Reinsurance News
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David Porter joins Miller’s Bermuda office as Account Executive
7th March 2023
Specialist re/insurance broker, Miller Insurance Services LLP, has appointed David Porter as Account Executive within its Bermuda office. Based in Bermuda, Porter brings nearly 20 years of industry experience towards his new role, having held multiple leadership roles across various companies. He began his career in 2005 working at Everest Reinsurance Company, ... Read the full article
Ariel Re leverages Lloyd’s LB2 structure as it raises $270m of new capital for growth
6th March 2023
Global reinsurer Ariel Re has secured $270 million of capital from investors as it looks to take advantage of exciting growth opportunities in the year ahead. The new capital was raised from five new institutional investors and family office investors, while existing backers Pelican Ventures and JC Flowers & Co have ... Read the full article
Cowbell launches 24/7 policyholder guide service
6th March 2023
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has announced the launch of Cowbell 365, an around-the-clock service that offers policyholders support for risk improvement and incident response. The new service will provide 24-hour availability, 365 days of the year. Theresa Le, chief claims officer at Cowbell, commented on ... Read the full article
ABIR appoints Bill O’Farrell to its Board, names Premia Holdings as new member
3rd March 2023
The Association of Bermuda Insurers and Reinsurers (ABIR) has welcomed Premia Holdings Ltd, a global acquirer and reinsurer of run-off portfolios as a new member. At the same time, Bill O’Farrell, Chief Executive Officer of Premia, has been appointed to the ABIR Board. ABIR, which this year marks 30 years of representing the ... Read the full article
HDI Global opens Representative office in Bangkok, Thailand
3rd March 2023
HDI Global has announced the opening of a Representative office in Bangkok, Thailand, following regulatory approval from the Ministry of Commerce. The new office will be run by newly appointed Marketing Director, Somchai Trongwisalpattana, who will report to Graham Silton, Managing Director of HDI Global Singapore. An experienced industry veteran, Trongwisalpattana brings ... Read the full article
Beazley improves UW result as profits dip on investments
2nd March 2023
Specialist insurer and reinsurer Beazley has reported a 48% dip in profits for 2022 as a poor investment performance offset improvements in its underwriting result. Beazley’s profit before tax for the year came to $191.0 million, compared with $369.2 million for 2021. This was due to a net investment loss of $179.7 ... Read the full article
Probitas Lloyd’s Syndicate 1492 reports 27% rise in GWP to £234m
1st March 2023
Probitas Syndicate 1492 has reported that underwriting year gross written premium grew over 27% from £183m in 2021 to £234m in 2022, with a further 16% pre-emption for 2023 to £271m. Probitas also announced a 2022 GAAP year NCOR (net combined operating ratio) of 78.6% and profit before tax of £30.1m. This ... Read the full article
Reinsurers need evidence the tide is turning in Florida, says Gallagher Re’s Schwebach
28th February 2023
During an interview with AM Best TV at the annual Artemis ILS conference in New York on February 10th, Adam Schwebach, executive vice president, Gallagher Re explained how we are starting to see “the tide turn” within Florida’s insurance market. During the interview, he explained that current local market conditions, ... Read the full article
Clyde & Co announces new MGA team
28th February 2023
Global law firm Clyde & Co has announced the appointment of a new team focused on providing services to the MGA market in the UK and a renewed commitment to the Managing General Agents’ Association (MGAA). Rob Crossingham (Professional Indemnity)will lead the team. Henry Kirkup (Casualty) and Viran Ram (Property and ... Read the full article
Odyssey’s Brian Young takes charge of re/insurance at Fairfax
21st February 2023
Fairfax Financial Holdings Limited has announced that, in connection with recent management changes at Odyssey, the CEO of Odyssey Group, Brian Young, will expand his remit to share oversight responsibilities with Andy Barnard, President of Fairfax Insurance Group, over all of Fairfax’s insurance and reinsurance operations. Odyssey has confirmed that Young ... Read the full article
CloudCover partners with Hylant Global Captive Solutions
17th February 2023
CloudCover Re, a subsidiary of AI-generative cybersecurity threat prevention platform CloudCover, has announced the launch of a new cyber security captive insurance offering in partnership with Hylant Global Captive Solutions. Described as the world's first cybersecurity "rent-a-captive" insurance program, CloudCover CyberCell is a formal structure to affordably finance self-insured cyber risks. CloudCover ... Read the full article
Cloud outage next risk class primed for ILS risk transfer, says Parametrix
16th February 2023
Parametrix has announced it is working to bring Insurance-Linked Securities transactions to market which would protect ceding re/insurers against a sustained outage of “the cloud” to which many are exposed through their cyber portfolios. The leading provider of cloud downtime insurance suggests that a “Cloud-in-a-Box” transaction would employ a concrete, predetermined, ... Read the full article
Our journey with clients is all about meeting them where they are: Resilience’s Bryant
15th February 2023
In an Interview with Reinsurance News, Kyle Bryant, Chief Underwriting Officer at cyber risk solutions firm, Resilience, discussed the implications of a lack of reinsurance appetite for cyber risk, alongside how the firm is handling the current challenges in the market. When answering a question regarding the challenges that a lack ... Read the full article
WTW boosts exposure management and climate analytics team with senior hires
15th February 2023
Global brokerage WTW has appointed Michelle Radcliffe as Director in the Exposure Management and Climate Analytics Team, within the firms Insurance Consulting and Technology (ICT) business. Within the role, she will heavily focus on climate transition risks and exposure management for underwriting, against a backdrop of changing legislation and market ESG ... Read the full article
Miller appoints Gary Stockley as Account Executive in Bermuda
14th February 2023
Specialist re/insurance broker Miller has announced the appointment of Gary Stockley as an Account Executive in its Bermuda office. Stockley has over three and a half decades of experience in the insurance market, primarily as a retail insurance broker. Twenty years of his storied career were spent working in Bermuda, specialising in ... Read the full article