Reinsurance News
Global reinsurer Swiss Re has reported that its Group Swiss Solvency Test (SST) ratio for 2023 stands at 294%, which is well above its 200-250% target range, and represents an increase of 71 percentage points over its 2022 figure. Swiss Re outline...
Posted: Apr 14, 2023
Resolute Global Partners, an investment advisor specialising in re/insurance, has launched a brand new type of reinsurance contract created in collaboration with global reinsurance broker Gallagher Re and catastrophe modelling firm Karen Clark ...
Posted: Apr 14, 2023
According to a report from the global advisory, broking and solutions company, WTW, the initial feedback from insurers regarding January 1 reinsurance renewals for US casualty energy market has not been positive. The treaty renewals have been affe...
Posted: Apr 14, 2023
Analysts from Aon’s Impact Forecasting division have estimated global losses to private and public insurance entities in Q1 of 2023 at $15 billion, while total economic losses are expected to reach at least $63 billion. According to the anal...
Posted: Apr 14, 2023
Cincinnati Re, the reinsurance arm of Cincinnati Financial Corporation has appointed Ryan Chefalas as Director, Specialty Reinsurance. In his new role he will be based in New York. Chefalas joins Cincinnati Re after a near four-year term at Odysse...
Posted: Apr 14, 2023
The Hartford has announced its preliminary earnings estimates for Q1 2023, including net income available to common stockholders of $530 million, and P&C current accident year (CAY) catastrophe losses of $185 million. Of the total CAY CAT loss...
Posted: Apr 14, 2023
The reinsurance sector delivered a “record-high” performance overall with +23.6% total return on equity in Q1, ACORD noted in its first Global Insurance Stock Index Update of 2023. ACORD, the global standards-setting body for the insur...
Posted: Apr 14, 2023
Allianz Commercial has announced the promotion of Mark Ashwood as head of property insurance and Olivia Baker as head of motor trade insurance. In their new roles, Ashwood and Baker will be responsible for setting the strategy, direction, pricing...
Posted: Apr 14, 2023
Data from MarketScout shows that personal lines rates decreased slightly through the first quarter of 2023, with the US composite rate recorded at plus 5%. Homeowners and personal articles insurance on a composite basis were both down slightly in...
Posted: Apr 14, 2023
International insurance broker Howden has appointed Colin Reddy as Head of Financial Institutions & Advisory, Howden CAP, effective immediately. Reddy holds over two decades of experience in financial services and joins Howden CAP from Mizuho...
Posted: Apr 14, 2023
A recent Moody’s Investors Service report states that its outlook for the Belgian life insurance sector remains stable. The report suggests that higher interest rates will support insurers’ investment returns while the industry’s risk...
Posted: Apr 14, 2023
IAG’s corporate venture capital arm, IAG Firemark Ventures, has invested in global insurtech platform Planck in a bid to expand into the Australian and New Zealand commercial insurance market. Planck provides real-time answers to underwritin...
Posted: Apr 14, 2023
Speaking at Airmic’s Captives Forum, Scott Feltham, group insurance manager at Compass Group, Peter Carter, head of captive & insurance management solutions at WTW, and Dr Henri Winand, CEO/co-founder at AkinovA, highlighted how the chal...
Posted: Apr 14, 2023
According to reinsurance broker Gallagher Re’s 2022 year-end Florida Market Watch Report, the combined ratio of the industry weakened by over 17% year-over-year to 136.1% compared with 116.3% in 2021. At the same time, net loss & LAE ratios at...
Posted: Apr 13, 2023
Houston-based property-focused MGU CrossCover has announced that it has completed a management buy-out with support from private equity firm, Gallatin Point. Following the buy-out, CrossCover stated that it expects to see accelerated growth within...
Posted: Apr 13, 2023
Colorado State University (CSU) hurricane researchers are expecting activity during the 2023 Atlantic hurricane season to be slightly below-average but do stress that conflicting signals between “a potentially robust El Niño and an anomalous...
Posted: Apr 13, 2023
Global data analytics and technology provider Verisk has announced the promotion of Carrie Barr and Aaron Brunko to lead the company’s growing Claims businesses. These appointments, according to Maroun Mourad, president of Verisk Claims Solutions,...
Posted: Apr 13, 2023
The British Insurance Brokers’ Association (BIBA) has partnered with specialist insurance and reinsurance marketplace Lloyd’s. BIBA said many of its members and Lloyd’s have always worked closely together and it was pleased to welcome Lloyd’s on b...
Posted: Apr 13, 2023
Bermuda-based life and annuity reinsurance company, Aspida Life Re has appointed Jenny Kane as Deputy Chief Operations Officer. Kane has more than two decades of industry experience and over a decade in the Bermuda market. She will bring extensive...
Posted: Apr 13, 2023
Analysts at Triple-I have warned that a huge inundation of lawsuits by trial lawyers in Florida could seriously slow down insurance reform benefits for consumers in the state. In the wake of Florida’s enactment of historic tort reform legisl...
Posted: Apr 13, 2023
Swiss Re Corporate Solutions has announced that it has appointed AXIS’ Peter Mondi as Head of Distribution Management, North America. In his new role, Mondi will lead a team responsible for the broker engagement and strategy for the US and Canada....
Posted: Apr 13, 2023
QBE Re, the reinsurance division of QBE Insurance Group, has announced that it has appointed Andy Richardson as Head of Underwriting for Bermuda. He will report to Tracey Gibbons, Head of QBE Re Bermuda and will take up the new role at the beginni...
Posted: Apr 13, 2023
Global broking and advisory firm Gallagher Re has been selected as the reinsurance broker and risk advisor for African Risk Capacity Limited (ARC), the specialist insurance company which provides parametric insurance cover to African countries aga...
Posted: Apr 13, 2023
Fitch Ratings said the three main European insurance groups – Allianz, AXA and Zurich – “successfully managed” the effects of the macroeconomic environment like high inflation and interest rates. “Allianz, AXA and Zurich su...
Posted: Apr 13, 2023
Cyber disaster recovery firm Fenix24, and sister company of Conversant Group, has announced the appointment of Marko Polunic as managing director for EU operations. Based in Munich, Polunic will spearhead efforts to expand Fenix24’s offering...
Posted: Apr 13, 2023