Reinsurance News
Pacific Life Re, a global provider across the life and health reinsurance industry, has appointed Vasan Errakiah to the newly created role of general manager, Asia markets. The company has confirmed that in his new role, Errakiah will have respons...
Posted: Aug 16, 2023
Property & casualty insurance holding company, W. R. Berkley Corporation, has announced the appointment of Lee Iannarone as Senior Vice President (SVP) and General Counsel, effective immediately. Iannarone succeeds and will report to Philip We...
Posted: Aug 16, 2023
In its interim results for 2023, Aviva reported that its operating profit rose by 8% to £715 million in the first half of the year. The firm marked the increase from the same point in 2022 when operating profits stood at £661 million. Aviva report...
Posted: Aug 16, 2023
Legal & General (L&G) has announced a “resilient financial performance” in the first half of 2023, with operating profit and after-tax profit hitting £941 million and £316 million respectively. These figures compare to H1 2022 operating pr...
Posted: Aug 16, 2023
Global specialty insurer and a subsidiary of Tiptree Inc., The Fortegra Group, Inc., has announced the appointment of Edward Peña as Chief Financial Officer (CFO) effective starting August 28th, 2023. Mike Grasher, Fortegra’s current CFO, wi...
Posted: Aug 16, 2023
International General Insurance Holdings Ltd. (IGI) has reported that net income in Q2 increased 84.1% to $40.5 million, with a combined ratio of 73.5%, as the firm continued to benefit from sustained hard market conditions in many of its reinsura...
Posted: Aug 16, 2023
Insurtech Vesttoo’s move to commence Chapter 11 bankruptcy protection in the U.S. has, for now, stopped the legal action against it from Aon’s White Rock Insurance (SAC) Ltd. from proceeding, while the temporary restraining order to fr...
Posted: Aug 16, 2023
Catastrophe risk modeller Karen Clark & Company (KCC) has estimated that the insured property losses from the Lahaina Fire will be around $3.2 billion, with more than 2,200 structures damaged or destroyed. KCC estimates in that total more than...
Posted: Aug 16, 2023
The Federal Emergency Management Agency’s (FEMA) new rate-setting methodology improves actuarial soundness, but at the same time, it highlights the need for broader program reform, the US Government Accountability Office (GAO) highlighted in a rec...
Posted: Aug 16, 2023
HIVE Underwriters has announced the appointment of David Langran as Class Underwriter, based in London and reporting to Chief Underwriting Officer, Bruce Carman. This announcement comes at a time when the fast-growing MGA is increasing its strengt...
Posted: Aug 16, 2023
Israeli insurtech Vesttoo has requested that the New York court deny Aon’s White Rock Insurance (SAC) Ltd.’s request for a preliminary injunction to freeze its assets, stating that this would ultimately destroy its business by “e...
Posted: Aug 15, 2023
Lockton, the world’s largest privately held independent insurance brokerage firm, has announced the appointment of Greg Spore as the new U.S. Financial Services Markets Leader. This strategic addition reinforces Lockton’s unwavering co...
Posted: Aug 15, 2023
Crum & Forster (C&F) has promoted David Thomas, Esq. to Senior Vice President of Surety Claims. Thomas has more than two decades of experience handling claims, and managing both commercial and contract surety claims teams. He has also held...
Posted: Aug 15, 2023
RSA Insurance, a multinational insurance firm, has hired Matthew Gosling as Senior Specialist Underwriter, Engineering, Power & Renewable Energy within its UK Specialty Lines business. An experienced specialist within construction and engineer...
Posted: Aug 15, 2023
The Demex Group, a technology-enabled managing general agent (MGA), has raised $5 million from a syndicate of existing and new investors led by Blue Bear Capital, to bring its breakthrough Retained Climate Risk Reinsurance (RCR Re) solution to the...
Posted: Aug 15, 2023
The U.S. International Development Finance Corporation (DFC) has announced its support for a $500 million political risk insurance initiative, bolstering Gabon’s efforts to protect its precious marine ecosystems. Collaborating with The Natur...
Posted: Aug 15, 2023
Specialty insurance provider, Trisura Group, has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets, under which the underwriters have agreed to buy on bought deal basis 1,520,000 common shares of Trisura, at a p...
Posted: Aug 15, 2023
Oxbridge Re Holdings, a provider of reinsurance solutions primarily to property & casualty insurers, has reported a net loss of $85,000 in the second-quarter of 2023, compared to net income of $77,000 in the second quarter of 2022. The company...
Posted: Aug 15, 2023
Zurich Holding Company of America, a subsidiary of Zurich Insurance Group, has acquired SpearTip, a cyber counterintelligence firm that helps protect clients against cyber threats through proactive and response services. According to the firm, thi...
Posted: Aug 15, 2023
Moody’s estimates that insured losses for the Hawaii wildfires will be at least $1 billion and will primarily affect P&C insurers with significant homeowners and commercial property market share in Lahaina, a town on the island of Maui’s...
Posted: Aug 15, 2023
In a promising update from the Florida Office of Insurance Regulation (OIR), the state’s insurance market continues to exhibit signs of robust growth. This development comes on the heels of recent legislative reforms aimed at bolstering Flor...
Posted: Aug 15, 2023
Qatar Insurance Company (QIC), an insurer for Middle East North African (MENA) region, has reported a net profit of QAR 325 million for the first half of 2023, rising 181% from the same period in 2022. “Throughout the first half of this year...
Posted: Aug 15, 2023
Bermuda-based insurer and reinsurer, Hamilton Insurance Group, has appointed Everard Barclay Simmons to the Company’s Board of Directors. Simmons is also Chair and Chief Executive Officer at advisory firm Rose Investment Limited, as well as...
Posted: Aug 15, 2023
“Due to the Maui, Hawaii wildfires on August 9, we preliminarily estimate our net loss exposure to be $7.5 million plus additional cost in the form of reinstatement premiums to restore any necessary reinsurance layers,” Hallmark Financ...
Posted: Aug 15, 2023
Insurtech Vesttoo has now filed for Chapter 11 bankruptcy protection in the U.S., as it looks to protect its assets and aggressively pursue legal action against all parties responsible for the fraudulent letter of credit (LOC) saga. Yesterday, the...
Posted: Aug 15, 2023