Reinsurance News
The International Cooperative and Mutual Insurance (ICMIF) has announced that Chief Executive Officer, Shaun Tarbuck will retire from his current role in November 2024 after 28 years of service to the global Federation. At the same time, ICMIF has...
Posted: Jul 11, 2023
Inigo Limited has entered into a strategic partnership with the 90 North Foundation, the conservation non-profit dedicated to safeguarding the biodiversity, marine habitat, and ecosystem services of the Central Arctic Ocean which surrounds the Nor...
Posted: Jul 11, 2023
Steve Hearn has been appointed as the new Chair of Placing Platform Limited, succeeding Bronek Masojada who will step down at the end of July. Hearn is a long-time industry leader in the London insurance market, having served most recently as CEO...
Posted: Jul 11, 2023
According to BMS Re, a specialised reinsurance broker, in the first half of 2023, severe weather events wreaked havoc across multiple states in the US, leading to historic losses for the insurance industry. Texas, in particular, has suffered the m...
Posted: Jul 11, 2023
US mortgage reinsurance demand set a new record in 2022 with the government-sponsored enterprises (GSEs) Fannie Mae & Freddie Mac, as well as the six US mortgage insurers (US MIs) purchasing more than $18 billion of total reinsurance limit. In...
Posted: Jul 11, 2023
Intact Financial Corporation has announced the estimated catastrophe losses for Q2 2023 of approximately CAD421 million on a pre-tax basis, net of reinsurance. Catastrophe loss in personal lines total CAD252 million all of which relate to Canada....
Posted: Jul 11, 2023
DUAL Asset, a subsidiary of the DUAL Group, has announced a significant new collaboration with Chaucer, reinforcing its position as a leading global provider of legal indemnity insurance. As part of the agreement, Chaucer will contribute £100 mill...
Posted: Jul 11, 2023
International legacy group Compre has announced the appointment of Daniel Fiehn as group Chief Operating Officer (COO), effective immediately. Reporting to group chief executive officer Will Bridger, Fiehn will be responsible for IT /data, change...
Posted: Jul 11, 2023
Specialty insurance provider NSM Insurance Group has completed its acquisition of California-based Shield Commercial Insurance Services. Shield is exclusively focused on underwriting business for small and mid-sized contractors, offering coverages...
Posted: Jul 11, 2023
Independent insurance company manager, Strategic Risk Solutions (SRS), has announced the appointment of Luis Delgado as Latam Regional Director. In his new role, Delagdo will be responsible for leading SRS’s business development strategies and the...
Posted: Jul 11, 2023
According to a report by MarketScout, personal lines insurance rates in the US experienced a slight decrease, with the composite rates dropping to 4.4% in the second quarter of 2023 from 5% in the first quarter. “Insurers were feeling pretty...
Posted: Jul 11, 2023
Zurich North America has unveiled a cyber insurance offering designed specifically for middle market businesses. The Zurich Cyber Insurance Policy Concierge Suite includes not only cyber insurance coverage, but also loss-prevention and resilience...
Posted: Jul 11, 2023
Ardonagh Advisory has announced the acquisition of AMS Insurance Solutions Ltd, further bolstering the firm’s presence in the southwest of England. According to Ardonagh, AMS is a highly regarded regional broker, providing commercial and per...
Posted: Jul 11, 2023
Sory Diomande has become the new Chief Executive Officer (CEO) Santam Re & International at Santam Insurance, the largest general insurer in South Africa. Santam Re was formed in 2010, it only transacts proportional and non-proportional TREATY...
Posted: Jul 11, 2023
Gustavo Baraldi has joined as the Head LATAM, Reinsurance for Financial Lines & Casualty, DUAL Group. The role is based out of São Paulo in Brazil and was effective from July 2023. DUAL is an underwriting business founded in 1998. The company...
Posted: Jul 11, 2023
MarketScout has reported that composite US commercial insurance rates were steady in Q2 2023, with business across the country seeing an average rate increase of 5% in the quarter. Richard Kerr, CEO of MarketScout and Novatae Risk Group, commented...
Posted: Jul 10, 2023
Specialist insurer Beazley has unveiled the next phase in the development of its ESG Consortium, with capacity moving fully to syndicate 5623 from January 2023, subject to regulatory approval. Through the combination of its size, cost effectivenes...
Posted: Jul 10, 2023
Farmers Insurance is capping its new homeowners policies in California starting this month, marking yet another major carrier limiting its coverage in the state. “Effective July 3, Farmers will limit new homeowners insurance policies in California...
Posted: Jul 10, 2023
Global advisory and broking firm, WTW has incorporated climate data into its broking property renewals to help clients understand their long-term risks relating to their property portfolio. The data enables the assessment of future exposures to cl...
Posted: Jul 10, 2023
Florida’s insurance market has made a significant turnaround during the 2023 mid-year renewal, providing a much-needed boost to the state’s insurers, according to Aon’s Reinsurance Market Dynamics report. Despite worries followin...
Posted: Jul 10, 2023
Life and annuity re/insurance firm Global Atlantic Financial Group has closed a more than $2.4bn third-party capital raise for its second reinsurance co-investment vehicle, Ivy Co-Invest Vehicle II LLC (Ivy II). Ivy II is a reinsurance co-investme...
Posted: Jul 10, 2023
Insured losses from major natural catastrophes in the second quarter of 2023 are estimated to reach ~$17 billion, Goldman Sachs has revealed. This includes ~$13 billion from the US, driven by hail and severe convective storms over southern states...
Posted: Jul 10, 2023
Marco Capital Holdings Limited, the European P&C insurance run-off group, has announced the acquisition of Kelvin Re Limited. Terms of the sale were not disclosed. Kelvin Re is a Guernsey based reinsurance company, authorised by the Guernsey F...
Posted: Jul 10, 2023
A host of over 40 aviation leasing firms who are struggling with insurers over who should bear up to $10 billion in costs for 400 jets stuck in Russia are urging the High Court to allow a reinsurance dispute to be heard in London, not Moscow, acco...
Posted: Jul 10, 2023
Maria Morzello has been promoted to the role of Chief Risk Officer (CRO), Bermuda & North America at AXA XL Reinsurance. Based in Stamford, Connecticut, she takes on this new role after spending over two years serving as a Senior Risk Manager....
Posted: Jul 10, 2023