Reinsurance News
AM Best expects that capital inflows to the reinsurance sector in the US and Bermuda markets will “continue to be driven by established franchises with strong track records, while opportunities for new company formations will remain limited....
Posted: Sep 01, 2023
UIB Asia Reinsurance Brokers Pte Ltd has announced that Francis Savari will take over from Hiroki Miyamoto as its Chief Executive Officer (CEO), based out of Singapore. Miyamoto, who served as CEO for five years, will move to a new role at United...
Posted: Sep 01, 2023
Starr Insurance has announced the appointment of Sean Chen as the Chief Executive Officer (CEO) of Starr International Insurance for Singapore, effective August 28th. Chen is a market veteran with over 25 years of underwriting and client relations...
Posted: Sep 01, 2023
Relation Insurance Services , one of the largest and fastest-growing national insurance brokerages, has announced the appointment of Russell Brown as President and Charissa Hartmann Chief Financial Officer (CFO). Brown joined Relation upon its acq...
Posted: Sep 01, 2023
Patria Re (US), Inc., a relatively new reinsurer in the United States, has been assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of “bbb+” (Good) by AM Best, with a stable outlook. The global ratings agency s...
Posted: Sep 01, 2023
UK motor insurance premiums were 5.9% higher in July month-over-month, and the market now looks to be in a pricing surplus, relative to pre-pandemic margins. Jefferies’ UK motor insurance tracker shows that premiums are also now +53% higher...
Posted: Aug 31, 2023
The European Commission has approved, under the EU Merger Regulation, the acquisition of sole control of American International Group’s (AIG) treaty reinsurance business – which includes Validus Re – by Bermuda-based RenaissanceRe (Ren...
Posted: Aug 31, 2023
The People’s Insurance Company of China (PICC), one of largest insurance companies operating in China, has paid out 60% of the compensation claims it received pertaining to the damage caused by super Typhoon Doksuri, which caused record rainfall i...
Posted: Aug 31, 2023
Zurich-based catastrophe insurance data provider, PERILS and the Oasis Loss Modelling Framework (Oasis) have announced that the PERILS Industry Exposure Database (IED) is now available in the Open Exposure Data (OED) format. OED is a part of the O...
Posted: Aug 31, 2023
Direct Line Group has announced the appointment of Adam Winslow as Chief Executive Officer, subject to regulatory approval. It is expected that he will take up the role in the first quarter of 2024 succeeding Jon Greenwood who has been Acting CEO...
Posted: Aug 31, 2023
As the 2023 Atlantic hurricane season unfolds, the homeowners insurance market in Florida is grappling with a series of formidable challenges, according to a recent Moody’s report. These include elevated catastrophe exposures, dwindling insu...
Posted: Aug 31, 2023
Cytora, an AI-powered digital risk processing platform, has announced an integration with CAPE Analytics, a provider of AI-powered property insights, to elevate commercial property risk assessment. Through the integration, CAPE Analytics’ co...
Posted: Aug 31, 2023
In response to the lawsuit filed by the County of Maui regarding the devastating fires that swept through the area on August 8, Hawaiian Electric Company, Inc. (Hawaiian Electric), a subsidiary of Hawaiian Electric Industries, has denied that thei...
Posted: Aug 31, 2023
Initial estimates for insurance industry losses from Hurricane Idalia, which made landfall in Florida on Wednesday as a major Category 3 storm, are lower than previously feared and point to insured losses of less than $10 billion. So far, there...
Posted: Aug 31, 2023
Fusion Specialty, a renowned global boutique M&A and specialty insurance services group, has announced the promotion of Samuel Shirley to the dual role of managing partner, M&A, Fusion Specialty UK, and global chief underwriting officer, M...
Posted: Aug 31, 2023
+Simple, a leading European digital insurance distribution platform for small businesses, and GMBC, a tech-enabled master MGA and reinsurance platform, have completed a strategic merger to drive growth in the European MGA market. According to the...
Posted: Aug 31, 2023
The European Big Four are benefiting from the hard reinsurance market conditions evident during the 2023 renewals with improved pricing and terms and conditions across reinsurance lines of business and geographies, as per a recent AM Best report....
Posted: Aug 31, 2023
Fosun International Limited has released its results for the first half of 2023, which included a 40% loss in profit, as the company posted a RMB 1,35 billion profit, compared to last year’s RMB 2.28 billion. At the same time, Peak Re, which...
Posted: Aug 31, 2023
Specialty insurer Beazley has introduced the first admitted parametric tornado disaster benefit insurance for homeowners, in partnership with Sola Technologies and Spinnaker Insurance Company. The innovative Tornado Crisis product leverages Nation...
Posted: Aug 31, 2023
Christopher Magee has joined Starr Insurance as Vice President, International Head of Financial Lines and Professional Liability. Magee’s position is a new role which will see him focus on growing the business outside the US and helping clie...
Posted: Aug 31, 2023
AXA XL has announced the appointment of Lucy Pilko as Chief Executive Officer for the Americas region of its insurance operations, effective October 30, 2023. Pilko succeeds Joseph Tocco who has decided to retire, after more than 12 years as a sen...
Posted: Aug 31, 2023
National insurance program manager, Distinguished Programs has bolstered its portfolio with the addition of an Executive Lines business, led by Ryan Becker. According to the announcement, this new program caters to the requirements of executive li...
Posted: Aug 31, 2023
WTW has announced the appointment of Paul Lubbers as the Head of Affinity & Programs, US, within Corporate Risk and Broking (CRB). Leveraging his deep experience within the Affinity sector, Lubbers assumes a pivotal role in driving comprehensi...
Posted: Aug 31, 2023
In a recent report by AM Best, the composite of US and Bermuda reinsurers has showcased impressive growth in underwriting performance, despite facing challenges from investment losses. The report highlights the key trends and projections for the c...
Posted: Aug 31, 2023
NFP, a property and casualty broker, benefits consultant, wealth manager and retirement plan advisor, has appointed Amanda Wescott as vice president, director of US captive management operations of the company’s Risk and Insurance Strategy Collect...
Posted: Aug 31, 2023