Reinsurance News
The level of required risk- adjusted capital has increased faster than the level of traditional reinsurance capital despite capital levels having grown steadily until 2022, according to AM Best analysts. This was due to a rise in underwriting risk...
Posted: Sep 06, 2023
The Korean Insurance Capital Standard (K-ICS) continues to exert a profound influence on South Korean insurers’ operational strategies, as they endeavour to optimise capital efficiency and reinforce solvency adequacy, reports Fitch Ratings....
Posted: Sep 05, 2023
Global insurance brokerage, risk management and consulting services firm, Arthur J. Gallagher & Co., has announced the acquisition of Lifesure Group Limited, a UK-based personal lines insurance broking service. Terms of the transaction were no...
Posted: Sep 05, 2023
Guy Carpenter, the leading global risk and reinsurance specialist and business of Marsh McLennan, has hired Julian Enoizi as CEO of Guy Carpenter Europe, effective immediately. In his new role, Enoizi will be based in Europe, and he will report to...
Posted: Sep 05, 2023
Specialty insurer, Mosaic has announced that its syndicated capital program has underwritten close to a quarter of a billion dollars in gross written premium (GWP) for industry partners across its seven product lines and regions. Activated early l...
Posted: Sep 05, 2023
Canadian Property and casualty insurer, Definity Financial Corporation, has released an estimate of approximately $120 million in catastrophe losses that will impact its operating income negatively in July and August 2023. This estimate is net of...
Posted: Sep 05, 2023
Sompo International, a leading global provider of commercial and consumer property & casualty re/insurance, has added five members to its insurance leadership team in Italy. The company has confirmed that all of the appointees will be based in...
Posted: Sep 05, 2023
Specialist MGA and broker services platform, OneAdvent, has completed a management buyout. This investment is aimed at boosting its UK and European market presence and product offering. The management buyout was led by the firm’s current Man...
Posted: Sep 05, 2023
At 8%, the insurance industry total shareholder return (TSR) demonstrates resilience compared with other sectors since the onset of the pandemic, but nonetheless falls short of meeting investors’ cost of equity, continuing a trend of recent years...
Posted: Sep 05, 2023
Global insurance and reinsurance broker Aon has announced the appointment of Vincent Banton as Head of Construction and Infrastructure for Asia, effective August 1st. Banton will be based out of Singapore and report to Paul Young, Head of Commerci...
Posted: Sep 05, 2023
According to Moody’s most recent Reinsurance Buyer Survey, an increasing number of insurers expect to purchase less coverage for 2024 due to higher costs, which will in turn force them to retain even more risk, making their results more vola...
Posted: Sep 05, 2023
S&P Global Ratings has revised its view of the global reinsurance sector to stable from negative on favourable property/casualty reinsurance pricing conditions, pre-pandemic earnings levels in life reinsurance, and increasing net investment in...
Posted: Sep 05, 2023
Liberty Mutual Re, the reinsurance arm of Liberty Mutual Insurance Group, MGA XS Global, and technology provider Safehub, have launched the world’s first sensor-based, parametric reinsurance treaty for earthquake risk. According to the annou...
Posted: Sep 05, 2023
International specialty re/insurer Convex Group Limited has appointed Paul Simons to the role of Bermuda Chief Executive Officer, and Christophe Chandler to the role of Group Deputy Chief Underwriting Officer Reinsurance. Both appointments are eff...
Posted: Sep 05, 2023
DUAL, the specialist underwriting arm of Howden Group Holdings, has appointed Simon McGinn as CEO of its UK business, subject to regulatory approval. McGinn is set to join the firm on January 1, 2024, where he will report to Richard Clapham, CEO,...
Posted: Sep 05, 2023
The Florida Office of Insurance Regulation (OIR) has approved the Orion180 subsidiaries, Orion180 Select Insurance Co. and Orion180 Insurance Co., to enter the homeowners and wind market. Recently, FLOIR approved the companies to form property and...
Posted: Sep 05, 2023
BTG Pactual Resseguradora S.A. gets a revised positive rating from AM Best. The rating company has revised the Long-Term Issuer Credit Rating (Long-Term ICR) outlook to positive from stable and affirmed the Financial Strength Rating (FSR) of B++ (...
Posted: Sep 05, 2023
Malte Obbel Forsberg, formerly of Bermuda-based RenaissanceRe, has been appointed as the Head of Reserving at MS Reinsurance. The role is effective starting September and will be based out of Zurich. Forsberg joins from RenaissanceRe, where he ser...
Posted: Sep 05, 2023
The demand for health reinsurance solutions is experiencing robust growth both in the United States and around the world, according to a recent report by AM Best. This surge in demand is primarily driven by market dynamics that include challenges...
Posted: Sep 04, 2023
Derek Gullage has joined WCF Insurance, a provider of property and casualty insurance serving the Western United States, as Director of Reinsurance. Gullage brings over 15 years of industry experience to his new role, having most recently served a...
Posted: Sep 04, 2023
A “triple-threat” which consists of more frequent and severe weather-related losses, a protracted inflationary environment, as well as surging reinsurance costs has the property insurance market under “substantial pressure”...
Posted: Sep 04, 2023
The total private market insured losses from Hurricane Idalia are estimated to be between $3bn and $5bn, with a best estimate of $3.5bn, according to Moody’s RMS. This estimate represents insured losses associated with wind (between $2.2bn-$3.4bn)...
Posted: Sep 04, 2023
Polo Managing Agency (PMA), a prominent name in the Lloyd’s insurance market, has unveiled an exciting collaboration with DXC Technology, a Fortune 500 technology services firm. This strategic partnership will empower PMA’s clientele to leve...
Posted: Sep 04, 2023
Ardonagh Advisory has officially welcomed high net worth (HNW) broker Stanhope Cooper and Managing General Agent (MGA) Renovation Underwriting into its Group, following a prior agreement to acquire a majority shareholding in these businesses. Unde...
Posted: Sep 04, 2023
Ardonagh Advisory has officially welcomed high net worth (HNW) broker Stanhope Cooper and Managing General Agent (MGA) Renovation Underwriting into its Group, following a prior agreement to acquire a majority shareholding in these businesses. Unde...
Posted: Sep 04, 2023