Reinsurance News
United Insurance Holdings (UPC Insurance) has revealed that its total gross losses from Hurricane Ian has increased from its preliminary estimate of $1 billion from Q322, to approximately $1.54 billion as of the end of the full-year. The firm̵...
Posted: Feb 13, 2023
Liberty Mutual, a property and casualty insurer, has announced the formation of a Global Risk Solutions (GRS) Global Cyber Office, as well as the appointment of respected experts to key leadership roles. According to the firm, the new office build...
Posted: Feb 13, 2023
Australian insurer IAG has reported that Gross Written Premiums rose 7.5% to $7.1bn in H123 as strong rate rises countered higher inflation, perils expectation and reinsurance costs. Net profit after tax was also up on the corresponding half year...
Posted: Feb 13, 2023
With the completion of the January 1 renewals, Everest Re has headed into 2023 with an improved portfolio and expanded margins, said the re/insurer’s President and Chief Executive Officer, Juan Andrade. Looking forward to future opportunities at u...
Posted: Feb 13, 2023
Following the conclusion of an external search, Beazley has announced the appointment of Clive Bannister as Chair Designate and a non-executive director. On 21 July 2022, the firm announced that David Roberts would be standing down as Chair in the...
Posted: Feb 13, 2023
Aston Lark, a Howden company, has announced it has agreed terms to acquire Allegiance Insure Ltd., based in the City of London. Established in 2015 by Charles Wintour, Allegiance Insure was founded on the premise that its allegiance is first and f...
Posted: Feb 13, 2023
Global specialty insurer Fortegra, a subsidiary of Tiptree, has announced it has acquired a majority interest in Premia Solutions Limited, further expanding its Automotive Market Solutions in the UK and Ireland. Founded in 2000, Premia supports mo...
Posted: Feb 13, 2023
Specialty P&C insurer AmTrust Financial Services, Inc., has announced that it is expanding its international extended warranty and protection business in South Korea. AmTrust’s experienced team will be led by Chief Executive Officer, Andrew Ki...
Posted: Feb 13, 2023
Chaucer, a global specialty re/insurance group, and Crown Jewel Insurance, an insurtech and Lloyd’s Coverholder, are joining forces in a new partnership to provide insurance coverage for companies’ trade secrets. According to a joint p...
Posted: Feb 13, 2023
With inflation and its consequences roiling global financial markets, preparations for tougher times by Japan’s insurers are looking to have paid off, according to S&P Global Ratings. In S&P’s view, the creditworthiness of Japan’s insures...
Posted: Feb 13, 2023
Zurich Insurance Group has disclosed details of its reinsurance renewals for 2023, which include a decision to drop its global aggregate catastrophe treaty, as well as the addition of a US quake layer and a new top catastrophe layer. The company’s...
Posted: Feb 10, 2023
Data from the latest edition of the IVANS Index shows that average premium renewal rates were up across all lines of business over the month of January, with the exception of Workers’ Compensation. Increases were led by Business Owners Policy (BOP...
Posted: Feb 10, 2023
Aviva has completed an £850 million buy-in of the Arcadia Group Pension Scheme and Arcadia Group Senior Executive Pension Scheme. The bulk purchase annuity transaction has secured the benefits of 8,800 members across the two schemes after they ent...
Posted: Feb 10, 2023
The not-for-profit catastrophe modelling platform Oasis Loss Modelling Framework has announced the launch of its new Open Exposure Data (OED) standard for cyber. The standards have been developed by the market to provide a transparent and free sch...
Posted: Feb 10, 2023
Aon plc has announced that it has appointed Gallagher’s Stephen Rudman as head of Marine for Asia. Within the role, Rudman will be based in Singapore, where he will be part of Aon’s global marine executive team. He will also report to Paul Young &...
Posted: Feb 10, 2023
Global property catastrophe reinsurance rates-on-line increased by 27.5% at the January 1st, 2023, renewals, more than double the uplift seen a year earlier, as sellers of protection achieved steep price rises on contracts. The Guy Carpenter Globa...
Posted: Feb 10, 2023
Reinsurance broker Gallagher Re has appointed Junaid Seria as Head of Catastrophe Analytics for the fast-growing Latin America and Caribbean markets, with immediate effect. Within the role, Seria will be based in London where he will harness Galla...
Posted: Feb 10, 2023
Reinsurance broker Gallagher Re has appointed Junaid Seria as Head of Catastrophe Analytics for the fast-growing Latin America and Caribbean markets, with immediate effect. Within the role, Seria will be based in London where he will harness Galla...
Posted: Feb 10, 2023
Analysts at Swiss Re have reported that a move towards monetary policy normalisation is positive for re/insurers, as investment income is a key driver of earnings for the sector. However, they add that higher interest rates and less bond market in...
Posted: Feb 10, 2023
Pension Insurance Corporation (PIC), a specialist insurer of defined benefit pension funds, has concluded a third pension insurance buy-in with the Trustee of the British American Tobacco UK Pension Fund, insuring approximately £250 million of lia...
Posted: Feb 10, 2023
Specialist insurance provider CFC, has announced that it has appointed Scott Bailey as Cyber Underwriting Leader. In this newly created role, he will be responsible for the strategic underwriting management of CFC’s entire cyber portfolio. Bailey...
Posted: Feb 10, 2023
Re/insurance service provider, Xceedance has announced the addition of Nicole Mitchell to its board of directors. As a member of the board, her responsibilities will include providing strategic guidance for the organisation as well as setting and...
Posted: Feb 10, 2023
Bermuda-based re/insurer Lancashire Holdings has reported that its gross written premiums increased by 34.9% to $1,652 million over 2022, including premium growth of 50% for its reinsurance business. The company also recorded underwriting profit o...
Posted: Feb 10, 2023
International insurance broker Howden has announced the appointment of Tim Hopgood to the newly created role of HR Director, Howden UK & Ireland. Howden suggests that the role reflects the importance the firm places on its ‘people first’ princ...
Posted: Feb 10, 2023
According to data from Russell Group, the container fire at the Port of Iskenderun, Turkey will cause a loss in trade of around $679 million (£562.85 million). A further analysis from the data and analytics company also shows that a $36.7 million...
Posted: Feb 10, 2023