Reinsurance News
A list of industry trade groups have submitted a cautioning joint letter to the Federal Insurance Office (FIO) in response to its request for comments on a “Potential Federal Insurance Response to Catastrophic Cyber Incidents.” The industry...
Posted: Jan 06, 2023
Bermuda-based re/insurer Everest Re Group, Ltd., has announced that Srini Maddineni, Everest’s SVP and Global CIO for Insurance and Reinsurance Systems, will succeed Terry Walker as Group CIO. Maddineni is set to take up the role on January 16 and...
Posted: Jan 06, 2023
Insured damages from Hurricane Fiona are now estimated at over $800 million, according to Catastrophe Indices and Quantification Inc. (CatIQ), as it remains the most costly extreme weather event ever recorded in Atlantic Canada. CatIQ has reported...
Posted: Jan 06, 2023
RenaissanceRe has announced the promotions of several members of its underwriting leadership team, with new roles for Justin O’Keefe, Brian Dalton, Cathal Carr, Marc Amen, and Fiona Walden. In the main, Justin O’Keefe has been named Chief Un...
Posted: Jan 06, 2023
R&Q Insurance Holdings Ltd. and Obra Capital, Inc., the recently rebranded Vida Capital, have invested in a new joint venture to acquire a wholly owned subsidiary of global safety equipment manufacturer, MSA Safety Incorporated. In connection...
Posted: Jan 06, 2023
In CyberCube’s 2023 cyber predictions report, the firm’s CEO Pascal Millaire has suggested that the reinsurance value chain will work together with ILS fund managers to bring new cyber reinsurance capacity to the market. Millaire state...
Posted: Jan 06, 2023
Legacy acquirer, DARAG Group, has appointed Laura Pearson as head of M&A for the UK, effective February 1, 2023. Pearson joins DARAG from PwC UK, where she has held a number of roles, with her most recent one being as Senior manager in PwC’s D...
Posted: Jan 06, 2023
International insurtech bolttech has announced the appointment of Dr. Jens Schädler as Chief Executive Officer (CEO), Europe. He will be succeeding Andrew Cons, whose time at the company has come to an end after four years. Based in Switzerland, D...
Posted: Jan 06, 2023
HDI Global SE UK & Ireland has appointed Phil Healy to lead the firm’s Motor Fleet underwriting division, effective immediately. Healy’s appointment is effective immediately, he takes over John Shepherd who retires from HDI this month after 10...
Posted: Jan 06, 2023
Analysts at the Swiss Re Institute have suggested that the Insurance Regulatory and Development Authority of India (IRDAI) is pushing for reforms to develop the country into a reinsurance hub. Regulatory developments and digitalisation should fost...
Posted: Jan 06, 2023
African specialist underwriting agency, Neema Insurance Managing Agency has appointed Gallagher Re as the firms reinsurance broker, following the completion of a partnership between the two companies. David Blain from Gallagher Re, commented: ‘’Ga...
Posted: Jan 06, 2023
Global law firm Clyde & Co has appointed both Peter Barnes and Charlotte Kelly as partners in its global insurance practice. They both join the firm from DWF, together with 17 team members. The team focuses on product liability arising from pr...
Posted: Jan 06, 2023
Broker and consulting firm USI Insurance Services has forecast that cat or non-cat property with poor loss history or poor risk quality may see rate increases of up to 150% in the first half of 2023. Following three years of a firming market with...
Posted: Jan 05, 2023
Arch Insurance Canada has announced that Jean-Pierre Galipeault has been promoted to President and Chief Regional Executive. Galipeault, who took up his new position at the start of January, first joined Arch in 2013 in the Warranty and Lender Sol...
Posted: Jan 05, 2023
Specialty property and casualty insurance platform Everspan has announced the appointment of Darwin Lucas as Chief Underwriting and Reinsurance Officer. Lucas joins from Everest Re, where he most recently served as U.S. Head of Casualty & Prof...
Posted: Jan 05, 2023
United Fire Group has appointed Julie Stephenson, the ex-Global Head of Casualty Reinsurance at Swiss Re, as its new Executive Vice President and Chief Operating Officer. Stephenson’s appointment is effective January 30, 2023. In her new role, Ste...
Posted: Jan 05, 2023
Artex, a captive, alternative risk transfer, and ILS capital solutions specialist service provider, has promoted Nick Heys to Artex International Chairman. Heys joined Artex in 2014 with the acquisition of Heritage Insurance Management. He brings...
Posted: Jan 05, 2023
Bermuda-based re/insurer Aspen, has appointed Nick Acker as Head of US Distribution, a Chicago-based role. In his new role he will be responsible for developing Aspen’s relationships with broking partners within the US. He will report to Jonny Atk...
Posted: Jan 05, 2023
In the final quarter of 2022, catastrophe bond and related insurance-linked securities (ILS) issuance fell when compared with the prior year quarter, but remained robust at $1.6 billion, helping the outstanding market hit a year-end high of $37.9...
Posted: Jan 05, 2023
Analysts at Fitch Ratings have stated that rising rates have been largely favourable for US life insurer investment portfolios, driving higher investment income as reinvestment rates exceed book yields. The rising rates have played a large role in...
Posted: Jan 05, 2023
Specialty insurer RLI has reported the promotions of three product leaders following the retirement of Dennis Drees, Vice President, Casualty Brokerage. Drees joined RLI in 1994 as Director of Casualty, serving in various leadership roles before b...
Posted: Jan 05, 2023
In an interview with Reinsurance News, Josh Ladeau, Chief Executive Officer of Trium Cyber, syndicate 1322, explains what differentiates the firm from other underwriters of cyber risk. After gaining approval in November of last year, Trium Cyber i...
Posted: Jan 05, 2023
The global direct and facultative (D&F) market remained resilient at the January 1 reinsurance renewals, Howden reports, with capacity still available at the right price for most cedants, despite the challenging backdrop. The broker notes that...
Posted: Jan 05, 2023
Skyward Specialty, a P&C insurance holding company part of Westaim Corporation, has launched its initial public offering (IPO) of its common stock, expected at $14.00 and $16.00 per share, with the potential to generate top-end proceeds of aro...
Posted: Jan 05, 2023
Argenta Holdings, the Lloyd’s service company, managing agent and syndicate owner, has predicted that Winter Storm Elliott in North America will have only a “limited impact” on the Lloyd’s syndicates market. Reflecting on KCC’s insured loss...
Posted: Jan 05, 2023