Reinsurance News
Swiss Re has promoted Yong Suk Kwon to become the Head of the company’s Korea branch, effective December 1st, 2022, subject to regulatory approvals. Current Head of Swiss Re’s Korea branch, Jonas von Oldenskiöld is set to leave the company after s...
Posted: Oct 07, 2022
Fitch Ratings has said that the need for pension funds to put up large amounts of extra collateral due to tumbling gilt prices will lead more UK defined-benefit pension funds to favour pension risk transfer deals with life insurers over liability-...
Posted: Oct 07, 2022
CoreLogic, a global provider of property information, analytics, and data-enabled solutions, has raised its re/insurance industry loss estimate for the wind and flood impacts of hurricane Ian to between $31 billion and $53 billion. The latest figu...
Posted: Oct 07, 2022
In partnership with Lloyd’s Market Association (LMA), Lloyd’s has announced it will collaborate with the UK Government and industry experts on the development of the Earth & Space Sustainability Initiative kitemark. At the same time, it is als...
Posted: Oct 07, 2022
Allianz SE has announced significant changes that are being made to its divisional setup from the beginning of 2023. The company has announced that the changes are being prompted by the readiness of the Allianz Customer Model (ACM) concept to be i...
Posted: Oct 07, 2022
Intact Financial Corporation and RSA Luxembourg S.A. have announced the appointment of a new Chief Executive Officer, RSA Luxembourg. Lynn O’Leary will take over the role following a transition period and receipt of regulatory approvals, and will...
Posted: Oct 07, 2022
Insurance broker and risk advisor, Marsh, has appointed Nils Arne Fagerli as Head of Specialty in Norway. Based in Oslo, Fagerli will start his new role in April 2023. He will assume overall responsibility for Marsh Specialty’s Marine & Cargo,...
Posted: Oct 07, 2022
Elpha Secure Technologies has completed a $20m Series A funding round led by Canapi Ventures, with participation from Stone Point Ventures, AXIS Capital, State Farm Ventures, The Hartford STAG Ventures, Fermat Capital Management, and EOS Venture P...
Posted: Oct 07, 2022
Gallagher Re, the global reinsurance broking and advisory firm, has been selected by Senegal’s Public Solidarity Fund (FSN, Fonds de Solidarité Nationale) to develop a risk financing strategy for climate risk and food insecurity in the country. FS...
Posted: Oct 07, 2022
Reinsurance Group of America (RGA), a leading global life and health reinsurer, and Sompo Holdings, a global property and casualty insurance company with a nursing care business in Japan, have announced a new partnership aimed at improving elderca...
Posted: Oct 06, 2022
Singapore-based international insurtech, bolttech, has announced it has completed the acquisition of a majority shareholding in PT Axle Asia, an established insurance broker in Indonesia. Founded in 2008, Axle Asia is a Jakarta-based insurance bro...
Posted: Oct 06, 2022
A week after hurricane Ian caused significant flooding in the State of Florida, FEMA’s National Flood Insurance Program (NFIP) has received over 25,000 claims. The average claims cost of previous significant flood events suggests that the cl...
Posted: Oct 06, 2022
International life insurance group Talcott Financial has entered into a transaction with The Guardian Life Insurance Company of America to reinsure $7.4 billion in variable annuity liabilities. The deal will be conducted between subsidiaries Talco...
Posted: Oct 06, 2022
Reinsurance giant Munich Re has acquired apinity GmbH, a start-up that supplies application programming interface (API) solutions in the form of Software-as-a-Service (SaaS) for the insurance industry’s ecosystem. apinity is an API software platfo...
Posted: Oct 06, 2022
Aston Lark Ireland, an insurance broker and Howden company, has announced the acquisition of Pembroke Insurances Limited. Set up in 2007 by Graham Weir and John McGuire, Pembroke Insurances has been providing commercial insurance solutions for ove...
Posted: Oct 06, 2022
Farmers Group Inc. has promoted Raul Vargas to become the company’s next President and Chief Executive Officer at the start of 2023. Current President & CEO Jeff Dailey is stepping down, but will continue to serve as Chairman of the Farmers Gr...
Posted: Oct 06, 2022
The US property and casualty (P&C) industry recorded a $6.3 billion net underwriting loss in the first six months of 2022, down $11.4 billion from the prior year period, with the personal lines segment, specifically the auto lines, responsible...
Posted: Oct 06, 2022
Following a strong underwriting performance in the first-half of 2022, remediation efforts at the specialist Lloyd’s insurance and reinsurance marketplace are proving successful, which puts the sector in a good position ahead of the important Janu...
Posted: Oct 06, 2022
Global reinsurer Munich Re has committed that as of 1 April 2023 it will no longer invest in or insure contracts / projects exclusively covering the planning, financing, construction or operation of new oil and gas fields, new midstream oil infras...
Posted: Oct 06, 2022
Of the approximately $4.8 billion of U.S. cyber insurance premiums underwritten in 2021 by the property & casualty (P&C) industry, more than 81% came from the top 20 cyber insurers in the U.S. marketplace, led by global insurer Chubb. Base...
Posted: Oct 06, 2022
DUAL, the underwriting arm of Howden Group, has appointed Caroline Stone, former Chief Risk & Compliance Officer at BGL, as Chief Risk Officer for DUAL UK. Additionally, she will also join the board of DUAL Corporate Risks Limited. In her new...
Posted: Oct 06, 2022
According to a report from Goldman Sachs, Hurricane Ian was the most notable catastrophe in the quarter, with the firm estimating $45 billion of P&C industry-insured losses, excluding those from the NFIP program. Other industry loss estimates...
Posted: Oct 06, 2022
Professional services firm Accenture has announced the acquisition of Blackcomb Consultants, a specialist technology services provider to P&C insurance carriers. Headquartered in Chicago, Illinois, Blackcomb is an independent partner of Guidew...
Posted: Oct 06, 2022
Greenlight Capital Re, Ltd. has made several promotions within its underwriting leadership teams. Firstly, Regan Cairns has been promoted to Chief Underwriting Officer of Greenlight Re, where he will be focusing on Financial Risks, North American...
Posted: Oct 06, 2022
Arbol, a technology-led underwriter of parametric risk transfer, climate and weather re/insurance business, has announced the hire of Brad Livingston, an executive with significant insurance-linked securities (ILS) market experience, as its new He...
Posted: Oct 06, 2022