studies conducted by Swiss Re and prominent life insurance carriers have unveiled the revolutionary potential of Electronic Health Records (EHRs) in reshaping the conventional landscape of life and health underwriting processes. The studies indica...
Posted: Nov 17, 2023
Vienna Insurance Group (VIG) creates a new department, “CO³” – communication, collaboration & cooperation -, to strengthen collaboration within its Group companies. According to the announcement, the focus of this department is on boosti...
Posted: Nov 17, 2023
Italian insurer Generali has reported gross written premiums (GWP) of €60.5 billion for the first nine months of 2023, as its combined ratio strengthened by 3.1 percentage points to 94.3%. Generali attributes the growth in GWP to strong growth in...
Posted: Nov 17, 2023
Following a costly 2023 severe convective storm season, Gallagher Re’s Josh Knapp, Executive Vice President, Broking, National, has noted that reinsurers are proving less willing to provide aggregate covers for regional property cat risk, th...
Posted: Nov 17, 2023
Tokio Marine HCC has posted a 12.5% increase in net premiums written in its Q223 financial year results to JPY 413.4 billion. Net premiums written in the firm’s Non-life: North America segment reached JPY 137.3 billion, while A&H reached...
Posted: Nov 17, 2023
MS Amlin, the Lloyd’s global re/insurer, has published its results for second quarter 2023, which includes a combined ratio of 91.6%, compared to last year’s 100.6%. The improved combined ratio resulted in a better underwriting result with an insu...
Posted: Nov 17, 2023
Howden Tiger, the reinsurance broking arm of the global insurance group Howden, announced the appointment of Martin Ford as Executive Director. Based in London, Ford will be reporting directly to Managing Director Paul Esterbrook. Ford brings with...
Posted: Nov 17, 2023
Sompo International has reported an underwriting income of $340.6 million in H1 of its 2023 financial year, down $104.6 million from the same period last year due to “increased losses due to natural disasters.” The firm’s commerc...
Posted: Nov 17, 2023
RT Specialty, the wholesale distribution division of Ryan Specialty, has appointed Jessalynn Suda to RT Binding Authority’s leadership team, where she will focus on product development, profitability studies, and quality assurance. RT Binding Auth...
Posted: Nov 17, 2023
S&P has published its “Insurer Risk-Based Capital Adequacy–Methodology And Assumptions,” which provides criteria for analysing the risk-based capital (RBC) adequacy of insurers and reinsurers. The rating agency explained that...
Posted: Nov 17, 2023
Oneglobal Broking has appointed Joey Lim as the Head of Property and Casualty in Singapore, effective from the 17th of November. With knowledge amassed from more than two decades in the insurance sector, Oneglobal noted that Lim’s appointmen...
Posted: Nov 17, 2023
In a bid to fortify global financial resilience against mounting risks, the Insurance Europe Reinsurance Advisory Board (RAB) has unveiled a comprehensive report championing the significance of an open global reinsurance market. The report titled...
Posted: Nov 17, 2023
Global insurance brokerage, Arthur J. Gallagher & Co. has acquired certain assets of the retail agency business of East Lansing, Michigan-based Coverys Insurance Services. Terms of the transaction were not disclosed. Full-service insurance bro...
Posted: Nov 17, 2023