Reinsurance News
Innovative Risk Labs (IRL), a leading InsurTech specialist dedicated to launching, incubating and supporting start-ups in the insurance technology space, has secured a license to operate within the Lloyd’s market. This “ground-breaking achievement...
Posted: Jun 23, 2023
CAC Group, a national insurance brokerage business that includes CAC Specialty, Cobbs Allen, and Dorset Peak, has announced two leadership appointments. Eric Joost will serve as Chief Operating Officer and Grantland Rice, IV as Chief Administrativ...
Posted: Jun 23, 2023
A report in The Texas Tribune notes that insurers in the state can no longer account for environmental, social or governance criteria when setting rates for most forms of insurance following the passing a bill by the Legislature in May. Senate Bil...
Posted: Jun 23, 2023
Global re/insurer Chubb has announced the appointment of Michael O’Donnell as the Chief Operating Officer (COO) of Global Reinsurance, effective immediately. O’Donnell will continue to report to Jim Wixtead, Senior Vice President, Chub...
Posted: Jun 23, 2023
Italian property and casualty (P&C) insurers have been assigned a stable outlook by credit rationing agency Moody’s, while Italian life insurers’ has been negative. According to the report, the stable outlook for P&C reinsurers reflect the...
Posted: Jun 23, 2023
During May, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process increased from 98.3% of a plans accounting liabilities (ABO) to 100.5%, according to premier and global consulting firm, Milliman. This...
Posted: Jun 23, 2023
Allianz, a leading global insurance company, has announced the appointment of Nick Hobbs as the Chief Distribution Officer for Allianz Commercial in the UK. In this newly created role, Hobbs will oversee all aspects of distribution for the integra...
Posted: Jun 23, 2023
Steve Bowen, Chief Science Officer at reinsurance broker Gallagher Re, has suggested the total cost to the insurance industry from outbreaks of Severe Convective Storms (SCS) has likely surpassed $25 billion year-to-date. Earlier this year, Gallag...
Posted: Jun 23, 2023
Corvus Insurance has announced that it has launched a “first of its kind” endorsement to help make policyholders safer through proactive engagement with Corvus Signal™, a cyber risk prevention solution that is set to reduce the...
Posted: Jun 23, 2023
Fannie Mae has successfully executed its sixth and seventh Credit Insurance Risk Transfer (CIRT) transactions for 2023. CIRT 2023-6 and CIRT 2023-7 transferred a total of $789 million in mortgage credit risk to private insurers and reinsurers. The...
Posted: Jun 23, 2023
Assurant has finalised its 2023 property catastrophe reinsurance program, successfully placing $1.28bn in loss coverage within its main US program, which compares to the $1.16bn the specialty insurer placed in 2022. At the same time, the company h...
Posted: Jun 23, 2023
Bermuda-based Aspen Insurance Holdings Limited has announced the appointment of Mike Rastigue as Aspen Insurance’s Vice President of Cyber Risk Management. The role is based in Aspen’s Chicago office. Rastigue is a market veteran and brings with h...
Posted: Jun 23, 2023
The World Bank Group has unveiled plans to expand its catastrophe insurance offerings, including Cat Bonds, by integrating them into lending products, providing a groundbreaking solution for disaster-stricken countries. In an effort to make these...
Posted: Jun 23, 2023
Draft regulations to reform Solvency II, the prudential regulatory framework for insurers and reinsurers, have been made available by the UK Government for the purpose of early engagement. The Financial Services and Markets Bill was first introduc...
Posted: Jun 23, 2023
The Cayman Islands Monetary Authority (CIMA) has announced the appointment of Kara Ebanks as the new Head of its Insurance Supervision Division. Ebanks previously served as Deputy Head since April 2021. Ebanks has been an integral part of CIMA sin...
Posted: Jun 23, 2023
France and Germany witness substantial increases in civil unrest incidents, with France experiencing a staggering 55% surge and Germany reporting a 13% rise in social unrest during the first quarter of 2023 compared to the same period in 2022, acc...
Posted: Jun 23, 2023
Re/insurance brokerage, Marsh McLennan, has announced it will work with the Ukrainian government to help it unlock access to the global insurance market. As part of the support, the broker said it will provide services on a pro-bono basis to desig...
Posted: Jun 22, 2023
It has been confirmed that for the second consecutive year, Vortex Weather Insurance will provide a rain insurance policy for the DICK’S Sporting Goods Open – a PGA TOUR Champions Event that takes place June 23–June 25 in Endicott, New...
Posted: Jun 22, 2023
Insurtech firm Accelerant has announced the launch of its Risk Exchange platform to further support specialty underwriters and drive market-leading, profitable growth. According to the announcement, The Accelerant Risk Exchange, now in beta, is av...
Posted: Jun 22, 2023
Full-stack homeowners insuretech Slide Insurance has announced the closing of a $35 million senior credit facility with Regions Bank. This investment fortifies the financial position of the Florida-based firm, according to the announcement. “Secur...
Posted: Jun 22, 2023
Inflation-driven insurance price hikes are anticipated to persist for “a couple of years at least,” according to Patrick Gallagher, CEO of Gallagher in an interview with the Financial Times. Gallagher highlighted that rising costs of c...
Posted: Jun 22, 2023
Insurtech firm Lemonade has announced the successful renewal of its reinsurance program. It has also formed Lemonade Re and a captive cell to retain some of their risk. According to the announcement, the program is to be led by the same tier-one c...
Posted: Jun 22, 2023
Aon plc, the global professional services firm, has released its Transformative Trends report, identifying prescriptive analytics as the leading megatrend with the potential to exceed $100 billion in gross written premium (GWP) by 2030 by applying...
Posted: Jun 22, 2023
OxCarbon, a not-for-profit spin-out from the University of Oxford, and Kita, the carbon insurance specialist, have signed a Memorandum of Understanding (MOU) aimed at facilitating increased financial investment in climate impact projects. The part...
Posted: Jun 22, 2023
Sedgwick, a global provider of technology-enabled risk, benefits and integrated business solutions, has launched a new power and energy division in the UK, which will be led by industry veteran David Ward. Sedgwick states that the division will fo...
Posted: Jun 22, 2023