Reinsurance News
Despite the economic turbulence experienced in the past few months, the managing general agent (MGA) sector continues to thrive, with 90% of MGAs and 80% of carriers expecting to increase or hold steady their partnerships, global law firm Clyde &#...
Posted: Jul 07, 2023
“Whilst cyber reinsurance premiums are currently in the range of $6 billion, they would need to increase more than three times over in order to fulfil growth expectations by the end of the decade.” analysts at international insurance b...
Posted: Jul 07, 2023
Specialty re/insurance group Chaucer has hired Nadine Sidawi as a new Class Underwriter within its political violence team in Dubai. Sidawi joins the reinsurer following 12 years of service at Liberty Specialty Markets. The firm, part of US based...
Posted: Jul 07, 2023
Tensorflight, a property data and insights provider, has announced the launch of TensorAssist, its new chatbot assistant powered by OpenAI’s ChatGPT-4 technology. The new product is now available to all existing Tensorflight commercial property in...
Posted: Jul 07, 2023
Insurance broker Clear Group, has announced its first MGA investment with the acquisition of a 50% shareholding in Thomond Underwriting Limited. Based in the Republic of Ireland and Northern Ireland, Thomond Underwriting is a commercial MGA and Ll...
Posted: Jul 07, 2023
Privately held London-based brokerage, Costero Brokers Ltd., has hired Will Wright as a Senior Broker. Wright joins the brokerage with over 10 years of broking experience within London and overseas. Costero has confirmed that in his role, Wright w...
Posted: Jul 07, 2023
A group of reinsurers in Fitch Ratings’ universe saw their average return on equity (ROE) fall from 8.5% in 2021 to 1.2% in 2022 as mark-downs on investments, high inflation and increased losses from natural catastrophes drove a significant...
Posted: Jul 06, 2023
Generali has announced its acquisition of Conning Holdings Limited (CHL), a leading global asset manager for insurance and institutional clients, from Cathay Life, a subsidiary of Cathay Financial Holdings, one of the largest Asia-based financial...
Posted: Jul 06, 2023
Aon, a prominent global professional services firm, has successfully completed a “historic” parametric insurance program for the Government of Puerto Rico. This initiative aims to assist the island in reducing its insurance obligation...
Posted: Jul 06, 2023
Global M&A witnessed a record decline in the first half of 2023 as interest rate rises and economic uncertainty hit financing. Research on completed deals from global broking firm WTW’s Quarterly Deal Performance Monitor (QDPM) shows that acti...
Posted: Jul 06, 2023
Martello Re has announced the appointment of Michael Baumstein as Chief Investment Officer and Chief Financial Officer, with Virginia Perinelli and Alana Rathbun receiving promotions. Baumstein holds three decades of reinsurance, banking, and priv...
Posted: Jul 06, 2023
Specialty Managing General Agent (MGA) Banyan Risk, has appointed Ben Munro to the newly-created role of Chief Underwriting Officer. In his new role, Munro will be responsible for overseeing the execution and achievement of Banyan Risk’s plans for...
Posted: Jul 06, 2023
A huge $7.1 billion of catastrophe bond and related insurance-linked securities (ILS) issuance featured in the second-quarter of 2023, taking first-half issuance to a record of more than $10.3 billion, according to the latest quarterly report from...
Posted: Jul 06, 2023
Bridgehaven Insurance, a new hybrid-fronting carrier has officially launched following Prudential Regulatory Authority approval, along with the backing of Flexpoint Ford (Flexpoint), a private equity firm with significant experience within investi...
Posted: Jul 06, 2023
Jonathan Rake, CEO of APAC, Swiss Re Corporate Solutions, suggests that the region is wide open for innovation, as it is not bound by legacy challenges, with firms embracing the new digital age. Rake’s comments stem from an interview with Re...
Posted: Jul 06, 2023
The total insured losses resulting from the riots in France are expected to remain manageable for the country’s insurance industry, according to DBRS Morningstar. This assessment is based on two factors: the existence of reinsurance coverage...
Posted: Jul 06, 2023
UK-based Pen Underwriting, an Arthur J. Gallagher & Co. subsidiary, has acquired specialist Norwegian managing general agent (MGA) Fender Marine AS for an undisclosed sum. It will become part of Pen’s International & Financial Lines divisi...
Posted: Jul 06, 2023
The devastating wildfire that ravaged Tantallon, Nova Scotia, from May 28 to June 4, 2023, has resulted in initial estimates of over $165 million in insured damage, according to Catastrophe Indices and Quantification Inc. The majority of claims, a...
Posted: Jul 06, 2023
Enact Holdings, Inc. has announced that its flagship legal entity, Enact Mortgage Insurance Corporation, has secured a 13.125% quota share reinsurance agreement with a broad panel of highly rated reinsurers. Under the agreement, subject to certain...
Posted: Jul 06, 2023
AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of CCR Re. The ratings have been removed from under review wit...
Posted: Jul 06, 2023
Global reinsurer Swiss Re has announced the appointment of Ali Shahkarami as Global Head of P&C Solutions. He will be reporting to Russell Higginbotham, CEO of Reinsurance Solutions. Shahkarami’s appointment was effective July 1st, 2023, and h...
Posted: Jul 06, 2023
As civil unrest rises, specialist Strikes Riots and Civil Commotion (SRCC) cover has become even-more necessary in protest-prone regions, Chaucer analysts have revealed. According to research by the re/insurance group, civil unrest in the Middle E...
Posted: Jul 06, 2023
AM Specialty Insurance Company (ASIC), an Excess and Surplus (E&S) insurance firm and an accredited reinsurer, has appointed Peter B. Smith as a non-executive director. Smith has over three decades of experience in the insurance sector, having...
Posted: Jul 06, 2023
Euclid Fiduciary, a division of Specialty Program Group LLC (SPG), has announced the appointment of Keith M. Lavigne as the Chief Underwriting Officer (CUO), Management Liability. This strategic move aims to expand Euclid Fiduciary’s managem...
Posted: Jul 06, 2023
According to Gallagher Re’s 1st View report, cyber insurance carriers continued to explore standalone cyber placements at the mid-year renewals in response to increasing pressure from reinsurers. Gallagher’s report also noted that incu...
Posted: Jul 06, 2023