Reinsurance News
New rules that are requiring for UK financial services companies to show that their prices represent fair value to customers negatively affect life sector profitability. Fitch Ratings says that it expects the rules introduced as part of the Financ...
Posted: Aug 18, 2023
S&P Global Ratings has said it does not view current unrealized losses on the majority of fixed-income securities for the top 20 global reinsurers as a material risk because of the reinsurers’ approach to cash flow management. According...
Posted: Aug 18, 2023
Although small capital raises are happening in the reinsurance market, providers remain guarded about putting funds to work in the property catastrophe space, suggesting there’s more pain to come, according to Chris Bonard, CEO of Ardonagh’s Bermu...
Posted: Aug 18, 2023
In the second quarter of 2023, the global insurance market experienced a series of dynamic shifts that shaped pricing, capacity, underwriting practices, limits, deductibles, and coverages, according to the Aon Q2 2023 Global Market Insights report...
Posted: Aug 18, 2023
A recent survey conducted by Chubb, the world’s largest publicly traded property and casualty insurance company, has unveiled a significant shift in the global insurance landscape. The survey, titled “Banks and the Digital Wallet Race...
Posted: Aug 18, 2023
While a super-clean wind season is more likely than not to put pressure on rates in 2024 renewals, a hurricane making landfall will likely have profound implications for the industry, according to Berenberg analysts. “However, and despite the stoc...
Posted: Aug 18, 2023
VHV Group, Germany’s leading insurance group, has appointed Mahir Çipil, an experienced veteran across the industry, to the position of Deputy General Manager (COO) of VHV Reasürans, VHV Groups Turkish reinsurance subsidiary. In his new role, Çip...
Posted: Aug 18, 2023
InShare, a distinguished player in alternative risk transfer and mutuals, has embarked on a “groundbreaking” collaboration with Nexus Mutual, a pioneering alternative risk capital capacity provider. The strategic partnership aims to am...
Posted: Aug 18, 2023
The US flood insurance market has grown 24% between 2016 and 2022, from $3.29 billion in direct premiums written to $4.09 billion, and it is against this background that private flood insurers are seizing opportunities to grow their market share,...
Posted: Aug 18, 2023
The Vesttoo saga, which entails allegations of fraudulent letter of credit (LOCs), “highlights the importance of carefully managing counterparty credit risk,” as it has now become clear that the bank at the heart of the situation grew...
Posted: Aug 18, 2023
The British Insurance Brokers’ Association (BIBA) has launched the ‘SmartBroker’ platform, a new member facility that provides insurance brokers with a wealth of comprehensive company information and insights for businesses in th...
Posted: Aug 18, 2023
Following news of wildfires sweeping through Rhodes, Corfu and southern Europe, Partners at international law firm RPC, Lucy Dyson and Toby Savage, warn of the increasing risk of wildfire in the UK. According to Reuters, at least 21,500 people hav...
Posted: Aug 18, 2023
AXA XL, the P&C division and specialty risk division of AXA, has announced the appointment of Vito Raimondi as Head of its U.S. Central Zone, based in Chicago, and reporting to Matt O’Malley, AXA XL’s U.S. Country Manager. Raimondi...
Posted: Aug 18, 2023
Oka, The Carbon Insurance Company, a newly launched start-up has entered into a partnership with carbon data firm Sylvera. The collaboration between the two firm’s will enable Oka to use its market-leading carbon insurance solutions by integ...
Posted: Aug 18, 2023
Brazilian reinsurance company IRB (Re) has announced the appointment of Rodrigo Souza Lobo Botti as the new Chief Financial Officer (CFO). He will be taking over the role from Marcos Pessôa de Queiroz Falcão, who has acted as CFO since March 9, 20...
Posted: Aug 18, 2023
Nordic insurance group, Sampo has appointed Ville Talasmäki as Group Chief Investment Officer and Group Executive Committee Member. According to the announcement, the appointment is subject to the completion of the partial demerger of Sampo plc an...
Posted: Aug 18, 2023
VIPR Solutions (VIPR), has announced the appointment of Martin Blackburn as its Chairman. Blackburn, renowned for his strategic acumen and transformative leadership, brings with him a wealth of experience gained over a distinguished 25-year career...
Posted: Aug 18, 2023
In a recent analysis by Swiss Re Institute, experts suggest that the recent surge in longer-dated US government bond yields is not indicative of an impending bond crisis or concerns over US credit worthiness. Instead, the driving forces behind the...
Posted: Aug 17, 2023
London-based Skyrisks Limited has partnered with Quotech, an underwriter-led developer of fully integrated technology platforms for underwriting and broking teams, to provide insurance coverage for the “rapidly growing Advanced Air Mobility...
Posted: Aug 17, 2023
With US crop insurance premiums reaching a record high in 2022 to $21.5 billion, the segment witnessed an underwriting loss due to challenging growing conditions amid widespread drought, reports AM Best. However, looking back at 2021, insurers rep...
Posted: Aug 17, 2023
Sompo International, a global provider of commercial and consumer property and casualty re/insurance, has appointed Malte Dittmann as Country Manager of its insurance operations in Germany and Austria. Joining from HDI Versicherung, where he was a...
Posted: Aug 17, 2023
Life reinsurance and insurance holding company Monument Re is reportedly “exploring strategic options” which include a potential sale, after seeing a drop in its capital ratios last year, according to a new report by Reuters. Citigroup...
Posted: Aug 17, 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for July of $313 million or $247 million, after-tax. According to Allstate, July’s catastrophe losses include 18 events estimated at $349 million, primarily related to...
Posted: Aug 17, 2023
McKenzie Intelligence Services (MIS), a provider of geospatial intelligence to re/insurers, is piloting CAT360, an initiative in which ground-level imagery is introduced to the company’s Global Events Observer (GEO) platform, in addition to...
Posted: Aug 17, 2023
In the second quarter of 2023, the commercial insurance market witnessed a steady trajectory of premium increases, marking the 23rd consecutive quarter of such increments, according to a report by The Council of Insurance Agents & Brokers (CIA...
Posted: Aug 17, 2023