Reinsurance News
Slow underlying growth and inflation are among the biggest challenges facing U.S. P&C insurers in 2023, suggest analysts at the Insurance Information Institute (Triple-I). According to Triple-I, P&C saw its cyclical underlying growth rebou...
Posted: Apr 11, 2023
In its 2023 state of the market report CRC Group’s analysts have highlighted that many E&S insurers in the personal property lines have been pushed to increase their premiums as a result of rising reinsurance rates, impacting customers and the...
Posted: Apr 11, 2023
In the US, severe convective storms account for an average annual loss of more than $17 billion among the insured. Of those losses, hail damage accounts for more than $11 billion, CoreLogic first ever Severe Convective Storm report revealed, among...
Posted: Apr 11, 2023
Tech-driven insurance brokerage Newfront has hired Matt Yoder from Marsh as its new Midwest Executive Risk Solutions Leader. Yoder holds more than two decades of experience in insurance, both as an underwriter and a broker. At Marsh, Yoder was a M...
Posted: Apr 11, 2023
In a recent report outlining how firms can manage key water-related threats, researchers at AXA XL suggested that understanding water risks is essential for almost all businesses, regardless of the sector. Citing the international non-profit CDP,...
Posted: Apr 10, 2023
New data released by MarketScout, a managing general agent, Lloyd’s coverholder and wholesale broker, shows that composite rate increases for commercial property and casualty rates increased in modest fashion during the first quarter of 2023 at pl...
Posted: Apr 06, 2023
Guernsey-based integrated insurance services and risk management advisory business, Astaara has increased its underwriting capacity and insurance limit from $12.5 million in 2020, to $25 million. Launched in 2020, Astaara’s cyber insurance c...
Posted: Apr 06, 2023
Fitch Ratings has revised Reinsurance Group of America’s outlook to positive from stable and has also affirmed its senior debt ratings at ‘BBB’. The agency also announced that it has affirmed RGA Reinsurance Company’s (RGA Reinsu...
Posted: Apr 06, 2023
The Tropical Storm Risk (TSR) April forecast has predicted North Atlantic hurricane activity in 2023 will be 25-30% below the 1991-2020 30-year norm, and around 20% below the long-term 1950-2022 norm. TSR attributes its forecast for the below-norm...
Posted: Apr 06, 2023
Amwins, a global distributor of specialty insurance products and services, has announced the launch of Amwins Accident & Health Underwriters. This newly formed operating company acts as the underwriting arm of Amwins’ Group Benefits divi...
Posted: Apr 06, 2023
AIG-owned re/insurer, Talbot Underwriting has promoted Mark Roddis to the newly created position of Head of Professional Indemnity. Based in London, Roddis joined the firm in 2021 and took on the role of Professional Indemnity Class Underwriter. S...
Posted: Apr 06, 2023
The announcement from non-life specialty insurer R&Q Insurance Holdings earlier this week that its Board is conducting a strategic review to separate its program management and legacy businesses, has seen AM Best place the credit ratings of th...
Posted: Apr 06, 2023
Oneglobal Broking has announced a partnership with Mitsui Bussan Pana Harrison (MBPH) in Taiwan. MBPH is a Singapore-based specialist re/insurance broker with a focus on providing a total risk management solution to its clients. Established in 198...
Posted: Apr 06, 2023
Despite the recent turmoil in the US and European banking sectors, Asia’s re/insurance sector has managed to avoid being affected, helped in part by the swift responses of the authorities in the countries where the issues originated and lowe...
Posted: Apr 06, 2023
Starr Insurance Companies has announced that John Patin, Senior Investment Officer (SIO), has resigned from his position for personal reasons. The company has confirmed that John F. Shannon, formerly with Alleghany Corp., has been named to succeed...
Posted: Apr 06, 2023
Early signs of capacity shortages did not materialise for Japanese insurers as the overall supply-demand balance for reinsurance remained “delicately poised” at the April 1 property catastrophe renewals, according to Gallagher Re’s 1st View report...
Posted: Apr 06, 2023
The Lloyd’s Market Association (LMA) has announced the membership of its newly formed Chief Underwriting Officer Committee (CUOC), naming Nicola Stacey, Chief Underwriting Officer at Chaucer, as Chair. LMA states that the CUOC will comprise 15 mem...
Posted: Apr 06, 2023
Everspan Group, a specialty property and casualty (P&C) insurance platform, and tech-enabled MGA Aurenity, have partnered up to launch a new program to provide excess casualty buffer coverage for mid-market construction, hospitality, real esta...
Posted: Apr 06, 2023
AXA XL is expanding its UK mid-market presence with the addition of Hannah Hosking as Head of Mid-Market, who will lead the strategy across the business, focusing on growth for the company at the higher end of this key market segment. Hosking brin...
Posted: Apr 06, 2023
The European Bank for Reconstruction and Development (EBRD) and Euroins Insurance Group (EIG) have put forward a proposal to Romania’s financial regulator Financial Supervisory Authority (ASF) intending to resolve the market disruption caused by t...
Posted: Apr 06, 2023
Markel Corporation has announced the appointment of Richie Henry as the Chief Operating Officer for Claims. Henry will be based out of Markel’s Glen Allen office and will report to Nick Conca, the Chief Claims Officer. In his new position, H...
Posted: Apr 06, 2023
According to a report from the global advisory, broking and solutions company, WTW, increased reinsurance costs and higher retention levels have resulted in a renewed hardening of upstream energy re/insurance market conditions. WTW Energy Market R...
Posted: Apr 06, 2023
KlaptonRe, a Zambia-based reinsurer, has appointed Tionge Simbeye to the role of Chief Underwriting Officer. Simbeye brings to his new role almost 14 years of industry experience, spending close to two of them as KlaptonRe’s Head of Underwriting p...
Posted: Apr 06, 2023
Chubb Group had the best financial performance in its history in 2022. The company produced record core operating income and continued to capitalize on favourable commercial P&C underwriting conditions around the world. However, CEO Evan Green...
Posted: Apr 06, 2023
Sheetal Munot has been promoted to the role of Executive Vice President, Treaty Reinsurance at Guy Carpenter India. Munot is an insurance market veteran with over a decade’s worth of experience at Marsh India. In her new role as the Executive Vice...
Posted: Apr 06, 2023