Reinsurance News
UK regulator the Prudential Regulation Authority (PRA), part of the Bank of England, wrote to life insurers to highlight the key risks about the use of funded reinsurance (FundedRe). FundedRe involves transferring the significant risks of both ass...
Posted: Jun 16, 2023
Catastrophe modeller Karen Clark & Company (KCC) has estimated that the June hailstorm in Texas has caused insured losses of over $1 billion. “From June 10th to 13th, a stationary frontal boundary from Texas to Georgia divided a warm, hu...
Posted: Jun 16, 2023
Global data analytics and technology provider Verisk is expanding its anti-fraud claims solution with artificial intelligence that will enable insurers to identify potential fraud in claims photos with “lightning speed and laser precision.&#...
Posted: Jun 16, 2023
Natalie Rose has been named as the Chief Commercial Officer for insurance and reinsurance broker Aon in Bermuda. Rose’s remit will include catalyzing the growth of Aon’s broking, insurance-linked securities (ILS) and captive management...
Posted: Jun 16, 2023
The US property & casualty (P&C) witnessed an $8.2 billion net underwriting loss in the first quarter of 2023, compared with a $3.4 billion gain in the same prior-year period, according to preliminary results. Combined ratio for the P&...
Posted: Jun 16, 2023
Joining from Banco Santander, António Simões has been named Group Chief Executive Officer of Legal & General, subject to regulatory approval. According to the announcement, his appointment follows a rigorous, global, selection process managed...
Posted: Jun 16, 2023
INSUREtrust, a cyber insurance and risk management broker within Starwind Specialty, has announced the establishment of its Private Equity Division. This newly formed business unit will be spearheaded by Florence Levy, who assumed the role of Exec...
Posted: Jun 16, 2023
31% of US auto insurance customers experienced a rate increase during the past year as the industry raises rates an average of 15.5%, and insurers continue to battle through the forces of record high loss ratios. At the same time, auto insurers al...
Posted: Jun 16, 2023
Despite its challenges and its ever changing nature, Swiss Re’s CUO P&C Re, Gianfranco Lot, is convinced that the global reinsurer will find a way to provide significant capacity in the cyberspace. Cyber insurance is a growing line, and just l...
Posted: Jun 15, 2023
Despite its challenges and its ever changing nature, Swiss Re’s CUO P&C Re, Gianfranco Lot, is convinced that the industry will be able to provide significant capacity to cyber risks. Cyber insurance is a growing line, and just like natural ca...
Posted: Jun 15, 2023
According to ICEYE, the insurance industry and emergency response agencies will increasingly rely on quick and detailed information about natural catastrophes due to their growing frequency and severity. The recent satellite launch not only reinfo...
Posted: Jun 15, 2023
The Hilb Group has appointed Aida Sukys as Chief Financial Officer, where she will serve on the senior executive team and lead the financial initiatives of the firm. Sukys holds more than two and a half decades in senior financial roles, having mo...
Posted: Jun 15, 2023
Liberty Mutual Insurance has agreed to sell its Madrid headquartered personal lines and small commercial insurance business, Liberty Seguros, S.A., to Generali Group for USD 2.5 billion (EUR 2.3 billion), subject to customary closing adjustments....
Posted: Jun 15, 2023
U.S. primary insurer Allstate has announced estimated catastrophe losses for May of $885 million or $699 million, after-tax. According to Allstate, May’s catastrophe losses include 12 events estimated at $893 million, with approximately 70%...
Posted: Jun 15, 2023
According to a new analysis by the global advisory, broking and solutions company, WTW, the London Market is beginning to demonstrate tangible results on the back of technological innovations in order to position firms for long-term profitable gro...
Posted: Jun 15, 2023
Climate analytics and technology driven risk modelling firm Reask, has raised a total of $6.55m in investment funding, with its most recent seed round reaching $4.6m. With its latest funding, Reask will add more hazard coverage and grow its team i...
Posted: Jun 15, 2023
Cayman islands-based reinsurer Topsail Re has appointed RobLee Womack, Jr. as its new Senior Vice President of Underwriting. With over 35 years of experience in the re/insurance industry, Womack brings a wealth of knowledge and expertise to his ne...
Posted: Jun 15, 2023
Cyber insurance provider Coalition, has unveiled the Coalition Exploit Scoring System (Coalition ESS), a vulnerability scoring system designed to help risk managers mitigate potential cyber threats. Developed by Coalition Security Labs – the...
Posted: Jun 15, 2023
Marsh McLennan announced that Hafize Gaye Erkan has resigned from her position as a member of the company’s Board of Directors, effective immediately. Erkan’s departure comes following her recent appointment as the Governor of Türkiye&...
Posted: Jun 15, 2023
WTW, the global advisory, broking, and solutions company has announced the appointment of Todd Lynady as Multinational Trade Credit leader. He will be based in New York and reporting to Pieter van Ede, WTW’s Global Head of Trade Credit. van Ede co...
Posted: Jun 15, 2023
A combination of disruptions and changes in customer expectations has forced European insurers to become more resilient, by improving their operational efficiency, their cost effectiveness and their customer focus, in order to continue to grow mor...
Posted: Jun 15, 2023
DXC Technology, a Fortune 500 global technology services company, has announced the appointment of two new roles for its senior executives at the London Market Joint Ventures, in association with Lloyd’s and the International Underwriting As...
Posted: Jun 15, 2023
In 2022, revenues earned globally by Managing General Agents (MGAs), managing general underwriters (MGUs) and cover-holders grew by around 19%, to $17.3 billion, according to a recent report by Insuramore. This figure is substantially ahead of the...
Posted: Jun 15, 2023
“We struggle to identify a recent period when the fundamentals of the London Market sub-sector have been so strong, both on the asset and the liability side of the balance sheet,” suggest analysts at investment bank Berenberg. Given th...
Posted: Jun 15, 2023
Only a small percentage of damage to insured assets caused by May floods in Italy will be covered as the majority of risks in the Italian insurance market do not cover flood, Verisk has revealed in a recent report. The major floods events in Italy...
Posted: Jun 15, 2023