Reinsurance News
RLI Corp. has released an estimated range of pretax net catastrophe losses from the Hawaii wildfires of $65 million to $75 million, to be reflected in its Q3 2023 results. This range is inclusive of the net of reinsurance recoverable and reinstate...
Posted: Aug 24, 2023
The Insurance Regulatory and Development Authority of India (IRDAI) has approved a series of amendments to the Reinsurance Regulations to promote a favourable business environment and “position India as a prominent global reinsurance hub....
Posted: Aug 24, 2023
After experiencing a significant capital impairment in 2022, re/insurance capital is “slowly returning to its previous levels,” and as reinsurers continue to benefit from hard market conditions, the sector should exceed its cost of cap...
Posted: Aug 24, 2023
Fortitude Re and IBM have entered into a $450 million agreement to collaborate on growth opportunities and transform the reinsurer’s life insurance policy servicing operations with the implementation of AI technology and other automation tools. Ac...
Posted: Aug 24, 2023
Global reinsurance giant Swiss Re has partnered with composite insurer, Income Insurance Limited (Income Insurance), on a first-in-market cancer insurance product that offers a guaranteed post-cancer term option, as well as support throughout the...
Posted: Aug 24, 2023
Aspen Insurance Holdings Limited has appointed Andrew Dyer as Chief Risk Officer, Aspen UK, based in London. Collectively, Dyer has two decades of experience in risk management, governance, and oversight for insurance. He joins Aspen from the Prud...
Posted: Aug 24, 2023
DBRS Morningstar estimates that the Canadian wildfire-related insured losses in Q3 will amount to between $700 million and $1.5 billion, but remain manageable for insurers, constituting an earnings event. DBRS said that wildfires have been particu...
Posted: Aug 24, 2023
Inigo Limited has announced the appointment of Simon Harker who will work alongside Ed Whitworth who assumes responsibility for Aviation underwriting. Harkerjoins Inigo from insurance broker Marsh, where he most recently served as Global Chairman...
Posted: Aug 24, 2023
Property and Casualty insurer, Western National Mutual Insurance Company, has announced the election of Dean Hildebrandt, President & CEO of Assurex Global, to its Board of Directors. The appointment was confirmed after the company’s annual po...
Posted: Aug 24, 2023
In a strategic move to bolster its leadership team, Pie Insurance, a prominent tech-enabled provider of workers’ compensation insurance to small businesses, has announced the appointment of four industry experts to its leadership team. Carla...
Posted: Aug 24, 2023
Europe’s big four reinsurers reported an average property and casualty (P&C) combined ratio of 89.2% in the first half of 2023, a 4.1 percentage point improvement on the prior year as the catastrophe load eased, reports Fitch Ratings. Th...
Posted: Aug 23, 2023
Large carriers with geographic spread across the US will likely have the capital and reinsurance coverage to absorb losses caused by the Maui wildfires, though there is a greater concern for the smaller, more concentrated carriers that underwrite...
Posted: Aug 23, 2023
Ledger Investing, a tech-enabled financial services company, has completed a secondary $250 million casualty insurance-linked securities (ILS) transaction to three institutional investors. According to the announcement, the secondary transaction n...
Posted: Aug 23, 2023
Sompo International, a global provider of commercial and consumer P&C re/insurance, has appointed Alasdair Walker as Regional Head of Distribution, Insurance, Asia Pacific. Walker joins Sompo International from Allianz, where he held positions...
Posted: Aug 23, 2023
Neptune Flood, a private flood insurance company, has announced successful growth in insurance carrier and reinsurer relationships, having reviewed and expanded programs with AXA XL, MS Transverse, and Lloyds. The 2023-24 renewals have expanded Ne...
Posted: Aug 23, 2023
Marine insurer Skuld has announced several important changes to its leadership team driven by growth and the expectation of continued future expansion. According to Ståle Hansen, Skuld president and CEO, the company is in an excellent position to...
Posted: Aug 23, 2023
Risk Strategies increases unitranche facility to $4.45 billion with long-time lending partner Golub Capital leading a $700 million delayed draw term loan, its 13th transaction with the brokerage firm. “Golub Capital helped the borrower achieve an...
Posted: Aug 23, 2023
The global catastrophe risk modeling and solutions company, Moody’s RMS, has estimated $4 billion to $6 billion of economic losses from the recent Lahaina conflagration and Kula wildfires in Hawaii. The estimate includes property damage, contents,...
Posted: Aug 23, 2023
Independent specialist re/insurance broker, Miller has announced two new appointments to its leadership team in Asia to enhance the firm’s core growth strategy in the region. Nigel Cross has been appointed as Head of Facultative Reinsurance in Asi...
Posted: Aug 23, 2023
In a recently released insurance sector report, Bloomberg Intelligence has forecasted that 2023 is poised to mark the third consecutive year in which insured losses stemming from natural catastrophes will surpass $100 billion, primarily due to a s...
Posted: Aug 23, 2023
The Florida Office of Insurance Regulation (OIR) has approved Orion180 Select Insurance Company and Orion180 Insurance Company to form as property and casualty (P&C) insurers in Florida. This marks the third and fourth P&C insurers approve...
Posted: Aug 23, 2023
Fortitude Re has announced the appointment of Ming Zhang as Chief Risk Officer and Andrew Sooboodoo as Chief Regulatory Officer, effective immediately. Zhang will also join Fortitude Re’s Executive Committee and report to Chief Executive Officer A...
Posted: Aug 23, 2023
In its 2023 H1 results, Fidelis Insurance Group reported gross premiums written of $2.2 billion, marking a growth of 27% from H1 last year, while the combined ratio also improved to 80.6%. For Q2 alone, Fidelis said that gross premiums written gre...
Posted: Aug 23, 2023
Hamilton Insurance Group, Ltd. has announced the appointment of Daniel Tague as Senior Vice President (SVP), Excess Casualty at Hamilton Select. The role is based out of Hamilton’s US headquarters in Richmond, Virginia. In the role, Tague will rep...
Posted: Aug 23, 2023
QBE North America has launched Agora, a group captive program with a focus on medical stop loss insurance targeting organisations with at least 50 employees that are focused on transparency and control of rising healthcare costs. Compared to other...
Posted: Aug 23, 2023