Reinsurance News
Reinsurers aggregate excess of loss/stop loss cyber loss picks remained stable at 1/1, global reinsurance broker Gallagher Re revealed in its 1st View Report. Sharing its comments on the global cyber market at the January 1, 2023 reinsurance renew...
Posted: Jan 09, 2023
P&C solutions provider Duck Creek Technologies has agreed to be acquired by global investment firm Vista Equity Partners in an all-cash transaction valued at approximately $2.6 billion. Under the terms of the agreement, Duck Creek shareholders...
Posted: Jan 09, 2023
SILAC Insurance Company has entered into a $2.5 billion quota share agreement with Hildene Capital Management affiliate, Ludlow Re, which will provide reinsurance for SILAC’s annuity products. The agreement comes as part of SILAC and Hildene enter...
Posted: Jan 09, 2023
Biotechnology start-up Aanika Biosciences has entered into a parametric food insurance agreement with Satur Farms, a specialty crop producer with operations in New York and Arizona. Aanika will bundle its technology for tracing fresh produce with...
Posted: Jan 09, 2023
New data from MarketScout, a managing general agent, Lloyd’s coverholder and wholesale broker, shows that composite rate increases for both US commercial and personal lines insurance were up by more than 5% through the fourth quarter of the...
Posted: Jan 09, 2023
Sompo International, a leading global provider of commercial and consumer P&C re/insurance, has appointed Paul O’Neill as President of Commercial Lines, Insurance, Asia Pacific. Within the role, he will report to Julian James, Sompo Internatio...
Posted: Jan 09, 2023
AXA XL, the property & casualty and specialty risk division of AXA, has announced the promotion of Stephanie Coxall to Head of Underwriting Management, UK & Lloyd’s. In her new role, effective 16 January, Coxall will be responsible for sup...
Posted: Jan 09, 2023
Australian insurer IAG has completed its 2023 catastrophe reinsurance renewal, maintaining a flat gross protection cover at up to $10 billion, same as in 2022; its first event retention was increased “reflecting inflation and the global reinsuranc...
Posted: Jan 09, 2023
UK businesses are facing soaring cyber insurance premiums caused by higher claim risks at a time of heightened exposure to cyber-attacks, a survey by Mactavish, an independent insurance buyer and claim expert, has revealed. Mactavish surveyed comp...
Posted: Jan 09, 2023
Specialist re/insurer Beazley has now confirmed that it has sponsored a ground-breaking cyber catastrophe bond transaction, designed to cover remote probability catastrophic and systemic cyber events, with the potential for more deals later in 202...
Posted: Jan 09, 2023
Xchange Benefits LLC, a managing general underwriter owned by Ambac Financial Group, has launched a protected cell company named Distribution Re. The new entity, which is based in Tennessee, will insure accident & health risks mainly in the fo...
Posted: Jan 09, 2023
Specialist insurer and reinsurer Beazley has launched a $45 million cyber catastrophe bond, providing the carrier with protection against “remote probability catastrophe and systemic events”, opening up a much larger source of capital...
Posted: Jan 09, 2023
Everen Limited has announced that George F. Hutchings, Senior Vice President (SVP) and Chief Operating Officer (COO), will retire at the end of 2023. Robert J. Foskey, SVP and Chief Actuary, will succeed Hutchings as COO on April 1, 2023. Everen h...
Posted: Jan 09, 2023
Specialist insurance provider CFC, has announced the creation of a dedicated fintech team as part of its financial practice. CFC noted that this new team will bring together over 40 years of industry experience from underwriters with deep levels o...
Posted: Jan 09, 2023
Newline Europe, the German arm of Newline Group, has appointed Nina Weitemeier to the Management Board. Based in Cologne, Germany, Weitemeier has become Head of Claims, Legal, Compliance and Regulatory, effective January 1, 2023. Prior to joining...
Posted: Jan 09, 2023
Zurich-based ‘Insurance Boutique’ Assithèque, a provider of insurance services and solutions to life and non-life re/insurance companies, MGAs/MGUs, TPAs, captives and intermediaries, has announced that Eugen Balogh has replaced David Swanep...
Posted: Jan 09, 2023
Marsh McLennan Agency (MMA), a subsidiary of Marsh, has acquired Maryland-based HMS Insurance Associates (HMS), one of the US’s largest independent agencies. As part of the acquisition, in which the terms were undisclosed, all of HMS’s...
Posted: Jan 09, 2023
The recent January 1 reinsurance renewals ultimately succeeded in meeting demand for coverage despite changes in pricing and structures, and with negotiations running down to the wire, Gallagher Re’s James Vickers has maintained. Gallagher Re’s 1s...
Posted: Jan 06, 2023
AXA XL Insurance has promoted Cheri Hanes to Vice President, Head of Innovation and Sustainability for its North America Construction Insurance business. Previously, Hanes held the role of Subcontractor Default Insurance (SDI) Construction Risk En...
Posted: Jan 06, 2023
Allianz Holdings has appointed Laurence Townley as Chief Actuary, effective immediately. Townley joins Allianz following 10 years of service at Direct Line as director of financial risk. Prior to joining Direct Line, Townley served in various role...
Posted: Jan 06, 2023
Global reinsurer AmericanAg has announced the promotions of Andy Martin to Senior Vice President of Farm Bureau Client Relations and Meredith Williams to Senior Vice President of Reinsurance Strategy and Placement. In his new role, Martin will lea...
Posted: Jan 06, 2023
Non-marine retrocession capacity was “materially constrained” at the January 1st, 2023, reinsurance renewals, with widespread pressures on attachment levels as sellers’ concerns around inflation and frequency of losses contribute...
Posted: Jan 06, 2023
Berkshire Hathaway Specialty Insurance (BHSI) has announced a string of leadership promotions within its UK Executive & Professional Lines business, including the appointment of Jess Kirby as Head. In the new role, Kirby will be responsible fo...
Posted: Jan 06, 2023
Re/insurance broker Aon has announced the appointment of Agostino Fulciniti as Head of Strategy Execution for Commercial Risk Solutions in EMEA, effective January 1, 2023. Fulciniti has been working for Aon for 20 years, having joined the firm in...
Posted: Jan 06, 2023
Chubb has announced the appointment of Chris Collins as Head of Airline for Chubb Global Markets (CGM), the company’s London Market wholesale and specialty business including its Lloyd’s platform. In this role, Collins will be responsi...
Posted: Jan 06, 2023