Reinsurance News
New figures released by the Cayman Islands Monetary Authority (CIMA) show that the regulatory agency issued 33 new licences for firms in the insurance and reinsurance industry last year. At this level, the figure represents the highest number of n...
Posted: Mar 29, 2023
According to a recent Issues Brief released by the Insurance Information Institute (Triple-I), Louisiana’s insurers paid out more than $23 billion after both the 2020 and 2021 hurricane seasons, driving a number of them into insolvency. Triple-I s...
Posted: Mar 29, 2023
IRLA, a global membership organisation for re/insurance legacy professionals, has restructured its board for 2023 & 2024. The company began planning its restructure towards the end of 2022. From April 1, 2023 IRLA will see three long-time memb...
Posted: Mar 29, 2023
The Turkish Catastrophe Insurance Pool (TCIP) has paid $340.36 million (TRY 6.5 billion) in claim payments so far for the victims related to the recent earthquakes that struck Turkey last month. On February 6, 2023, a powerful Mw 7.8 magnitude ear...
Posted: Mar 29, 2023
Florida’s Citizens Property Insurance Corporation, the property insurer of last resort for the Florida market, has disclosed details of its proposed risk transfer program for the coming year, which includes a budget of $725 million to fund an addi...
Posted: Mar 29, 2023
A modest combined ratio improvement is expected at Lloyd’s in 2023, KBW’s analysts predict following the specialist re/insurance marketplace’s recently-reported 2H22 results, which also included persistent rate increases, sustained y/y core...
Posted: Mar 29, 2023
Hymans Robertson, a pensions and financial services consultancy, has appointed Verity Hastie as a Risk Transfer Specialist. Prior to taking on the role, Hastie had 14 years of experience in completing buy-in, buy-out and longevity swap transaction...
Posted: Mar 29, 2023
London MGA Aqueous Underwriting has secured a 70% boost in capacity following the signing of an initial three-year deal with Allianz. According to the announcement, the new binder agreement will be active for all broker submissions from 1st April....
Posted: Mar 29, 2023
Analysts at Moody’s have suggested that the UK’s Life & Health insurers will continue to benefit from sustained bulk purchase annuities (BPA) growth at still attractive margins in 2023 and beyond. According to the analysts, BPA tra...
Posted: Mar 29, 2023
Specialist re/insurance broker BMS has appointed Monica Tigleanu as divisional director, cyber strategy. In the new role, Tigleanu is entrusted with future-proofing BMS’ cyber strategy by developing innovative products tailored to the evolvi...
Posted: Mar 29, 2023
Re/insurance marketplace Lloyd’s has announced the 13 insurtech firms set to join the 10th cohort of its innovation hub, the Lloyd’s Lab, which will include a focus on the European market this time around. For this cohort, the insurtechs were sele...
Posted: Mar 29, 2023
Intact Financial Corporation and its subsidiary RSA have announced the company’s exit from the UK Personal Lines motor market, an initiative that, according to the company, is aimed at improving the strength and sustainability of the UK & Inte...
Posted: Mar 29, 2023
Global reinsurance giant Swiss Re will begin a search for a new Chair, after its current incumbent Sergio P. Ermotti agreed to head back to the banking and asset management group UBS as Group CEO. Ermotti has been appointed as the as Group Chief E...
Posted: Mar 29, 2023
SageSure, a provider of catastrophe-exposed property insurance, has announced the close of a $50 million expanded revolving credit facility with its new commercial banking partner Wintrust Financial Corporation. SageSure says the funding will enab...
Posted: Mar 29, 2023
The sale of the entire stake of Aditya Birla Insurance Brokers Limited (ABIBL) to Edme Services Private Limited has been approved by the Board of Directors of its parent, Aditya Birla Capital Limited (ABCL), subject to requisite approvals. Current...
Posted: Mar 29, 2023
Global law firm Dentons Lee has announced that Senior Foreign Attorney, John JungKyum Kim, and Senior Korean Attorney, Christina Jiwon Park, have both joined Dentons Lee to co-head the firms newly-formed Insurance & Reinsurance Team while serv...
Posted: Mar 29, 2023
Nearly 7,000 Kenyan farmers signed up to the Lemonade Crypto Climate Coalition to protect their crops during the most recent short rains season from October 2022 to January 2023. The Lemonade Crypto Climate Coalition is a first-of-its-kind, blockc...
Posted: Mar 29, 2023
Analysts at Berenberg expect to see higher future profitability for the reinsurance sector as the hard pricing environment looks to set persist and deliver higher returns on capital for reinsurers. The investment bank said that its broader view on...
Posted: Mar 28, 2023
Fannie Mae has executed its second and third Credit Insurance Risk Transfer (CIRT) transactions of 2023, with a combined value of $31.8 billion. As part of Fannie Mae’s ongoing effort to reduce taxpayer risk by increasing the role of private capit...
Posted: Mar 28, 2023
The Insure Our Future network has penned a letter to the CEOs of 30 major insurers demanding they “immediately” stop the offering of any insurance services which support the expansion of coal, oil and gas production. Insure Our Future,...
Posted: Mar 28, 2023
Independent insurance and wealth services firm Alera Group has hired Cynthia Ballantyne from Arthur J Gallagher as the new Managing Director of its West region. In the new role, Alera states that Ballantyne will accelerate growth by developing lea...
Posted: Mar 28, 2023
Independent insurance and wealth services firm Alera Group has hired Cynthia Ballantyne from Arthur J Gallagher as the new Managing Director of its West region. In the new role, Alera Group states that Ballantyne will accelerate growth by developi...
Posted: Mar 28, 2023
AmTrust Financial Services, Inc, has announced that Michael Tripp has joined the firm as Regional Vice President, Head of MidAmerica Region. Tripp joins AmTrust from global insurer Chubb, where he spent the last four years serving in a national le...
Posted: Mar 28, 2023
The last few months of last year were a turning point for the reinsurance market, as the need to reset pricing and achieve more sustainable long-term rate adequacy intensified, leading to probably the most distressed market that Philip Hough of As...
Posted: Mar 28, 2023
Everest Insurance, the insurance division of Everest Re Group, Ltd, has appointed industry veteran Andrew Kendrick as Non-Executive Chairman of the Board of Directors for Everest Insurance (Ireland), Dac, effective April 7. Additionally, Kendrick...
Posted: Mar 28, 2023