Reinsurance News
According to Fitch Ratings, the Florida homeowners’ insurance market’s already uncertain position is set to weaken further with the destruction caused by Hurricane Ian, which is potentially the second-largest hurricane in terms of insured losses....
Posted: Dec 06, 2022
Global credit rating agency AM Best has announced it is maintaining its negative outlook on the US personal lines insurance segment for 2023. It was recently revised to negative in September 2022. According to the announcement, AM Best’s dec...
Posted: Dec 06, 2022
Amwins, a global distributor of specialty insurance products and services, has announced the appointment of Jennifer Nuest to the newly created position of transportation practice leader. Nuest has over a decade of transportation insurance industr...
Posted: Dec 06, 2022
Karen Clark & Company (KCC) has announced the launch of complete stochastic climate-conditioned catalogs for the weather-related perils most impacted by climate change, hurricanes, floods, and wildfires. There are five associated climate catal...
Posted: Dec 06, 2022
The bankruptcy of cryptocurrency exchange FTX is the latest example of a corporate collapse resulting from governance failures, and carries some tough lessons for insurers, according to AM Best. Although FTX is not an insurance company, the rating...
Posted: Dec 06, 2022
Artificial Intelligence (AI) and machine learning is a growing topic within both the insurance and reinsurance industry, with more companies using the technology to manage manual, low complexity workflows and dramatically increase operational effi...
Posted: Dec 06, 2022
Arbol, a global climate risk solutions platform, has announced its parametric reinsurance solution has delivered one of the first payouts for loss or damage attributed to Hurricane Ian. The $10 million payout to Centauri Insurance, a property and...
Posted: Dec 06, 2022
Aon has appointed Karl DeGiovanni as director of client solutions for EMEA. DeGiovanni made the announcement on LinkedIn where he also says that he has been with the firm for nearly fifteen years. Based in Malta, he will focus on insurance managem...
Posted: Dec 06, 2022
A senior analyst at Bloomberg Intelligence says that European P&C insurers may struggle to register positive returns on their portfolios. Speaking on a Bloomberg Intelligence, Matthew Palazola, senior analyst for P&C insurance, spoke about...
Posted: Dec 06, 2022
Ardonagh Advisory Holdings Ltd, a subsidiary of The Ardonagh Group, has acquired The Professional Broking Group Limited which trades as The Professional Indemnity Company. The business will operate as part of the wider Ardonagh Advisory platform w...
Posted: Dec 06, 2022
The California Earthquake Authority (CEA), one of the world’s largest insurers of residential earthquake cover, has warned that it will likely be forced to reduce its reinsurance program in the near future, after struggling to secure ample c...
Posted: Dec 06, 2022
Germany’s Talanx Group, the parent of reinsurer Hannover Re and HDI Global, is targeting a 25% earnings increase and a group-wide return on equity goal of more than 10% as part of a new three-year strategy, it has announced. Talanx will look to ra...
Posted: Dec 06, 2022
Aon has announced that Marshall Bailey OBE, CFA, will replace Simon Jeffreys as non-executive chair of the Aon UK Limited Board, effective 31 January 2023. Jeffreys, who joined the Board in May 2009, tenure in office ends in January, following a s...
Posted: Dec 06, 2022
Korean Re has announced that it will no longer provide reinsurance for new coal mining or power plant construction from the beginning of next year. The move was cautiously welcomed by Insure our Future, which said that new restriction were weaker...
Posted: Dec 06, 2022
International insurance broker Howden has hired Ivo Gugolz from Aon, as its Chief Executive Officer for Reinsurance in Switzerland, to be effective April 1st 2023. According to the broker, Gugolz appointment signals a further European focus for Ho...
Posted: Dec 06, 2022
AXA XL has promoted Laura Casby has been promoted to head of upstream energy for the UK and Lloyd’s. Casby, who will begin her role immediately, will lead AXA XL’s Upstream Energy team, covering both offshore and onshore risks. Based in London, sh...
Posted: Dec 06, 2022
The specialist Lloyd’s insurance and reinsurance marketplace has confirmed that all London market technology vendors that interact with the existing central services have pledged their intent to introduce changes to their platforms to accommodate...
Posted: Dec 06, 2022
AI-driven flood insurtech Neptune Flood has announced the appointment of Matthew Duffy as Chief Risk Officer. Duffy’s appointment comes internally, having spent the last eighteen months as Neptune’s Director of Risk Management & In...
Posted: Dec 06, 2022
Re/insurance broker Gallagher has reported that more than two in five commercial properties in the UK are currently underinsured due to rising inflation and cost of materials. In research amongst business owners and commercial property claims mana...
Posted: Dec 06, 2022
BMS has announced that it has signed a deal to acquire Spanish specialty insurance broker Eisenar in a move that will further bolster its Iberian regional expansion. Founded in 2001 by Eugenio Sanchez-Belda, Eisenar is headquartered in Seville and...
Posted: Dec 06, 2022
The global delegated underwriting authority enterprise (DUAE) segment has been assigned a positive outlook by credit rating agency AM Best. Technology, talent and diverse sources of capital continue to drive growth in this channel, the agency adde...
Posted: Dec 06, 2022
Broking and solutions company WTW has announced the appointment of William Miller as the Head of Crisis Management, Asia Pacific, effective from the 1st of January 2023. In the new role, Miller will be based in Singapore and will oversee the new c...
Posted: Dec 06, 2022
Zurich Insurance Group has announced that its subsidiary, Zurich Investments Life S.p.A., has completed the sale of its life and pensions back book. The back book, composed of both traditional and unit-linked policies, was sold to Portuguese insur...
Posted: Dec 06, 2022
Munich Re Life US, the life division of reinsurance giant Munich Re, has announced the appointment of 30-plus-year finance veteran Scot Parnell as Chief Financial Officer (CFO). Parnell will be responsible for overseeing the company’s Finance and...
Posted: Dec 05, 2022
Chubb has appointed Michael Mollica as Division President for the company’s North America Financial Lines businesses, where he will report to John Lupica, Vice Chairman, Chubb Group and President, North America Insurance. Mollica’s appointme...
Posted: Dec 05, 2022