Reinsurance News
While progress was made at the January 1st, 2023, reinsurance renewals on shifting attritional losses back onto the balance sheets of primary insurers, there’s motivation to further increase attachment points in certain areas, according to T...
Posted: Oct 18, 2023
Insurtech Accelerant has announced its expansion into the Canadian market through the acquisition of Omega Insurance Holdings, Inc. from Till Capital Ltd. Omega, based in Toronto, offers property and casualty insurance coverage. It also offers sho...
Posted: Oct 18, 2023
As first reported by our insurance-linked securities (ILS) focused sister site, Artemis, Bermuda-based insurer and reinsurer AXIS Capital Holdings has sponsored the world’s first full 144a cyber catastrophe bond, a $75 million Long Walk Rein...
Posted: Oct 18, 2023
CCR estimates that claims for perils covered by the natural disaster compensation scheme are likely to increase by around +40% by 2050 as a result of climate change, and by +60% if changes in insured stakes (population growth and urban density) ar...
Posted: Oct 18, 2023
London-based marketplace for insurance and reinsurance, Lloyd’s, has published a systemic risk scenario that shows the global economy is exposed to losses of $3.5 trillion over a five-year period from a cyber attack on a major financial services p...
Posted: Oct 18, 2023
90% of insurers are said to be at a disadvantage with current operating models, with the belief being that they do not support future business needs. A new report from Clearwater Analytics, a provider of SaaS-based investment management, accountin...
Posted: Oct 18, 2023
Bloomberg Intelligence states the UK auto and home insurers face rising claims inflation and regulation struggle will continue into 2024. Margins of UK auto-focused insurers such as Admiral and Direct Line have seen setbacks in H2 2023 and 2024, a...
Posted: Oct 18, 2023
Third-party managing agent at Lloyd’s, Asta, and Oka, the Carbon Insurance Company, has announced that the specialist insurance and reinsurance marketplace has granted ‘in principle’ approval for Oka syndicate-in-a-box (SIAB) 1922. Oka syndicate 1...
Posted: Oct 18, 2023
New Zealand-based insurer Tower has revised its market guidance on underlying net profit after tax for FY23, inclusive of large events, to between $7 million and $10 million, as the firm’s large event costs for the period has come in $1.5 mi...
Posted: Oct 18, 2023
Liberty Specialty Markets (LSM), a subsidiary of Liberty Mutual Insurance Group, has appointed Marilyne Furlan as Head of Casualty, Europe, effective December 2023, reporting to Pierre-Edouard Fraigneau, Chief Underwriting Officer, LSM, Europe. Fu...
Posted: Oct 18, 2023
The latest Systemic Risk Survey conducted by the Bank of England reveals that market participants maintain a high level of confidence in the stability of the UK financial system. The survey, which collected responses from 56 firms, representing a...
Posted: Oct 18, 2023
In a recent analysis by Fitch Ratings, private credit investments have emerged as crucial components of the business models and investment strategies of rated US life insurers. While concerns about asset quality in the private credit sector have b...
Posted: Oct 17, 2023
The European insurance industry faced a year of changes and challenges in 2022, with the top ten insurance companies remaining consistent while a noticeable reshuffling occurred further down the rankings, according to a recent report by AM Best. E...
Posted: Oct 17, 2023
Parametric disaster insurance risk pools African Risk Capacity Limited (ARC), Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC), the Pacific Catastrophe Risk Insurance Company (PCRIC), and the Southeast Asia Disaster Risk Insurance Facilit...
Posted: Oct 17, 2023
Zurich, a leading global insurance provider, has announced the appointment of Mattias Fritz as the new CEO of Zurich Nordic, effective from November 1, 2023. This move underscores Zurich’s commitment to supporting customers and brokers in na...
Posted: Oct 17, 2023
Analytics and data management platform for the re/insurance industry, Vellum Insurance, has exited stealth with a $7 million seed round led by Acrew Capital, with participation from Flourish Ventures, Fin Capital, Vera Equity, Endurance and 1 Shar...
Posted: Oct 17, 2023
BRP Group, an independent insurance distribution company, has announced the launch of Juniper Re, its new reinsurance broking platform, to be led by former BMS Re Chief Property Officer Jeff Irvan. Juniper Re was created to expand BRP Group’s brea...
Posted: Oct 17, 2023
Global reinsurance broker Lockton Re has signed a long-term agreement with Supercede to refine its reinsurance data. Lockton Re said it has now become the first major reinsurance broker to adopt wholesale usage of Supercede’s treaty data pre...
Posted: Oct 17, 2023
S&P Global Ratings announced a revision of its outlook on American International Group Inc. (AIG), a global multiline insurer, and its core property and casualty (P/C) subsidiaries (excluding Validus Re) to stable from negative. Concurrently,...
Posted: Oct 17, 2023
Pro MGA Global Solutions, the independent managing general agent (MGA) incubation division of Pro Global Holdings Limited, has appointed David Goodley as its new Head of Compliance. Goodley holds extensive experience as a compliance professional,...
Posted: Oct 17, 2023
Sompo International, a global provider of commercial and consumer property and casualty re/insurance, has appointed Redouane El Oulhani as Head of Distribution & Client Relationship Management, Insurance for France. His appointment comes as th...
Posted: Oct 17, 2023
Aviva’s Global Corporate and Specialty (GCS) team has announced it is using hyperexponential’s Pricing Decision Intelligence (PDI) platform, hx Renew, to deliver pricing models in record time. Thanks to hx Renew, the GCS team has been able to buil...
Posted: Oct 17, 2023
Insurance and reinsurance broking group, Aon, has appointed Brian Wanat as the new Head of Commercial Risk for North America. Wanat has been with Aon for more than 21 years, and most recently served as Chief Broking Officer of U.S Commercial Risk...
Posted: Oct 17, 2023
Federal Life Insurance Company, a provider of insurance and annuity products, has teamed with global reinsurer Hannover Re, and later life insurance specialists Vidale Marketing Group, to bring a later life annuity solution to US consumers. The ne...
Posted: Oct 17, 2023
Specialist private equity investor B.P. Marsh & Partners Plc has reported that Net Asset Value increased to £203.5 million in its half-year results for the six months to 31st, July, 2023, from £189.5 million as at January 31st, 2023, and £179....
Posted: Oct 17, 2023