Reinsurance News
Munich Re Speciality Insurance (MRSI), a division of German reinsurance giant Munich Re, has announced the appointment of Jaymee Parker as Vice President and Head of Inland Marine. Parker is an experienced insurance and risk management professiona...
Posted: Aug 10, 2022
A new note from Fitch Ratings says that M&A transactions in the global reinsurance sector will be limited into 2023 amid investor concerns over macroeconomic risks and heightened catastrophe losses linked to climate change. As a result, the fi...
Posted: Aug 10, 2022
Independent insurance distribution firm BRP Group has reported a net income of $16.6 million in the second quarter of 2022, a significant improvement compared to the $20.44 million loss reported in the same prior-year period. The group also said t...
Posted: Aug 10, 2022
Global consulting and actuarial firm Milliman has announced the opening of a new office in Bermuda. Milliman says the office will offer a “more formalized presence” on the island, and comes in response to increasing demand for insurance consulting...
Posted: Aug 10, 2022
Kemper Corporation has reported a net loss of $74.7 million for the second quarter of 2022, compared to a net loss of $62.6 million from the second quarter of 2021. Total revenues for the quarter decreased $68.7 million (5%), to $1,433.8 million,...
Posted: Aug 10, 2022
Aviva is reporting in its interim reports for 2022 that its operating profit rose by 14% to £829m in the first half of the year. The firm marked the increase from the same point in 2021 when operating profits stood at £725m. Amanda Blanc, group ch...
Posted: Aug 10, 2022
Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData. According to GlobalData’s re...
Posted: Aug 10, 2022
Home insurance group, Hippo, has announced the addition of John “Jay” Nichols Jr. to its Board of Directors, who will serve on Hippo’s Compensation Committee as well as the Audit, Risk and Compliance Committee. Nichols has more than four decades o...
Posted: Aug 10, 2022
Arthur J. Gallagher & Co. has acquired Evergreen Insurance Managers for an undisclosed amount. A statement from the firm said it had purchased the wholesale insurance broker and commercial insurance MGA through its Risk Placement Services (RPS...
Posted: Aug 10, 2022
Aon has appointed Sucheng Chang to be the new head of its Hong Kong office. The firm made the announcement through a post on LinkedIn. It is understood that Chang will be moving to his new role after thirteen years with Liberty Mutual Insurance, b...
Posted: Aug 10, 2022
Japanese insurance group Mitsui Sumitomo Insurance (MSI) has confirmed that it plans to acquire hybrid P&C program and fronting carrier specialist Transverse Insurance Group, after rumours of a potential deal surfaced last week. MSI has not ye...
Posted: Aug 10, 2022
MGA accelerator DA Strategy has announced that their client BluNiche, a specialist product recall coverholder for the automotive and food industries, has been approved by Lloyd’s as a coverholder. According to the announcement, DA Strategy will be...
Posted: Aug 10, 2022
Following the announcement that Bermuda-based re/insurer Fidelis will delegate its underwriting authority to newly created Fidelis Managing General Underwriter (Fidelis MGU), S&P Global Ratings has revised the re/insurer outlook to stable from...
Posted: Aug 10, 2022
A recent AM Best report has affirmed that two years after the Beirut explosion, operational risk has risen to an extremely high level, and the ease of doing business has declined materially amid several crises faced in the last three years, with L...
Posted: Aug 10, 2022
Berkshire Hathaway Homestate Companies has announced that it has expanded its partnership with Zesty.ai to leverage its AI-powered wildfire risk model, Z-FIRE across 12 states. Z-FIRE is designed to enhance insurers’ risk selection and rate settin...
Posted: Aug 10, 2022
The African Risk Capacity Insurance Company (ARC) has hosted a regional meeting to address the role of insurance in fighting climate change impacts on the African continent. Representatives from ARC member states and funding donor partners met in...
Posted: Aug 10, 2022
Joachim Wenning, Chief Executive Officer (CEO) and Chair of the Board of large European reinsurer Munich Re, has said that while inflationary pressures are on the rise, the firm expects this to be a manageable risk. Speaking this afternoon to inve...
Posted: Aug 09, 2022
Market-leading specialty insurer Hudson Insurance Group has appointed Emily Lowe as Senior Vice President and Cyber Practice Leader for HudsonPro. Within this newly created role, Lowe will be spearheading the development of an Excess Cyber facilit...
Posted: Aug 09, 2022
The e-commerce insurance program administrator, Covenant Underwriters, is utilising Location Intelligence API from RMS to provide premium indications to its clients during the quotation process. RMS Location Intelligence API offers location-level...
Posted: Aug 09, 2022
Argo Group Holdings has announced the appointment of J. Daniel Plants as an independent member of the company’s Board of Directors. Plants is a seasoned investor, financial executive, and senior advisor with three decades of experience helpi...
Posted: Aug 09, 2022
Axonic Capital, New York-based structured credit, commercial real estate, and systematic fixed income specialist, has announced the addition of Michael Gordon to build out its Insurance Solutions business. Gordon will be responsible for leading Ax...
Posted: Aug 09, 2022
Life insurer Legal & General Group (L&G) has reported an operating profit of £1.16 billion for H1 2022, an 8% increase from £1.07 billion from the same period last year. L&G’s UK PRT business, delivered operating profit growth of 7% to...
Posted: Aug 09, 2022
Insurance and reinsurance broker Aon has named James Platt as Chief Digital Officer, Mindy Simon is joining the company as Chief Operating Officer (COO), taking over from Platt. Based in London, Platt will be overseeing Digital Client Solutions an...
Posted: Aug 09, 2022
United Insurance Holdings has said that gross written premiums in H1 2022 were 15.5% lower than they were in the same quarter of the previous year. Meanwhile, the firm said in a statement that the first half of 2022 had seen gross written premiums...
Posted: Aug 09, 2022
Argo Group has reported an improvement in its catastrophe losses, as the figure is significantly lower at $2.5 million in Q2 2022 compared to the $11.1 million reported in the same period last year. According to the group, this quarter’s cat-loss...
Posted: Aug 09, 2022