Reinsurance News
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F&G secures $250m investment from parent
16th January 2024
F&G Annuities and Life, Inc., has announced the closing of a $250 million preferred stock investment from parent Fidelity National Financial, Inc. (FNF), with F&G set to use net proceeds from the investment to support the growth of its insurance company subsidiaries. The terms of the agreement state that FNF has agreed ... Read the full article
BoE to keep funded reinsurance under review
12th January 2024
In a letter to Chief Executive Officers (CEOs), the Bank of England (BoE) has said that it continues to "pay close attention to the role of funded reinsurance in the UK life market," amid continued growth in the country's life insurance sector and strong demand in the bulk purchase annuity ... Read the full article
Insured losses in Q4’23 below average, says JP Morgan
12th January 2024
JP Morgan's Love Actuary note on the fourth quarter of 2023 reveals a relatively optimistic outlook for the reinsurance industry, supported by a slightly below-average level of natural catastrophe losses during the period. The financial giant estimates global insured losses from nat cats for 4Q 2023 to be in the range ... Read the full article
LCP highlights how CROs will help insurers navigate the changing risk landscape
10th January 2024
The risk landscape is said to be evolving in response to developments being seen within major areas such as, artificial intelligence (AI), climate change, geopolitics, and more, according to research published by analytics and consulting firm, Lane Clark & Peacock LLP (LCP). However, LCP stated that general insurance Chief Risk Officers ... Read the full article
PPL & Artificial Labs team to redefine the outlook of digital placing for the London Market
10th January 2024
Placing Platform Limited (PPL) and Artificial Labs have signed a multi-year partnership agreement, which will see both firms working together to accelerate delivery of a fully integrated digital trading experience. The joint endeavour radically advances the date when every firm, large or small, within the London market can trade digitally in ... Read the full article
Robust reinsurance market expected to sustain growth in 2024: JP Morgan
5th January 2024
In a recent report, JP Morgan analyses the European reinsurance market, highlighting its resilience despite record-breaking increases in 2023. As of the January 2024 renewals, the market continues to show firmness, maintaining positive momentum from the previous year. Contrary to the dramatic price hikes witnessed in 2023, Howden Tiger reports risk-adjusted price ... Read the full article
Antares names Kevin Wenzel as Chief Financial Officer
4th January 2024
Antares Global, the multinational group of insurance and related service companies, revealed the appointment of Kevin Wenzel as their new Chief Financial Officer (CFO). Wenzel, with an impressive career spanning over 30 years, is set to bring a wealth of experience to his new role, the company noted. Having recently served as ... Read the full article
Red Sea attacks placing pressure on war insurance premiums: DBRS Morningstar
21st December 2023
Following Houthi rebel attacks on cargo vessels in the Southern Red Sea and the Gulf of Aden, DBRS Morningstar has warned of "upward pressure on war insurance premiums" alongside disruptions to global supply chains and shipping lines. DBRS Morningstar's analysts noted that several major shipping lines have suspended their services through ... Read the full article
EU Council & Parliament reach provisional agreement on new Solvency II rules
19th December 2023
The Council of the European Union (EU) and the Parliament have come to a provisional agreement on amendments to the Solvency II directive, which they say will "boost the role" of the re/insurance sector and make it a more resilient and prepared industry for the benefit of policyholders. After a review ... Read the full article
Duck Creek enhances Reinsurance Cloud Platform with Lloyd’s integration for global insurance carriers
19th December 2023
Duck Creek Technologies, a provider of intelligent solutions in the property and casualty (P&C) and general insurance sectors, has announced a significant enhancement to its Reinsurance Cloud Platform. The company has integrated support for Lloyd’s Outwards Reinsurance Scheme (LORS), a key component of Lloyd’s of London's requirements for its member organisations. This ... Read the full article
AM Best maintains Negative outlook on German non-life insurance segment
19th December 2023
Global credit ratings agency AM Best has confirmed that it is maintaining it's Negative outlook for the German non-life insurance segment, citing subdued growth prospects on an inflation-adjusted basis, as well as persistent claims inflation and a competitive environment affecting underwriting profitability. The agency also cited natural catastrophe losses, which are ... Read the full article
Verisk’s PCS adds SRCC data measuring to Global Terror product risk
15th December 2023
PCS, a business unit of Verisk, has announced the expansion of its Global Terror Index to include SRCC (Strikes, Riots, Civil Commotions, and Civil Unrest) to help enhance the understanding and management of political violence risks in the re/insurance market. The SRCC enhancement will also provide robust data to assess and ... Read the full article
Cytora teams with Relativity6 to speed up commercial quotes
14th December 2023
Digital risk processing platform, Cytora, and Relativity6, a provider of industry classification modelling, have entered into a partnership which will enable Relativity6's models to be used to enhance the underwriting process within Cytora. From what we understand, the integration will provide commercial insurance underwriters with a way to process more commercial ... Read the full article
U.S. personal auto insurance continues to struggle amid rising claims severity: AM Best
14th December 2023
U.S. personal auto insurers faced another challenging period in the first half of 2023, as claims severity continued to rise, according to a recent report by AM Best. Following a dismal performance in 2022, the segment posted a direct incurred loss ratio more than three percentage points above the same period ... Read the full article
Right Choice re-launches Autosaint brand with Howden Driving Data partnership
13th December 2023
Right Choice Insurance Brokers (RCIB) has selected Howden Driving Data, part of the Howden insurance group, as the telematics provider for its newly relaunched Autosaint brand. A pioneer in telematics insurance, Autosaint has helped tens of thousands of customers secure cheaper premiums and become safer drivers since 2011 through behavioural coaching ... Read the full article